Healthcare

• Based on 25Q2 sales data of Semaglutide and Tirzepatide, the penetration rate of both T2D and weight loss indications is approaching ceiling. The inflection point of GLP-1 market has arrived.
• When the gap of clinical progress in EU/US markets is too large, these drugs may not even be on the same tier, and thus do not constitute substantive competition.
• Novartis has approached Avidity Biosciences with an acquisition offer. We think price range of $9-11B is justified by 3-5x peak sales multiples and strategic urgency.

• IDEXX Laboratories, Inc. reported robust financial results for the second quarter of 2025, underpinned by strong execution, particularly in their Companion Animal Group (CAG) business.
• The company’s revenue increased 11% as reported and 9% organically.
• Growth was driven notably by advancements in their CAG Diagnostic Recurring Revenues, which benefited from significant CAG instrument sales and a strong international performance.

• The earnings report for Moderna, Inc.’s second quarter of 2025 presents a multifaceted picture of the company’s current financial health and strategic endeavors.
• Beginning with the financial landscape, Moderna reported revenues of $2.1 billion and experienced a loss of $0.8 billion, which aligns with the company’s expectations given the seasonal nature of its respiratory vaccine business.
• Notably, the company managed to reduce its cost of sales and SG&A by 35% compared to the previous year, indicating a strong commitment to financial discipline.

• Vertex Pharmaceuticals reported strong performance in the second quarter of 2025, achieving a 12% year-overyear revenue growth, reaching $2.96 billion.
• This growth was driven by the successful commercialization of multiple new products and the expansion of its existing portfolio in treating cystic fibrosis (CF), sickle cell disease, beta thalassemia, and acute pain.
• On the positive side, Vertex Pharmaceuticals made significant strides in the CF market with the introduction of ALYFTREK, which is showing promising adoption across the United States and Europe.

• Onesource Specialty Pharma (ONESOURC IN) reported a solid Q1 FY26, with a 12% YoY revenue increase, accelerated capacity expansion, and momentum toward global growth through potential acquisitions.
• The proposed acquisition of sterile injectable and carbapenem facilities, coupled with the company’s existing biologics platform, positions OneSource to become a formidable, multi-modality CDMO.
• This quarter marks a strategic inflection point for OneSource, signaling a confident transition from a focused CDMO to a globally competitive specialty pharma player with an eye on high-value segments.

Basilea Pharmaceutica has strengthened its antibacterial pipeline with the acquisition of global rights to the novel, orally administered, Phase-III ready asset, ceftibuten-ledaborbactam etzadroxil. The drug, licensed from Venatorx Pharmaceuticals, is a combination of an oral beta-lactam (cephalosporin) and a beta-lactamase inhibitor (a prodrug of ledaborbactam), aiming to target complicated urinary tract infections (cUTI), including pyelonephritis, caused by multidrug-resistant Enterobacterales. Basilea intends to launch a registrational Phase III programme in c 18 months and expects c CHF15m in incremental R&D spend in FY25 (including an upfront payment and pre-commercial milestones). The deal also includes tiered mid-single-digit royalties and up to US$325m in additional commercial milestones to Venatorx. We are encouraged by the deal and believe an oral and potentially outpatient asset (following intial hospital treatment) broadens the scope of Basilea’s otherwise hospital-focused antibacterial franchise. We will provide updated estimates following the H125 results on 19 August.

• BioLineRx is a commercial stage biopharmaceutical company with a development portfolio advancing motixafortide, a platform molecule targeting indications in stem cell mobilization (SCM) & in the treatment of advanced pancreatic cancer.
• The candidate is approved in the US for SCM and is undergoing studies for use in gene therapy and in pancreatic cancer.
• Partner Gloria Biosciences is developing motixafortide in Asia & is expected to be conducting bridging studies in the near term for SCM & longer-term studies for other indications.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company announced its 2Q2025 preliminary financial results.
• The company continues to execute at a high level but faces reimbursement uncertainty.

• Bone Biologics is pursuing a better and more effective way of dealing with back pain requiring surgery by developing bone regeneration in spinal fusion using the recombinant human protein known as NELL-1/DBX, or NB1.
• The company continues with human trials and reported 2Q2025 financial results that showed good cash balances that should allow testing results to bolster BBLG.

• On August 14, 2025, BrainStorm Cell Therapeutics, Inc. (BCLI) announced financial results for the second quarter of 2025 and provided a business update.
• The company continues to be focused on initiating the Phase 3b ENDURANCE trial of NurOwn for the treatment of amyotrophic lateral sclerosis (ALS).
• Following the filing of the Citizen’s Petition in July 2025, we await a decision from the FDA regarding that petition and whether the agency will invite BrainStorm to resubmit the Biologics License Application (BLA) for NurOwn in ALS.

• Dentium announced that it has decided to cancel all of its 2.44 million treasury shares (22% of its outstanding shares).
• This is massive and should have a positive impact on Dentium’s share price.
• Although the company reported a disappointing results in 2Q 2025 and its exports to China are slowing down, the company still generates healthy operating margins (18.9% in 2Q 2025).

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce recombinant proteins, biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.

• In Q1 FY12/23, revenue was JPY2.3bn (+4.8% YoY), operating profit JPY132mn (+37.6% YoY), pre-tax profit JPY128mn (+47.0% YoY).
• 1H revenue reached 51.7% of FY12/25 forecast, with operating profit at 88.0% and recurring profit at 85.0%.
• Revenue from Medical Personnel Placement Services was JPY1.7bn (+2.2% YoY), Other Services revenue totaled JPY646mn (+12.3% YoY).

• Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
• The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
• Chiesi Rare Disease will commercialize Elfabrio globally.

• On the 12th August, Kangji Medical (9997 HK) announced an Offer, by way of a Scheme, from a consortium led by TPG and Qatar Investment Authority, together with the founders.
• The 9.9% premium to last close was less than ideal. A change of control premium (30%+) is arguably more commonplace in Asia-Pac. However, the Offer Price is a four-year high.
• I had a number of questions concerning the transaction, and managed to secure a one-on-one with the FA to the Offeror earlier today. 

• Innogen raised HKD 683m (USD 88m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, August 14th.
• In our previous note, we looked at the company’s operation, management track records and discussed the IPO valuation.
• In this note, we provide an update for the IPO before trading debut.

• Baxter International’s second quarter 2025 earnings results portray a complex landscape of solid financial performance alongside challenges in specific sectors.
• Baxter reported sales from continuing operations of $2.8 billion, reflecting a growth of 4% on a reported basis and 1% on an operational basis from the prior year.
• However, this growth remained at the lower end of the company’s expectations, as declines in certain segments, such as the Medical Products & Therapies and Pharmaceuticals, offset the performance of other areas.

• 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 2Q2025 financial results that showed continued progress toward commercialization of an important pain reliever that we believe is critically needed.

• Corcept Therapeutics’ recent earnings call provided a comprehensive overview of its financial performance and strategic developments for the second quarter of 2025.
• The company reported revenue of $194.4 million, a significant increase from the $163.8 million in the same period the previous year.
• This has prompted Corcept to adjust its full-year revenue guidance to a range of $850 million to $900 million.

• Bio-Rad Laboratories Inc.’s (Bio-Rad) second quarter of 2025 results reflect a blend of stability and adverse challenges.
• The company reported net sales of approximately $652 million, a 2.1% increase from the previous year on a reported basis, though just a 1% rise when adjusted for currency fluctuations.
• This performance was largely buoyed by robust sales in the Life Sciences segment, particularly in process chromatography and food safety products.

• Longeveron is focusing on using its primary treatment, laromestrocel, to fight a rare pediatric heart birth defect that devastates families and continues to receive good FDA news regarding its treatment for Alzheimer’s Disease, while also expanding its pipeline.
• The company announced its 2Q 2025 earnings results that showed good cost discipline and improving revenue as ongoing clinical trials pose potential inflection points for LGVN.

Ocugen’s modifier gene therapy (MGT) platform is designed to regulate gene expression to restore visual function across both genetically diverse inherited retinal diseases (IRDs) and retinal conditions with wider prevalence such as geographic atrophy (GA) associated with dry age-related macular degeneration (AMD). Lead candidate OCU400 is in Phase III studies for retinitis pigmentosa (RP), with a potential FDA biologics license application (BLA) in 2026 and commercialisation in 2027.

• During Q1FY26, Ono Pharmaceutical (4528 JP)  reported revenue of ¥127.5B, an increase of 8% YoY. Opdivo witnessed 8% decrease in revenue to ¥29.4B mainly due to increased competition.  
• Opdivo is facing competition from Keytruda. Ono guided Opdivo revenue in FY26 to be ¥138.5B (Japan: ¥125B, up 4% and Overseas: ¥13.5B, up 3%), up 4% YoY.
• In FY26, Opdivo’s revenue growth will come from indication expansion but smaller addressable patient population remains a concern for long term.

• Regeneron Pharmaceuticals presented a mixed performance for the second quarter of 2025, showcasing robust growth in certain product lines while facing challenges in others.
• Overall, the company reported total revenues of $3.7 billion, marking a year-over-year increase of 4%, primarily buoyed by the impressive sales growth of flagship therapies like Dupixent and Libtayo, as well as the introduction and expansion of EYLEA HD.
• However, the legacy EYLEA product witnessed a significant decline, with U.S. sales dropping 39% from the previous year due to competitive pressures and ongoing shifts toward EYLEA HD.

• One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
• Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&T.
• From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&T likely takes the hit, offering alpha potential both ways.

• Todfay after the close, EQT and Carenet Inc (2150 JP) announced an EQT SPC would launch a TOB to buy out the medical platform business. 
• A growthy business so the multiple looks light. But the founder and his incubation fund is selling. That’s 19%. Insiders/crossholders hold another 25%. One recent seller still has 10%.
• This looks like it gets done, but it isn’t at the highs of 4+ years ago. Some retail may be upset. 

• Carenet Inc (2150 JP) has recommended a tender offer from EQT (EQT SS) at JPY1,130, a 47.3% premium to the last close.
• Despite the lack of an auction, the offer is reasonable as it aligns with the midpoint of the IFA DCF valuation range and at a premium to historical ranges. 
• Irrevocables to accept represent a 17.03% ownership ratio. This is likely a done deal with payment from 7 October.

• . The company priced an upsized 10.6 million share deal at $18.00—the high end of its $16.00–$18.00 range—and opened at $25.00, a 38.9% premium at first trade.
• The turnaround began in late April, and the rebound was steady. A key catalyst came in June when Sionna reported Phase I data that met market expectations.
• Behind Metsera, Sionna Therapeutics has been the number two biotech IPO performer in 2025. 

• 10x Genomics has been in the spotlight recently after signaling strong interest in acquiring Scale Biosciences—an emerging leader in split-pool combinatorial barcoding for ultra-high-plex single-cell assays.
• Just days after posting mixed Q1 results impacted by U.S. academic funding headwinds, CEO Serge Saxonov affirmed a strategy centered on innovation and partnership to sustain momentum in single-cell and spatial genomics.
• Scale’s technology promises instrument-free barcoding kits, sample-pooling workflows, and its first commercial single-cell methylation solution—all of which could integrate seamlessly into 10x’s Chromium and Xenium platforms.

• Hugel Inc (145020 KS) has reported strong 2Q25 result, with all key parameters marking the highest quarterly figures in the company’s history and contributed to a record first-half performance.
• Overseas revenue of toxin and derma fillers rose 21% YoY to KRW70B, accounting for 63% of the company’s total sales, boosted by robust growth in the U.S., China, and Europe.
• Hugel is well-positioned to report ~20% annual revenue growth through 2027 through global expansion amid favorable industry backdrop.

• Avantor, the $7.8 billion life sciences supplier headquartered in Radnor, Pennsylvania, has recently drawn the attention of activist investor Engine Capital, which has taken a roughly 3% stake in the company.
• The move comes after a tumultuous year in which Avantor’s shares fell nearly 50%, pressured by weakened demand—especially in government and education sectors due to research funding cuts—and the April announcement of its longtime CEO’s departure.
• Now, with a new chief executive, Emmanuel Ligner, set to take the helm in mid-August, Engine Capital is urging Avantor to either sell itself outright or embark on a strategic overhaul that could include a board refresh, cost reductions, stock buybacks, and divestitures of noncore assets.

• PBH reported 1QFY26 adjusted EPS of $0.95 versus $0.90 in 1QFY25, up 5.6% Y/Y, but below our $1.04 estimate and FactSet consensus of $1.00.
• This is also below management’s expected range of $0.98-1.00 given in May.
• Sales in the quarter decreased 6.6% to $249.5MM, below our $267.2MM estimate and consensus of $260.8MM, as well as management’s expected range of $258-260MM.

• In the field of Human TAT, Jiangxi Institute of Biological Products (JIBP)  is in a dominant position. Net profit CAGR was much higher than the revenue CAGR, indicating strong profitability.
• This market is not big with obvious growth ceiling. Future CAGR of JIBP would gradually slow down if it continues to mainly rely on Human TAT to contribute performance. 
• Since the technical barriers in Human TAT industry are relatively high, and JIBP is a global leader in this field, JIBP’s valuation can at least reach the industry average level.

• FY06/25 sales were JPY122.7bn (+3.5% YoY), operating profit JPY2.0bn (-11.1% YoY), net income JPY1.4bn (-4.7% YoY).
• FY06/26 forecasts: sales JPY123.0bn (+4.3% YoY), operating profit JPY2.0bn (+1.0% YoY), net income JPY1.3bn (-7.6% YoY).
• FY06/28 targets: consolidated sales JPY142.0bn (CAGR 5.0% from FY06/25), operating profit JPY2.7bn (10.9%).

• Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. 
• The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (<10% of all disinterested shareholders’ rejection). The offer is final. 
• The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.

• Medical device play Kangji Medical (9997 HK) has announced an Offer, by way of a Scheme, from a consortium led by TPG and the Qatar Investment Authority, together with founders.
• The consortium is offering HK$9.25/share, a less-than-inspiring 9.9% premium to last close. The price has been declared final. It is 33.4% below the HK$13.88 2020 IPO price.
• Independent shareholders hold 25.25% of shares out. They could bare teeth; and they’ve been somewhat active at AGMs.  But on balance, there’s probably enough here for this to get up.

• Zai Lab reported C2Q15 top line, non-GAAP operating loss and GAAP net loss 1.5% above, 31% narrower and 38% narrower than our estimate, and 12% below, 
• We cut ZEJULA’s peak sales by 12% due to sustained competition. We are also concerned on the slow ramp up of AUGTYRO, which will likely persist.
• However, ZLAB has several catalysts ahead, including Bemarituzumab, KarXT, and ZL1310. We keep TP unchanged and maintain BUY.

• Jingze Biopharm, a China-based clinical-stage biopharmaceutical company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and Guoyuan International 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’s core products, which are made of two biosimilars, are too thin for a listing, given the level of competition in respective market segments. 

• Biogen’s second-quarter 2025 results present a mixed picture regarding its financial and operational performance.
• The company reported overall revenue growth driven largely by the increasing demand for its newer products, despite continued challenges in its core multiple sclerosis (MS) business.
• The new product launches, such as VUMERITY, LEQEMBI, ZURZUVAE, and SKYCLARYS, showed significant sequential sales growth.

• Mettler-Toledo International Inc. reported its financial results for the second quarter of 2025, navigating a complex landscape marked by tariff pressures and varied market dynamics.
• The company’s sales were $983 million, reflecting a 2% increase in local currency and a 4% increase in U.S. dollar terms, highlighting growth in the Americas and Asia/Rest of the World, while sales in Europe were flat.
• The Laboratory products sector experienced a modest 1% growth, offset by stronger performance in the Industrial segment, particularly in product inspection, which grew by 8%.

Newron Pharmaceuticals has confirmed that enrolment has begun for its registrational ENIGMA-TRS Phase III programme for lead candidate evenamide. The first of two trials for the programme is ENIGMA-TRS 1, an international, one-year, double-blinded, placebo-controlled, pivotal Phase III study. It aims to enrol 600 patients with treatment-resistant schizophrenia (TRS), and a 12-week readout is anticipated from Q426. Patient enrolment has commenced in line with prior guided timelines, and marks a key milestone for Newron’s lead programme. In parallel, Newron is preparing for the second trial, ENIGMA-TRS 2, which will be a 400-patient international study (including the US). This trial is anticipated to launch by October 2025.

• Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
• Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
• Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.

• Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
• SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
• SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.

Q225 was a strong quarter for SIGA, supported by material topline traction, with deliveries of $79m of oral and IV TPOXX to the US strategic national stockpile (SNS), fully servicing the order book at the end of FY24. The company confirmed that $26m in exercised IV TPOXX options will be delivered in 2026, in line with our estimates. A key highlight for the period was the additional $27m of BARDA funding announced under the 19C contract (related to manufacturing and pediatric development), which we believe is further evidence of a sustained US government focus on bioterrorism preparedness and supports upcoming RFP discussions on TPOXX stockpiling (we model a new contract, effective FY26). We update our estimates to reflect the improved net cash position ($182.5m) offset by a more cautious stance on near-term sales in Europe, given the CHMP queries on mpox trial data. Our valuation is unchanged at $14.78/share.

• The current channel inventory digestion has been ongoing for nearly a year. If the terminal sales data in 25Q3 improves, it is expected to support the revenue recovery in 25Q4.
• China TCM and CNPGC had signed relevant agreement on the free transfer of equity. Investors think this is paving the way for the future integration of China TCM and Taiji.
• Investors have reignited interest in betting on China TCM’s privatization and merger with Taiji .According to Taiji, CNPGC will still fulfill its commitment to resolving the issue of horizontal competition

• Key F1Q26 takeaways include: 1) the company recently completed the acquisitions of Las Villas Health Care, a “brick & mortar” healthcare practice, and DOConsultations.com, an online telemedicine platform, along with an 80% ownership stake in Magnefuse, LLC, a retail consumer company, thereby further diversifying ETST’s industry/business mix 2) ETST benefitted from a considerably broader revenue profile in F1Q26 reflecting incremental contributions across the company’s compounding pharmacy, telehealth, “brick and mortar” healthcare, and retail consumer segments, with favorable lead indicators around increasingly activating recently acquired assets, ongoing consolidation across the compounding pharmacy industry, and recently launched marketing initiatives and 3) senior officials are increasingly focused on extracting synergies and maximizing profitability driven by elevated gross margins, limited hiring needs, and progressively leveraging centralized corporate functions, thereby streamlining expenses across the portfolio.

• Ligand Pharmaceuticals holds a portfolio of revenue, royalty & milestone generating assets that have been vetted by its internal investment team.
• Ligand considers individual biopharmaceutical products, platforms, companies & income streams in its opportunity set.
• It targets late-stage and commercial income-producing assets when making investments.

• Sales increased by 4.5% YoY to JPY159.2bn, with operating profit rising 24.6% YoY, despite a 45.2% decline in recurring profit.
• Pharmaceutical-Related business saw a 268.6% YoY surge in segment operating profit, driven by increased shipments and accounting treatment impacts.
• The FY03/26 earnings forecast remains unchanged, with sales projected at JPY677.0bn, operating profit at JPY37.0bn, and net income at JPY13.0bn.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced independent study results that show its exosomes delivered more than twice the amount of wound-healing signals than the industry benchmark.

• In 1H25, Shanghai Conant Optical (2276 HK) reported revenue rise of 11% to RMB 1.1M buoyed by growth across segments like multifunctional lens (up 9%) and standardized lens (up 20%).
• In 1H25, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 39.2% in 1H24 to 41% in 1H25 (2024: 38.6%).
• Shanghai Conant’s robust demand outlook, capacity expansion plans, R&D initiatives and margin strength offer a strong long term secular growth story.

• A methodology change for the Hang Seng Biotech Index (HSHKBIO Index) will result in 20 deletions at the close of trading on 5 September.
• Estimated one-way turnover at the rebalance is 9.5% resulting in a round-trip trade of HK$1.3bn (US$162m). Passive trackers need to sell between 0.05-1x ADV in the deletes.
• The forecast deletes have underperformed the other index constituents since the start of the year but there has been little movement since the announcement of the methodology change.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Ashimori Industry (3526 JP), ENN Energy (2688 HK), Ci Medical (3540 JP), Joy City Property (207 HK), Santos Ltd (STO AU).
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Ainsworth Game Technology (AGI AU), Welcia Holdings (3141 JP), ZEEKR (ZK US), Soft99 Corp (4464 JP).

• Mayne Pharma faces legal challenges with Cosette over merger termination, maintaining no breach occurred; hearing set for September 9.
• OCI N.V. plans $700m shareholder return via capital repayment and extraordinary dividend, with ex-dividend date on August 18.
• Banxa’s acquisition vote set for August 28, with regulatory approvals pending; spread narrows from 38% to 25%.

• BeiGene’s 25Q2 performance beat expectations. The main driver was still BRUKINSA. The growth rate of tislelizumab was surprising.Sales of tislelizumab in international market is expected to be reflected in 25H2.
• BeiGene’s turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
• There’s no next blockbuster that can drive BeiGene to a big step forward.This is why the market is reluctant to offer higher valuation, despite current high growth in product revenue.

• Guangzhou Innogen Pharmaceutical Group launched its Hongkong IPO aiming to raise up to HK$683M. The company plans to sell 36.6M shares at HK$18.68 per share.
• Innogen discovers, develops, and commercializes innovative therapies for diabetes and other metabolic diseases. Their portfolio currently comprises of one core product, Efsubaglutide Alfa, for treatment of type 2 diabetes.
• The GLP-1 drug market is slowly tending towards an overheated zone with upcoming Ozempic’s patent expiry in 2026.

• Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
• The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
• Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.

• San Francisco-based Omada Health reported stronger than expected 2Q’FY25 revenues of $61.4M as a public company. Management provided FY25 revenue and adj. EBITDA guidance.
• In May, Omada Health announced a new AI-agent, OmadaSpark. A member-facing AI agent directly works with Omada members. It was trained on ~3M foods and dishes.  
• The company expects adj. EBITDA loss in the range of $9M to $5M in FY25. I forecast FCF losses to steadily dissipate until Omada Health becomes FCF positive in FY26.

• Trump threatened to levy tariffs on pharmaceuticals, but the BD model of Chinese innovative drugs will be less affected, because the essence is licensing-out model, not physical drug exports.
• The long-awaited national VBP of biosimilar drugs has moved from policy incubation period to substantive operation stage, which is expected to change the market structure after big price reduction.
• BeiGene’s 25Q2 results beat expectations. Reasonable market value is about US$40-42.4 billion. However, the market is reluctant to offer higher valuation due to the concerns on the outlook of BeiGene. 

• Bristol-Myers Squibb reported notable second-quarter performance for 2025, illustrating both encouraging advances and some areas of concern.
• On the positive side, the company showed strong growth in its key oncology and cardiovascular portfolios, along with significant revenue gains in their newer therapeutic areas.
• Total company revenues reached approximately $12.3 billion, driven by a 17% increase in sales within the growth portfolio.

• Revenue and gross profit for cumulative Q3 FY09/25 were JPY54mn, down 12.4% YoY, with SG&A expenses up 23.6%.
• Operating, recurring, and net losses increased YoY, with operating loss at JPY739mn, compared to JPY580mn prior year.
• Current assets decreased by JPY672mn due to R&D expenses, while fixed liabilities rose by JPY140mn from end-FY09/24.

• The earnings for Option Care Health for the second quarter of 2025 highlights a period marked by notable financial and operational performance, underscored by several challenges and growth opportunities.
• Financially, the company demonstrated robust topline growth with revenues increasing by 15% compared to the prior year, driven by balanced performance in both acute and chronic therapies.
• The acute therapy segment saw mid-teen growth, outpacing general market expectations, suggesting market share gains potentially due to industry consolidations and changes in competitive dynamics.

• ResMed’s fourth quarter fiscal year 2025 results present a balanced outlook for potential investors, highlighting a mix of strong financial performance and strategic challenges.
• The company reported a 10% year-over-year increase in headline revenue and a 230 basis point expansion in gross margin, indicating strong operational execution and cost management.
• This growth was fueled by robust demand across its product and ReSupply portfolios, with notable performance in both the U.S., Canada, Latin America, and internationally.

• Stryker Corporation’s second quarter of 2025 results underscore the company’s strong standing amidst varying market conditions.
• The company achieved double-digit organic sales growth of 10.2% alongside a 11.4% growth in adjusted earnings per share (EPS), which is commendable given the challenges like tariffs, non-recurring engineering (NRE) dilution, and strategic divestitures in the spinal implants sector.
• Positive trends were observed across Stryker’s diverse product portfolio.

• AbbVie recently reported its financial results for the second quarter of 2025, showcasing both achievements and challenges.
• AbbVie posted an adjusted earnings per share of $2.97, which surpassed their guidance midpoint by $0.11.
• Total net revenues came in at $15.4 billion, exceeding expectations by over $400 million.

• Y-mAbs Therapeutics hosted its financial results discussion for the first quarter of 2025, revealing various developmental and commercial strategies.
• The company has organized its operations into two distinct business units: DANYELZA, a therapeutic for high-risk neuroblastoma, and Radiopharmaceuticals, focusing on the development of its novel SADA PRIT platform.
• This restructuring aims to optimize resource allocation and maximize the potential of each unit.

• Alnylam Pharmaceuticals, a leading biopharmaceutical company, reported its second-quarter 2025 financial results, showcasing significant progress across its business segments.
• The company’s performance was driven by several factors, including the strong launch of AMVUTTRA for ATTR-cardiomyopathy (CM) in the U.S., advancements in its RNAi therapeutic pipeline, and robust financial execution.
• This analysis provides an investment thesis accompanied by a summary of the results, focusing on the key outcomes and strategic direction of Alnylam.

• Nephrocare Health Services Limited (0542669D IN)  is looking to raise US$232mn in its upcoming India IPO. The deal will be run by Nomura, IIFL Capital, Ambit and ICICI Securities.
• Nephrocare Health Services Limited (NHS), also known as NephroPlus, is India’s largest dialysis provider, offering end-to-end kidney care through 490 clinics, including 43 across the Philippines, Uzbekistan, and Nepal. 
• NHS’ core services include haemodialysis, home and mobile dialysis, and pharmacy support. It also provides wellness services along with critical care treatments such as plasmapheresis and hemodiafiltration.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced its 2Q2025 financial results and noted that Phase 1B testing results on Gemini are expected later this quarter.
• Investors should take a look at REVB before the positive results start coming in.

• Shandong BoAn Biotechnology (6955 HK) is placing 48M shares, representing 7.7% of the total number of issued shares post placement. Placement price is HK$16.42, 9% discount to last undisturbed price.  
• The expected net proceeds of ~HK$780M will be used for funding R&D of innovative product candidates and commercialization of marketed and upcoming products.
• This is the second placement of the company this year. In June, Boan Biotech raised ~HK$396M through placing 26.7M shares. The company is not expected to raise fund anytime soon.

• On August 7, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for the third quarter of fiscal year 2025 that ended June 30, 2025.
• The company is continuing preparations ahead of the November 18, 2025 PDUFA date for plozasiran for the treatment of familial chylomycronemia syndrome (FCS).
• These preparations include hiring a National Sales Leader, a full team of Regional Sales Leaders, and a field force of rare disease specialists.

• Revenue decreased by 26.9% YoY to JPY1.9bn, with a gross profit decline of 34.0% YoY to JPY1.2bn.
• Medical DOC’s Q1 FY03/26 monthly page views averaged 16.35mn, a decline of 1.2mn from Q4 FY03/25.
• Genova revised its FY03/26 earnings forecast due to the acquisition of ADI.G’s business by ASANO Corporation.

• Hang Seng Index back in the green with broad based gains across optionable names.
• Single stock option volumes were very lackluster and Call enthusiasm continues to be muted.
• Full slate of earnings announcements on tap for the upcoming week.

• Shares opened with a 47.3% gain and quickly surged to $31.50 before settling into a stable trading range for most of the session.
• The price range itself had been lifted from the initial $15–$17, underscoring the strength of investor demand.
• The order book ultimately finished 20-times oversubscribed, driven by sizable long-only conversions and strong interest from healthcare-dedicated funds.

• Hologic, Inc., a prominent player in healthcare solutions for women’s health, reported its financial results for the third quarter of fiscal 2025.
• The results were a mixed bag with both positive advancements and some challenges that the company aimed to address.
• Hologic’s total revenue for the third quarter was $1.024 billion, representing a modest year-over-year growth of 0.4%, which exceeded the guidance by approximately $14 million.

• Ionis Pharmaceuticals’ earnings report highlights a mix of promising advances and ongoing challenges across its business.
• The company reported substantial growth in revenues during the second quarter of 2025, with total earnings doubling compared to the same quarter last year.
• This increase was largely attributed to Ionis’ successful launch of Tryngolza, their treatment for familial chylomicronemia syndrome (FCS), which exceeded revenue expectations with $19 million in net product sales in its second quarter of availability.

• Neurocrine Biosciences reported an impressive second quarter of 2025, reflecting both strong financial performance and promising strategic developments.
• The company generated $682 million in net product sales, marking a 17% increase year-over-year.
• This growth was driven by its key products, INGREZZA and CRENESSITY, which have shown solid market penetration.

• T&L’s key investment highlights include its exceptional sales growth led by its core wound dressing/cosmetic product Mighty Patch.
• It had a CAGR sales growth of 44% from 2020 to 2024. Its operating profit increased at even faster rate (CAGR of 56% from 2020 to 2024. 
• Considering T&L’s 40%+ per year sales growth and 50%+ per year operating profit growth from 2020 to 2024 combined with 30%+ ROE, the company is deeply undervalued. 

• Innogen, a China-based near-commercial stage biotech company, launched its IPO to raise at least USD 88 million via a Hong Kong listing.
• In our previous note, we have examined the company’s core product, namely efsubaglutide alfa,  updates in various filings, and our thoughts on valuation.
• In this note, we look at the deal term. We think the valuation is demanding and lacks institutional interest.

• The company priced a downsized 15.3 million share offering at $18.00, notably above its initial $15–$17 range in late January.
• After the biotech sector took a hit in April, Metsera shares rallied back to a high of $47.40 in mid-July, nearly tripling off the lows.
• Metsera’s trajectory will be determined by data. With two clinical trials underway and expectations rising, the year-end readout for MET-233i could meaningfully shift the valuation—up or down.

• The company reported a sales decline of 20.4% YoY to JPY251mn, with an operating loss of JPY1.1bn.
• R&D spending increased by 9.2% YoY to JPY2.1bn, focusing on clinical trials for kinase inhibitors.
• The company raised JPY675mn through unsecured convertible bonds to fund R&D expenses for FY12/25.

• Heartflow Inc., a commercial-stage medical technology company that has pioneered the use of software and AI for diagnosing and managing CAD, is expected to IPO this week.
• Heartflow is marketing the sale of ~16.7M shares at $17-$18 per share in upsized initial public offering in the United States.
• I believe current IPO valuation range appears to capture much of the near- to mid-term upside potential. Moreover, I’m concerned about the lack of profitability and mounting losses.

• Q1 FY03/26 revenue was JPY9.5bn (+0.5% YoY), with domestic revenue up 6.2% and overseas down 3.2%.
• Operating profit decreased 3.5% YoY to JPY1.5bn, while net income fell 23.8% YoY to JPY854mn.
• Dental business revenue rose 1.2% YoY; Nail Care revenue declined 9.3% YoY with a JPY42mn operating loss.

• Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
• It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
• The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.

• During Q1FY26, Eisai Co Ltd (4523 JP) reported 55% YoY increase in operating profit to ¥21B, on just 7% YoY growth in revenue to ¥203B. The company reiterated FY guidance.
• During Q1FY26, Leqembi revenue increased 269% YoY and 57% QoQ to ¥23B, driven by growth across all the regions. Eisai has guided for FY26 Leqembi revenue of ¥77B (+73% YoY).
• The U.S. approval of Leqembi SC-AI maintenance dosing and the drug’s European launch are the key near-term triggers.

• NetraMark is expanding its capabilities, recently forming a collaboration with Pentara to launch an AI tool to provide insight into participating trial sites that deviate from the overall mean.
• This can potentially improve aspects of the trial design, including pre-trial site selection and trial site reporting, among others.
• The company expects this tool can help accelerate its growth over time.

• The FDA recently granted QRX003 Rare Pediatric Disease (RPD) Designation for the treatment of NS.
• The European Medicines Agency earlier had granted Orphan Drug Designation to QRX003.
• The company believes these designations reinforce the potential of QRX003 as a therapeutic candidate as it advances clinical studies towards a potential New Drug Application (NDA) for QRX003 as the first approved treatment for NS.