In today’s briefing:
- Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite
- Exact Sciences Corporation: Is The Oncology Product Pipeline Development to Capture A Lion’s Share of the Market?
- BioMarin Pharmaceutical: Expansion of VOXZOGO & Enzyme Replacement Therapy Growth Propelling Our ‘Buy’ Rating!
- Ionis Pharmaceuticals: An Insight Into Commercial Expansion of Next-Generation ASO Therapies and Wainua’s Market Potential!
- Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop
- UMP Healthcare (722 HK): Solid H1 2025, Cost-Cutting Initiatives Bearing Fruit
Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite
- Bumrungrad Hospital Pub Co (BH TB) reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.
- Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.
- The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.
Exact Sciences Corporation: Is The Oncology Product Pipeline Development to Capture A Lion’s Share of the Market?
- Exact Sciences recently reported its fourth-quarter 2024 financial results, showcasing a mix of both positive momentum and certain challenges.
- For the full year, Exact Sciences achieved a core revenue growth of 11%, reaching $2.75 billion, and notably expanded its adjusted EBITDA by nearly 48%.
- The company also doubled its free cash flow and ended the year with a robust $1.04 billion in cash and securities.
BioMarin Pharmaceutical: Expansion of VOXZOGO & Enzyme Replacement Therapy Growth Propelling Our ‘Buy’ Rating!
- BioMarin Pharmaceutical reported strong financial results for the fourth quarter and the full year of 2024.
- The company recorded an impressive 18% year-over-year revenue growth, reaching a total of $2.85 billion for the year.
- This growth was primarily driven by the strong performance of its commercial portfolio, particularly VOXZOGO for achondroplasia, which saw a 56% increase in revenue year-over-year.
Ionis Pharmaceuticals: An Insight Into Commercial Expansion of Next-Generation ASO Therapies and Wainua’s Market Potential!
- Ionis Pharmaceuticals, a biotech company with a focus on RNA-targeted drug discovery, has transitioned into a fully integrated commercial stage entity, marked by its first independent product launch of TRYNGOLZA.
- This drug, approved by the FDA for familial chylomicronemia syndrome (FCS), aims to reduce triglyceride levels and the risk of acute pancreatitis.
- The launch moved quickly, getting the medication to patients within weeks of approval.
Kestra Medical Technologies (KMTS): IPO Pops 35% at Open, Holds Gains Amidst Volatile Backdrop
- Kestra Medical Technologies priced 11.9mm shares (upsized from 10.0mm) at $17.00 ($1 Above the $14-$16 range) and opened at $22.95 for a gain of 35%.
- Kestra Medical Technologies (KMTS US) is the second medical device company to go public with success in 2025.
- The equity capital markets area is still under scrutiny as a whole following the lackluster debuts of the two large IPOs in 2025.
UMP Healthcare (722 HK): Solid H1 2025, Cost-Cutting Initiatives Bearing Fruit
- UMP Healthcare (722 HK) reported a Revenue/PAT growth of -1.2%/45.7% YoY as cost-cutting initiatives bore fruit for the company in H1 FY25.
- Net cash and investments reached 294 mn HKD (representing 88% of the market capitalization) due to robust operating profits and excellent working capital control.
- Trading at 7.7x PE and 0.4x EV-EBITDA, with an 8% dividend yield, there is massive value in the name. The key lies in improving ROCE, which remains low- single digit.
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