Healthcare

• The ADDs/DELs for the ASX index family for the June 2025 index rebal event were announced after market close on Friday 6th June 2025.
• There are 12 index changes collectively for ASX 20, ASX 50, ASX 100, and ASX 200.
• In this insight, we take a look at our final flow expectations for each of these confirmed index changes.

• Summit’s chances of being sold have decreased significantly. Since Summit does not have enough funds to promote multiple large-scale Phase III trials, the outlook of Summit/Akeso will become increasingly passive.
• The public statements of Zhao Yan from Bloomage have raised doubts in the market about the prospects of collagen and Giant Biogene. Below, we shared some differentiated views on this.
• The IPO pricing of Newtrend is HK$18.9-20.9/share. We think Newtrend is overvalued considering the “price war” and oversupply issue. Reasonable valuation should be lower than Anhui Jinhe Industrial (002597 CH).

• Bristol Myers Squibb (BMS) has made headlines with its recent $11.1 billion collaboration deal with German biotech BioNTech, a strategic move that underscores the company’s aggressive pivot toward growth in oncology.
• The centerpiece of this deal is BNT327, a PD-L1/VEGF-A bispecific antibody, which BMS sees as a next-generation immuno-oncology asset capable of reshaping the cancer treatment landscape.
• With an upfront payment of $1.5 billion and $2 billion guaranteed through 2028, the agreement also includes a potential $7.6 billion in milestone payments.

• Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
• Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
• The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.

• Cooper Companies delivered a solid second quarter fiscal performance for 2025, exhibiting a 7% organic growth in consolidated revenues, driven primarily by robust expansions in its CooperVision and CooperSurgical segments.
• CooperVision’s revenue reached $670 million, showcasing a 7% organic growth, while CooperSurgical posted revenues of $333 million with similar organic growth.
• The performance was notably buoyed by double-digit growth in key product lines such as daily silicone hydrogel lenses and the office and surgical portfolio.

Following Immix’s update at the 61st annual American Society of Clinical Oncology conference (ASCO 2025), the company hosted a key opinion leader (KOL) event, which showcased the potential of NXC-201 as an effective treatment option to address the unmet need for patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). NXC-201 is the only CAR-T therapy in development for ALA, to our knowledge, offering a glimmer of hope to a patient population that currently only has limited treatment options and for which there are no FDA-approved drugs. The KOLs (three US-based physicians) expressed a willingness to treat patients who do not respond to first-line ALA treatment and those ineligible for stem cell transplants with NXC-201, based on the encouraging clinical data to date. The latest clinical update (NEXICART-2 data presented at ASCO 2025) showed a complete response (CR) rate of 70%, with an attractive safety profile, consistent with prior clinical readouts.

• Agilent Technologies, Inc. reported its second quarter of fiscal year 2025 results with a strong performance, achieving revenue of $1.67 billion, marking a 6% increase on a reported basis and 5.3% on a core basis compared to the second quarter of 2024.
• The company’s operating margin was at 25.1%, and earnings per share (EPS) grew by 7% to $1.31, exceeding expectations and continuing its trend of accelerating growth for the fourth consecutive quarter.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• `Omada Health, Inc. (OMDA) priced a full-size deal of 7.9mm shares at $19.00 (midpoint of the range) and opened at $19.00 for a gain of 21% at first trade.
• Omada finished north of 15-times oversubscribed with allocations highly concentrated and skewed to long-only investors.
• Our sources stated that the top ten accounts took greater than 50% of the deal and the top 25 took 80% of the transaction.

• Zacks Small-Cap Research Note for PolyPid Ltd. (PYPD)

• Veeva Systems recently released its fiscal 2026 first-quarter results, indicating a robust performance with outcomes surpassing the company’s previous guidance despite the challenging macroeconomic environment.
• The total revenue for the quarter was reported at $759 million, with a non-GAAP operating margin of 46%.
• Veeva has reached a calendar year revenue run rate of $3 billion, demonstrating notable progress towards its long-term financial targets.

• Mayne Pharma’s acquisition by Cosette Pharmaceuticals faces challenges due to claims of material adverse changes, including financial performance and litigation issues.
• Australian activist fund Harvest Lane Asset Management is building a position in MYX, arguing Cosette lacks grounds to terminate the deal.
• Recent developments include FDA issue resolution, countersuit against TherapeuticsMD, and potential for a modest price cut agreement.

• Eli Lilly and Company has made a decisive move to expand its footprint in neuroscience and pain management by announcing its acquisition of SiteOne Therapeutics, a clinical-stage biotech focused on developing non-opioid pain treatments.
• The deal, valued at up to $1 billion including milestones, centers around STC-004, a Phase 2-ready NaV1.8 inhibitor that could become a next generation oral pain medication.
• The acquisition underscores Lilly’s broader ambition to lead in addiction-free, chronic pain solutions at a time when regulatory and societal pressures around opioid misuse continue to rise.

• Medical Data Vision [MDV] reported FY25 Q1 (Dec year-end) results with sales coming in largely in line with the firm’s guidance while operating profit [OP] was higher than expected.
• The firm produced Q1 gross profit [GP] of1,085mil (+3.8% YoY) and OP of ¥17mil (-67.6% YoY) on sales of ¥1,532mil (+10.4% YoY).
• Ther firm’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.

• Pharmaessentia Corp (6446 TT) reported record-high revenue, operating, and net profits in 1Q25. Revenue hit new highs for eight consecutive quarters, with revenue CQGR standing at 18% during 1Q23–1Q25.
• Continued sequential improvement in profitability is one of the key highlights of 1Q25 result. Pharmaessentia has turned profitable at both operating and net level for the first time in 2024.
• Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.

• Omada Health is expected to IPO this week. The company’s amended prospectus puts the expected price range per share at $18 to $20, implying a market cap of ~$1.1B.
• Omada Health is a virtual-first healthcare provider, supporting people with chronic conditions: prediabetes, diabetes (T2D), hypertension, obesity and musculoskeletal.
• A digital care provider stayed private for longer. Its direct competitor, Livongo Health, went public in 2019 and was acquired by Teladoc Health for ~$18.5B in 2020.

• Interventional psychiatry clinic landscape evolving for the better.
• The interventional psychiatry landscape has significantly evolved over the past five years, with the emergence of ~5,000 clinics or mental health centers offering a range of services to patients from ECT and TMS to esketamine and regular ketamine.
• From Cybin’s interactions with these centers, they appear to be well prepared for potential dosing and treatment with psychedelics like Cybin’s CYB003 as they come to market. 

• The toxicology studies program for its lead TYK2/JAK1 inhibitor, SDC-1801, are starting.
• In 2024, SDC-1801 which is a dual inhibitor targeting autoimmune diseases, completed Phase 1 clinical trials in healthy volunteers which demonstrated a favorable safety and pharmacokinetic profile.
• These toxicology studies are the next key regulatory milestone on the pathway to a Phase 2 development programme.

• Grace is a clinical-stage, biotechnology company focused on rare disease.
• Its lead program, GTx-104, is a novel injectable formulation of nimodipine for the treatment of aneurysmal subarachnoid hemorrhage (aSAH).
• Other programs include GTX-102 for Ataxia Telangiectasia & GTX-101 for postherpetic neuralgia.

OSE has announced plans to strengthen its growth strategy and accelerate the key pillars of its pipeline, covering immuno-inflammation and immuno-oncology. In the inflammation space, the company revealed a potential path forward for lusvertikimab, which reported positive top-line data in Phase II (CoTikiS) for ulcerative colitis (UC) in Q424. A new predictive biomarker (a composite IL7R axis biomarker) has been identified through a retrospective analysis of CoTikiS, offering potential to improve clinical remission rates through a precision medicine approach with lusvertikimab, for the biomarker-positive population. Management is preparing for a Phase IIb programme to validate this biomarker, with the aim of demonstrating efficacy in this population by 2027. If successful, this should lay the foundation for late-stage clinical development efforts for lusvertikimab. In the oncology space, the latest update confirmed that the company is on track with its plans for regulatory submission, with the pivotal Phase III non-small cell lung cancer trial due to conclude in 2027, with potential to expand the label to other indications (such as pancreatic cancer) in later years, contingent on successful clinical progression.

• A contract extension has been signed with an existing large pharma client.
• This builds upon the contract awarded in June 2024 and uses Physiomics’s proprietary Virtual Tumour platform to model the client’s targeted oncology agents in combination with other modalities helping inform dose and scheduling decisions.
• The contract extension continues this work and supports the client’s expansion into new oncology indications.

• Mayne Pharma (MYX AU) disclosed that Cosette served a scheme termination notice. Mayne maintains that a material adverse clause was not breached and considers the termination notice invalid.
• The Cosette MAC breach claims likely hinge on establishing that forecasts provided during due diligence are materially lower than the unaudited management accounts. Precedents do not favour Mayne. 
• While the last close price (A$4.48) is below the undisturbed price (HK$5.41), there remains downside. My estimated deal break valuation range is A$3.26-A$4.00.

• Sichuan Kelun-Biotech Biopharm (6990 HK) is looking to raise up to US$200m from a primary placement. The offering is priced at HK$ 330.2-341, a 5-8% discount to last close.
• The company plans to use the proceeds for research and development, clinical trials of its core products and as working capital.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Sixth Street Partners is a significant investor in Caris Life Sciences and has been involved in multiple funding rounds since 2018.
• The company has more than 100 biopharma partners, such as Moderna, AbbVie, Xencor, and Merck KGaA.
• For the three months ended March 31, 2025 and 2024, they generated total revenue of $120.9 million and $80.7 million, respectively. The company also has significant net losses.

• Jiangsu Hengrui Medicine (600276 CH) received conditional marketing approval for its self-developed Class 1 innovative drug, Trastuzumab Rezetecan for Injection (SHR-A1811).
• In 1Q25, Jiangsu Hengrui reported revenue growth of 20% YoY to RMB 7.2B. Innovative drugs and Licensing should help keep this momentum in near future.
• The near-term trigger for the stock would be a further marketing approval from the US FDA.

• Annoroad has its competitiveness in the industry, but in a complex market environment, the comprehensive product lines may not necessarily bring high performance growth and large revenue scale.
• The prenatal testing business is not easy. VBP is headwind.After Illumina was listed on “Unreliable Entity List”, it’s uncertain whether NextSeq 550AR sequencer can continue to be sold in China.
• Taking into account the future growth uncertainty/centralized procurement/competitive pressure/lack of deep layout of the entire industry chain/policy risks, it’s already good to have a valuation of RMB2-3.5 billion after IPO

• The June 2025 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.
• There will be eight changes for the ChiNext index and five changes for the ChiNext 50 index.
• In this insight, we take a look at our final flow expectations for the the ChiNext and ChiNext 50 index rebal events.

AFT Pharmaceuticals reported FY25 revenues of N Z$208m, posting a strong recovery in H2, with dissipating headwinds and traditional H2 seasonality offsetting the softer H1 performance. H225 revenues (N Z$121.3m) grew 40% over H125 and 9% y-o-y, driven by sustained domestic market momentum and international market recovery. The FY25 operating margin of 8.5% (12.4% in FY24) was affected by lower licensing income and investments in marketing, R&D and international expansion, but these investments should deliver upside opportunities in the longer term. The balance sheet remains strong (net debt reduced to N Z$14.5m, 0.7x EBITDA), supporting the announcement of a 1.8c per share dividend (c 17% payout ratio). Management aims to achieve N Z$300m in revenues by end-FY27 and has guided for operating profit of N Z$20–24m in FY26, with increased operating leverage in the medium term. We update our valuation for AFT to N Z$691.4m or N Z$6.59/share, from N Z$697.4m or N Z$6.65/share previously.

• SIR believes DWTI has entered an exciting new phase given significant advances in pipeline development achieved over the last year.
• Key advances included: 1) publishing favorable topline results of in-house H-1337 PIIb US trials (strong prospects as “first choice as a second-line Glaucoma drug”)
• 2) commenced jointly developed Japan PII clinical trials of regenerative medicine cell therapy DWR-2206 with ActualEyes, and successfully completing all transplants

• EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
• The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.
• The company announced it received a grant to develop a new and unique vaccine with the goal of eradicating polio.

• Surpassed initial accuracy milestone in elderly care. Ainos provided new AI Nose data in the elderly care co- development project, reaching ~85% accuracy in excretion odor detection.
• The updated accuracy rate is an improvement over the recently met internal milestone of 80%.
• Accuracy improved with data-driven AI machine learning. AI Nose achieved 85% accuracy based on 254 subject events in Japan and Taiwan, leading to 2,119 sample entries for statistical evaluation. 

OSE Immunotherapeutics presented multiple updates at the 61st Annual American Society of Clinical Oncology Conference (ASCO 2025) related to Tedopi, its proprietary off-the-shelf neoepitope-based cancer vaccine. Notably, detailed results were published for TEDOPaM, the investigator-sponsored Phase II trial assessing Tedopi in combination with FOLFIRI in patients with pancreatic cancer (positive top-line data first announced in March 2025). In our view, the results were highly encouraging, especially as this is a difficult-to-treat form of cancer where patients face very poor prognoses. Separately, OSE presented an overview of its lead programme, ARTEMIA, a Phase III registrational trial for Tedopi in non-small cell lung cancer, confirming that enrolment is progressing according to plan. Collectively, we believe the ASCO 2025 update highlights Tedopi’s promising potential in addressing multiple tumour types for HLA-A2 positive patients, showcasing the value proposition for the candidate.

OSE Immunotherapeutics presented multiple updates at the 61st Annual American Society of Clinical Oncology Conference (ASCO 2025) related to Tedopi, its proprietary off-the-shelf neoepitope-based cancer vaccine. Notably, detailed results were published for TEDOPaM, the investigator-sponsored Phase II trial assessing Tedopi in combination with FOLFIRI in patients with pancreatic cancer (positive top-line data first announced in March 2025). In our view, the results were highly encouraging, especially as this is a difficult-to-treat form of cancer where patients face very poor prognoses. Separately, OSE presented an overview of its lead programme, ARTEMIA, a Phase III registrational trial for Tedopi in non-small cell lung cancer (FOLFIRI), confirming that enrolment is progressing according to plan. Collectively, we believe the ASCO 2025 update highlights Tedopi’s promising potential in addressing multiple tumour types for HLA-A2 positive patients, showcasing the value proposition for the candidate.

Sareum Holdings has reported the initiation of toxicology studies required ahead of the Phase II studies for its lead TYK2/JAK1 asset, SDC-1801. We view this as a key milestone in SDC-1801’s development plan, with results likely to bolster any upcoming discussions with potential licensing partners. The studies will evaluate SDC-1801’s general toxicology and potential drug-drug interactions, with completion expected in Q4 CY25. With a cash runway into 2026, the company is well funded to reach this milestone. This news follows Sareum’s recent decision to test its TYK2/JAK1 programme in central nervous system (CNS) indications, following supportive preclinical data. TYK2/JAK1 mediate the activity of neuroinflammatory cytokines, such as IL-6, IL-12, IL-23, IFN-α/β, and are emerging as potential targets in CNS, a space that has seen a resurgence in activity and investor interest.

• There could be 2 changes for the FnGuide Top 10 Index and 1 change for the FnGuide Top 10 Equal Weight Index in June.
• There will be capping inflows for Samsung Electronics (005930 KS), capping outflows for SK Hynix (000660 KS) and funding outflows for the other index constituents.
• A long adds/ short deletes trade has performed well historically for the FnGuide Top 10 Index with positive performance till implementation followed by reversion post implementation in most cases.

• The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
• Revenue increased  by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively. 
• After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.

• Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$120m in its Japan IPO.
• Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• AbbVie Inc. recently reported its results for the first quarter of 2025, showcasing strong performance across various therapeutic areas.
• The company’s adjusted earnings per share were $2.46, surpassing the guidance midpoint by $0.10.
• Total net revenues stood at over $13.3 billion, a remarkable increase of roughly $550 million beyond expectations.

• Natco Pharma (NTCPH IN) achieved record consolidated revenue and profits in FY25 and holds a strong cash position over INR 3,500 crore.
• However, the company estimates a significant potential dip in revenue (20%) and profits (30%) for FY26 due to US market pressures and high R&D spend.
• This signals near-term headwinds, while long-term growth remains tied to pipeline progress, particularly Semaglutide and Resplan launches in India, and strategic acquisitions.

• Edwards Lifesciences Corporation reported a solid performance for the first quarter of 2025, with total company sales reaching $1.41 billion, which indicates an 8% growth.
• This growth reflects the company’s continued commitment to innovation in the field of structural heart disease, bolstered by its diverse product portfolio.
• The Transcatheter Aortic Valve Replacement (TAVR) segment, with sales of $1.05 billion, experienced growth of 5.4% year-over-year.

• Institutions were net sellers of Singapore stocks with a S$2 million outflow, totaling S$1.73 billion for 2025.
• Telecommunications and REITs saw highest net outflows; Financial Services and Industrials experienced significant net inflows.
• 18 companies conducted share buybacks totaling S$45 million; Hongkong Land repurchased 1,563,300 shares at US$5.24 each.

• 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 that it plans to initiate a Phase 1/2a clinical trial on acute spinal cord injuries for ExoPTEN in 2026.

• Classys (214150 KS) reported stellar performance for 1Q25, with record-high quarterly sales and operating profit. 1Q25 revenue grew 53% YoY to KRW77B, while operating profit increased 46% YoY to KRW39B.
• Recently, Volnewmer got approval in Europe. Ultraformer MPT is expected to obtain European approval in July. Next-generation new product launch in the domestic market is expected in July.
• Classys reaffirmed 2025 revenue guidance of KRW340–360B, up 39–48% YoY. Bain Capital’s recent stake sales in the company via a discounted block deal raises concern.

• Zacks Small-Cap Research Note for PolyPid Ltd. (PYPD)

• The June rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 13 June.
• HealthyWay (2587 HK) will be added to the ETF while East Buy Holding (1797 HK) will be deleted. The passive trading will offer an opportunity to exit positions.
• There is a huge lock-up expiry in HealthyWay (2587 HK) on 30 June and the stock could drop ahead of that. Then it could drop some more after lock-up expiry.

• CR Sanjiu plans to transfer 49.8967% equity of Sanjiu (Anguo) and pay more attention to the quality of external M&As. China Resources+Tasly+KPC will be the core drivers of future performance.
• Akeso’s first global phase 3 readout for ivonescimab was disappointing, which cast shadow on the final FDA approval. We shared our views on the outlook and valuation ahead.
• The failure of HER3-DXd cast shadow over the outlook of HER3. We think Biokin is overvalued. Its valuation should be lower than Akeso and Kelun Bio.

• Haw Par Corporation is a conglomerate owned by Singapore’s Wee family. It’s most famous for selling Tiger Balm — an ointment used for quick pain relief. But it also owns large stakes in commercial bank UOB and property developer UOL.

• The business has continued to recover from COVID-19, when pharmacies had to close and tourism ground to a halt. Tiger Balm revenues are now back to their pre-COVID levels.

• I get to an intrinsic value of SG$17.0 per share — well above the current share price of SG$11.8. And that’s assuming a 25% conglomerate discount.

• IHH Healthcare (IHH MK) delivered 1QFY25 revenue of RM 6.3B, up 6%, driven by sustained demand, favorable patient mix of more acute patient, and higher revenue per in-patient.
• Hospital and Healthcare’s Q1FY25 EBITDA remained flat as higher revenues were offset by higher staff cost and start-up cost of newly opened Acibadem Kartal Hospital.
• Turkiye & Europe and Malaysia show strength. Margins remains under pressure in major markets.

• Softcare has established its core competitiveness of “low price + localization”, and has achieved success in Africa. Softcare hopes to replicate its business model in Africa to other markets.
• Emerging Markets have seen sustained growth in market penetration of baby/feminine hygiene products. We’re optimistic about Softcare’s future performance growth due to “demographic dividend + consumption upgrade” in Emerging Markets.
• Softcare has strong fundamentals and promising outlook. We think valuation of Softcare should be higher than Hengan International Group (1044 HK) due to higher profit margin and future growth potential.

• CSI announced the changes for the June rebalance after market close on 30 May and the changes will be effective after the close of trading on 13 June.
• There are 6 changes for the index and we estimate passive buying of 0.7-2.4x ADV in the adds and passive selling of between 1-4.7x ADV in the deletes.
• There will be capping inflows for Shenzhen Mindray Bio-Medical Electronics (300760 CH) and capping outflows for WuXi AppTec (603259 CH). 

• The June 2025 index review results for the CSI Medical Service Index were announced after market close on Friday 30th May 2025.
• There will be 6 changes for the CSI Medical Service index.
• We expect one-way flows of approximately US$286mn in the June 2025 index rebal event.

• DaVita Inc. (DVA) has recently disclosed its financial results for the first quarter of 2025.
• The company faced significant challenges, most notably a cybersecurity incident, which disrupted operations.
• Despite these setbacks, DaVita succeeded in maintaining its patient care levels and mitigating the impact on its core services.

• Natera, Inc. reported strong financial results for the first quarter of 2025, highlighting significant revenue growth and operational achievements, which present a mixed yet promising outlook for potential investors.
• The company reported a notable increase in revenue to $502 million, up 37% from $368 million in the same period last year.
• This growth was driven by high demand across multiple product lines, particularly within women’s health and the oncology segment, where Signatera clinical volumes grew by 52% year-on-year.

• Viatris, formerly known by the ticker VTRS, reported its Q1 2025 earnings, reflecting a careful balance of opportunities and challenges.
• For this quarter, Viatris recorded $3.3 billion in total revenues, representing a marginal decline of 2% when adjusted for divestitures and operational changes.
• This decline was largely attributed to continued issues at the Indore facility, which impacted revenues by approximately $140 million.

• Royalty Pharma PLC’s recent earnings results for the first quarter of 2025 outline a period of significant financial performance and strategic initiatives.
• The company reported a 12% increase in royalty receipts, demonstrating solid cash flow stemming from its diversified portfolio.
• Total portfolio receipts grew by 17%, boosted by variable milestones and contractual payments, indicating a strong top-line performance.

• Illumina’s first-quarter 2025 earnings present a mixed financial picture.
• The company showed resilience by achieving revenue and EPS at the upper end of guidance, highlighting strong execution despite macroeconomic challenges, especially in the context of foreign exchange impacts and geopolitical uncertainties that have complicated the operating environment.
• Positive indicators include robust performance in the NovaSeq X instruments, exceeding expectations with significant quarterly placements.

• CSPC Pharmaceutical Group (1093 HK) 1Q25 revenue dropped 22% YoY as finished drugs witnessed decrease on VBP and NRDL inclusion. Bulk products and license fees compensated to an extent.
• Operating margin (23.7%) remained stable despite 11% higher R&D expenses at RMB 1.3B.
• License and collaboration in relation to the development, manufacturing, and commercialization of certain products of the company augur well in terms of future revenue visibility.

• Heaton’s journey to Zomedica. Heaton mapped his journey to animal health and Zomedica.
• Having started in human health with surgical device company US Surgical Corporation (USCC), where he gained experience in selling innovative solutions to surgeons, and then after leading several start-ups in a few different areas of healthcare, he was appointed CEO of Zomedica in October 2021.
• The opportunity to lead the animal healthcare company appealed to Heaton both from the standpoint of being able to help pets and also because of the relative freedom that animal healthcare afforded to innovate and get to market from a regulatory standpoint compared with the human side of healthcare.

• Insulet Corporation’s first quarter results of 2025 reveal a robust performance characterized by significant revenue growth alongside ongoing strategic expansions.
• The most notable aspect is the 30% surge in total company revenue, driven by a strong uptake of its Omnipod insulin delivery system, which itself saw a 29% growth.
• This underlines Insulet’s strong foothold in the diabetes management field, particularly in the U.S., where Omnipod revenue grew by 26%.

• Globus Medical’s first quarter of 2025 delivered a mixed performance, reflecting both strengths and challenges.
• The company reported a slight decline in revenue of 0.8% on a constant currency basis, culminating in $598 million.
• This stagnation was attributed to softer sales in enabling technology, supply chain disruptions related to integration processes, and the timing of international distributor orders.

• Xuanzhu Biopharm, the biotech arm of HK-listed Sihuan Pharma, is seeking to raise at least USD 100m via a Hong Kong listing. The sole sponsor is CICC.
• In this insight, we look at the company’s core products and key products, including XBP-3571, XZP-3287 and XZP-3621.
• While there are some interesting reads from its clinical data, we are of the view that its near-commercial products are still lacking the differentiating factors in respective competitive therapeutic areas.

• After the success of Hinge Health, Omada Health is now testing the IPO waters. 
• Omada Health set terms with the SEC on Thursday morning for its IPO and will offer 7.9mm shares at $18-$20 with a debut date of Friday, June 6th. 
• The size of the transaction is manageable and the company is backed by major VC players in the industry. 

• Elanco Animal Health reported its financial performance for the first quarter of 2025, revealing several key aspects of its operational and strategic positioning.
• The company outperformed its expectations in revenue, adjusted EBITDA, and adjusted EPS, marking a continuation of its growth trajectory.
• A significant achievement was a 4% organic constant currency revenue growth, underpinned equally by price and volume increases.

Immix Biopharma has announced a positive clinical update for the US-based Phase I/II NEXICART-2 trial, investigating lead CAR-T candidate NXC-201 as a potential treatment for relapsed/refractory (r/r) amyloid light chain amyloidosis (ALA). These interim results show that, at the data cut off of 28 January 2025, five out of seven (71%) patients had shown a complete response (CR). Furthermore, no relapses or safety concerns have been reported to date, consistent with Immix’s goal of making NXC-201 the first ‘outpatient’ CAR-T therapy. We view this latest update as encouraging for the NEXICART-2 trial, though we acknowledge that the data still correspond to a relatively small population. A more detailed presentation is due to be presented at the 2025 American Society of Clinical Oncology Annual Meeting (ASCO 2025) on 3 June. Immix is also hosting a key opinion leader (KOL) event later the same day to discuss clinical experiences with NXC-201, as well as the evolving treatment landscape for r/r ALA. Separately, Immix also announced that NEXICART-2 now has 14 active US sites (10 more than the company’s prior update) and that it anticipates completing the trial ahead of schedule.

• Aster DM Healthcare Ltd (ASTERDM IN) reported 4% revenue decline in Kerala due to festivities, lower international patient, and leadership transition. Ramadan impact caused 2.5–3.0% of the revenue hit.
• Going ahead, the company is eyeing for atleast mid-teens growth from Kerala cluster, with 7–8% will be with volumes and balance 7–8% will come from the ARPOB.  
• Aster’s base business is on a stable growth path. Margin levers are intact. With QCIL merger synergies, the company aims for EBITDA margin of 23–24% in 3–4 years.

• Telomir Pharmaceuticals is a preclinical stage company focused on the science of lengthening telomere caps, which the company believes will extend human lifespans and improve quality of life as people age.
• The company announced preclinical test results that showed Telomir-1 restored vision and retinal structure in Age-Related Macular Degeneration in an animal model-an encouraging result for millions of AMD sufferers.

• McKesson Corporation reported robust financial results for its fourth quarter and fiscal year 2025, showing considerable progress and strategic advancement.
• The company’s consolidated revenue grew significantly by 16% year-over-year, reaching a record $359 billion.
• Adjusted earnings per diluted share came in at $33.05, a 20% increase compared to the previous year, surpassing long-term growth targets of 12% to 14%.

• Bio-Techne reported its third-quarter fiscal year 2025 results, exhibiting a strong performance despite navigating a challenging macroeconomic environment.
• The company achieved 6% organic revenue growth, underscoring its resilience in the face of various uncertainties and highlighting the importance of its diversified product portfolio, including core reagents, automated analytical solutions, and cell and gene therapy offerings.
• This growth was achieved while maintaining a robust adjusted operating margin of 34.9%, facilitated by strategic investments in operational efficiencies.