Daily Briefs

• Hansoh Pharmaceutical Group (3692 HK) aims to raise around US$500m via a primary placement.
• The stock has done exceptionally well this year but is now trading at near its all-time highs and it doesn’t really need the cash.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• The latest earnings call for Amgen Incorporated presented a mixed bag of outcomes and strategic updates, reflecting on both the company’s strengths and challenges.
• On the positive side, Amgen reported a notable 9% increase in quarterly revenues, driven primarily by a robust 13% rise in product volumes.
• This volume growth appeared broad-based, with 15 different products recording double-digit sales growth, suggesting a welldiversified product portfolio and effective market penetration, particularly in cardiovascular and rare diseases, inflammation, and oncology.

• In the second quarter of 2025, Zoetis reported robust financial results, underscoring the strength and resilience of its portfolio across multiple markets.
• The company achieved an organic operational revenue growth of 8% and a 10% increase in adjusted net income, reflecting effective cost management and operational efficiency.
• One of the key highlights was the International segment, which experienced a 9% organic operational revenue growth, indicating Zoetis’s ability to leverage trends expanding regional markets.

• With the timeline to launch a study in India similar to the one being conducted in Australia significantly longer than AEMD had initially anticipated, the company has decided not to move forward in India at this time.
• AEMD will continue to focus on the ongoing oncology study in Australia, where it benefits from attractive economic that are expected to help reduce costs, lower risk & accelerate time to market.
• When appropriate, the company continues pre-clinical research and analysis of the Hemopurifier in areas outside of oncology when expenses associated with these efforts are de minimis.

• Pfizer’s Q2 2025 financial results reflect a blend of strategic execution and a challenging external milieu.
• The company reported revenues of $14.7 billion, marking a 10% operational increase year-over-year, driven by robust growth across the U.S. and international divisions.
• Key contributors to this growth included products like the Vyndaqel family, Comirnaty, and Paxlovid, alongside others such as Eliquis and Padcev.

• SBC appointed a new Chief Marketing Officer effective July 1, 2025, to raise awareness of its growing portfolio of brands.
• The company is optimistic that its revised pricing, promotional and fee strategies will support strong growth over time, despite some potential short-term constraint.
• The company is also optimistic about generating new / growing revenue streams from international customers, both through greater outreach to medical tourists and by expanding its global footprint.

• CStone Pharmaceuticals (2616 HK) reported 80.5% YoY decrease in revenue to RMB 49.4M as sales of pralsetinib decreased substantially due to price adjustments in preparation for the NRDL negotiation.
• R&D expenses surged 59% YoY to RMB 105M primarily attributable to ongoing clinical trials. In 1H25, the company’s loss stood at RMB 270M vs profit of RMB 15.7M in 1H24.
• Expanded indications of sugemalimab, the successive data readouts, approvals and continuous commercialization expansion efforts into global markets are near term triggers, but concerns remain.

• Ainos can now be considered a technology company.
• This report discusses Ainos’ prioritized strategic focus on the development of and commercialization pathway for its proprietary digital AI-powered SmellTech platform, Al Nose.
• But while remaining dedicated to advancing its core therapeutic program VELDONA, 2025 marks a strategic inflection point in Ainos’ transition from its biotech roots to becoming principally a foundational AI technology innovator, with the stage set for accelerating momentum toward large-scale commercialization in 2026 of its AI Nose platform, which is expected to drive the company’s revenue growth for years to come. 

Immix has published its Q225 results, reflecting a productive period for NXC-201. The US-based NEXICART-2 trial in relapsed/refractory amyloid light chain amyloidosis (r/r ALA) reported an encouraging interim update and, given the current pace, Immix maintains its plans to file for regulatory approval once the trial concludes in mid-2026. Management also announced the potential expansion of NXC-201 into additional indications, which could increase the value proposition for the candidate. The company ended Q225 with net cash of $11.64m, which was bolstered post period by a further $1.34m through an at-the-market (ATM) offering. We estimate that this should provide a cash runway into Q126, but note the potential for this to extend should further proceeds be raised through the ATM facility. Following the Q225 results, our valuation for Immix stands at $126.8m, or $4.3 per share (from $127.0m, or $4.6/share previously).

• A key component of LGMK’s growth strategy is to expand the product line and boost awareness of its growing suite of products and services.
• LGMK seeks to expand its sales team to help drive growth & recently appointed a new SVP ales to lead its B2B expansion efforts.
• In addition, the company is revising its reseller program to enable improved partner support and outreach to end customers & increasing its presence at industry conferences to boost awareness of its growing product line.