Daily Brief Health Care: Daiichi Sankyo, Thyrocare Technologies, Merck & Co, Suzhou Ribo Life Science, Celltrion , Cingulate, Cross Country Healthcare, Inc, CytoSorbents , Ensysce Biosciences , Imunon and more

• We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.
• With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.
• At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.

• The generic availability of GLP-1 drugs from 2026 presents a structural, high-volume, and repetitive diagnostics opportunity that perfectly fits Thyrocare’s low-cost, centralized B2B model.
• Thyrocare Technologies (THYROCAR IN) reported robust Q2 FY’26 consolidated revenue growth of 22% YoY, coupled with a normalized EBITDA margin expansion to 34.8%.
• Strong execution and quality improvements position Thyrocare to capture this multi-year GLP-1-driven volume surge.

• Merck & Co., Inc.’s third-quarter performance demonstrates its commitment to leveraging scientific advances to deliver value in the healthcare space.
• The company’s revenue for the quarter reached $17.3 billion, a growth of 4% despite foreign exchange headwinds.
• This growth was primarily driven by the continued strength of its oncology segment, notably the drug KEYTRUDA, which saw an 8% increase in sales, contributing $8.1 billion.

• Suzhou Ribo Life is looking to raise at least US$100 million via a Hong Kong listing. CICC and Citi are the deal sponsors.
• While our previous note provides a brief background overview of the company, we look at the updates and competition in this note.
• We become more conservative when looking at its competitive landscape.

• Celltrion is strategically transitioning from a biosimilar powerhouse to a global innovative biopharmaceutical company, underscored by the recent US launch of Zymfentra™, a novel subcutaneous formulation of infliximab.
• The late 2023 merger with Celltrion Healthcare is a pivotal move to enhance operational efficiency, improve cost competitiveness by creating a fully integrated value chain, and increase transparency, which is expected to fund large-scale investments in its future pipeline.
• While facing intense competition in the biosimilar market, the company is pursuing a dual-track growth strategy, aiming to expand its biosimilar portfolio to 22 products by 2030 while targeting 40% of its revenue from a robust pipeline of new drugs, including antibody-drug conjugates (ADCs) and multi-specific antibodies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Cingulate is developing its Precision Timed Release (PTR) technology to deliver ADHD medicines to improve onset & efficacy of previously approved products.
• It licensed rights to manufacturing a 3-layer tablet that releases dexmethylphenidate (CTx-1301) over the active day.
• CTx-1301 provides immediate onset, eliminates the need for a booster dose, reduces diversion & simplifies dosing among other benefits.

• Cross Country Healthcare, Inc. (CCRN) is a prominent provider of healthcare staffing and workforce solutions in the United States, offering a comprehensive suite of services including temporary and permanent placement of healthcare professionals, managed services programs (MSPs), and recruitment process outsourcing.
• The company is navigating a dynamic healthcare staffing industry characterized by persistent labor shortages, fluctuating demand post-pandemic, and a growing emphasis on technology-driven solutions and flexible staffing models.
• CCRN’s financial performance has moderated from the peaks seen during the COVID-19 pandemic, with recent quarters showing declining revenue and a net loss, reflecting broader industry trends of stabilizing demand and pricing for travel nurses. The company is focused on diversifying its service offerings and leveraging technology to drive future growth.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
• The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners in cardiac surgery.
• After FDA denial in April 2025, the company plans to submit a new De Novo application to the FDA in 2026.

• Ensysce Biosciences is committed to finding a solution to the opioid crisis plaguing the US and other developed countries around the world.
• Through its proprietary TAAP technology Ensysce is in the process of receiving approval for an abuse-resistant yet still pain-relieving opioid.
• The company released its 3Q2025 financial results that showed continued progress toward commercialization of an important pain reliever that we believe is critically needed.

• On November 10, 2025, Imunon, Inc. (IMNN) held an R&D Day and provided updates on the latest data for IMNN-001 along with the ongoing OVATION 3 trial.
• Multiple speakers at the event highlighted the ability of IMNN-001 to turn “cold” tumors “hot”, its highly favorable benefit/risk profile, new translational data showing how IMNN-001 is taken up by macrophages in the peritoneal fluid that leads to a robust immune response, along with the statistical plan for the OVATION 3 trial.
• The company also recently presented at the SITC 40th Annual Meeting where new translational data from the OVATION 2 study demonstrated how IMNN-001 can remodel the tumor microenvironment through increased recruitment of CD8+ T cells.