Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.</li>
<li>Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.</li>
<li>Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.</li>
</ul>


Large-Cap indexes (S&amp;P 500, Nasdaq 100, and DJI) remain bullish, all hitting new all-time highs last week while continuing to find short-term support at their respective 20-day MAs.
Mid-Caps (S&amp;P 400, Russell Mid-Cap) starting another leg higher following breakouts from 2-month consolidations. Small-caps (S&amp;P 600, Russell 2000) are likely to follow in the footsteps of large- and mid-caps.
Small-Cap indexes have been consolidating for 2.5 months following the historic rally from late-October to late-December 2023, a healthy sign. We expect they are gearing-up for another similar move higher.


U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> recorded 120% YoY increase in operating profit to KRW487B, while net profit increased 109% YoY to KRW376B in 1Q25. Revenue increased 37% YoY to KRW1,298B.</li>
<li>Stable ramp-up of Plant 4 while maintaining the full utilization of Plants 1 through 3, alongside favorable impact of foreign exchange rates drove 1Q25 performance.</li>
<li>1Q25 order intake amounted to approximately 40% of the total annual contract volume in 2024. Despite ongoing tariff threat, Samsung Biologics has maintained full-year guidance of 20–25% revenue growth.</li>
</ul>



Samsung Biologics (207940 KS) recorded 120% YoY increase in operating profit to KRW487B, while net profit increased 109% YoY to KRW376B in 1Q25. Revenue increased 37% YoY to KRW1,298B.
Stable ramp-up of Plant 4 while maintaining the full utilization of Plants 1 through 3, alongside favorable impact of foreign exchange rates drove 1Q25 performance.
1Q25 order intake amounted to approximately 40% of the total annual contract volume in 2024. Despite ongoing tariff threat, Samsung Biologics has maintained full-year guidance of 20–25% revenue growth.


Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.</li>
<li>ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.</li>
<li>U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.</li>
</ul>


Daiichi Sankyo received EU approval for Enhertu in breast cancer. Kaken Pharmaceutical in-licensed hereditary angioedema drug candidate sebetralstat for Japan from KalVista Pharmaceuticals for an upfront payment of $11M.
ABL Bio signed £2B+ outlicensing licensing deal with GSK to develop novel medicines for neurodegenerative diseases. Samsung Biologics launched Epysqli, a biosimilar referencing Soliris in the U.S.
U.S. court ruled in favor of Sun Pharma regarding the launch of alopecia areata drug Leqselvi. Mayne Pharma has been involved in a legal proceeding in U.S., brought by TherapeuticsMD.


APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported 2024 revenue of KRW4.55T, up 23% YoY, ahead of guidance of 15–20%. Growth was driven by increased contribution from Plant 4 and milestone payment.</li>
<li>Ramp-Up at Plant 4 is expected to drive further revenue growth, while Plant 5, scheduled to begin operations in April 2025, will expand total production capacity to 784,000 liters. </li>
<li>Samsung Biologics is well positioned to be resilient to the industry challenges. The company has guided for 20–25% YoY revenue growth to KRW5456–5684B in 2025.</li>
</ul>



Samsung Biologics (207940 KS) reported 2024 revenue of KRW4.55T, up 23% YoY, ahead of guidance of 15–20%. Growth was driven by increased contribution from Plant 4 and milestone payment.
Ramp-Up at Plant 4 is expected to drive further revenue growth, while Plant 5, scheduled to begin operations in April 2025, will expand total production capacity to 784,000 liters. 
Samsung Biologics is well positioned to be resilient to the industry challenges. The company has guided for 20–25% YoY revenue growth to KRW5456–5684B in 2025.


Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

Israel

Teva Pharmaceutical Industries Limited operates as a pharmaceutical company. The Company develops, manufactures, and markets generic and branded human pharmaceuticals, as well as active pharmaceutical ingredients. Teva Pharmaceutical Industries serves customers worldwide.

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Teva Pharmaceutical Industries (TEVA IT)

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Vermilion Research

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Tina Banerjee

APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Daiichi got EU approval for Enhertu. Kaken Pharma signed inlicensing deal, while ABL stuck outlicensing deal. Sun Pharma's Leqselvi is now free to...

Tina Banerjee

Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...

Tina Banerjee

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

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U.S. Dollar Rolling Over; Small-Caps to Follow Mid- And Large-Caps to New Highs; Buys in Cons. Disc.

U.S. Dollar $DXY Rolling Over; 10- and 30-Yr Treasury Yields Hit Major Resistance; Small-Caps to Follow Mid- and Large-Caps to New Highs $IWM $RTY...

Vermilion Research

Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

​Samsung Biologics sees 120% operating profit growth in 1Q25, driven by stable plant utilizations and Fx tailwind. The company maintained full-year...

Tina Banerjee

APAC Healthcare Weekly (April 13)- Daiichi Sankyo, Kaken, ABL Bio, Samsung Biologics, Sun Pharma

Daiichi got EU approval for Enhertu. Kaken Pharma signed inlicensing deal, while ABL stuck outlicensing deal. Sun Pharma's Leqselvi is now free to...

Tina Banerjee

Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

​Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...

Tina Banerjee

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

Samsung Biologics sees 120% operating profit growth in 1Q25, driven by stable plant utilizations and Fx tailwind. The company maintained full-year...

Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...