In today’s briefing:
- Cytokinetics vs. Camzyos: Who Will Win the Battle for HCM Patients?
- China Healthcare Weekly (Aug.31) – P/R Ratio Is Meaningless, Innovent, Zylox-Tonbridge 25H1 Results
- Gemvax & Kael – Rights Offering of 249 Billion Won
- Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?
- MannKind Buys scPharmaceuticals For $360 Million Bet: Can This Transform Its Future In Cardiorenal Care?
- Tempus AI: An Insight Into Its Strong Genomics Portfolio, Market Position & Key Growth Drivers!
Cytokinetics vs. Camzyos: Who Will Win the Battle for HCM Patients?
- Cytokinetics presented its Q2 2025 earnings and strategic updates, which highlighted significant operational milestones and challenges.
- The company’s focus remains on advancing its pipeline of muscle biology-focused therapies, particularly within cardiology.
- A key development is the ongoing regulatory process for aficamten, a treatment for obstructive hypertrophic cardiomyopathy (oHCM).
China Healthcare Weekly (Aug.31) – P/R Ratio Is Meaningless, Innovent, Zylox-Tonbridge 25H1 Results
- We strongly disagree with the valuation method of “P/R”. which is calculated by dividing market value by R&D expenses. It is still necessary to view the valuation system rationally.
- Innovent surprisingly turned loss into profits for the first time in 25H1. Considering the future contribution of mazdutide and IBI363, valuation of Innovent may reach above RMB200 billion.
- The logic of Zylox is import substitution. Based on strong fundamentals, if liquidity remains strong, reasonable P/E is 40-45x. Target share price is HK$25-29/share based on 2025 net profit.
Gemvax & Kael – Rights Offering of 249 Billion Won
- On 29 August, Gemvax & Kael (082270 KS) (Gemvax) announced a rights offering capital raise of 249 billion won.
- Gemvax will issue 6.7 million new shares in this rights offering, representing 16% of its outstanding shares.
- The expected rights offering price is 37,100 won which is 13.4% lower than current price. We are negative on this rights offering.
Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?
- Legend Biotech Corporation’s second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.
- On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.
- This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.
MannKind Buys scPharmaceuticals For $360 Million Bet: Can This Transform Its Future In Cardiorenal Care?
- In reviewing MannKind Corporation’s latest financial performance and strategic initiatives, the company presents a nuanced investment outlook characterized by both opportunities and challenges.
- MannKind reported a revenue increase of 6% year-over-year for the second quarter of 2025, with $77 million in total, and $155 million year-to-date, marking a 12% growth compared to the previous year.
- This growth was primarily driven by Tyvaso DPI royalties, which rose by 22%, contributing $31 million in the second quarter.
Tempus AI: An Insight Into Its Strong Genomics Portfolio, Market Position & Key Growth Drivers!
- Tempus AI’s second-quarter 2025 financial results showcased significant growth and evolution in its business segments, but also presented some challenges that investors might consider.
- The company reported a revenue increase of 89.6% to $314.6 million, with a notable growth of 115% in Genomics revenue attributed to oncology and hereditary testing.
- Data and Services revenue also rose by 35.7%, driven primarily by the company’s data licensing services.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
