Healthcare

• The December 2024 index review results for China’s CSI 300 and CSI 500 indices were announced after market close on Friday 29th November 2024.
• There will be 16 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
• The CSI 300 and CSI 500 index rebal events could trigger US$4.5bn and US$3.8bn in one-way flows respectively.

• Aster DM Healthcare Ltd (ASTERDM IN) and Quality Care India are merging to form India’s third-largest hospital chain with over 10,150 beds. 
• This merger combines two major players, generating significant scale, diversification, and financial strength. The merged entity will benefit from  synergies and plans to expand to over 13,000 beds by FY27.
• The merged entity is expected to be EPS accretive and expected to increase EBITDA by 10-15% through synergies

• Globus Medical reported robust financial performance in its third quarter of 2024, signaling strong growth and successful integration following its merger with NuVasive.
• The company reported sales of $625.7 million, representing a significant growth of 63% from the previous year.
• This was due in large part to the added contributions from the NuVasive acquisition, reflecting the initial success of the merger.

• Natera, Inc. reported a significant quarter for Q3 2024, demonstrating positive developments and some challenges inherent in its operations.
• The company achieved a notable revenue increase, reaching $439.8 million, marking a 64% rise compared to the previous year.
• This growth is largely attributed to robust performance across its testing portfolio, particularly within the oncology sector, where the company performed around 137,000 oncology tests, reflecting a substantial 54% year-over-year increase.

• 2024 NRDL negotiation results were released. Some eye-catching drugs were included this time, which will bring challenges to companies such as Innovent, RemeGen, Gan & Lee Pharmaceuticals, Haisco Pharmaceutical, etc..
• There have been a big “expectation gap” for biotech companies in Hong Kong stock market – It’s a mismatch between what the market thinks and what’s actually happening.
• The progress of Henlius’ privatization is still slower-than-expected. We also do not know how this privatization ranks in terms of strategic significance of capital operations within Fosun Pharma’s system.

• CSI announced the changes for the December rebalance after market close on 29 November and the changes will be effective after the close of trading on 13 December.
• There are 3 changes for the index and we estimate passive buying of 0.7-1.4x ADV in the adds and selling of between 0.2-1x ADV in the deletes.
• Trade performance has been horrible as the adds have moved sideways over the last two months and the deletes have skyrocketed – that could change in the next two weeks.

• AstraZeneca’s recent earnings outlined promising developments but also noted potential areas for concern.
• The company’s total revenue saw a significant increase of 21% in Q3, driven by strong global demand for its medicines, resulting in a core EPS rise of 27%.
• Year-to-date, total revenue and core EPS have increased by 19% and 11%, respectively.

• Clarity Pharmaceuticals Ltd (CU6 AU) announced that two participants have been dosed with 64Cu-SAR-bisPSMA and imaged days after the commencement of the Co-PSMA Investigator-Initiated Trial (IIT).
• SARTATE completes final assessment in Phase II diagnostic trial for neuroendocrine tumours. SAR-Bombesin began trial for castrate resistant prostate cancer.
• Clarity’s copper platform, strong prostate pipeline, and therapeutic and diagnostic efficacy data represent an attractive opportunity to grow a significant radiopharmaceutical franchise in oncology and other indications.

AFT Pharmaceuticals reported H125 revenues of NZ$86.7m, a 3.7% y-o-y increase, albeit lower than expected due to one-off factors such as inventory rationalisation by certain international customers and a prolonged doctors’ strike in South Korea (combined sales of NZ$10m vs NZ$18.2m in H124). These factors, along with continued R&D and marketing efforts, weighed on profits, with AFT reporting an operating loss of NZ$1.8m in H125 (profit of NZ$3.3m in H124). The strong domestic Australia and New Zealand (ANZ) market performance provided a positive offset, with 17.4% y-o-y revenue growth to NZ$76.7m and improved operating profitability. Management expects a recovery in H2 but has lowered full-year operating profit guidance to NZ$15–20m (from NZ$22–25m previously) to reflect the H1 impact. The longer-term target is to achieve NZ$300m in sales by end-FY27, driven by expansion efforts. Factoring in the new FY25 guidance, we have lowered our valuation to NZ$697.4m or NZ$6.65/share (from NZ$725.5m or NZ$6.92/share).

• For H-1337, DWTI completed dosing of subjects in the Phase IIb clinical trial in August, and top-line data was announced on November 18.
• All three doses of H- 1337 achieved clinically and statistically significant decreases of up to 30% in intraocular pressure (IOP) which was in the same range as the positive control, existing beta-blocker timolol (p <0.001), and DWTI expects H-1337 will proceed to Phase 3 study based on these results (see P10 for details).
• For DWR-2206, DWTI submitted a notification of clinical trial plan for domestic Phase II clinical trials to the PMDA in March, and the transplant for the first subject was performed in July.

• 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 released its 3Q earnings results that highlighted the progress the company has made and also showed management’s commitment to controlling expenses.

• Olympus Corp (7733 JP) shares retreated 17% over the last one month, dragged by resignation of the CEO and weak H1FY25 result. No definite time for CEO succession is announced.
• Favorable Fx inflated H1FY25 result. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is just 4% YoY.
• Olympus has guided for 9% YoY revenue growth to ¥1,009B in FY25, indicating H2FY25 revenue of ¥535B (-9% YoY). ESD revenue guidance seems to be aggressive amid current macro backdrop.

• Leatt Corporation is currently trading at a significant discount to its intrinsic value, making it an appealing opportunity for investors
• The company has a solid balance sheet, historical growth trends, and potential for margin improvement, further enhancing its investment appeal
• With a focus on organic growth and target operating margins, Leatt Corporation is well-positioned for success in the personal protection equipment industry for mountain bikes and motorbikes

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• Led by experienced entrepreneur in energy-based aesthetic device industry
• Focus on high gross profit margin through razor-and-blade business model
• Plans for potential take-private transaction and NASDAQ listing for increased visibility and profitability

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• Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.
• The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.
• Siloam has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.

• On November 27, Brookfield withdrew its €6.45 billion takeover bid for Grifols, citing valuation disagreements, shareholder resistance, and financing challenges after months of negotiation.
• Grifols’ shareholders sought valuations near €14 per share, far above Brookfield’s offer, other challenges included regulatory hurdles requiring 75% approval and financing constraints due to rising interest rates.
• The failed bid underscores Grifols’ focus on recovery, leveraging its plasma-derived therapies market position while addressing high leverage, cash flow concerns, and governance to restore investor confidence.

• Suraksha Diagnostic (1481262D IN) offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services in Eastern and North Eastern states of India.
• The IPO comprises only an offer for sale of up to 19M equity shares, with no fresh issue. Suraksha Diagnostic has set price band of INR420–441 per share.
• The floor price of the IPO reflects fair value of the company and discounts all near-term growth catalyst. We would advise not to subscribe the issue for listing gain.

• The WTR Sustainable Index was up 3.3% W/W versus the S&P 500 Index (up 1.7%), the Russell 2000 Index (up 4.5%) and the Nasdaq Index (up 1.9%).
• Energy Technology (14.0% of the index) was up 7.3%, while Industrial Climate and Ag Technology (48.3% of the index) was up 3.4%, ClimateTech Mining was up 1.6%, and Advanced Transportation Solutions (20.3% of index) was up 2.2%.
• Top 10 Performers: HLGN, WAVE, HYLN, ACHR, AMY, AMYZF, AMMP, CLIR, FCEL, GWTI

• CorVel is recommended as a short in a diversified short portfolio due to concerns including a low EBITDA growth rate and a high EBITDA multiple of 42x.
• The company’s impressive outperformance against NASDAQ in recent years may be unsustainable given its current valuation.
• Potential issues such as the impact of higher unemployment on workers’ compensation claims and the possibility of reduced claims due to injury prevention measures add to the author’s bearish stance on CRVL.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Although DTx is considered a promising field, the industry is still in the early stages of trial and error development, and there is still a long distance from mature commercialization.
• BrainAurora’s revenue YoY growth rate declined significantly. Considering the small revenue scale and slowdown in revenue growth, is it possible for BrainAurora to experience stagnant growth in the near future?
• BrainAurora’s products haven’t been widely recognized in China’s hospitals/medical system, nor has it established a solid profit model.High valuation isn’t justified. We doubt if this field could bring good return.

• Medicus Pharma Ltd. (TSXV:MDCX) is focused on acquiring or partnering with life-science companies that are developing novel therapeutics for unmet healthcare needs that are already in the clinical trial stage.
• Management plans fast-track these specific therapies through FDA clinical trials toward commercialization.
• The company’s first acquisition was SkinJect, which has a novel, patented transdermal patch for the treatment of BCC.

• Centene Corporation has reported its third-quarter financial results for 2024, showcasing a nuanced performance that reflects both strengths and ongoing challenges within its operations.
• The company achieved an adjusted diluted EPS of $1.62, which exceeded prior expectations.
• This outperformance was partly due to tax benefits projected for later in the year being realized earlier, as well as some accelerated income tax benefits.

• Cigna Group’s third-quarter 2024 earnings was decent and revealed shareholders’ net income of $739 million or $2.63 per share for the quarter.
• Notably, this figure was affected by a significant non-cash after-tax net realized investment loss of $1 billion related to VillageMD, resulting in a write-down of assets and an impairment charge.
• This has been excluded from adjusted operating income and earnings per share.

• Elevance Health’s third-quarter earnings reveal a mixed performance influenced by elevated medical costs, particularly in the Medicaid sector.
• The adjusted diluted earnings per share came in at $8.37, slightly below the company’s expectations, attributed primarily to elevated medical costs in the Medicaid business.
• Consequently, Elevance Health has revised its full-year guidance downward to an adjusted EPS of approximately $33.

• Gossamer Bio is developing seralutinib for PAH in Phase 3 clinical trials
• Recent changes in C-suite, insider stock purchases, and partnerships with pharmaceutical companies
• Company has ample cash and near-term catalysts for high upside potential in treating PAH, a serious hemodynamic disorder.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Hansoh’s 24H1 results beat the expectations. Product revenue (excluding BD cooperation revenue) would achieve double-digit growth in 2024 full year, among which revenue of Ameile would maintain 20%+ YoY growth.
• Total product revenue would be about RMB14-14.5 billion in the future. Based on P/S of 5, market value is RMB70-72.5 billion, which is the lower end of market value range.
• There is still certain gap in terms of R&D capability/globalization outlook between Hansoh and those leading biotech in China. So, we think valuation of Hansoh would be lower than them.

• Kaken Pharmaceutical (4521 JP) reported 42% YoY jump in revenue during H1FY25 on one-time upfront payment, while operating profit also witnessed hefty growth of 255% YoY.
• Top selling products are impacted by NHI drug price revision and increasing competition. The company has reiterated FY25 guidance. Profitability is expected to deteriorate sequentially in H2.
• The respite from one time receipt will not compensate for the revenue loss from the negative impact from NHI drug price revision and generic competition for top selling products.

• Medicus Pharma Ltd. (TSXV:MDCX) is focused on acquiring or partnering with life-science companies that are developing novel therapeutics for unmet healthcare needs that are already in the clinical trial stage.
• Management plans fast-track these specific therapies through FDA clinical trials toward commercialization.
• The company’s first acquisition was SkinJect, which has a novel, patented transdermal patch for the treatment of BCC.

• Molina Healthcare’s recent earnings report for the third quarter of 2024 reflects a mixed performance with certain financial achievements offset by ongoing challenges.
• The company reported adjusted earnings per share of $6.01, aligning with expectations, on $9.7 billion of premium revenue.
• Despite facing upward pressure on medical costs, resulting in a consolidated medical care ratio (MCR) of 89.2%, Molina Healthcare maintained a robust adjusted pre-tax margin of 4.5% (3.4% after tax), demonstrating a balanced business portfolio.

• A European Court dismissed the injunction application filed by Insulet for overseas intellectual property rights infringement which would allow Eoflow to start selling its EoPatch products in Europe. 
• Eoflow is trying to complete a rights offering in December 2024. The expected rights offering price is 4,235 won (27% lower than current price). 
• Although results of the main lawsuit in the US remain undecided, with the UPC’s decision in favor of Eoflow, the legal sentiment on this case is in favor of Eoflow.

• For full-year 2024, sales of olverembatinib is expected to reach about RMB240 million, and there is a possibility of exceeding expectations. RMB500 million sales of olverembatinib is expected in 2025.
• Market value of US$1.25 – 1.9 billion is reasonable range for Ascentage if just considering olverembatinib alone. The peak sales of APG-2575 is expected to surpass olverembatinib in overseas markets. 
• The next big catalyst is the potential licensing cooperation with MNCs for APG-2575, if reaches, would push Ascentage’s market value to surpass HUTCHMED, as prospects of APG-2575 is basically guaranteed.

• On November 25, 2024, Imunon, Inc. (IMNN) announced it had reached alignment with the U.S. Food and Drug Administration (FDA) on its proposed plan for a Phase 3 trial of IMNN-001 for the treatment of advanced ovarian cancer.
• This includes the overall trial design, the target patient population, the treatment schedule, and the primarly endpoint.
• The finalized protocol is on track to be submitted in December 2024 and we anticipate the 500-patient Phase 3 trial initiating in the first quarter of 2025.

• On November 11, 2024, MediciNova, Inc. (MNOV) announced that it was notified by Genzyme, a subsidiary of Sanofi, that the Sanofi/Novartis litigation was settled.
• While the details are unknown at this time, Medicinova is entitled to receive a certain portion of any monetary damages collected by Genzyme.
• We anticipate an update from the company when further details are available.

• SK Biopharmaceuticals (326030 KS) announced 3Q24 result, with record high U.S. revenue and four consecutive quarters of profit. Slower U.S. growth and sequential decline in operating profit remained key negatives.
• Xcopri continued its rapid growth in the U.S. SKBP expects to achieve the higher end of 2024 U.S. sales guidance of $300–320M, indicating 4Q24 revenue of $91M, 9% QoQ.
• Through operating leverage, the company is on track to achieve first annual profit. We think the reaction to 3Q24 result is overdone, with limited downside expected.

• Due to several factors, the gross spread of Shanghai Fosun Pharmaceutical (Group) (2196 HK)’s HK$24.60 offer for Shanghai Henlius Biotech (2696 HK) has widened to 21.5%.
• The wide gross spread reflects the China TCM deal break hangover, slow progress in satisfying the precondition, Fosun Pharma’s potential funding challenges, and the shareholder vote. 
• NDRC approval should calm nerves about precondition satisfaction. Even with lingering deal-break concerns, a 21.5% gross spread is excessive.

• On the 24th June, Fosun Pharmaceutical (2196 HK) made a HK$24.60/share Offer, in cash, for H-shares not held in Shanghai Henlius Biotech (2696 HK). A scrip alternative was subsequently afforded.
• This is a pre-conditional Offer, subject to NDRC, Mofcom and SAFE – followed by a Scheme-like vote for independent H-shareholders. Henlius has announced that NDRC approval has now been secured.
• Trading at a massive gross spread of ~21.5% compared to ~10% just prior to China Traditional Chinese Medicine (570 HK)‘s capitulation. This is excessive.

• The 10th national VBP officially begins. Enterprises involved in this VBP include Shanghai Fosun Pharmaceutical (2196 HK)Shanghai Pharmaceuticals (2607 HK), Sichuan Kelun Pharmaceutical (002422 CH), CSPC (1093 HK), etc..
• We analyzed Chinese Biotech companies’ P/S range based on different product revenue growth. Due to low profitability, there is “a valuation discount” if they are included in global valuation system.
• KPC has agreed to acquire 51% interest in CR Shenghuo from CR Sanjiu. Due to good performance, we are full of expectations for the future acquisition/integration within China Resources.

• Shares of Jiangxi Rimag Group, a medical group with focus on medical imaging in China, rose 200%+ since IPO and massively outperformed Hang Seng Index.
• A Nanchang-based medical imaging center operator priced its IPO at HK$14.98/share and raised ~HK$183M in June. Cornerstone investors have agreed to acquire ~8M H shares.
• I expect key cornerstone investor may sell shares after 200%+ post-IPO gains as early lock-up period will end on December 6th, 2024.

• We met with UMP Healthcare (722 HK) in Hong Kong. We believe management’s cost control initiatives are bearing fruit and will see an inflection in earnings in FY25. 
• The weak consumption sentiment is setting a landscape for asset disposals, such as EC Healthcare (2138 HK) ‘s 436 mn HKD disposal of medical imaging to AIA. 
• We believe the company is a multi-bagger trading at 6.8x PE FY25e. It has ~80% of its market cap in cash (260+ mn HKD) and a ~10% dividend yield. 

• Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across various product lines.
• The company, specialized in structural heart disease innovations, marked a revenue of $1.4 billion, a rise of 10% on a constant currency basis compared to the year prior, subtly surpassing expectations.
• 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.

• Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales, and adjusted earnings per share of $1.21.
• These results underscore the company’s capacity to execute its multifaceted strategy effectively, despite varying performance across different sectors.
• Notably, the U.S. Pediatric Nutrition segment showed remarkable growth, leading with a 12% increase due to gains in the infant formula business.

• Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company forecasts and investor expectations.
• The corporation reported a significant growth in operational sales by 19% and organic sales by 18%, surpassing the anticipated guidance range of 13% to 15%.
• Adjusted earnings per share (EPS) grew by 27% to $0.63, also exceeding the projections of $0.57 to $0.59.

• Teladoc is the largest telehealth provider in the US with over 92 million members in its B2B network and 400,000 paying users for BetterHelp
• The company has experienced a decline in stock value due to expensive acquisitions, growth challenges, and leadership changes
• Despite setbacks, Teladoc’s scale, profitability, and potential to offer comprehensive solutions may position it as a survivor in the competitive telehealth industry.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Dentsply Sirona’s third quarter 2024 results present a nuanced picture, with both challenges and advancements across its business segments.
• The company reported $951 million in revenue, marking a modest increase of 0.5% on a reported basis and a 1.3% rise on an organic basis year-over-year.
• This growth was primarily driven by timing impacts, as distributors made advance purchases in the Essential Dental Solutions (EDS) segment due to the upcoming U.S. ERP deployment.

• Bristol-Myers Squibb’s third quarter 2024 earnings highlight a period of robust growth and strategic advancements, albeit accompanied by challenges typical of large pharmaceutical companies.
• On the positive side, the company reported a noteworthy 20% revenue increase in its growth portfolio at constant currency, which now contributes to approximately half of the total revenues.
• This growth is supported by products with exclusivity extending into the next decade, underscoring the company’s successful pipeline development and launch of new therapies.

• Merck & Co. has demonstrated robust operational performance and strategic advances in its third quarter earnings, navigating through both burgeoning opportunities and prevailing challenges.
• The company’s financials exhibited a 4% revenue growth, or 7% on a constant currency basis, driven by enhanced global uptake of KEYTRUDA in oncology, favorable launches of products like WINREVAIR and CAPVAXIVE, and a strong performance in the Animal Health sector.
• 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.

• Narayana Hrudayalaya Ltd (NARH IN) is on an expansion spree and looks to add further 1500 beds in the next four years, to its 5683 operational beds as at FY24.
• As far as forensics are concerned, the company has shown improvement in its capital allocation, shown ramp up/turnaround in some hospitals; also impairments are done with in the past. 
• However, few concerns loom over PPE disposals and non-reconciliation with cash flows, treatment of reversal of provisions and high growth rate assumed in goodwill CGU.

• AbbVie has reported noteworthy third-quarter results for 2024, outperforming expectations with strong core growth driven largely by its ex-HUMIRA platform.
• The company’s diversified portfolio highlighted significant achievements, with sales reaching $260 million above forecasts and demonstrating robust mid-single-digit operational sales growth.
• The impressive performance of SKYRIZI and RINVOQ has been particularly pivotal, contributing to a projected combined sales of over $17 billion for the year, surpassing initial expectations by $1.3 billion.

• Saint Bella (SAINT HK)  is looking to raise up to US$200m in its upcoming Hong Kong IPO.
• It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan. It operates an extensive network of 59 premium postpartum centers.
• In this note, we look at the firm’s past performance.

• QuidelOrtho’s third quarter 2024 financial results reveal a mixed performance, characterized by challenges and opportunities that investors should carefully weigh.
• The reported revenue for the quarter stood at $727 million, a roughly 2% decline from the previous year, influenced by a decrease in COVID-19 and flu-related revenues compared to the prior year.
• The company’s adjusted EBITDA was $171 million, translating to an adjusted EBITDA margin of 23.5%, showing an improvement of 80 basis points over the previous year, primarily due to implemented cost-saving measures.

• Nicola Tangent and Thomas Schnecker discuss the success and innovation of Roche, a leading healthcare company.
• Schnecker highlights the importance of understanding the genome to drive innovation in cancer treatment.
• The conversation delves into the impact of pricing, leadership, and the company’s long-term vision and commitment to patient outcomes.

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• Shield is a commercial-stage pharma company delivering specialty products that address the needs of patients with iron deficiency (ID).
• Since its July 2021 US launch, Shield and Viatris have increased physician awareness of the differentiating characteristics of ACCRUFeR® as an oral ID drug, in order to generate sales traction.
• The 3Q’24 trading update reiterated the interim statement dialog: sales continue to progress, while costs are being actively managed.

• On November 12, 2024, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2024 and provided a business update.
• The company is continuing preparations for a Phase 1/2 clinical trial in Australia to test its fibroblast-based spheroid product as a therapy for diabetic foot ulcers.
• We anticipate the trial initiating in the second quarter of 2025 and completing by the end of 2025.

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with statistical significance, highlighting its potential to offer a clinically meaningful solution for the condition. In our view, this marks a positive step forward for the candidate, which, to our knowledge, has a unique mechanism of action to address chronic inflammatory and autoimmune diseases. We believe that OSE plans to advance this programme to the next stages of development (Phase IIb or Phase III) once a partner is onboard. Based on the encouraging full results, we have increased our probability of success for Lusvertikimab in UC to 35% (from 17%), resulting in a valuation upgrade for OSE to €541.2m or €24.8/share (from €465.7m or €21.3/share previously).

• Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.
• EBITDA grew at 8% YoY to THB7.1B, due to cost control while net profit also rose 9% YoY to THB4.2B on lower interest cost.
• BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.

• The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
• The official index changes and indicative weights for the December 2024 index rebal event will be announced on Friday 22nd November 2024.
• In this insight, we take a look at our updated flow expectations.

• Rejected Offer: Grifols’ independent committee rejected Brookfield’s proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company’s long-term prospects.
• Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.
• Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.

• Mettler-Toledo reported its third-quarter 2024 financial performance, demonstrating resilience in diverse segments despite challenging global economic conditions.
• The company’s revenue was $954.5 million, showing a 1% increase both in local currency and in U.S. dollars.
• While sales in Europe and Asia showed moderate growth, the Americas faced a slight decline, reflecting varied performance across regions.

• Insulet Corporation’s latest quarterly earnings call presents a mix of positive and cautious sentiment towards the company’s recent performance and future outlook.
• The company reported strong financial results with a significant revenue milestone, indicating healthy business momentum.
• Insulet’s total revenue growth for the third quarter was reported at 25%, driven primarily by a 26% increase in total Omnipod revenues.

• Moderna, Inc. reported its financial results for the third quarter of 2024, highlighting key developments and challenges in its business operations.
• The company delivered $1.9 billion in revenue, with a net income of $13 million, and ended the quarter with $9.2 billion in cash and investments.
• This financial position underscores Moderna’s robust liquidity, providing it with a solid foundation to support ongoing and future initiatives.

• Viatris’s Q3 2024 results showcased key elements both bolstering and challenging its financial position.
• Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.
• Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).

• During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
• Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
• Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.

• 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.

• Singapore’s economy has expanded significantly over the past two decades.
• GDP was above US$466 billion in 2022, according to the World Bank, which also notes that the “country provides one of the world’s most business-friendly regulatory environments for local entrepreneurs and is ranked among the world’s most competitive economies.” Moreover, reflecting its strategic location, economic growth & business friendly climate, Singapore attracts substantial amounts of U.S. foreign direct investment (FDI), factors that likely portend well for increasing demand for aesthetic services, in our view.

• On November 7, 2024, Cadrenal Therapeutics, Inc. (CVKD) announced financial results for the third quarter of 2024 and provided a business update.
• The company recently raised approximately $9.8 million, which included $5.1 million raised through its at-the-market (ATM) facility and $4.7 million through warrant exercises.
• Cadrenal recently met with the FDA to discuss the protocol for the planned Phase 3 clinical trial of tecarfarin in left ventricular assist device (LVAD) patients and those discussions are continuing.