Daily Brief Health Care: Apellis Pharmaceuticals, China Shineway Pharmaceutical, Cassava Sciences , Fortrea Holdings and more

• Apellis Pharmaceuticals reported its third-quarter 2024 financial results, highlighting key developments and offering insights into future expectations.
• The company, co-founded and led by CEO Dr. Cedric Francois, focuses on targeting C3 to address complement-mediated diseases.
• During the third quarter, Apellis saw progress in commercial demand for SYFOVRE, although net product revenue for SYFOVRE dipped slightly by 1.7% due to factors like higher gross-to-net adjustments and contracting dynamics.

• Shineway’s 24Q1-Q3 performance is disappointing. So, we adjusted our forecast- 2024 Revenue could be about RMB3.7-4 billion, down 11-18% YoY. Net profit could reach about RMB1.05-1.1 billion, up 8-13% YoY.  
• VBP is the biggest headwinds – Injection products/TCM formula granules/OTC medications all face VBP, which brings uncertainties to future performance. It’s uncertain whether the 2025 performance will rebound as expected.
• Shineway seems to have lost growth momentum after COVID-19.Considering large cash balance, it doesn’t make much sense to hold the Company long term if it doesn’t significantly raise its dividend.

• Cassava Sciences is deemed largely worthless with a cult-like retail investor base, making it an attractive target for shorting.
• Their sole asset, simufilam, aims to address Alzheimer’s by restoring the shape of misfolded filamin A, but this approach has raised doubts.
• Dr. Hoau-Yan Wang, a longtime scientific collaborator, is indicted for fraud related to grants associated with their trials, raising questions about the company’s credibility, alongside scrutiny on CEO Remi Barbier.

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.

• Fortrea reported its third quarter 2024 earnings with a mix of positives and challenges.
• The company’s book-to bill ratio was 1.23x, reflecting a strong quarter for new business, mainly driven by large pharmaceutical clients and notable biotech wins across therapeutic areas like oncology, diabetes, dermatology, and autoimmune disease.
• The company underscored its strategic position in the clinical research organization (CRO) arena, demonstrating balance between clientele from major pharmaceutical firms and biotechnologies, which made up 50% each of their business.