Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.</li>
<li>Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.</li>
<li>Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.</li>
</ul>


Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.
Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.
Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.


APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> reported 2Q26 result, with operating profit surging 117% YoY to KRW131B, driven by upfront revenue received from global outlicensing deal with Lilly for sonefeglutide.</li>
<li>Reacting to 2Q26 result, Hanmi Pharm shares nosedived. Muted core business, weakness in China subsidiary, and expected increase in operating expenses raise concern over the near-term growth prospect.</li>
<li>The company has reached to an inflection point, where it is ready to reap the benefit of innovation prowess. Its GLP-1-based drug candidate Efpeglenatide aims for commercialization within the year.</li>
</ul>



Hanmi Pharm (128940 KS) reported 2Q26 result, with operating profit surging 117% YoY to KRW131B, driven by upfront revenue received from global outlicensing deal with Lilly for sonefeglutide.
Reacting to 2Q26 result, Hanmi Pharm shares nosedived. Muted core business, weakness in China subsidiary, and expected increase in operating expenses raise concern over the near-term growth prospect.
The company has reached to an inflection point, where it is ready to reap the benefit of innovation prowess. Its GLP-1-based drug candidate Efpeglenatide aims for commercialization within the year.


Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

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

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.</li>
<li>Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.</li>
<li>We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.</li>
</ul>


There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.
Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.
We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.


No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.</li>
<li>This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. </li>
<li>For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.</li>
</ul>



SK Biopharmaceuticals (326030 KS) announced strong 1Q26 result, with revenue increasing 58% YoY and 17% QoQ to KRW228B, with Xcopri U.S. revenue increasing 48% YoY and 16% QoQ to KRW198B.
This quarter is significant in that operating profit approached approximately KRW90B, reaching an all-time high despite increased research and development and marketing expenses compared to the previous year. 
For full-year 2026, SKBP guided for Xcopri U.S. revenue of $550–580M, up 24–31% YoY. Considering 1Q26 momentum, the company is well-positioned to meet the guidance.


SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

South Korea

Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

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Yuhan Corp (000100 KS)

APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

Hanmi Pharm outlicenses HM1732, next-generation muscle mass preserving obesity drug candidate with first-in-class potential, to Genentech for a...

Tina Banerjee

No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

No Traction Above $93 on MSCI $ACWI or 4400-4415 on EURO #STOXX 50. Continues to reinforce our view from early-January that $93 on ACWI caps upside...

Vermilion Research

SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...

Tina Banerjee

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APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

​Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Hanmi Pharm (128940 KS): Why Shares Plunge Despite Record High 2Q Operating Profit; What Lies Ahead

Hanmi Pharm outlicenses HM1732, next-generation muscle mass preserving obesity drug candidate with first-in-class potential, to Genentech for a...

Tina Banerjee

No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

No Traction Above $93 on MSCI $ACWI or 4400-4415 on EURO #STOXX 50. Continues to reinforce our view from early-January that $93 on ACWI caps upside...

Vermilion Research

SK Biopharmaceuticals (326030 KS): Record High Operating Profit in 1Q; Xcopri Guidance Maintained

​SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...

Tina Banerjee

Samsung Biologics secures new manufacturing deals, Celltrion is acquiring iQone Healthcare, Takeda launches colorectal cancer drug in Japan, and...

SK Biopharmaceuticals reported strong 1Q26 results with revenue up 58% YoY, operating profit at all-time high, and guided for Xcopri U.S. revenue...