Daily Brief Health Care: WuXi AppTec , Samsung Biologics , Modern Dental Group, Zenshine Pharmaceuticals (Nanjing) Group, Oramed Pharmaceuticals , Insulet Corp, Biohit and more

• CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs for the semiannual index rebal event in December 2026.
• We expect 5 ADDs/DELs and we currently estimate one-way flow to be US$408mn.

• On 28 August, Samsung Biologics (207940 KS) announced a rights offering capital raise worth nearly 3 trillion won.
• Samsung Biologics has shifted its funding strategy for the acquisition of the Swiss CDMO firm PolyPeptide from relying on existing cash reserves and borrowing to prioritizing a capital increase.
• Final pricing of this rights offering will be confirmed on 4 November. Despite some near term negative outlook, I think there could be some trading opportunity on this rights offering.

• Record H1 revenue of HK$2,032m, up 10.8%, with Europe now 53.8% of group sales and gross margin at 58.1%, the highest in the model’s semi-annual history.
• Margin gain looks structural, not currency-driven: net FX swung HK$38m against the group, yet net margin still rose to 18.4% due to digital mix and automation.
• Trading at 10.1x FY26e P/E, 6.3x EV/EBITDA, 3.0% yield, 21.5% ROE. Upside from debt repayment, further buybacks, and more acquisitions. 

• Zenshine Pharmaceuticals, founded in 2018, is a commercial-stage biopharmaceutical company developing therapeutics for viral infectious diseases, oncology, and inflammatory disorders. Its core product, sebaloxavir marboxil tablets, received NMPA approval.
• Zenshine’s core product, sebaloxavir marboxil tablets, was approved for adult influenza in July 2025 and adolescent influenza in June 2026.
• The company reported a loss of RMB209,268 thousand in 2025 and net liabilities of RMB(1,105,421) thousand as of June 30, 2026.

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• Several recent investment portfolio holdings have yielded strong returns and ORMP is optimistic about its ability to continue to create shareholder value by actively operating the businesses of companies in which it has a majority stake.
• Gains on its investment portfolio and financial income, along with payments from service agreements such as ORMP’s agreement with Alpha Tau, contributed to 2Q26 EPS of $2.76.
• Under its services agreement with Alpha Tau, ORMP is entitled to receive six semi-annual payments aggregating to $3.0m.

• Insulet Corporation reported its second quarter 2026 financial results, demonstrating a continued trajectory of strong revenue growth, expanded profitability, and solid cash flow generation.
• Total revenue reached $802 million, reflecting a 23% increase year-over-year on a constant currency basis.
• Growth was driven by robust demand for the Omnipod insulin management system across both U.S. and international markets, with international revenue rising over 33% and U.S. Omnipod revenue up 20%.

• Biohit Oyj is a specialized Finnish biotechnology and in-vitro diagnostics (IVD) company focused on non-invasive gastrointestinal disease diagnostics (GastroPanel®) and carcinogenic acetaldehyde-neutralizing formulations (Acetium®), addressing major unmet clinical needs in dyspepsia triage and gastric cancer prevention.
• The company delivered robust top-line and operating profit expansion over the 2023–2025 period, achieving a 3-year revenue CAGR of 12.83% to €15.73M and a net income CAGR of 65.78% to €2.74M, driven by gross margin expansion to 38.88% and EBITDA margin improvement to 21.63%.
• Biohit trades at an attractive valuation profile of 12.9x P/E, 2.6x EV/Sales, and 10.1x EV/EBITDA, earning top Smartkarma Smartscores in Value (5/5) and Growth (5/5), balanced against recent working-capital-driven cash flow contraction (-€0.75M operating cash flow in 2025) and conservative small-cap liquidity.

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