Healthcare

• Pfizer and Novo Nordisk engaged in a heated battle for control over biotech company Metcera, which is developing innovative weight loss drugs
• Novo Nordisk, once seen as a leader in the obesity drug market, has recently faced challenges and a decline in stock price due to competition from Eli Lilly and a weaker drug pipeline
• Investors are closely watching the outcome of the bidding war between Pfizer and Novo Nordisk, as the future of the weight loss drug market could be lucrative and competitive

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• Jyong Biotech (MENS US) went public on 17 June 2025 on Nasdaq and has since skyrocketed by more than 400%, reaching a market cap of  ~$3bn.
• Exclusion from US indices is expected due to ineligible index nationality.
• Exclusion from Global indices is projected due to failing market cap and foreign listing eligibility.

• Marksans Pharma’s new, capacity-doubling Goa facility (acquired from Teva) just received a ‘Zero 483 Observation’ clearance from the USFDA, completely de-risking its largest-ever capex.
• This facility is the engine for the company’s next growth phase. It will service a confirmed $220 million US order book and is critical to achieve INR 3,000 crore revenue.
• With the capex phase now complete and de-risked, the focus shifts to execution and the strategic deployment of its INR 711 crore cash pile, likely on a European front-end acquisition.

• With an in-line 3Q’FY25 revenue, the next major catalyst for GRAIL Inc. is the Galleri PMA submission to FDA, which is expected to occur in 1Q’FY26.  
• The #1 MCED screening test maker has guided to cash burn of <$290M for FY25 and the company’s cash position of $850M+ provides runway into 2030.
• Despite Galleri’s early stage, I view GRAIL Inc. as a very high quality company, which is a clear leader in MCED testing market in the United States.

• 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 1H FY03/26, revenue decreased by 3.3% YoY, with an operating loss of JPY37mn and net loss of JPY14mn.
• Medical DOC’s monthly page views averaged 16.2mn, a YoY drop of 3.0mn, influenced by SEO and AI trends.
• Smart Clinic business revenue was JPY1.5bn, with operating profit declining 55.5% YoY to JPY175mn.

• Izotropic is a medical device company that has developed an innovative machine that will allow for women to have more accurate and comfortable screenings for breast cancer.
• For years, women with dense breasts have had cancers missed or have had to undergo additional, expensive tests.
• With the Izotropic machine, costs for insurance companies will go down, accuracy will be greatly increased, and comfort will improve.

• Novartis recently announced its third-quarter 2025 financial results, highlighting a period of strategic growth and progress across multiple fronts.
• The company registered a 7% increase in net sales, alongside a mirrored 7% uplift in core operating income, maintaining its core margin at 39.3%.
• The results underscore Novartis’ ability to drive growth amidst challenges such as the loss of exclusivity (LOE) for key products like Entresto, Tasigna, and Promacta.

• On November 12, 2025, Abeona Therapeutics, Inc. (ABEO) announced financial results for the third quarter of 2025 and provided a business update.
• The first patient to be treated with Zevaskyn was moved to the fourth quarter of 2025 following the optimization of a product release assay.
• Interest continues to build for Zevaskyn, with the company having received Zevaskyn product order forms (ZPOFs) for 12 patients, all of which are in the process of scheduling treatments.

Key points (machine generated)

• SymBio Pharmaceuticals focuses on developing treatments for oncology, hematology, and viral infections.
• The company plans to submit approval applications for its antiviral drug brincidofovir by 2028 and start a Phase III trial in late 2025.
• Despite recent financial challenges, SymBio aims to secure funding and present findings at oncology conferences to support growth by 2030.

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• Natera is a leader in the high-growth cell-free DNA (cfDNA) testing market, with a strong portfolio spanning women’s health (Panorama), oncology (Signatera), and organ health (Prospera).
• The company is experiencing rapid revenue growth, driven by the strong uptake of its Signatera test for cancer monitoring, and is demonstrating significant operational leverage with improving gross margins and a clear trajectory towards positive free cash flow.
• While the company’s proprietary SNP-based technology provides a competitive advantage, Natera faces significant risks related to reimbursement uncertainty, intense competition, and the need to achieve sustained profitability after a history of net losses.

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• Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN). 
• The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding. 
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Eli Lilly and Company delivered a robust financial and operational performance in the third quarter of 2025.
• The company reported a 54% increase in revenue year-over-year, driven by strong sales of key drugs like Mounjaro and Zepbound.
• These products showed significant market penetration, particularly in the U.S., where Lilly has captured a dominant share of the incretin analogs market.

• Our base case valuation of Livsmed is target price of 88,294 won per share, representing a 61% upside from the high end of the IPO price range. 
• At our base case valuation, Livsmed’s market cap would be 2.3 trillion won. At this level, the probability of Livsmed being included in KOSDAQ150 index is very high in 2026.
• LivsMed is a medical device maker of advanced, articulating laparoscopic instruments that offer robotic-style dexterity and tactile feedback at a fraction of the capital cost of robotic surgical platforms.

Actinogen Medical reported that the independent Data Monitoring Committee (DMC) of the company’s pivotal Phase IIb/III XanaMIA study in patients with mild-to-moderate Alzheimer’s disease (AD) has met for the first time, and it has recommended that the study continues without modifications. The DMC has reviewed all available safety data to date from 153 XanaMIA study participants and has determined that no study modifications are indicated. This suggests that the drug continues to be well-tolerated and that its safety profile remains very favourable, which could be a key differentiator (provided it receives eventual regulatory approval), given well-recognised safety concerns with anti-amyloid treatments in AD. Actinogen plans to report a pre-planned interim efficacy (futility) analysis in early Q1 CY26 and final top-line study data in mid-Q4 CY26.

• Xuanzhu Biopharmaceutical is a clinical-stage biopharmaceutical company spun off from its controlling shareholder, Sihuan Pharmaceutical, with a pipeline focused on oncology, digestive diseases, and metabolic diseases.
• The company faces significant challenges, including intense competition for its core products, doubts about its commercialization capabilities highlighted by a previously failed IPO attempt, and a valuation considered demanding by market analysts.
• Future prospects are heavily reliant on the successful clinical development and approval of its pipeline assets, particularly in expanding indications for its commercialized products and advancing earlier-stage candidates.

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• Dr. Reddy’s Laboratories (DRRD IN) reported 14% YoY growth in net profit in Q2FY26, on 10% YoY growth in revenue. Declining contribution from North America is adversely affecting margin.
• With lenalidomide benefit fading away, DRL’s North America business revenue has become stagnant. During Q2FY26, North America recorded revenue of INR32B, down 13% YoY and 5% QoQ.
• NRT portfolio and domestic business cannot be strong revenue and margin drivers. DRL is relying on semaglutide and abatacept as major drivers, which will be reflected not before FY28.

• Alnylam Pharmaceuticals’ third quarter of 2025 highlighted a significant period of growth and strategic execution for the company.
• This growth is seen across various aspects of their business model, including commercial performance, pipeline advancements, and financial outcomes.
• However, it is also a period marked by substantial commitments to future success, which carry their own set of risks and uncertainties.

• DexCom Inc.’s latest financial performance for the third quarter of 2025 revealed a mixture of strengths and challenges, reflected in both strategic updates and financial metrics.
• The company reported a 22% increase in worldwide revenue, reaching $1.21 billion compared to $994 million in the same quarter last year.
• This growth was driven by strong performance in both the U.S. and international markets, particularly due to expanded continuous glucose monitoring (CGM) access and the broadening of their customer base across the type 2 diabetes population.

• Biogen’s third-quarter 2025 earnings call reflected a blend of strategic advancements and ongoing challenges as the company navigates its growth trajectory.
• The results presented a landscape where Biogen continues to grapple with its legacy multiple sclerosis (MS) portfolio’s pressures while harnessing new growth avenues primarily through its launch products.
• The company exhibited a substantial 67% year-over-year growth in revenues from its launch products, including LEQEMBI, SKYCLARYS, and ZURZUVAE.

• We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges.
• October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results.
• Promoters of few companies had made the purchase in September but reported on exchanges in the month of October.

• Classys is a high-growth medical aesthetics company poised for significant global expansion, driven by its flagship ‘Ultraformer’ (HIFU) and ‘Volnewmer’ (RF) product lines. The company’s growth strategy is centered on penetrating new, high-value markets such as the United States and Europe, supported by recent and anticipated regulatory approvals.
• The business model, which combines initial equipment sales with recurring revenue from high-margin consumables, has delivered a robust financial profile characterized by strong revenue growth and impressive profitability. Consumables now account for a significant and growing portion of sales, providing a stable and predictable revenue stream.
• Near-term challenges include potential margin compression due to shifts in product and geographic sales mix, as well as foreign exchange volatility. Long-term success is contingent on effective execution of its global expansion strategy, navigating intense competition, and maintaining its pace of innovation.

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• CanBas reported no operating revenue in Q1 FY06/26, with an operating loss of JPY360mn and net loss of JPY349mn.
• R&D expenses increased by 60.8% YoY to JPY283mn, while SG&A expenses rose by 4.2% YoY to JPY78mn.
• Total assets decreased by JPY378mn, mainly due to a JPY360mn reduction in cash and deposits for R&D activities.

• HeXun Biosciences operates a unique and synergistic dual-strategy business model, leveraging stable cash flow from its Contract Development and Manufacturing Organization (CDMO) services to fund its in-house development of high-potential stem cell-based new drugs.
• The company is strategically positioned in the high-growth regenerative medicine and biologics markets, with a focus on mesenchymal stem cells (MSCs) for cardiovascular diseases, a leading cause of death globally.
• Recent financial performance demonstrates exceptional growth, with revenue increasing by 119.36% and net income by 339.62% in the most recent fiscal year, transitioning the company from a loss-making entity to a profitable one with strong margin expansion.

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Key points (machine generated)

• Nagaileben Co., Ltd. reported a 3.5% increase in net sales for FY8/25, totaling ¥16,983 million, but a 10.5% decline in operating profit to ¥3,583 million due to rising costs and project delays.
• The company forecasts a 6.0% increase in net sales to ¥18,000 million and a 12.3% recovery in operating profit to ¥4,025 million for FY8/26, driven by strategic product launches.
• Nagaileben achieved a total return ratio of 204.3% for FY8/25 and plans to continue dividends and share buybacks, targeting net sales of ¥19.5 billion and operating profit of ¥4.7 billion by FY8/28.

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• FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
• Today’s idea is Pro Medicus.
• Brokers reassess Pro Medicus after share price correction Quiet period offsets long-term growth momentum and contract wins AI, cloud certification, and flagship deployments strengthen outlook

• ResMed Inc. delivered a strong performance in the first quarter of fiscal year 2026, showcasing a robust operational and financial stance amidst challenging global market conditions.
• The company reported a 9% growth in revenue, or 8% in constant currency, reflecting significant contributions across its product portfolio.
• The U.S., Canada, and Latin American markets demonstrated high single-digit growth in device sales and double-digit growth in masks, contributing substantially to the overall revenue growth.

• Shenzhen Edge Medical is a leading Chinese surgical robotics company, notable for being the first in China and second globally to have multi-port, single-port, and bronchoscopy surgical robots approved for market launch.
• The company is strategically positioned to capitalize on the rapidly growing but under-penetrated surgical robotics market in China, which is supported by strong government initiatives and increasing healthcare demand.
• Despite its technological advancements and strong investor backing, the company is in its pre-revenue stage, facing significant net losses due to high R&D expenditure and intense competition from both domestic and international players.

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• Powerful Brand Heritage Underscores Market Position: With a history spanning over 350 years, Tong Ren Tang’s brand is a significant intangible asset, fostering strong consumer recognition and loyalty in the Traditional Chinese Medicine (TCM) market.
• Financial Performance Under Pressure: Despite consistent revenue growth, the company faces significant headwinds in profitability. Net income, margins, and operating cash flow have all experienced marked declines in recent years, signaling potential operational inefficiencies or competitive pressures.
• Favorable Industry Tailwinds and Government Support: The company is poised to benefit from a growing TCM market, driven by an aging population, increasing health consciousness, and strong government backing for the industry through initiatives like “Healthy China 2030”.

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• Key F2Q26 takeaways include: 1) edging up our F2026 (Mar) EPS estimate by a penny to $0.02, while our F2027 forecast remains unchanged at $0.04, as a slightly flatter revenue growth trajectory is offset by more favorable margin assumptions 2) no change to our $1.00 price target suggesting meaningful upside potential from current levels, as ETST continues to trade at what we believe to be an unsustainably low valuation despite the company’s unique business model, compelling growth track record, improving profitability, and strong balance sheet and 3) balance sheet assets totaled $8.7 million, including cash of $1.2 million as of 9/30/25, up from $5.1 million a year ago, with net cash generated from operating activities of $1.2 million for the first six months of F2026.

• Generation Bio (GBIO) is undergoing a strategic review with potential outcomes including liquidation, reverse merger, or sale, with insiders owning 22%.
• Sotherly Hotels (SOHOO) is being acquired by two PE firms, with preferred shares trading at a wider spread than common shares.
• LakeShore Biopharma (LSBCF) signed a definitive privatization agreement at $0.90/share, with closing expected in Q1 2026.

• LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
• The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&D progress.
• Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.

• Ce Holdings is a specialized provider of medical information systems, primarily Electronic Medical Record (EMR) systems, strategically positioned to capitalize on Japan’s healthcare digitalization trend.
• The company exhibits a strong growth profile, evidenced by a 3-year net income CAGR of 38.4% and a consistently increasing dividend, supported by favorable demographic tailwinds from Japan’s aging population.
• Valuation appears attractive, with a P/E ratio of 7.8x, trading at a significant discount to healthcare IT peers, suggesting a potential mispricing given its solid financial performance and market position.

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• Bristol-Myers Squibb’s (BMS) Q3 2025 results reflect a mixed performance, characterized by robust growth in its new portfolio and strategic shifts, but also by challenges from legacy products.
• The company’s growth portfolio demonstrated strong sales, with a 17% increase year-over-year.
• Growth was primarily driven by their immuno-oncology (IO) products, Reblozyl, Camzyos, and Breyanzi.

• Gilead Sciences’ third quarter of 2025 results demonstrate mixed performance across the company’s diverse portfolio, characterized by both significant growth in certain segments and challenges in others.
• The HIV therapy segment remains a stronghold for Gilead, seeing expanding revenues with products like Biktarvy and Descovy demonstrating year-over-year growth of 6% and 20%, respectively.
• Notably, Biktarvy achieved a record U.S. market share, highlighting robust demand driven by the company’s commercial execution.

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

• Sales increased 1.7% YoY to JPY317.4bn, with net income rising 4,477.5% YoY due to extraordinary gains.
• Operating profit rose 14.0% YoY, driven by improved production efficiency and higher supply volume despite rising costs.
• Recurring profit increased 83.3% YoY, with significant foreign exchange loss reduction and higher interest and dividend income.

Oryzon Genomics has reported its Q325 results, a period characterised by tangible progress across its ongoing clinical programmes. Anticipation builds for vafidemstat in borderline personality disorder (BPD) following the receipt of feedback from the FDA for the proposed Phase III PORTICO-2 programme; interactions with the regulators have been constructive and Oryzon plans to resubmit a revised protocol. Oryzon’s oncology-haematology candidate, iadademstat, reported positive clinical data in acute myeloid leukaemia (AML) and further details are due to be presented at ASH 2025. We note that management aims to build the data package for iadademstat to support its efforts in seeking a partner, as part of a renewed strategy to become a central nervous system (CNS) specialist. Following the Q3 results, our valuation shifts to €909.3m or €11.4 per share (from €887.2m or €11.3 per share previously).

• The company reported a sales decline of 11.4% YoY to JPY17.9bn, with an operating loss of JPY557mn.
• Pharmaceuticals Business segment sales were JPY12.1bn, including JPY5.8bn in Domestic Pharmaceuticals and JPY4.4bn in Overseas Pharmaceuticals.
• R&D expenses totaled JPY3.0bn (-6.7% YoY), representing 16.9% of sales excluding royalty income, with ongoing pipeline developments.

• Sales increased by 7.5% YoY to JPY333.4bn, with operating profit rising 5.6% YoY to JPY8.2bn.
• Medical Supply segment sales grew 8.7% YoY, with a profit increase of 11.8% YoY to JPY2.8bn.
• Ship’s FY03/26 forecast includes JPY700.0bn sales and JPY26.0bn operating profit, maintaining full-year targets.

• 6.95%. That’s the key number at yesterday’s Scheme Meeting for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).
• That’s still below the 10% blocking stake. But closer than the bankers and the market was anticipating. 
• Arguably, the terms were therefore bang on. Last day of trading is today, with payment on the 16th December.

• Generation Bio’s net cash is projected at $7.6/share, 50% above the current price, with limited ongoing cash burn.
• The company completed restructuring, retaining seven employees, and is considering liquidation, reverse merger, or sale options.
• Major shareholders include Atlas Venture Life Science (12.4%), T. Rowe Price (12.6%), Moderna (8.7%), Fidelity (6.9%), and BlackRock (5.1%).

• Olympus Corp (7733 JP) registered 20% QoQ rise in revenue to ¥247.8B in Q2FY26 while the adjusted operating profit witnessed 183% QoQ growth to ¥37.4B (margin expanded 870bps to 15.1%).
• The company reiterated full-year forecasts for FY26. The company expects revenue to be ¥998B, flat YoY (+3% after FX adjustment).
• Sequential improvement offers early green shoots. Moreover, decreasing “Elevate” program cost, product launches and venturing into endoluminal surgical robotics segment will slowly help propel growth in the near to midterm.

• Artivion is a niche leader in aortic repair, demonstrating strong revenue growth driven by its key product families: On-X mechanical heart valves, aortic stent grafts, and surgical sealants. The company is showing a clear trajectory towards sustained profitability, with recent quarters indicating positive net income and strong EBITDA margin expansion.
• The company’s growth strategy is centered on product innovation and market expansion, highlighted by the promising clinical data and U.S. launch of the AMDS Hybrid Prosthesis for acute aortic dissections. This, along with other pipeline products like Arcevo, is expected to unlock significant market opportunities and drive future growth.
• Despite its strong top-line performance, Artivion has a history of net losses and faces significant risks. These include intense competition from larger, better-resourced medical device companies, the inherent uncertainties of clinical trials and regulatory approvals, and potential operational disruptions such as the recently disclosed cybersecurity incident.

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• Island Pharmaceuticals Ltd (ASX:ILA) is an antiviral therapeutics company targeting infectious diseases.
• It is currently at clinical-stage and focused on two key antiviral assets – Galidesivir (a broad-spectrum RNA antiviral initially for Marburg) and ISLA-101 (a repurposed small-molecule drug initially for dengue).
• We like ILA’s approach of focusing on existing drugs that can be repurposed, as considerable time, effort and investment has already been spent, while also increasing the probability of success for approval.

• 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.

• On November 6, 2025, MetaVia Inc. (MTVA) announced financial results for the third quarter of 2025 and provided a business update.
• We anticipate data from the 48 mg cohort from the Phase 1 trial of DA-1726, a dual GLP1/GCGR agonist, before the end of 2025.
• This cohort was added to evaluate the non-titrated maximum tolerated dose of DA-1726.

• 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 & pharmacokinetics.

• Glove demand rebounds as inventories normalize  
• US tariffs boost Malaysian manufacturers’ market share  
• Automation drives efficiency, supporting margin recovery

• On November 7, 2025, Soligenix, Inc. (SNGX) announced financial results for the third quarter of 2025 and provided a business update.
• Recently, the Data Monitoring Committee (DMC) for the ongoing confirmatory Phase 3 clinical trial of HyBryte in the treatment of cutaneous T cell lymphoma (CTCL) concluded that there were no safety concerns and that HyBryte has an acceptable safety profile consistent with the safety data from all previous clinical studies.
• We anticipate an update on enrollment from the company in the fourth quarter of 2025 and a pre-specified blinded interim efficacy analysis in the first half of 2026.

• Saint-Care Holding (2374 JP) has recommended an MBO from the founding family at JPY1,220, a 48.8% premium to the last close price.
• The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
• Due to the irrevocables, it is not onerous to meet the minimum acceptance condition. This is a done deal.  

• There could be up to 6 changes for the CSI Medical Service Index at the December rebalance with the number of changes mainly driven by the inclusions.
• Estimated one-way turnover is 6.9% and the round-trip trade is estimated at CNY 4.11bn (US$578m). There are 8 stocks with over 1x ADV to trade from passive trackers.
• The forecast adds have outperformed the forecast deletes since June but have underperformed in the short-term. With the review period complete and announcement in 3 weeks, positioning could resume.

• Sichuan Biokin Pharmaceutical has launched HK IPO to raise ~$430M by offering 8.6M shares at HK$389 per share. Subscriptions will close on November 12, with expected listing on November 17.
• Lead candidate, iza-bren is the world’s first and only EGFR × HER3 bispecific ADC to have entered Phase 3 trial. Biokin has co-development and co-commercialization agreement with BMS for iza-bren.
• The company is already listed on China’s A-share market in Shanghai. Biokin shares have been a strong performer since it went public and rose 77% over the last one year.

• Sichuan Biokin, a China-based commercial stage biotech company, aims to raise around USD 432 million via a Hong Kong listing.
• In our previous note, we have examined the company’s fundamentals and latest development.
• In this note, we look at the deal term. We think the company’s valuation is demanding, despite its clinical breakthrough.

• iX Biopharma is a specialty pharmaceutical company centered around its proprietary WaferiX sublingual drug delivery technology, which aims to improve bioavailability and speed of onset for various active compounds.
• The company remains unprofitable, with consistent net losses and negative operating cash flow over the past three years, highlighting significant cash burn and reliance on external financing for its R&D and operational activities.
• Future growth hinges on the successful commercialization and out-licensing of its key pipeline products, such as Wafermine (ketamine wafer) and Wafesil (sildenafil wafer), and expanding its nutraceuticals division.

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• Ionis Pharmaceuticals has demonstrated notable progress and robust performance in its third quarter of 2025, driven by advancements in its drug pipeline and strategic launches.
• The company, specializing in RNA-targeted therapies, is focused on treating serious diseases in domains such as neurology and cardiometabolic areas.
• Ionis has successfully commenced its first independent launch of TRYNGOLZA, the sole FDA-approved treatment for familial chylomicronemia syndrome (FCS), with encouraging market performance, leading to an increased revenue forecast for 2025.

• JZB33 is expected to have more growth potential than JZB30. However, the rhFSH market is highly competitive. JZB30/JZB33 not only need to compete with MNCs but also domestic Big Pharma.
• The “inverted pyramid” pipeline distribution leads to a high dependence JZB30, JZB33, JZB05 for Jingze’s performance growth in the next 3-5 years, thus lacking sustained innovation and growth momentum.
• Post-Money valuation was RMB3.09 billion after Series C+ Financing. We think valuation of Jingze should be lower than Henlius, Chengdu Kanghong due to the concerns on commercialization outlook/Biosimilar VBP.

• Align Technology presented their third-quarter results for 2025, highlighting a mixed performance across its various business segments.
• Overall, revenues were posted at $996 million, reflecting a slight sequential decrease of 1.7% but a year-over-year increase of 1.8%.
• This reflects modest growth driven primarily by the Clear Aligners segment.

• United Therapeutics Corporation’s third-quarter results for 2025 demonstrate both the company’s operational strengths and challenges.
• United Therapeutics reported record revenues of $800 million, up 7% from the same period in 2024, largely driven by increased demand for Tyvaso and Orenitram, key therapies in their portfolio addressing pulmonary hypertension (PH) and interstitial lung diseases.
• This revenue growth is indicative of the effectiveness of their commercial strategies and market execution, underscoring the resilience of their business model despite increased competition.

• Avantor’s recent quarterly earnings report provides a mixed view of the company’s current performance and strategic outlook.
• Avantor experienced a 5% decline in quarterly revenue year-over-year, with reported revenue of $1.62 billion.
• The decline primarily affects the Laboratory Solutions and Bioscience Production segments.

• Omada Health reported stronger than expected 3Q25 revenue of ~$68M (consensus: $61.2M) and management provided guidance for 2025 revenue of $251.5M-$254.5M, +49% y/y at midpoint.  
• The chronic disease management company introduced Meal Map, a new AI-powered nutrition tool integrated within the Omada Health’s cardiometabolic programs.
• I’m updating OMDA model estimates in my insight to reflect the company’s 3Q25 results, management guidance, and trends in the digital therapeutics space.

• The medical insurance fund has crossed certain “warning lines”. Therefore, it is inevitable that the measures to control costs at the expenditure end will be further tightened.
• We are actually not optimistic about the NewCo model, because domestic pharmaceutical companies may not necessarily be able to share much of Newco’s future development achievements in the end.
• BeiGene’s 25Q3 results beat expectations. However, 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.

• Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
• In this note, we look at the company’s history and its core product, AP301, and AP306.
• We are of the view that the company is worth following.

• BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
• The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
• Backed by top-tier investors and partnerships with Johnson & Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.

• Evommune (EVMN) priced at $16.00 and opened at $17.25, closing its debut session above issue, outperforming expectations with steady aftermarket support.
• The IPO was led by long-only and healthcare-dedicated investors, signaling conviction in the company’s focused dermatology pipeline.
• Backing from RA Capital and a strong Phase 2 data set for EVO756 reinforce credibility and set the stage for continued positive momentum.

• Revenue reached JPY19.1bn (+1.1% YoY), with domestic revenue up 4.5% and overseas revenue down 1.2% YoY.
• Operating profit decreased 7.5% YoY to JPY2.8bn, while net income attributable to owners increased 9.9% YoY to JPY2.6bn.
• Dental business revenue rose 1.5% YoY; Nail Care business saw a 5.3% YoY decline in revenue.

• GSK reported strong results for the third quarter of 2025, with total sales increasing by 8% year-over-year, driven largely by growth in specialty medicines.
• Core operating profit improved by 11%, while earnings per share (EPS) rose by 14%.
• These results led GSK to upgrade their full-year guidance for both sales and profits, reflecting ongoing momentum in their core business areas.

• Hugel Inc (145020 KS) has reported muted 3Q25 result, with flat revenue and profits decreasing compared to year-ago period. Domestic revenue decreased 19% YoY and dragged overall 3Q25 result.
• However, strong export revenue of botulinum toxin and dermal fillers is the key bright spot in 3Q25 result. During 3Q25, international revenue grew 12% YoY.
• Since declaring 2Q result, Hugel shares plunged ~40%. More downside cannot be ruled out. 4Q result showing recovering domestic business and improved profitability under new leadership should be near-term catalyst.     

Key points (machine generated)

• Veritas In Silico Inc. specializes in mRNA-targeted drug discovery using its ibVIS® platform for developing small molecule and nucleic acid drugs.
• The company employs a hybrid business model, collaborating with pharmaceutical firms while also maintaining an in-house drug development pipeline.
• Despite a revenue decline in the first half of FY12/25, Veritas expects significant growth in the latter half, driven by milestone payments and new contracts.

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• NanoViricides, Inc. (NNVC) is a clinical-stage company that is developing NV-387, a novel antiviral compound that will be initiating a clinical trial against MPox in late 2025/early 2026, with multiple other potential anti-viral indications.
• Preclinical results show that NV-387 possesses anti-viral activity against a wide range of pathogens, including respiratory syncytial virus (RSV), influenza, and measles.
• The company will be filing a clinical trial authorization (CTA) in order to conduct a Phase 2 clinical trial for the treatment of MPox in the Democratic Republic of Congo.

• 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 released 3Q2025 financials and showed good cash on hand.
• This will allow the company to advance previously announced test results for its Gemini product that were so good the Primary Investigator called them “shocking.” This bodes well for the future of REVB as it looks toward commercialization.

Key points (machine generated)

• SUSMED, Inc. focuses on digital therapeutics, with a notable insomnia app approved for partial changes and insurance coverage request in September 2025.
• The company operates in two segments: DTx Product for therapeutic app development and DTx Platform for enhancing clinical trial efficiency.
• In FY6/25, SUSMED saw a 35.1% increase in operating revenue to ¥462 million, but FY6/26 forecasts are uncertain due to pending insurance reimbursement details.

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• Distinct Healthcare Holdings is a prominent private healthcare provider in China, targeting the high-end market with a network of clinics and hospitals across major cities. The company is focused on expanding its service offerings and geographic footprint, supported by strategic investors like Tencent.
• The company’s growth strategy is centered on both organic expansion through the opening of new facilities and potential acquisitions, alongside the development of an integrated online and offline healthcare service model to enhance patient engagement and operational efficiency.
• Key challenges for the company include navigating the evolving regulatory landscape of the Chinese healthcare industry, managing the high operational costs associated with premium healthcare services, and facing increasing competition from other private healthcare providers.

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• Chemed Corporation’s third quarter results for 2025 indicate a mixed performance for its two main operating units, VITAS Healthcare and Roto-Rooter.
• The quarter’s outcomes largely aligned with management’s expectations, highlighting both strengths and challenges within the company.
• At VITAS, the hospice care segment, net revenue reached $407.7 million, a year-over-year increase of 4.2%.

• Leading Consolidator in a Fragmented Market: Medius Holdings is a major medical equipment distributor in Japan, actively pursuing a growth-through-acquisition strategy to build scale and enhance efficiency in a fragmented industry.
• Favorable Industry Tailwinds: The company is poised to benefit from the long-term growth of Japan’s medical device market, the second largest globally, which is driven by an aging population and increasing demand for advanced healthcare services.
• Navigating Headwinds from Healthcare Reforms: Profitability faces pressure from ongoing government healthcare policies aimed at curbing medical expenses, which directly impacts equipment pricing and reimbursement rates, intensifying competition among distributors.

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• NanoViricides, Inc. (NNVC) is a clinical-stage company that is developing NV-387, a novel antiviral compound that will be initiating a clinical trial against MPox in late 2025/early 2026, with multiple other potential anti-viral indications.
• Preclinical results show that NV-387 possesses anti-viral activity against a wide range of pathogens, including respiratory syncytial virus (RSV), influenza, and measles.
• The company will be filing a clinical trial authorization (CTA) in order to conduct a Phase 2 clinical trial for the treatment of MPox in the Democratic Republic of Congo.

• On November 3, 2025, NewGenIVF Group announced the execution of a non-binding term sheet related to a proposed merger with SAXA, Inc., an international holding company focused on high-value mining assets.
• Terms of the proposed transaction include the issuance of 500 million Class A shares of NIVF stock at $10 per share to SAXA shareholders in exchange for: 1) placer mining claims on 640 acres in La Paz County, Arizona and 2) claims on 440 acres in California wherein ore samples were found to contain recoverable gold, silver, and Rare Earth Elements (REEs).
• Following the close of the transaction, NIVF plans to issue an additional 50 million Class A shares at $5 per share to raise capital for the development of the Arizona and California mines, the initial phase of construction of the Gold Earths & Mineral Strategies (GEMS) processing facility in close proximity to the La Paz County project, and seeding the SAXA’s strategic M&A pipeline.

• Novo Nordisk A/S reported its financial results for the first quarter of 2025, showcasing strong growth across its operations, though facing certain challenges.
• The company delivered an 18% increase in sales and a 20% growth in operating profit, reflecting robust demand for its diabetes and obesity treatments.
• These positive results underscore the company’s ongoing market leadership, with approximately 46 million patients currently benefiting from its treatment solutions.

• Key 3Q25 takeaways include: 1) following the closing of the Medsphere acquisition, management remains focused on tapping into the company’s existing inpatient EHR and RCM relationships across small- and mid-sized hospitals 2) the recently acquired MapApp enhances CCLD’s hospital analytics capabilities, particularly as it relates to RCM performance, and management plans to leverage/integrate proprietary AI capabilities, and link MapApp analytics to specific CCLD solutions, thereby enhancing win rates with prospective clients 3) our model calls for continued growth in operating cash flow reflecting rising revenues and ongoing margin expansion, with ample capacity to continue to reinvest for growth and capitalize on incremental M&A opportunities and 4) from a structural standpoint, incremental deals likely include asset purchases at attractive valuations financed through combination of upfront internally-generated cash and tapping the company’s credit facility at favorable terms/rates to preserve balance sheet flexibility, minimize shareholder dilution, and optimize accretion.

• UniQure’s stock nosedived by a staggering 52% on November 3, 2025, after the company revealed a major regulatory hurdle in the path of its flagship gene therapy program, AMT-130.
• Once considered a beacon of hope for Huntington’s disease patients, AMT-130 is now facing an uncertain future after the FDA unexpectedly indicated that Phase I/II data may not be sufficient to support a Biologics License Application (BLA).
• This announcement came as a shock to the market, especially given that the therapy had previously received Breakthrough Therapy designation and was seen as a frontrunner in the space.

• Labcorp Holdings delivered a solid performance in the third quarter of 2025, marked by both commendable revenue growth and margin improvement.
• The company’s total revenue increased by 9% year over year, reaching $3.6 billion, with a notable adjusted earnings per share (EPS) growth of 19%.
• The Diagnostics segment, which is significant within the company’s structure, contributed to the robust performance with an 8.5% increase in revenue driven by organic growth and acquisitions.

• The company’s founder Mr. Lam Kong serves as Chairman, Chief Executive and President.
• The other key management personnel are Ms. Chen Yanling who is the Executive Director and CFO.
• The company’s six -member board comprises two executives, one non -executive, and three independent non -executive directors. Committees cover Audit, Remuneration, Nomination, and ESG, with INEDs forming the majority on committees.

• In the third quarter of 2025, Neurocrine Biosciences reported robust financial and operational performance.
• The period was marked by $790 million in net product sales, a 28% year-over-year increase, driven by their flagship drugs INGREZZA and CRENESSITY.
• INGREZZA, used for treating tardive dyskinesia and Huntington’s chorea, saw continued growth attributed to recent expansions of the sales force and improved patient access, resulting in record new patient starts and prescriptions.

• ResMed’s first-quarter result broadly met market expectations, though rising margins and potential for further capital management have been negated by US import tariff ambiguity.
• ResMed updates with strong September quarter performance (but largely in line) Gross margin surprised, device revenues outperform expectation Uncertainty about US import tariff exemption weighs on share price Expects share buybacks of US$150m in each quarter of FY26 Ord Minnett sees scope for additional capital management initiatives

• Tenet Healthcare reported a robust financial performance for the third quarter of 2025, exceeding expectations with significant growth in revenue and EBITDA.
• The company’s net operating revenue reached $5.3 billion, demonstrating strong operational efficiency and growth.
• Consolidated adjusted EBITDA was reported at $1.1 billion, which marked a 12% year-over-year increase and reflected an improved EBITDA margin of 20.8%.

• DWTI announced after the close on 11/4 that 84.6% of the Series 13 Share Acquisition Rights (with exercise price adjustment clause) issued on July 31, 2025, have already been exercised in just three months since the issue (see table below). In other words, this leaves only 1.5mn shares, or 3.37% dilution remaining.
• This marks a significant decline in selling pressure going forward, ahead of multiple expected share price catalysts, including 1) China launch of DW-1002 (Brilliant Blue G) for indication ILM staining as an aid for ophthalmic surgeries
• 2) expected H1 2026 US launch of DW-5LBT (lidocaine patch, trade name Bondlido), as a treatment for neuropathic pain after shingles (post-herpetic neuralgia) in adults, and 3) announcement of details of the Japan development plan for new pipeline candidate H-1129 as a treatment for corneal and conjunctival diseases caused by immune disorders.

• Otsuka Holdings (4578 JP) witnessed 5% revenue growth in 9M25, despite negative Fx impact. Mainstay pharmaceutical business (+6.5% YoY) drove revenue. Rexulti and Abilify remained strong.
• Otsuka has revised 2025 guidance upwards on the back of steady progress in Pharma and Nutraceutical business. Overall, 2025 revenue is now expected to be ¥2420B (previous guidance ~ ¥2380B).
• Otsuka’s two top selling drugs are steadily gaining traction, mainly in the U.S. Going ahead, the company is banking on new drugs like sibeprenlimab to further drive growth.

• Biohaven is a clinical-stage biopharmaceutical company that emerged from the acquisition of its migraine franchise by Pfizer, now focusing on a diversified pipeline in neuroscience, immunology, and oncology.
• The company’s future hinges on the clinical and regulatory success of its late-stage assets, particularly troriluzole for neurological disorders and BHV-7000 for epilepsy, alongside a broad early-stage pipeline leveraging novel platforms like extracellular protein degradation.
• Financially, Biohaven is in a pre-revenue stage, characterized by significant R&D investment and net losses. Its success is dependent on managing cash burn and securing future funding or partnerships to advance its extensive pipeline to commercialization.

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• Vertex Pharmaceuticals has entered a critical inflection point following the high-profile failure of its experimental non-opioid painkiller, VX-993, in a Phase 2 trial.
• Since August 2025, the company has shed over 11% of its market value, as hopes dimmed for the oral variant of its FDA-approved nonaddictive analgesic Journavax.
• Yet, the Q3 2025 earnings report offered a reprieve.

• On October 28, 2025, Edesa Biotech, Inc. (EDSA) announced positive results from a Phase 3 clinical trial evaluating paridiprubart (EB05) as a treatment for Acute Respiratory Distress Syndrome (ARDS).
• EB05 met both the primary and secondary endpoints of the study, which included a statistically significant and clinically meaningful 25% relative risk reduction in the risk of death compared to placebo (P<0.001).
• Across the 275 patients that were enrolled for the Phase 2 and Phase 3 studies, EB05 was generally well-tolerated and consistent with the observed safety profile to date.

• Incyte Corporation’s third quarter 2025 earnings results reveal a mix of growth and challenges for the company.
• The company’s total revenues reached $1.37 billion, representing a year-over-year increase of 20%, with product sales contributing $1.15 billion.
• The growth was driven mainly by key products like Jakafi and Opzelura, as well as promising performances from new launches such as Niktimvo.