Daily Brief Health Care: Anthem Biosciences, CareCloud , Centene Corp, Coloplast A/S, Grifols SA, Oryzon Genomics, William Demant Holding A/S and more

• Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
• Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates.

• Anthem Biosciences has filed RHP to raise INR34B (~$395M) through its Indian IPO consisting of only an offer for sale of equity shares. The IPO will open on July 14.
• The IPO has been priced at INR540–570 per share. Considering FY25 EPS of INR8.07, Anthem seeks P/E valuation of 66.9–70.6x, which is lower than most of the peers.
• With niche and differentiated technical capabilities (ADC, biosimilars, innovative biologics etc), large clientele, exposure to commercialized molecules, and capacity expansion, Anthem is well-positioned for long-term growth.

• Zacks Small-Cap Research Note for CareCloud, Inc. (CCLD)

• Centene Corporation recently reported its financial outcomes for the first quarter of 2025, detailing both its present achievements and future expectations.
• The highlights of their performance reveal a complex interplay of growth prospects and operational challenges within the different segments it operates.
• For the first quarter, Centene achieved an adjusted diluted EPS of $2.90, aligning with prior forecasts.

• Coloplast, a global leader in medical devices and solutions, has recently navigated a period of transition and strategic realignment as evidenced by their first half 2024-2025 results.
• The most prominent change has been leadership, with Lars Rasmussen, a familiar face, appointed as Interim CEO following Kristian Villumsen’s departure after a seven-year tenure.
• This change underscores the Board’s drive for increased decisiveness and execution efficiency, particularly in response to organic growth challenges.

• Grifols has delivered a robust performance for the first quarter of 2025, with impressive financial metrics across the board that highlight the company’s strategic resilience and operational strength despite market uncertainties.
• The revenue for the quarter reached EUR 1.786 billion, marking a 7.4% increase on a constant currency basis, and 10% when adjusted for one-off items like the IRA impact and fee-for-service reclassification.
• The key drivers of this revenue growth included progress in the immunoglobulin franchise, which grew 17.5%, along with improvements in the diagnostics business, which increased by 5.2%.

At Oryzon Genomics’ key opinion leader (KOL) event, vafidemstat’s path through Phase III in borderline personality disorder (BPD) was laid out. The significant unmet need was highlighted, as there are currently no FDA-approved drugs specifically indicated for BPD, despite a global prevalence of 1–2%, and clinicians are limited to prescribing medications (such as antipsychotics and/or mood stabilisers) off-label, often with limited durable effectiveness. Given vafidemstat’s encouraging track record in the clinic targeting agitation and aggression (A/A) in BPD, alongside its novel epigenetic mechanism of action, the KOLs spoke about their willingness to use vafidemstat with their patients, especially since this symptom domain is one of the most common (70% of patients) and debilitating components of the condition, both for the patients and people around them. Oryzon submitted the protocol for the Phase III PORTICO-2 programme to the FDA in June 2025 and management anticipates receiving regulatory feedback within Q425, potentially representing an important upcoming catalyst.

• Demant’s latest financial results for 2024 reveal a mixed performance with several key developments influencing their overall outlook.
• The company reported an overall growth in revenue of 4%, with an equal contribution from organic growth and acquisitions, amounting to DKK 22.4 billion.
• While this marks an improvement in gross profit by 5%, the company’s EBIT saw a decrease of about 2% (DKK 100 million) from the previous year, underscoring some challenges faced over the fiscal period.