Smartkarma Daily Briefs

• We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.
• With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.
• At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.

• The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare’s low-cost, centralized B2B model.
• Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY’26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
• Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.

• Merck & Co., Inc.’s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.
• The company’s revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.
• This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.

• Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
• While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
• We become more conservative when looking at its competitive landscape.

• Celltrion is strategically transitioning from a biosimilar powerhouse to a global innovative biopharmaceutical company, underscored by the recent US launch of Zymfentra™, a novel subcutaneous formulation of infliximab.
• The late 2023 merger with Celltrion Healthcare is a pivotal move to enhance operational efficiency, improve cost competitiveness by creating a fully integrated value chain, and increase transparency, which is expected to fund large-scale investments in its future pipeline.
• While facing intense competition in the biosimilar market, the company is pursuing a dual-track growth strategy, aiming to expand its biosimilar portfolio to 22 products by 2030 while targeting 40% of its revenue from a robust pipeline of new drugs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.

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• Cingulate is developing its Precision Timed Release (PTR) technology to deliver ADHD medicines to improve onset & efficacy of previously approved products.
• It licensed rights to manufacturing a 3-layer tablet that releases dexmethylphenidate (CTx-1301) over the active day.
• CTx-1301 provides immediate onset, eliminates the need for a booster dose, reduces diversion & simplifies dosing among other benefits.

• Cross Country Healthcare, Inc. (CCRN) is a prominent provider of healthcare staffing and workforce solutions in the United States, offering a comprehensive suite of services including temporary and permanent placement of healthcare professionals, managed services programs (MSPs), and recruitment process outsourcing.
• The company is navigating a dynamic healthcare staffing industry characterized by persistent labor shortages, fluctuating demand post-pandemic, and a growing emphasis on technology-driven solutions and flexible staffing models.
• CCRN’s financial performance has moderated from the peaks seen during the COVID-19 pandemic, with recent quarters showing declining revenue and a net loss, reflecting broader industry trends of stabilizing demand and pricing for travel nurses. The company is focused on diversifying its service offerings and leveraging technology to drive future growth.

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• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners in cardiac surgery.
• After FDA denial in April 2025, the company plans to submit a new De Novo application to the FDA in 2026.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company released its 3Q2025 financial results that showed continued progress toward commercialization of an important pain reliever that we believe is critically needed.

• On November 10, 2025, Imunon, Inc. (IMNN) held an R&D Day and provided updates on the latest data for IMNN-001 along with the ongoing OVATION 3 trial.
• Multiple speakers at the event highlighted the ability of IMNN-001 to turn “cold” tumors “hot”, its highly favorable benefit/risk profile, new translational data showing how IMNN-001 is taken up by macrophages in the peritoneal fluid that leads to a robust immune response, along with the statistical plan for the OVATION 3 trial.
• The company also recently presented at the SITC 40th Annual Meeting where new translational data from the OVATION 2 study demonstrated how IMNN-001 can remodel the tumor microenvironment through increased recruitment of CD8+ T cells.