Healthcare

• Key takeaways from the Medsphere acquisition: 1) post-acquisition, the company’s platform will span Medsphere’s hospital IT services along with CCLD’s Artificial Intelligence (AI) capabilities culminating in comprehensive/differentiated solutions offered within competitive cost structures 2) management plans to tap into Medsphere’s existing inpatient EHR and RCM relationships across small- and mid-sized hospitals, aligning with ongoing initiatives to further expand CCLD’s footprint to drive sustainable growth 3) we are raising our Adjusted EPS estimates after layering in incremental revenue related to the transaction and 4) expected Medsphere revenue of approximately $16.5 million on an annualized basis equates to 15% of the midpoint of management’s prior 2025 revenue guidance range of $111 million to $114 million.

• According to the disclosure in 25H1 report, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition.So, the merger of China TCM and Taiji remains an option.
• Although Taiji’s performance declined sharply in 25H1, the announcement of the stock repurchase indicates that the Company remains optimistic about its prospects and tries to protect the interests of shareholders.
• There’s high possibility of performance recovery in 2026.In 2027, Taiji would enter a new round of growth. So, 2025 is the low point, which provides a good opportunity to buy.

• CSPC Pharmaceutical Group (1093 HK) 1H25 revenue dropped 18.5% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
• More license and collaboration in relation to the development, manufacturing and commercialization of certain products of the company awaited in 2H25 and augurs well in terms of future revenue visibility.
• CSPC Pharmaceutical aims to expand into the high-end market to achieve competitive differentiation and thereby command higher prices.

• Eli Lilly and Company’s second-quarter 2025 financial results represent a blend of remarkable achievements and strategic foresight, coupled with challenges typical of the pharmaceutical industry.
• The company reported a robust 38% increase in revenue compared to Q2 2024, driven primarily by key products like Mounjaro, Zepbound, and Verzenio.
• This outcome highlights the strong demand for its therapies across major therapeutic areas, especially in cardiometabolic health and oncology.

• The second quarter results for Insulet Corporation, a leader in insulin management systems, indicate a robust performance with significant development across key financial metrics.
• The company reported a notable 31% revenue growth year-over-year, reaching $649 million, surpassing the $600 million benchmark for the first time.
• This impressive growth is attributed to increasing consumer adoption across various segments including U.S. Type 1, Type 2, and international markets, largely driven by the Omnipod 5’s technology and its clinical benefits.

• Natera reported a promising financial and operational performance for Q2 2025.
• The company’s revenue reached $547 million, representing a 32% year-on-year increase, which, when excluding revenue adjustments, marked an organic growth of 34%.
• This performance was bolstered by substantial demand for its oncology products, particularly Signatera, which saw a record of 189,000 processed tests during the quarter.

Oryzon Genomics has announced that the European Medicines Agency (EMA) has provided regulatory clearance for a Phase Ib trial of iadademstat in sickle cell disease. The Phase Ib study (named RESTORE) is expected to enrol 40 adult patients with the condition, and will be based across multiple sites in Spain. The trial is primarily designed to assess the safety and tolerability of the drug candidate, as well as to determine the recommended Phase II dose, with secondary objectives focused on measurements of foetal haemoglobin. While we acknowledge that this is an early-stage programme, we believe it represents a key milestone for Oryzon, since it will be the first investigation of iadademstat in a non-malignant haematological indication.

• There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September – both changes are high probability.
• Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) are being added to a global index at the close today and are potential inclusions to the ETF in September.
• Caliway Biopharmaceuticals (6919 TT) will also be added to another global index at the close on 19 September, so more passive inflows for the stock. Reversion thereafter?

• The semiannual index rebal events of the NIFTY 50 index and NIFTY 100 index will take place in September 2025. The index changes were announced on Friday 22nd August 2025.
• There will be two changes for NIFTY 50 index and five changes to NIFTY 100.
• In this insight, we take a look at our final flow expectations.

• Kovai Medical is entering Chennai with a 300–400 bed facility, marking its first move beyond Coimbatore and strengthening its presence in a high-growth metro market.
• The medical college now contributes 7% of revenue, up from 3% in FY22, ensuring recurring cash flows and deeper clinical-academic integration.
• Consistent investments in advanced robotics and AI-driven systems enhance KMCH’s differentiation, positioning it to capture premium demand and medical tourism opportunities in Southern India.

• CSL Ltd (CSL AU) announced major strategic initiatives targeting annual pre-tax cost savings of >$500M by end of FY28. The initiatives will result in 15% reduction in CSL’s employee base.
• CSL intends to demerge CSL Seqirus as a substantial ASX-listed entity by FY26. The remaining CSL group will continue to have leading market positions in multiple rare and serious diseases.
• CSL reported on-target financial performance for FY25. The company has guided for FY26 revenue growth of 4–5% and NPATA (excluding non-recurring restructuring cost) of $3.45B–3.55B, up 7–10%.

• Institutions were net sellers of Singapore stocks with a net outflow of S$53 million from August 15-21.
• ISOTeam secured S$22.5 million in new contracts, boosting its order book to S$181.1 million for 24 months.
• Q & M Dental Group raised S$130 million from a Multicurrency Debt Issuance Programme for organic expansion and M&A.

• Charles River Laboratories delivered a mixed financial performance in the second quarter of 2025, presenting some positive aspects alongside key challenges.
• The company experienced solid financial results, surpassing prior forecasts, primarily driven by impressive Discovery and Safety Assessment (DSA) outcomes.
• This segment benefited from strong bookings recorded in the first quarter, which provided significant momentum for the first half of the year.

• Primary operational goal for 2025 is to enter into multiple licensing agreements for human diagnostic applications, e.g. cancer & sepsis, emulating the strategy employed with the Nu.Q Veterinary Canine Cancer Test In addition, within Nu.Q NETs pillar, the commercial strategy to utilize the CE Mark has brought on 11 hospital networks in Europe that are ordering and re-ordering Nu.Q products for human application The final validation of the Lung Cancer study being conducted at National Taiwan University is planned for completion in late-2025.

• Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
• The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
• Azitra’s lead candidate is ATR-12 for the rare disease Netherton syndrome (NS).

• 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.

• The pivot from biotech to AI technology company. While still committed to advancing its VELDONA drug platform to commercialization, Ainos’ growth strategy is now primarily being driven by its AI Nose SmellTech platform.
• The pivot began in 2021 when Ainos acquired this AI Nose technology for initial deployment in healthcare settings.
• However, with other significant opportunities beckoning, it has since been positioned as a platform technology with a substantial runway beyond healthcare. 

• InterGlobe Aviation Ltd (INDIGO IN) and Max Healthcare Institute (MAXHEALT IN) replace Hero Motocorp (HMCL IN) and Indusind Bank (IIB IN) in the NIFTY Index (NIFTY INDEX) in September.
• There are 5 constituent changes to the Nifty 100 Index (NSE100 INDEX) leading to 4 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX). 
• There will be global passive buying in Swiggy (SWIGGY IN) on Tuesday. Then there will be net selling in the stock at the close on 29 September.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Aux Electric Co Ltd (0917839D HK) is seeking to raise US$600 million, Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
• Event-Driven developments: Mayne Pharma (MYX AU), PointsBet Holdings (PBH AU), Lynch Group Holdings (LGL AU), Dongfeng Motor (489 HK), ENN Energy (2688 HK), Shibaura Electronics (6957 JP). 

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Healthcare Index for the September 2025 rebalance. That takes us to 73 constituents.
• Team Quiddity had expected 6 ADDs+1 DEL. We got 10 ADDs and 4 DELs. Our 7 names were correct and the other three DELs were our next three choices.
• This is a smallish index, so we see US$300+mm to trade but there are a couple of big buys in terms of ADV.

• On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng HK-Listed Biotech Index for the September 2025 rebalance.
• July saw an announcement of a methodology change, and we expected 20 DELs. In fact, there were 21 DELs and 1 ADD and we missed the last two. 
• HSHKBIO has relatively low tracking AUM, so the total flows here (for HSHKBIO only) should be limited to about US$400mm.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, there was a lack of fireworks from last week’s listing. This week might have some better luck.
• On the placements front, there was no dearth of deals with raisings across the region.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
• Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
• Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate

• Since the privatization of Henlius failed at the beginning of 2025, we have witnessed its stock price constantly hitting new highs.The market has recognized Henlius’ strong fundamentals and promising outlook.
• Based on conservative forecast, the peak sales of important products +  other promising candidates/indication expansion/drug combination/new licensing cooperation, etc., total revenue of Henlius is expected to reach RMB10 billion.
• RMB30 billion is the valuation bottom line for Henlius. The upper limit of valuation may reach RMB36-45 billion in the future. Exercise Price of the Options granted is HK$50.25/share.

• Jiangxi Rimag Group (2522 HK) is placing 35M shares for subscription at HK$16.76 per share.
• The company intends to use the net proceeds to further strengthen their data service capabilities using AI, business expansion through independent investments or acquisitions, and general corporate purpose.
• In the medium to long term the company is well-positioned for sustainable growth with its relentless pursuit for new investments, collaborations, and acquisitions.

• Attention turns to business model pivot. Following the completion of the SCN acquisition on June 9, 2025, Vivos’ attention is now firmly on transitioning the company’s legacy B2B business model to a potentially far more growth-oriented and lucrative patient-centric, vertically integrated model for its disruptive OSA (obstructive sleep apnea) platform.
• Out with the old. Vivos’ legacy business has been centered around revenues from VIP (Vivos Integrated Practice) enrollment primarily targeting dental providers and mostly generated from one-time enrollment fees granting access to clinical training and product sales from those same trained VIPs.
• After enrolling dental providers, Vivos would essentially wholesale its proprietary oral appliances to enrolled providers who would typically pick up most of the profit by selling the appliances to patients at substantially marked up prices.

• Exact Sciences Corporation reported its financial results for the second quarter of 2025.
• The company delivered strong performance metrics and revised its financial guidance upward, reflecting solid growth across its operations.
• Exact Sciences processed a record 1.3 million test results during the quarter, which contributed to a 16% yearover-year increase in core revenue.

• The 25H1 results of JD Health beat expectations. Due to the strong financial position/positive growth outlook, reasonable valuation of JD Health is P/S of 3 to 4x.
• Ascletis announced Share Placing.If ASC30’s Phase IIa data remain excellent, potential BD/licensing deal would drive valuation to HK$25bn. However, if clinical data is disappointing, valuation may fall below HK$12 billion.
• Reasonable valuation of Hansoh is about RMB108-111 billion. So, the Placing Price of HK$36.30 per Placing Share is expensive. We think the valuation of Hansoh should be lower than BeiGene.

• BeOne Medicines recently announced its financial results for the second quarter of fiscal year 2025.
• The company reported significant financial and strategic progress, reinforcing its position in the market.
• Breaking down the results, BeOne’s revenue reached $1.3 billion, reflecting a robust 42% year-over-year growth.

• Royalty Pharma’s recent earnings for the second quarter of 2025 showcased significant progress, underscoring both strengths and areas of potential concern.
• Positively, Royalty Pharma achieved a 20% increase in Portfolio Receipts, reaching $727 million, surpassing prior guidance.
• The company also reported an 11% rise in Royalty Receipts to $672 million, attributed to the robust performance of its diversified portfolio.

• Saint Bella, a leading family care group in Asia, announced first interim results for the six months ended 30 June 2025 as a public company.
• Premium postpartum care service provider successfully completed an initial public offering in Hong Kong at HK$6.58 per share, raising ~HK$709m of net proceeds.
• I was impressed with 40%+ YoY revenue growth in the home care services business segment, gross profit margin expansion across the board and net profit of ~RMB327m.

• STERIS plc’s first quarter of fiscal 2026 demonstrates a solid start to the financial year, with several key performance metrics showcasing both growth and resilience amidst challenging macroeconomic conditions.
• The company reported a 9% increase in total revenue, and an 8% rise in constant currency organic revenue growth, pointing to robust operational performance that was primarily driven by volume and a favorable pricing environment.
• This growth in revenue was accompanied by a slight increase in gross margin, up 20 basis points from the previous year to 45.3%.

• Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range. 
• Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.  
• We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio. 

• KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&T stake sell-down and overlapping-listing risks.
• FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&T preventing share sales in both parent and spinco for a set period.
• Trading setup remains short Samsung C&T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&T as the near-term underperformer.

• McKesson Corporation’s first-quarter fiscal 2026 performance reflects strong operational and financial results.
• This period was marked by significant revenue growth, strategic acquisitions, and effective capital management.
• The company reported consolidated revenues of $97.8 billion, indicating a 23% increase from the previous year, largely driven by increased prescription volumes from retail national account customers and the addition of new strategic accounts.

• Rhythm Pharmaceuticals recently conducted their Q2 2025 earnings conference call, providing insights into their financial performance and operational progress.
• The company reported a strong quarter, marked by significant financial achievements and promising developments in their clinical pipeline.
• Financially, Rhythm Pharmaceuticals presented robust global revenue of $48.5 million for Q2, representing a 29% increase from the previous quarter.

• Solar Foods is pioneering a single-cell protein powder – called “Solein” –that combines the best traits of plant and animal proteins while avoiding their key drawbacks.
• The business model centers on selling Solein as an ingredient to food manufacturers and licensing the firm’s technology. 
• Solar Foods is still in early stages, but its growth and profit potential could be huge if it can successfully execute.

• For 1H25, Telix Pharmaceuticals (TLX AU) recorded revenue of $390M, up 63% YoY and 41% HoH. Even after excluding RLS revenue, base business revenue grew 30% YoY and 12% HoH.
• Illuccix continues to drive revenue growth. Global sales of Illuccix were $306M in 1H25, up 29% YoY, reflecting continued growth in sales volume and market share gains in the U.S.
• SEC subpoena has not affected the normal business operation. Telix is “fully cooperating with the SEC and is in the process of responding to the information request.”

• Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won. 
• The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September. 
• Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won. 

• Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
• Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
• The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.

• EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.
• In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
• Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.

• In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
• R&D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.
• In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).

• Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.
• The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.
• The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.

• Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2 diabetes drug, Ozempic, directly to consumers at $499 per month—about half its traditional list price.
• Announced in mid-August 2025, the move mirrors the company’s earlier direct-to-consumer strategy for Wegovy, its obesity drug, and is designed to capture uninsured or underinsured patients struggling with access.
• While Novo says that 98% of insured patients already have coverage for Ozempic, the new program aims to expand access to those outside the system through Novo’s own telehealth storefront and GoodRx’s nationwide pharmacy network.

• TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
• It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
• IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.

• BridgeBio Pharma delivered strong second-quarter results, emphasizing significant progress in both its commercial operations and pipeline development.
• The company’s lead product, Attruby, used in the treatment of ATTR cardiomyopathy, exhibited robust growth.
• In Q2 2025, Attruby generated $78 million in global sales, with $71.5 million from U.S. net sales, reflecting 100% growth over the previous quarter.

• Masimo Corporation’s second quarter of 2025 presents a mixed yet interesting picture for potential investors, focusing predominantly on the healthcare technology sector while strategizing significant organizational and operational shifts.
• The quarter reflected growth in core areas but faced challenges in others, encapsulated by both strategic initiatives and external disruptions.
• On the positive side, Masimo reported continued strength in its healthcare business, with revenue reaching $370 million, marking a 7.4% increase on a constant currency basis.

• Henry Schein, Inc. presents a complex outlook as its second quarter 2025 performance demonstrates both challenges and opportunities.
• The company’s global sales reached $3.2 billion, growing by 3.3% from the previous year, though impacted by various challenges such as reduced U.S. distribution margins primarily due to lower glove pricing and targeted sales initiatives.
• This quarter also saw a 42 basis point drop in GAAP operating margins and a 79 basis point decline on a non-GAAP basis, attributed to decreases in gross margins and increased operational costs.

• A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
• While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Hansoh Pharmaceutical Group (3692 HK) is placing 108M shares at the price of HK$36.30 per share. 65% of the proceeds will be used for the R&D of new innovative drugs.
• Hansoh’s late-stage pipeline seems to be interesting, as its key focus areas being oncology and metabolic diseases, which are among the fast-growing therapeutic areas, with huge addressable patient population.
• Hansoh has announced better-than-expected 1H25 result, with both revenue and net profit beating consensus. Innovative drugs revenue increased 22% YoY to RMB6B, contributing 82.7% of total revenue.

• Ascletis Pharma Inc (1672 HK) announced the placement of 52.4M shares for subscription at HK$16.45 per share.
• The company intends to use 90% of proceeds for further R&D of its drug candidates with respect to both subcutaneously injected peptides and oral peptides, into clinical trials for obesity.
• The company will take time to cash in fully from the commercialization efforts in near future, given the limited opportunity it has in terms of the drug pipeline basket.

• On August 13, 2025, Dogwood Therapeutics, Inc. announced financial results for the second quarter of 2025 and provided a business update.
• Enrollment in the Phase 2b trial of Halneuron for the treatment of Chemotherapy Induced Neuropathic Pain (CINP) has reached 52 patients.
• An interim data readout is expected in the fourth quarter of 2025.

• On August 14, 2025, Soligenix, Inc. (SNGX) announced financial results for the second quarter of 2025 and provided a business update.
• Following the release of promising Phase 2a clinical trial results for SGX945 (dusquetide) in Behcet’s Disease, the U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) to dusquetide for “treatment of Behcet’s Disease”.
• The company has begun work on a subcutaneous formulation of SGX945, after which it is planning to perform a Phase 2b trial in Behcet’s Disease.

• WuXi Bio’s 25H1 growth was driven by XDC against the backdrop of BD wave of innovative drug assets. Coupled with biotech booming market, we witnessed obvious recovery in CXO’s performance. 
• Intensive share reduction by major shareholders has weakened market confidence in long-term value. Given Li Ge’s rich experience in capital operation, WuXi Bio’s valuation potential may have been fully realized.
• Current investment logic has shifted to the growth of overseas BD/licensing cooperation based on China’s low-priced but high-quality innovative drugs due to engineer dividend, which may have certain growth ceilings.

• Bayer AG’s latest quarterly performance presents a mixed outlook, showing areas of growth and challenges.
• In terms of financial results, the company’s sales remained flat in the first half of 2025, with second-quarter net sales growing slightly by 1% in currency and portfolio-adjusted terms.
• Despite adverse currency movements, Bayer has successfully maintained a stable EBITDA, although foreign exchange headwinds impacted the top line with negative effects valued at around EUR 550 million.

• 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.
• Based on the results of its STAR-T trial, the company submitted for FDA De Novo approval and Health Canada licensure in late 2024 and is currently navigating the appeal process with both agencies.

• Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
• The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company’s strengths and challenges.
• On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.
• This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.

• In the second quarter of 2025, Zoetis reported robust financial results, underscoring the strength and resilience of its portfolio across multiple markets.
• The company achieved an organic operational revenue growth of 8% and a 10% increase in adjusted net income, reflecting effective cost management and operational efficiency.
• One of the key highlights was the International segment, which experienced a 9% organic operational revenue growth, indicating Zoetis’s ability to leverage trends expanding regional markets.

• With the timeline to launch a study in India similar to the one being conducted in Australia significantly longer than AEMD had initially anticipated, the company has decided not to move forward in India at this time.
• AEMD will continue to focus on the ongoing oncology study in Australia, where it benefits from attractive economic that are expected to help reduce costs, lower risk & accelerate time to market.
• When appropriate, the company continues pre-clinical research and analysis of the Hemopurifier in areas outside of oncology when expenses associated with these efforts are de minimis.

• Pfizer’s Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu.
• The company reported revenues of $14.7 billion, marking a 10% operational increase year-over-year, driven by robust growth across the U.S. and international divisions.
• Key contributors to this growth included products like the Vyndaqel family, Comirnaty, and Paxlovid, alongside others such as Eliquis and Padcev.

• SBC appointed a new Chief Marketing Officer effective July 1, 2025, to raise awareness of its growing portfolio of brands.
• The company is optimistic that its revised pricing, promotional and fee strategies will support strong growth over time, despite some potential short-term constraint.
• The company is also optimistic about generating new / growing revenue streams from international customers, both through greater outreach to medical tourists and by expanding its global footprint.

• CStone Pharmaceuticals (2616 HK) reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
• R&D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.
• Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.

• Ainos can now be considered a technology company.
• This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.
• But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. 

Immix has published its Q225 results, reflecting a productive period for NXC-201. The US-based NEXICART-2 trial in relapsed/refractory amyloid light chain amyloidosis (r/r ALA) reported an encouraging interim update and, given the current pace, Immix maintains its plans to file for regulatory approval once the trial concludes in mid-2026. Management also announced the potential expansion of NXC-201 into additional indications, which could increase the value proposition for the candidate. The company ended Q225 with net cash of $11.64m, which was bolstered post period by a further $1.34m through an at-the-market (ATM) offering. We estimate that this should provide a cash runway into Q126, but note the potential for this to extend should further proceeds be raised through the ATM facility. Following the Q225 results, our valuation for Immix stands at $126.8m, or $4.3 per share (from $127.0m, or $4.6/share previously).

• A key component of LGMK’s growth strategy is to expand the product line and boost awareness of its growing suite of products and services.
• LGMK seeks to expand its sales team to help drive growth & recently appointed a new SVP ales to lead its B2B expansion efforts.
• In addition, the company is revising its reseller program to enable improved partner support and outreach to end customers & increasing its presence at industry conferences to boost awareness of its growing product line.

• On 17 May, Cosette asserted that a material adverse change had occurred. Mayne Pharma (MYX AU) disputes the claim with court proceedings set to start on 22 September. 
• Mayne’s FY25 results on 29 August should provide incremental clarity, but not a definite answer, on the MAC breach relating to maintainable EBITDA (decline by at least A$10.76 million).
• The outcome of the trial remains uncertain as both Mayne and Cosette have valid arguments. Risk/reward is attractive – upside (43.1% to offer) vs the downside (22.3% to deal-break price).  

• The Hang Seng Biotech Index (HSHKBIO) represents the largest biotech companies listed in Hong Kong (HKEX) from September 2025.
• We expect 20 index constituents to face deletion in September 2025 rebal due to a recent change in index selection methodology.
• The index changes will be announced after the close on Friday 22nd August 2025.

• Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group, has announced a non-binding indicative Offer from PE outfit Adamantem Capital.  
• Adamantem is offering A$0.88/share, a 64.5% premium to last close. If terms are firmed, shareholders will also be afforded a partial scrip option into an unlisted bidco. 
• Adamantem has also entered into a call option for 19.9% of shares out at A$0.88/share. An independent board committee are assessing the approach. Due diligence not yet granted.

• Waters Corporation reported a robust financial performance for the second quarter of 2025, showcasing strong sales growth, enhanced product innovation, and strategic expansion into high-growth areas.
• The company achieved a 9% sales increase as reported, and 8% on a constant currency basis.
• This success was fueled by growth in their LC and mass spectrometry portfolios, and double-digit growth in recurring revenue streams such as services and consumable chemistry.

• Hims & Hers Health has delivered a robust performance in the second quarter of 2025, signaling positive momentum in its quest to democratize access to personalized, high-quality healthcare.
• The company reported a 73% increase in revenue to $545 million year-over-year, with a strong adjusted EBITDA margin of over 15%.
• This growth is underpinned by a substantial subscriber base of over 2.4 million, facilitated by offerings in areas like dermatology and weight management.

• On August 14, 2025, Abeona Therapeutics, Inc. (ABEO) announced financial results for the second quarter of 2025 and provided a business update.
• The company reported that the U.S. launch of Zevaskyn (prademagene zamikeracel), which was recently approved by the U.S. Food and Drug Administration (FDA) for the treatment of wounds in adult and pediatric patients with recessive dystrophic epidermolysis bullosa (RDEB), is on track and the first patient is scheduled to be treated in the third quarter of 2025.
• Abeona indicated that approximately 50 patients have been identified thus far that would likely be good candidates for Zevaskyn treatment, and the company is planning to have capacity to treat 10-14 patients before the end of 2025 and 10 patients/month by mid-2026.

• Classys (214150 KS) has reported strong 2Q25 result, with record high quarterly sales, gross profit, and operating profit. In fact, revenue hit sixth consecutive quarterly record high.
• During 2Q25, revenue from device increased 47% YoY and 30% QoQ to KRW46B, mainly driven by strong global sales, which increased 36% YoY and 27% QoQ to KRW33B.
• Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. In 1H25, the company has achieved 46% of annual revenue target, thereby enhancing guidance visibility.

• Encompass Health Corporation reported strong financial performance for the second quarter of 2025, underpinned by a 12% increase in revenue to $1.46 billion and a 17.2% rise in adjusted EBITDA to $308.6 million.
• This robust growth was driven by a 7.2% increase in total discharges and a 4.2% rise in net revenue per discharge, notably supported by the reduced bad debt expense.
• Additionally, the quarter saw enhanced patient intake and discharge metrics, with strong growth reported in neurological conditions and stroke treatments, areas where Encompass Health holds noticeable clinical expertise.

• BioNTech SE’s recent financial results and strategic initiatives present a complex investment picture.
• The company has made significant strides in oncology, indicating a diversified approach beyond its known COVID-19 vaccine success.
• However, financial performance and potential market fluctuations warrant careful consideration.

• 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 leading the race for the semiannual index rebal event in December 2025.
• We expect up to five ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.

• Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
• The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
• The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
• Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).

• Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
• EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
• BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.