Healthcare

• Santen Pharmaceutical (4536 JP) witnessed flat revenues while core operating profit and net profit declined in H1FY25. Overseas business grew 6% YoY and remained the main driver.
• Santen reiterated FY25 guidance as overseas markets are performing well, reviewed impact of generics in Japan, and continued progress in company-wide cost optimizations.
• Santen signed collaboration agreement for ARVN001 suprachoroidal injectable suspension, a treatment for uveitic macular oedema, for exclusive commercialization rights in China, excluding Hong Kong, Macau, and Taiwan.

• On November 13, 2024, Cocrystal Pharma, Inc. (COCP) announced financial results for the third quarter of 2024 and provided a business update.
• Over the next few months, we anticipate multiple important catalysts for the company, including topline results from the Phase 2a trial of CC-42344 before the end of 2024, filing of an Investigational New Drug (IND) application in 2025 to conduct the next study of CC-42344 in the U.S., and topline results for the multiple-ascending dose (SAD) portion of the Phase 1 trial of CDI-988 in late 2024 or early 2025.
• The company exited the third quarter of 2024 with unrestricted cash of approximately $13.0 million, which is enough to fund operations for at least the next 12 months.

• CYB003’s Phase 2 data demonstrate impressive long-term safety and efficacy data.
• Cybin’s release of its highly anticipated 12-month safety and efficacy data for CYB003, its proprietary deuterated psilocin program for the potential adjunctive treatment of major depressive disorder, did not disappoint.
• The outcomes demonstrated durable and robust efficacy from its Phase 2 study of CYB003. 

• DWTI announced topline results from its Phase 2B clinical trial of its H-1337 Ophthalmic Solution, for the treatment of elevated intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension.
• This study was a double-masked, active- controlled, dose-response study in 201 subjects with primary open-angle glaucoma or ocular hypertension, where subjects were dosed for 28 days during the period from August 2023 – August 2024.
• The study was designed to evaluate the ocular safety and hypotensive efficacy of three doses of multi-kinase inhibitor H-1337 Ophthalmic Solution: 0.6% twice-daily, 1.0% twice daily, and 1.0% once-daily. 

• On November 14, 2024, Abeona Therapeutics, Inc. (ABEO) announced financial results for the third quarter of 2024 and provided a business update.
• The company recently announced that the U.S. FDA has accepted the re-submission of the Biologics License Application (BLA) for pz-cel and set a PDUFA target action date of April 29, 2025.
• The acceptance of the BLA by the FDA indicates that the resubmission includes all the necessary information that was found to be deficient in the original BLA filing and we are confident that the company has addressed all the issues identified in the CRL and the pre-license inspection.

• Pharmaessentia Corp (6446 TT) reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  
• 3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.
• Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.

• Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
• The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
• Reviva’s lead indication in schizophrenia with brilaroxazine (RP5063) completed its 1st Phase III trial & expects to begin its 2nd in 2025.

• As LGMK creates and launches new products, the goal is to expand the target addressable market beyond its traditional target demo and concurrently broaden its penetration within the traditional market with new hardware such as the Freedom Alert Mini and Max and new features such as advanced fall detection and solutions leveraging AI/ML technologies, among other features.
• The company also expects opportunities to license its technology to third parties and thereby boost recurring high-margin revenue, and continues to expands its patent position to support potential licensing opportunities and protect its IP.

• Ionis Pharmaceuticals recently reported their third-quarter financial results for 2024, presenting a comprehensive view of its current position in the biotechnology sector.
• The company’s focal points include imminent product launches, ongoing clinical trials, and strategic pipeline developments—all set within the context of their financial performance and future outlook.
• The company is on the verge of launching its first independently marketed product, Olezarsen, for familial chylomicronemia syndrome (FCS), with an anticipated FDA action next month.

• Terumo Corp (4543 JP) reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.
• Revenue from C&V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.
• Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.

• Since mid-October, share-price spreads have generally tightened across European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened). Most spreads that were already tightening, kept doing so.
• Most spreads that were already tightening, kept doing so. Recommended trades long preferred / short ordinary shares: Atlas Copco, Grifols SA, Media-for-Europe.
• Recommended trades long ordinary / short preferred shares: Carlsberg, Henkel, SSAB Svenska Stal.

• Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.
• Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.
• Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time

• Improving sales mix lift gross margins – Gross margin increased to 65.9% in Q1 FY6/25 from 52.5% the previous year, demonstrating an improvement in the sales mix at the core Optical business segment which experienced demand for high-precision products with premium pricing.
• While operating losses remained relatively flat YoY, the company is investing in IT systems that will improve its production and sales management which we believe will improve the quality of earnings, as well as assist in new business development.
• Overall, we believe the company performed in line with guidance, with no change regarding expectations of the earnings profile to be concentrated in H2 FY6/25.

• 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.

SIGA Technologies reported revenues of $10m in Q324, attributed primarily to deliveries under the $112.5m BARDA option, exercised in July 2024. Backed by a strong order book ($146m at end-Q324), the sales momentum has picked up pace in Q424 with another $51.2m and $8.5m of oral and IV TPOXX (IVT) delivered to the Strategic National Stockpile (SNS) in October 2024. We expect further deliveries in Q424 and early 2025 under the BARDA contract as well as the $9m US Department of Defense (DoD) order received in August 2024. Q424 also marked SIGA’s first commercial foray into Africa (delivering oral TPOXX to Morocco worth c $0.8m), capped by in-licensing of a novel preclinical monoclonal antibody from Vanderbilt University to complement TPOXX in targeting orthopox viruses. We await further updates on the PEP label expansion and mpox trials but conservatively adjust our estimates to reflect results from the PALM 007 study. Our valuation adjusts to $13.93/share from $15.89/share previously.

• BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
• The company’s stock has suffered the last few days, largely, it seems, due to two of its major products not being on the just released LCD coverage list.
• There’s more to the story, and we reiterate our recently upgraded price target.

• We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Renewable Japan (9522 JP), Shanghai Henlius Biotech (2696 HK), Macromill, Inc (3978 JP), Seven & I Holdings (3382 JP), Canvest Environmental Protection Group (1381 HK). 
• Lowest spreads: Nec Networks & System Integr (1973 JP), Net One Systems (7518 JP), Avarga Ltd (AVARGA SP), T Gaia Corp (3738 JP), Nishimoto (9260 JP), Elematec Corp (2715 JP). 

• In this insight, we provide some of the main highlights of the book “The Real Anthony Fauci”, which was written by Robert F. Kennedy Jr. (RFK Jr) in 2021.
• We discuss how the appointment of RFK Jr could impact some of the major health care stocks in Korea, especially those that are involved in developing and producing vaccines.
• Although the share prices of many Korean vaccines related stocks have declined materially in the past 2-3 years, RFK Jr becoming the next US Health Secretary could pose further headwinds.

• The new round of national TCM decoction pieces VBP has started. We think the overall price reduction would be relatively mild, and the impact on related TCM enterprises is limited.
• The NHSA will vigorously promote the expansion of TCM VBP, which is another challenge for TCM injections. But the impact on exclusive TCM varieties and innovative TCM injections is smaller.
• CR Boya has completed the acquisition of 100% equity of Green Cross and has included it in the scope of consolidated financial statements starting from November. Future M&As will continue.

• Asahi Intecc (7747 JP) recorded 9% YoY revenue growth to ¥31B in Q1FY25. Revenue growth is attributable to the continued strong trajectory of medical division, which reported 10% YoY growth.
• Strong rebound in China is key highlight for medical division performance. Revenue from China increased by a whopping 36% YoY and 44% QoQ to a record high of ¥9.3B.
• Despite a better-than-expected Q1FY25, the company maintains full-year FY25 guidance, due to external factors such as currency movements as well as uncertainties in trends for net sales, productivity, and expenditure.

• Glaukos Corporation’s third quarter 2024 financial results highlighted a period of notable growth driven by strategic product developments and an expanding market presence.
• The company achieved record consolidated net sales of $96.7 million, representing a 24% increase from the previous year.
• This performance prompted Glaukos to revise its full-year 2024 net sales guidance upwards to $377 million to $379 million, reflecting optimism about continued growth.

• Jazz Pharmaceuticals recently reported its third quarter 2024 financial results, reflecting a period of noteworthy commercial growth and strategic progression, particularly in its neuroscience and oncology business units.
• The company recorded a total revenue exceeding $1.05 billion, a 9% increase compared to the same quarter in 2023.
• This growth was primarily fueled by the continued strong performance of Xywav and Epidiolex in the neuroscience segment, with both products achieving record quarterly sales and double-digit year-over-year growth.

• Gilead Sciences, Inc. reported a strong financial performance for the third quarter of 2024, showcasing robust growth across its main therapeutic areas, including HIV, oncology, and liver disease.
• This growth has allowed Gilead to increase its full-year guidance for key financial metrics such as revenue, operating income, and earnings per share, underscoring its effective commercial and operational execution.
• 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.

• McKesson Corporation’s second quarter fiscal 2025 results present a multidimensional view of the company’s current financial standing and future prospects.
• With reported record revenues of $93.7 billion, McKesson demonstrated a robust 21% year-over-year increase, driven significantly by the U.S. Pharmaceutical segment.
• This sector alone witnessed a 23% revenue boost, underscored by the onboarding of a new strategic partner and broadened specialty product distribution.

• Novo Nordisk recently presented its third-quarter financial results, showcasing significant growth and strategic developments within the company.
• The key highlights from the call indicate robust expansion across various segments, particularly driven by the strong performance of its diabetes and obesity treatments, including notable products like Ozempic and Wegovy.
• The company reported an impressive 24% increase in sales alongside a 22% rise in operating profit for the first nine months of the fiscal year.

• Royalty Pharma, a leading investor in biopharmaceutical royalties, recently reported its third-quarter 2024 results.
• The company highlighted strong business momentum, driven by its diverse portfolio of more than 35 commercial products.
• Financially, Royalty Pharma achieved a 15% growth in both Portfolio Receipts and Royalty Receipts.

• Cardinal Health, Inc. reported strong financial and operational results for the first quarter of fiscal year 2025, primarily driven by its Pharmaceutical and Specialty Solutions segment.
• CEO Jason Hollar highlighted the company’s effective management amidst a customer transition in its largest business segment, which still achieved a 16% growth in segment profit.
• The demand across various pharmaceutical categories, notably specialty and consumer health, played a significant role in this growth.

• Illumina experienced a mixed third-quarter performance for 2024, illustrating both advancements and challenges in its operational landscape.
• The company reported quarterly revenue of $1.1 billion, matching its expectations but reflecting a 2% decrease year-over-year.
• This decline was linked to reduced instrument sales due to the launch-year comparisons of the NovaSeq X series and effects of capital constraints globally.

• Vertex Pharmaceuticals recently reported its third-quarter earnings for 2024, presenting a picture of solid financial performance alongside significant advancements in its pipeline and product launches.
• Financially, Vertex Pharmaceuticals reported a 12% year-over-year increase in revenue, reaching $2.77 billion for the third quarter.
• This growth was underpinned by robust performance both in the U.S. and international markets, with U.S. revenues rising by 10% and international sales by 14%.

• BioNTech’s third quarter of 2024 earnings report reflects a balanced mix of progress in its oncology pipeline and its ongoing responses to the changing COVID-19 landscape.
• The company has achieved notable advancements in both its COVID-19 vaccine franchise and its oncology development programs, showcasing a commitment to innovation while navigating the complexities of the healthcare market.
• 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.

• CYB003’s Phase 3 trial begins. In just three years since filing its Investigational New Drug Application (IND) for its adjunctive CYB003 program, now labeled PARADIGMTM (an allusion to CYB003’s potential for a paradigm shift in treating depression), Cybin has initiated the first of three Phase 3 pivotal efficacy studies.
• Pivotal first study is underway, with top-line results expected in 2026.
• The first study (named APPROACH) is a two-arm study involving a targeted 220 participants with moderate to severe MDD (MADRS≥24) who are on a stable dose of antidepressant medication but are responding inadequately.

• Hologic recently announced its financial results for the fourth quarter and fiscal year 2024, showing both strengths and challenges.
• The total revenue in the fourth quarter was $987.9 million, marking a 4.2% increase compared to the previous year, while organic revenue growth, excluding COVID-related sales, was 5%.
• Non GAAP earnings per share (EPS) grew by 13.5% to $1.01.

• Cumulative Q3 FY12/24 revenue was JPY3.2bn, a 27.5% YoY decrease, impacted by the termination of COVID-19 operations.
• The company recorded a cumulative Q3 FY12/24 operating loss of JPY35mn, compared to a profit of JPY942mn in FY12/23.
• Medical Personnel Services revenue was JPY2.3bn (-3.4% YoY), and Other Services revenue was JPY846mn (-56.8% YoY).

• The company reported sales of JPY8mn, a 91.5% YoY decline, with an operating loss of JPY374mn.
• Revised FY03/25 forecast shows sales of JPY108mn, R&D expenses of JPY561mn, and a net loss of JPY994mn.
• The company shifted focus to mRNA drug development, enhancing collaborations and launching a contract research business.

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

• Avantor Inc. reported another quarter of stability and mixed results in its financial performance for the third quarter of 2024.
• The company posted sequential revenue growth, yet faced year-over-year declines, with organic revenue dipping by 0.7%.
• Total revenue for the quarter was $1.71 billion, reflecting both challenges and strengths across its business segments.

• On the 6th October, Sihuan Pharmaceutical Hldgs (460 HK) announced a HK$500mn, 12-month buyback programme. Shares jumped 31% on the news, but have since given all that gain back.
• Sihuan Pharma has now announced an intention to spin-off non-wholly-owned subsidiary Xuanzhu Biopharm on the HKEx. 
• Concurrent with the spin-off news. Sihuan Pharma acquired 6.9% in Xuanzhu Biopharm for RMB596mn, implying a full value of ~RMB8.5bn (~HK$9.2bn). This compares to Sihuan Pharma’s market cap of HK$6.6bn. 

• Brookfield has secured an €11 billion loan to refinance Grifols’ €9.2 billion net debt, paving the way for a potential takeover and significant control over Grifols’ operations.
• Grifols’ Q3 results reveal 12% revenue growth, strong free cash flow, and lower net debt, with 2024 targets reaffirmed for 7%+ revenue growth, €1.8 billion EBITDA, and 4.5x leverage.
• The narrowing discount between Grifols’ A and B shares signals market optimism, reflecting confidence in a takeover. This would be my preferred strategy of playing this situation.

• CanBas reported no operating revenue in Q1 FY06/24, with an operating loss of JPY251mn and increased R&D expenses.
• Total assets rose by JPY1.3bn due to fundraising, while liabilities saw a JPY9mn decrease in accounts payable.
• The company anticipates JPY5.5bn costs for potential Phase 3 trials in Europe, with development period and costs under review.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• For the first nine months of 2024, product sales increased 11.4%.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.

• Consolidated revenue increased by 29.2% YoY to JPY5.1bn, with operating profit growing 25.6% YoY to JPY1.2bn.
• Medical Platform business revenue rose 17.3% YoY to JPY3.2bn, with average monthly page views up 47.1% YoY.
• Smart Clinic business revenue surged 70.7% YoY to JPY1.7bn, driven by new software service NOMOCa AI chat.

• IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.
• Its pipeline is built on the DeltEx platform & drug-resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM.
• INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM.

• FY09/24 results: Revenue JPY80mn (+15.6% YoY), operating loss JPY818mn, net loss JPY756mn, SG&A expenses JPY898mn.
• FY09/25 forecast: Revenue JPY272mn (+239.8% YoY), SG&A expenses JPY1.6bn, operating loss JPY1.4bn, net loss JPY1.4bn.
• Current assets JPY2.8bn, liabilities JPY649mn, net assets JPY2.1bn; capital increases from stock acquisition rights.

• Sales increased by 16.2% YoY to JPY769mn, driven by growth in Specified Cell Products and CDMO Businesses.
• The company forecasts FY09/25 sales of JPY930mn (+21.0% YoY), with an operating loss of JPY1.5bn.
• The cell processing business forecasts sales of JPY930mn (+21.1% YoY) and an operating loss of JPY439mn.

• FY09/24 sales were JPY14.9bn (+2.8% YoY), with operating profit at JPY1.3bn (+15.3% YoY), exceeding forecasts.
• The Preventative Healthcare Platform exited, transferring operations to subsidiaries of Advantage Risk Management, effective September 30, 2024.
• FY09/25 forecast predicts sales of JPY12.4bn (-17.0% YoY) and net income of JPY500mn (-66.3% YoY).

• Neuren Pharmaceuticals (NEU AU) announced a share buy-back program worth up to A$50M (~3M shares, representing 2.4% of total shares on issue). The 12-month buyback will commence on December 2.
• As of September 30, 2024, Neuren has a cash balance of A$210M and the company’s R&D expenses for 1H24 were A$18M. Interest income more than covers Neuren’s corporate expenses.
• The buyback announcement follows Neuren’s recent entitlement of one-off income from the sale of partner’s Priority Review Voucher and Daybue’s record high sales in 3Q24.  

• Hanwha Corporation (000880 KS) is “expensive” on my monitor. But that doesn’t paint the whole picture. And what’s up with Genscript Biotech (1548 HK)‘s deconsolidation of Legend Biotech (LEGN US)?
• Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence. 
• BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast – Full year revenue would reach about US$3.7 billion.
• BeiGene’s performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion. 

• Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
• In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
• We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced improved revenue and reduced costs in its 3Q results.
• Additionally, the company confirmed it has enough cash on hand to last through 2025.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• On November 7, 2024, NeuroBo Pharmaceuticals, Inc. (NRBO) announced financial results for the third quarter of 2024 and provided a business update.
• The next clinical milestone will be the release of topline data from the Phase 2a trial of DA-1241 in MASH.
• The trial is exploring the efficacy of DA-1241 both as a monotherapy and in combination with sitagliptin.

• Overseas markets driving growth – Shofu demonstrated continued positive developments in overseas markets, driving Q1-2 FY3/25 sales growth of 14.8% YoY.
• Growing demand and market share gains for its Chemical products continue with sales growth here at 28.1% YoY and making up 32.9% of total sales (29.5% in Q1-2 FY3/24).
• The company is experiencing some cost pressures from manufacturing, but profitability remains at elevated levels, and we believe there is scope for further margin expansion through both sales volume growth and mix enhancement.

• Clinical site IRB approval for Veldona Sjogren’s trial. Ainos received Institutional Review Board (IRB) approval from the Shuang Ho Hospital (Taipei Medical University) to conduct the Veldona clinical study in primary Sjogren’s syndrome.
• TFDA approval is expected next quarter, with the site initiation visit to start around April 2025.
• Ainos expects study completion in December 2026.

• Zacks Small-Cap Research Note for Windtree Therapeutics (WINT)

• Rigaku Holdings (268A JP) priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.
• We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case, Rigaku Holdings (268A JP) IPO: The Bear Case, Rigaku Holdings (268A JP) IPO: Valuation Insights.
• The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.

• Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share. 
• Given the lack of upside relative to the target price, we have a Negative View of this IPO. 
• FSS has requested correction to the company’s IPO prospectus. As a result, it now appears the IPO could be delayed. 

• Biostar’s revenue growth decreased obviously in the first five months in 2024. Under the fierce competition and anti-corruption campaign, the expectation for the commercialization performance of Biostar is not high.
• Although Biostar has invested a lot of resources in market exposure, high customer concentration indicates that the Company faces challenges in marketing/customer relationship expansion. Biostar has also encountered overcapacity issues.
• After Series E Financing, Biostar’s post-investment valuation was RMB4.49 billion. But we’re not optimistic about the outlook of Biostar. This valuation could be difficult to achieve in HK stock market.

• In 3Q24, Samsung Biologics (207940 KS) reported 15% YoY revenue growth to KRW1,187B, driven by the contribution of Plant 4, the full utilization of Plants 1–3, and biosimilar products.
• The company has raised 2024 annual revenue growth guidance to 15–20% YoY from 10–15% earlier, driven by successful ramp-up of Plant 4 and favorable Fx movement.
• The company has signed record-breaking CMO contract with an Asian pharmaceutical company, thereby bringing the company’s total new contract value for the year to more than $3.3B.

• SBC continues to expand its footprint organically and through strategic M&A to grow its franchisee network and revenue base.
• SBC can leverage its strong balance sheet and suite of solutions to lower the all-in costs for clinics to launch and / or extend their businesses and to support its overall expansion strategy.
• The rising acceptance of and popularity of aesthetic medicine in Japan and globally creates a tailwind for its growth, in our view.

• CanSino’s performance picked up in 24Q2. CDMO revenue is a surprise, which would become the second growth curve. Effective cost control and increased demand for meningococcal vaccines narrowed net losses. 
• The short-term highlight in business progress is PCV13i, whose approval process is faster-than-expected. This means CanSino’s revenue in 2025 may exceed expectations. Controlling shareholders and management have increased their holdings.
• CanSino’s revenue is expected to reach RMB750 million in 2024. If revenue this year reaches RMB800 million or above, it’s beyond expectations. Reasonable market value is at least RMB5-10 billion.

• 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.

• Haemonetics Corporation’s first quarter fiscal year 2025 results reveal mixed outcomes in a challenging market scenario.
• The company reported a revenue of $336 million, which represents an 8% increase on a reported basis and a 3% organic growth.
• Despite the revenue growth, the adjusted earnings per diluted share decreased by 3% to $1.02, reflecting some strain from operational challenges and the dynamic market conditions.

• QuidelOrtho’s second quarter 2024 financial results were guided by substantial review and restructuring as the new CEO, Brian Blaser, begins to imprint his strategy on the company’s operations.
• The company reported $637 million in revenue and an adjusted EBITDA of $90 million.
• These figures align with the company’s expectations, indicating stable performance across its diverse geographical and operational spectrum.

• Shineway’s revenue experienced negative growth in 24H1 as expected, but net profit performance beat expectations (up 27.5% YoY). However, if excluding those one-time gains, net profit was down 14% YoY.
• In 24H2, Shineway’s performance is expected to pick up, and YoY revenue growth 2024 full-year would return to positive (e.g. 5-10% YoY). The only concern is TCM formula granule VBP.
• China Shineway Pharmaceutical (2877 HK)’s overall financial position is healthy.  However, even with large cash balance, the current dividend is not satisfactory, which has more room to improve.

• Perrigo Company plc’s recent earnings for Q2 2024 revealed both strengths and challenges within its portfolio of products and strategic initiatives.
• Under the leadership of CEO Patrick Lockwood-Taylor, the company has made significant progress in restructuring its operations and cost management, which is reflected in select financial strengths and strategic positioning evident in the quarterly outcomes.
• 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.

• Merit Medical Systems Inc. showcased robust fiscal progress in its second-quarter 2024 earnings.
• The company witnessed total revenue growth of 5.6% on a GAAP basis and 6.6% on a constant currency basis, amounting to $338 million, exceeding the forecasted performance.
• This growth was fueled by strong organic expansion and modest contributions from acquired products, with particularly notable performance in the Cardiovascular and Endoscopy segments.

• Glaukos Corporation’s second quarter earnings for 2024 revealed a 19% increase in consolidated net sales which amounted to $95.7 million, reflecting consistent growth across both U.S. and international markets, particularly in the glaucoma division.
• The company has upwardly revised its full-year net sales guidance for 2024 to $370 million – $376 million, indicating optimistic projections based on current performance.
• 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.

BB Biotech (BION) invests in innovative, rapidly expanding biotech companies. BION’s portfolio company Wave Life Sciences (Wave) recently announced a significant milestone in the field of genetic medicine: the first successful therapeutic RNA editing in humans. This news lifted Wave’s share price by c 60%. It follows recent positive developments in three of BION’s largest holdings, Alnylam, Intra-Cellular Therapies and Agios, which all saw substantial improvements in their longer-term revenue prospects after positive Phase III readouts. Wave’s news adds to the recent positive momentum in BION’s NAV, which rose by 5.2% in the year ended 30 September 2024, after several years of annual declines, although this return lagged the Nasdaq Biotech Index’s 12.3% rise. Yet the company’s share price declined by 8.1% over this period and the share price discount to NAV is currently over 15%, in stark contrast to an average NAV premium of c 10% over the past 10 years. With interest rates falling and the outlook for the biotech sector potentially brightening accordingly, as we argued in our August 2024 update, this may represent an opportunity for investors to acquire access to the exciting opportunities offered by this industry at what may be an uncommonly wide discount.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report