Daily Brief Health Care: China Medical System, Neurocrine Biosciences, ResMed Inc, Tenet Healthcare, D.Western Therapeutics Institute Inc., Otsuka Holdings, Biohaven , Vertex Pharmaceuticals, Edesa Biotech , Incyte Corp and more

• The company’s founder Mr. Lam Kong serves as Chairman, Chief Executive and President.
• The other key management personnel are Ms. Chen Yanling who is the Executive Director and CFO.
• The company’s six -member board comprises two executives, one non -executive, and three independent non -executive directors. Committees cover Audit, Remuneration, Nomination, and ESG, with INEDs forming the majority on committees.

• In the third quarter of 2025, Neurocrine Biosciences reported robust financial and operational performance.
• The period was marked by $790 million in net product sales, a 28% year-over-year increase, driven by their flagship drugs INGREZZA and CRENESSITY.
• INGREZZA, used for treating tardive dyskinesia and Huntington’s chorea, saw continued growth attributed to recent expansions of the sales force and improved patient access, resulting in record new patient starts and prescriptions.

• ResMed’s first-quarter result broadly met market expectations, though rising margins and potential for further capital management have been negated by US import tariff ambiguity.
• ResMed updates with strong September quarter performance (but largely in line) Gross margin surprised, device revenues outperform expectation Uncertainty about US import tariff exemption weighs on share price Expects share buybacks of US$150m in each quarter of FY26 Ord Minnett sees scope for additional capital management initiatives

• Tenet Healthcare reported a robust financial performance for the third quarter of 2025, exceeding expectations with significant growth in revenue and EBITDA.
• The company’s net operating revenue reached $5.3 billion, demonstrating strong operational efficiency and growth.
• Consolidated adjusted EBITDA was reported at $1.1 billion, which marked a 12% year-over-year increase and reflected an improved EBITDA margin of 20.8%.

• DWTI announced after the close on 11/4 that 84.6% of the Series 13 Share Acquisition Rights (with exercise price adjustment clause) issued on July 31, 2025, have already been exercised in just three months since the issue (see table below). In other words, this leaves only 1.5mn shares, or 3.37% dilution remaining.
• This marks a significant decline in selling pressure going forward, ahead of multiple expected share price catalysts, including 1) China launch of DW-1002 (Brilliant Blue G) for indication ILM staining as an aid for ophthalmic surgeries
• 2) expected H1 2026 US launch of DW-5LBT (lidocaine patch, trade name Bondlido), as a treatment for neuropathic pain after shingles (post-herpetic neuralgia) in adults, and 3) announcement of details of the Japan development plan for new pipeline candidate H-1129 as a treatment for corneal and conjunctival diseases caused by immune disorders.

• Otsuka Holdings (4578 JP) witnessed 5% revenue growth in 9M25, despite negative Fx impact. Mainstay pharmaceutical business (+6.5% YoY) drove revenue. Rexulti and Abilify remained strong.
• Otsuka has revised 2025 guidance upwards on the back of steady progress in Pharma and Nutraceutical business. Overall, 2025 revenue is now expected to be ¥2420B (previous guidance ~ ¥2380B).
• Otsuka’s two top selling drugs are steadily gaining traction, mainly in the U.S. Going ahead, the company is banking on new drugs like sibeprenlimab to further drive growth.

• Biohaven is a clinical-stage biopharmaceutical company that emerged from the acquisition of its migraine franchise by Pfizer, now focusing on a diversified pipeline in neuroscience, immunology, and oncology.
• The company’s future hinges on the clinical and regulatory success of its late-stage assets, particularly troriluzole for neurological disorders and BHV-7000 for epilepsy, alongside a broad early-stage pipeline leveraging novel platforms like extracellular protein degradation.
• Financially, Biohaven is in a pre-revenue stage, characterized by significant R&D investment and net losses. Its success is dependent on managing cash burn and securing future funding or partnerships to advance its extensive pipeline to commercialization.

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• Vertex Pharmaceuticals has entered a critical inflection point following the high-profile failure of its experimental non-opioid painkiller, VX-993, in a Phase 2 trial.
• Since August 2025, the company has shed over 11% of its market value, as hopes dimmed for the oral variant of its FDA-approved nonaddictive analgesic Journavax.
• Yet, the Q3 2025 earnings report offered a reprieve.

• On October 28, 2025, Edesa Biotech, Inc. (EDSA) announced positive results from a Phase 3 clinical trial evaluating paridiprubart (EB05) as a treatment for Acute Respiratory Distress Syndrome (ARDS).
• EB05 met both the primary and secondary endpoints of the study, which included a statistically significant and clinically meaningful 25% relative risk reduction in the risk of death compared to placebo (P<0.001).
• Across the 275 patients that were enrolled for the Phase 2 and Phase 3 studies, EB05 was generally well-tolerated and consistent with the observed safety profile to date.

• Incyte Corporation’s third quarter 2025 earnings results reveal a mix of growth and challenges for the company.
• The company’s total revenues reached $1.37 billion, representing a year-over-year increase of 20%, with product sales contributing $1.15 billion.
• The growth was driven mainly by key products like Jakafi and Opzelura, as well as promising performances from new launches such as Niktimvo.