Healthcare

• Haw Par is a Singapore-listed group built around two very different engines.
• The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
• These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

• Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
• The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
• The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

• Medline is a leading manufacturer and distributor of medical-surgical supplies with a vast and resilient supply chain, positioning it as a critical player in the U.S. healthcare system.
• The company has demonstrated consistent revenue growth, with sales reaching $25.5 billion in 2024, and a significant rebound in profitability, indicating strong operational execution.
• Following a major leveraged buyout in 2021 by a consortium of private equity firms, Medline is poised for a significant IPO, which is expected to reduce debt and provide capital for further strategic investments and expansion.

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• Medical Data Vision’s [MDV] produced FY25 (Dec year-end) Q3 gross profit [GP] of ¥3,248mil (+6.3% YoY) and operating profit [OP]of ¥95mil (vs FY24 Q3’s operating loss of -¥140mil) on sales of ¥4,650mil (+12.7% YoY).
• FY25 is the last year of the ongoing 3-year medium-term management plan [MTP].
• MDV revised down the FY25 guidance on 14 October from OP of ¥2,600mil (vs a recovery from ¥3mil in FY24) on sales of ¥9,000mil (+52.4% YoY) to OP of ¥490mil on sales of ¥6,860mil (+16.1% YoY).

• 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 announced that it has achieved a crucial milestone-enrolling the first patient in its Phase 3 trial of PF614-its lead drug candidate that aims to redefine pain care.

• Hims & Hers Health Inc. recently reported a robust performance for the third quarter of 2025, with significant strides in expanding its digital health platform.
• The company’s results indicate both promising growth avenues and challenges ahead, which investors should thoroughly consider when evaluating the company’s potential.
• On the positive side, Hims & Hers has demonstrated impressive revenue growth, achieving a 49% year-over-year increase to nearly $600 million.

Immix Biopharma has presented a promising clinical update at the American Society of Hematology (ASH) 67th Annual Meeting. The interim study data corresponds to 20 patients from the US-based NEXICART-2 trial, which is evaluating the company’s lead CAR-T asset, NXC-201, in patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Encouragingly, a complete response (CR) rate of 75% was reported (the prior update showed a 70% CR rate across 10 patients). Separately, Immix announced a sizeable fundraise, amounting to c $100m in gross proceeds. Management has communicated that this will be used to support the clinical development of NXC-201, alongside working capital and general corporate purposes. It has guided that these proceeds, alongside its current cash position and expected inflows from the California Institute for Regenerative Medicine grant, should extend the company’s cash runway to mid-2027 (from guidance of Q326 previously). Given the positive clinical update and the improved capital situation, we place our estimates on hold while we review our assumptions; we will present a revised valuation in due course.

• JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY).
• Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices.
• The revised reimbursement prices were applied from June 2024.

• Viatris’ Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value enhancement.
• The company reported total revenues of $3.76 billion, experiencing a slight decline of approximately 1% compared to the previous year.
• However, when adjusting for the impact of the Indore facility, revenue on an operational basis indicated an approximate growth of 1%, showcasing resilient performance across different markets and product segments.

• Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.
• The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.
• Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.

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• Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
• Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
• Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.

• CRL is a fast-growing domestic-focused Indian pharma company that focuses on chronic therapies related to Women’s healthcare and cardio-diabetics. It has a diversified portfolio of 550+ products across 71 brands
• It follows a roll-up growth model, acquiring brands from global MNCs that are complementary to its existing infrastructure. It has successfully scaled 7 brands  from ~1-2cr to 50+ crores
• We estimate the company to deliver high teens earnings growth in the medium term and hence find the IPO attractive at ~30x FY27 earnings relative to peers trading at 25-40x

• Lumexa Imaging (LMRI US) targets fragmented $140B diagnostic imaging market, leveraging 184 centers and 20 acquisitions since 2018 for disciplined growth.
• $1.003B revenue, $220.7M adjusted EBITDA (22% margin), outperforming peer RadNet on revenue per center and EBITDA margin.
• IPO is sponsor-backed, well-oversubscribed with long-only investor interest; valuation attractive at 11.5x 2026 EBITDA, though cautious outlook maintained pre-debut.

• Gen Digital Inc. delivered a solid performance in the second quarter of fiscal year 2026, surpassing expectations.
• The company reported record revenue of over $1.2 billion, reflecting a 25% year-over-year increase.
• The growth was broad-based, with significant contributions from its consumer segments, including Cyber Safety and Trust-Based Solutions.

• InxMed, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC and CCBI are the joint book runners.
• In this note, we look at the company’s core product, ifebemtinib, and assess the selling point around the core product.
• We also look at the company’s pre-IPO investors and management team.

• Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.
• Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.
• MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

• Mettler-Toledo International, a provider of precision instruments and services, reported its financial outcomes for the third quarter of 2025, showcasing a blend of robust performance and ongoing challenges.
• The company’s sales reached $1.03 billion, marking an increase of 6% in local currency terms and 8% on a U.S. dollar reported basis.
• This performance was bolstered by several acquisitions, which contributed 1% to overall sales growth.

• Natera’s third-quarter performance in 2025 reflects a strong operational and financial progression, with key highlights, opportunities, and challenges to consider from an investment perspective.
• The company’s revenue for the quarter was reported at $592 million, reflecting a significant 35% year-over-year growth.
• This substantial revenue increase is attributed primarily to strong demand for Natera’s core products and breakthrough growth in Signatera, their minimal residual disease (MRD) test, which saw a record number of processed clinical tests.

Newron Pharmaceuticals has announced the launch of its Phase III ENIGMA-TRS 2 trial in the US, marking an important step for the registrational programme for lead candidate evenamide in treatment-resistant schizophrenia (TRS). ENIGMA-TRS 2 is a global, randomised, double-blind, placebo-controlled, 12-week pivotal study designed to enrol c 400 TRS patients. Topline results are anticipated by Q426, at a similar time to the ENIGMA-TRS 1 trial, representing a highly important inflection point for Newron. Additional US sites for ENIGMA-TRS 2 are due to initiate shortly and regulatory submissions are being made to other countries expected to participate in this trial.

• Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
• Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.

• Corona Remedies IPO will open for subscription on December 8 and close on December 10. The IPO price band has been set at INR 1,008–1,062 per share.
• The issue is entirely an OFS worth of INR 6,553.71M. Promoters including Dr. Kirtikumar Laxmidas Mehta, and investors including Sepia Investments, an affiliate of ChrysCapital are the main selling shareholders.
• Fast growth, demonstrated capabilities of building a diversified portfolio, high presence in chronic and sub-chromic segments, and nationwide marketing network are the main investment thesis for Corona Remedies.  

• Nippon Shinyaku (4516 JP) and Capricor Therapeutics (CAPR US) announced positive topline results from its pivotal Phase 3 HOPE-3 trial evaluating Deramiocel.  
• Capricor plans to submit its response to the Complete Response Letter incorporating HOPE-3 data, following prior alignment with FDA.
• The next big trigger for the stock would be the approval of Deramiocel and RGX-121 by FDA followed by their commercialization.

• In this insight, we review our IPO calls in 2025. The accuracy rate of our calls on the IPOs this year was 64%. 
• The overall sentiment on IPOs in Korea have improved in the second half of this year, paying the way for some completions of major IPOs in Korea in 2026.
• LG CNS and Seoul Guarantee Insurance were two of the largest IPOs in Korea in 2025. Some of the best performing IPOs in Korea in 2025 include Nota and AimedBio.

• AstraZeneca’s recent earnings report for the first nine months and Q3 2025 underscores the company’s ongoing momentum and commitment to innovation within its pharmaceutical pipeline.
• Total revenue increased by 11%, driven by robust demand for its innovative medicines.
• The company reported core EPS growth of 15%, signaling strong operational performance.

• Becton, Dickinson and Company (BD) reported its fourth-quarter and full-year fiscal 2025 results with several notable highlights and challenges, providing insights into its financial performance and future strategy.
• On the positive side, BD’s fourth-quarter revenue increased to $5.9 billion, a 7% year-over-year increase, and a 3.9% organic growth.
• For the full year, BD achieved a record revenue of $21.8 billion, marking a 7.7% increase, with a 2.9% organic growth.

• Bristol-Myers Squibb Co. reported its third-quarter 2025 financial results, highlighting strong performance across its growth portfolio and maintaining focus on its long-term growth strategy.
• The company’s revenue reached approximately $12.2 billion, driven by a 17% increase in sales from its growth portfolio, which includes key drugs such as Opdivo, Reblozyl, Camzyos, and Breyanzi.
• Given these strong results, Bristol-Myers Squibb has raised its full-year revenue guidance, highlighting confidence in its current portfolio.

• Repligen Corporation reported robust financial performance for the third quarter of 2025, demonstrating strong organic growth across its business segments.
• The company’s revenue reached $189 million, marking a 22% year-over-year increase, with organic growth excluding acquisitions and currency impacts standing at a healthy 18%.
• This impressive growth can be attributed to broad-based strength across all franchises and geographies, with every segment experiencing double-digit growth.

• Thermo Fisher Scientific reported a solid third-quarter performance for 2025, demonstrating effective operational execution and strategic management.
• The company’s revenue increased by 5% to $11.12 billion, with an organic growth of 3%.
• Adjusted operating income rose by 9% to $2.59 billion, and adjusted EPS grew by 10% to $5.79 per share.

• Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
• SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
• CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.
• Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

• Market Leader in a High-Growth Niche: UltraGreen.AI is a global leader in the manufacturing and distribution of indocyanine green (ICG), a critical consumable for the rapidly expanding Fluorescence Guided Surgery (FGS) market. The FGS market is projected to experience robust double-digit compound annual growth, driven by the increasing adoption of minimally invasive and precision surgical techniques.
• Strong Financial Profile with High Profitability: The company has demonstrated a track record of impressive revenue growth and consistently high-profitability margins. This financial strength is underpinned by its dominant market position and stable pricing power, particularly in the lucrative US market.
• Strategic Shift Towards an AI-Powered Ecosystem: UltraGreen.AI is strategically evolving from a consumables provider to an integrated surgical intelligence platform. By combining its ICG products with proprietary imaging systems (IC-Flow™) and an AI-driven data analytics platform (PerfusionWorks™), the company aims to create a comprehensive ecosystem that enhances surgical decision-making and patient outcomes, creating significant barriers to entry.

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• A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.
• This reflects the seasonally weak nature of Q1 and continued spending on R&D.
• The Optical segment remained strong, supported by resilient global demand, while the Life Science & Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. 

• Kyowa Kirin Co Ltd (4151 JP) announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.
• Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.
• 2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.

• Sysmex is a global leader in the in-vitro diagnostics (IVD) market, with a dominant position in the hematology segment and a strong presence in urinalysis and hemostasis. The company’s business model is driven by the sale of diagnostic instruments and the recurring revenue from high-margin reagents.
• Growth is supported by favorable long-term trends, including aging populations, rising prevalence of chronic diseases, and increasing healthcare access in emerging markets. Sysmex is strategically focused on expanding its footprint in these high-growth regions, particularly in Asia.
• While the company has a strong track record of revenue growth and profitability, it faces challenges from intensifying competition, pricing pressure from healthcare cost-containment measures, and the need for continuous innovation to maintain its technological edge.

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• Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
• Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
• The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. 

• Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is “good asset but not core asset” within 3SBio system, so it’s difficult to drive up overall valuation. 
• Innovative drug R&D will be the main driver for future valuation growth in “post-Mandi era”. The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
• 3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.

• During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.
• However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.
• The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

• We expected growth to improve, however, on the contrary growth has slowed, and there seem to be limited short to medium term positive catalysts.
• Pricing pressure is still a problem, and competition is intense especially in the fragmented medical device market.
• Given the relatively low growth outlook, and the fact that Sinopharm is largely a distribution model, we see limited opportunity for the company to re-rate from the current level.

• McKesson Corporation’s second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with growth-oriented market segments.
• Consolidated revenues increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share grew by 39% to $9.86, showcasing the company’s ability to sustain momentum and effectively execute its strategic priorities.
• In response to this robust performance, McKesson raised its annual guidance for adjusted earnings per diluted share to $38.35-$38.85.

• STAAR Surgical recently reported its first-quarter 2025 financial results, which reflected a period of strategic transition aimed at addressing various challenges and positioning the company for long-term growth.
• The company’s revenue for the quarter stood at $42.6 million, a significant decline from the $77.4 million recorded in the same period last year.
• This decrease was mainly attributed to minimal purchases by STAAR’s China distributors as they managed through existing inventory, though this was partially offset by growth in sales outside China.

• Boston Scientific Corporation’s third-quarter performance highlights significant growth, driven chiefly by its Cardiovascular segment, particularly in Electrophysiology (EP) and the WATCHMAN product line.
• The company’s operational sales ascended by 19%, with organic sales rising by 15%, both exceeding forecasted ranges.
• This robust performance underscores Boston Scientific’s strategic focus and execution prowess.

• PTL Enterprises operates a unique, low-risk business model, leasing its tyre manufacturing plant in Kerala to its associate company, Apollo Tyres Ltd., generating a stable and predictable rental income stream.
• The company is characterized by its high dividend yield and attractive valuation, trading at a significant discount to its book value. Its financial profile is robust, with virtually no debt and consistent profitability.
• The primary risk and key determinant of future performance is the heavy dependence on a single lessee, Apollo Tyres. The terms and renewal of the long-term lease agreement are critical to the company’s outlook.

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• Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic initiatives and significant market trends.
• The earnings call highlighted a 16% increase in both adjusted operating income and adjusted diluted earnings per share (EPS), driven by strategic investments in specialty areas and strong pharmaceutical utilization trends.
• This performance underlines Cencora’s strategic role as an end-to-end healthcare services company.

• Zacks Small-Cap Research Note for NewGenIVF Group Limited (NIVF)

• UltraGreen.AI (2594794D SP) raised around US$400m in its Singapore IPO.
• UltraGreen is a global leader in Fluorescence Guided Surgery (FGS), a surgical approach that helps doctors see things inside the body that are normally invisible under regular white light.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced after market close on Friday 28th November 2025.
• There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
• The ChiNext and ChiNext 50 index rebal events could trigger US$1.1bn and US$379mn in one-way flows respectively.

• 3SBio Inc (1530 HK) announced the placement of 105.2M shares for subscription at HK$29.62 per share.
• The company intends to use 80% of the net proceeds for R&D-related expenditures on innovative drug candidates and the rest 20% for working capital and other general corporate purpose.
• The placement provides an indirect way of subscribing to Mandi shares. We reiterate our bullish stance on 3SBio with a 25-30% upside scope in the near term.

• Lumexa advances its IPO with a 25M-share offering, targeting a $1.6–$1.9B valuation and expecting over $427M in primary proceeds.
• As the second-largest U.S. outpatient imaging provider, the company operates 184 centers with strong referral networks, high-growth markets, and leadership in advanced imaging.
• Revenue growth remains steady and diversified across modalities, supporting a stable sector profile and an attractive risk-reward setup backed by a strong underwriting syndicate.

• Shanghai Bao Pharmaceuticals has launched HK IPO to raise ~$128M by offering~38M H shares at HK$26.38 per share. Subscriptions will close on December 5, with expected listing on December 10.
• The company intends to use the IPO proceeds for R&D and commercialization of core products, advancement of other existing pipeline assets, enhance and scale up manufacturing capabilities.           
• Core products of Bao Pharmaceutical are differentiated and niche, thereby limiting competition threat. These products have demonstrated superior efficacy and safety in clinical trials and targets sizable patient population.

• SCN revenue-powered 3Q25. Vivos Therapeutics (NASDAQ: VVOS) delivered a strong quarter, reporting a 76% Y/Y revenue surge from $3.9 million to $6.8 million, fueled by the first full-quarter contribution from Sleep Center of Nevada (SCN), which Vivos acquired on June 10, 2025. 
• The $2.9-million revenue accretion consisted of a $2.2-million increase in OSA sleep testing services, primarily generated by SCN, and $1.3 million generated from treatment centers known as Sleep and Airway Medicine Centers (SAMCs) launched at two SCN locations in Las Vegas. 
• This was partially offset by a $0.8-million drop in VIP revenue, a deliberate diminution from this source, reflecting management’s strategic decision to pivot away from the legacy channel.

• Kalbe Farma is the largest publicly-listed pharmaceutical company in Indonesia and Southeast Asia, with a diversified business model spanning four key divisions: Prescription Pharmaceuticals, Consumer Health, Nutritionals, and Distribution & Logistics.
• The company is well-positioned to capitalize on the favorable long-term tailwinds of the Indonesian healthcare industry, which is the largest in ASEAN and projected to continue its strong growth trajectory, driven by a large population, a rising middle class, and the national health insurance scheme (JKN/BPJS).
• Despite recent margin pressures from a shifting product mix and currency fluctuations, the stock appears attractively valued, trading at a significant discount to its historical mean. A rebound in revenue, coupled with stable raw material prices and a resilient core profit outlook, presents a compelling investment case.

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• Mandi’s business is quite focused. In the short-term, Minoxidil will continue to be the main performance driver for Mandi. The performance contribution of Winlevi and Mandi’s semaglutide would be uncertain. 
• The concern here is the declining growth rate due to VBP and increasing competition. Based on our forecast, growth of the next three years would be maintained at 15-20% YoY.
• An aggressive valuation range for Mandi is RMB34-43 billion. However, due to VBP/increasing competition, a relatively conservative P/S range is 10-20x. If based on 2025 forecast, valuation is RMB17.2-34.3 billion.

• Zacks Small-Cap Research Note for NewGenIVF Group Limited (NIVF)

• Shanghai Kaibao is a specialized pharmaceutical company focused on Traditional Chinese Medicine (TCM), with its patented, exclusive product, Tanreqing Injection, serving as the primary revenue and profit driver. This product is a leading treatment for respiratory illnesses like bronchitis and pneumonia in China.
• The company has demonstrated a remarkable financial turnaround, evidenced by a 3-year net income CAGR of 38.91%. This growth follows a period of stagnation, signaling a potential resurgence, supported by high and stable gross margins consistently above 76%.
• Significant risks loom from high product concentration on Tanreqing and the stringent Chinese regulatory environment. Potential government-mandated price reductions through the National Reimbursement Drug List (NRDL) negotiations and competition from substitute treatments pose material threats to future profitability.

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• The growth of Innovent’s product revenue is always commendable. Based on strong growth momentum, product revenue in 2025 would be above RMB10 billion. Adjusted EBITDA breakeven by 2025 is expected.
• Innovent’s peak sales would reach the level of RMB20 billion in 2027. RMB100 billion is the valuation bottom line in the short term. In mid-to-long term, the highlight is IBI363.
• Current valuation has basically priced in favorable factors for fundamentals for the next three years.Investors can wait patiently for a pullback and buy the stock at a more cost-effective valuation.

• 3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
• The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• The December 2025 index review results for China’s CSI 1000 index were announced after market close on Friday 28th November 2025.
• There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.
• The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.

• The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.
• There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.
• We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.

• Zydus is shifting its business from US generics toward sustained, high-margin revenue. This growth is driven by its specialty pipeline, chronic Indian business, and MedTech.
• The successful Phase 2(B)/3 trial of Saroglitazar for Primary Biliary Cholangitis (PBC) is the key near-term catalyst, promising a long-duration, high-margin revenue stream in the US specialty market.
• The transition to an innovation-led portfolio evidenced by robust pipeline, strong chronic growth in India, and the MedTech acquisition positions Zydus for a potential re-rating as earnings quality improves.

• The mid-market, challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands reported strong revenue and EBITDA growth in its Interims to September.
• Revenue improved from £1.1m to £2.2m with EBITDA up from £0.1m to £0.7m.
• The cash balances of £2.2m is allowing an interim dividend of 1.2p per share to be paid to shareholders on the register on 12 December.

• Eco Animal Health delivers a strong H1 FY26 performance.
• Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year.
• Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY.

• On November 25, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for fiscal year 2026 that ended September 30, 2025.
• Following the recent approval of REDEMPLO , Arrowhead is now a commercial-stage company and has drug in channel only a week following approval, which is ahead of schedule.
• Looking ahead to 2026, Arrowhead has a number of important data readouts, including a first look at obesity data for ARO-INHBE and ARO-ALK7 in January 2026 with a more complete data set expected in mid-2026, interim data for ARO-DIMER-PA in summer 2026, initial ARO-MAPT data looking at tau levels in CSF in summer 2026, topline results from SHASTA-3 and SHASTA-4 in 3Q26 with a potential sNDA filing before the end of 2026, and biomarker data for ARO-RAGE possible by the end of 2026 or in early 2027.

• Management’s primary operational goal for 2025 is to secure multiple licensing agreements for human diagnostic applications.
• In September Volition entered into two such licensing agreements The company’s 1st commercial order for Nu.Q Cancer assays was received in November.
• The key financial goal for 2025 is to achieve cash neutrality on a full-year basis.

• Cytokinetics reported its third quarter 2025 results, highlighting key developments and strategic planning for its lead candidate, aficamten.
• The company is actively preparing for the potential FDA approval of aficamten for obstructive hypertrophic cardiomyopathy (oHCM), with significant progress in commercial readiness and regulatory engagements.
• On the regulatory front, Cytokinetics has conducted productive discussions with the FDA regarding aficamten’s Risk Evaluation and Mitigation Strategies (REMS) program and labeling considerations.

• Mandi has filed for a Hongkong IPO. The company which at present operates as a subsidiary of 3SBio Inc will be spun off and separately listed.
• Mandi intends to use the IPO proceeds for funding product expansion, enhance early-stage R&D capabilities, invest in sales and marketing initiatives and, for working capital and general corporate purposes.
• Minoxidil will be the main growth catalyst for now cashing on its leadership position while accelerating the development and commercialization of the pipeline assets will be key for future growth.

• Futura Medical specialises in the development and commercialisation of innovative sexual health products.
• The lead product is Eroxon, which is a clinically proven treatment for erectile dysfunction.
• In November 2025, £2.75m was raised at 1p and the shares are down from a 52 week high of 34p. 

• Lumexa Imaging, one of the nation’s largest outpatient imaging providers, could join the limited group of IPOs expected to debut in December 2025.
• The company operates 184 centers across 13 states, benefiting from strong population growth markets and a broad, diversified referring-physician network.
• Backed by WCAS and supported by scalable technology and growing advanced imaging demand, Lumexa shows steady revenue momentum ahead of a potential year-end IPO.

• Sumitomo Pharma (4506 JP) will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.
• The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.
• After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.

• Jazz Pharmaceuticals reported a strong performance in the third quarter of 2025, achieving a record revenue surpassing $1.1 billion.
• The growth was largely driven by solid sales from Xywav, Epidiolex, and the successful early launch of Modeyso.
• These developments underscore the company’s ability to deliver highly differentiated therapies addressing serious unmet medical needs, which is an indication of strategic execution and robust operational capabilities.