Daily Brief Health Care: Generation Bio , LongBio Pharma (Suzhou), Ce Holdings, Bristol Myers Squibb Co, Gilead Sciences, Merck & Co, Nipro Corp, Oryzon Genomics, Seikagaku Corp, Ship Healthcare Holdings and more

• Generation Bio (GBIO) is undergoing a strategic review with potential outcomes including liquidation, reverse merger, or sale, with insiders owning 22%.
• Sotherly Hotels (SOHOO) is being acquired by two PE firms, with preferred shares trading at a wider spread than common shares.
• LakeShore Biopharma (LSBCF) signed a definitive privatization agreement at $0.90/share, with closing expected in Q1 2026.

• LP-003’s indications are small if compared with big indications in autoimmune diseases.So, LP-003 needs to demonstrate excellent efficacy. Otherwise, it would face fierce competition from Xolair/biosimilars, leaving limited market space.
• The core advantage of LP-005 is that multi-target complement inhibitor has superior efficacy potential compared to single-target ones. The downside is the concerns on safety profile and slow R&D progress.
• Post-Money valuation of LongBio Pharma reached about RMB2 billion after Series C Financing. A comfortable valuation range could be RMB3-5 billion, or about 50%-150% upside from Series C Financing.

• Ce Holdings is a specialized provider of medical information systems, primarily Electronic Medical Record (EMR) systems, strategically positioned to capitalize on Japan’s healthcare digitalization trend.
• The company exhibits a strong growth profile, evidenced by a 3-year net income CAGR of 38.4% and a consistently increasing dividend, supported by favorable demographic tailwinds from Japan’s aging population.
• Valuation appears attractive, with a P/E ratio of 7.8x, trading at a significant discount to healthcare IT peers, suggesting a potential mispricing given its solid financial performance and market position.

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

• Bristol-Myers Squibb’s (BMS) Q3 2025 results reflect a mixed performance, characterized by robust growth in its new portfolio and strategic shifts, but also by challenges from legacy products.
• The company’s growth portfolio demonstrated strong sales, with a 17% increase year-over-year.
• Growth was primarily driven by their immuno-oncology (IO) products, Reblozyl, Camzyos, and Breyanzi.

• Gilead Sciences’ third quarter of 2025 results demonstrate mixed performance across the company’s diverse portfolio, characterized by both significant growth in certain segments and challenges in others.
• The HIV therapy segment remains a stronghold for Gilead, seeing expanding revenues with products like Biktarvy and Descovy demonstrating year-over-year growth of 6% and 20%, respectively.
• Notably, Biktarvy achieved a record U.S. market share, highlighting robust demand driven by the company’s commercial execution.

• 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.

• Sales increased 1.7% YoY to JPY317.4bn, with net income rising 4,477.5% YoY due to extraordinary gains.
• Operating profit rose 14.0% YoY, driven by improved production efficiency and higher supply volume despite rising costs.
• Recurring profit increased 83.3% YoY, with significant foreign exchange loss reduction and higher interest and dividend income.

Oryzon Genomics has reported its Q325 results, a period characterised by tangible progress across its ongoing clinical programmes. Anticipation builds for vafidemstat in borderline personality disorder (BPD) following the receipt of feedback from the FDA for the proposed Phase III PORTICO-2 programme; interactions with the regulators have been constructive and Oryzon plans to resubmit a revised protocol. Oryzon’s oncology-haematology candidate, iadademstat, reported positive clinical data in acute myeloid leukaemia (AML) and further details are due to be presented at ASH 2025. We note that management aims to build the data package for iadademstat to support its efforts in seeking a partner, as part of a renewed strategy to become a central nervous system (CNS) specialist. Following the Q3 results, our valuation shifts to €909.3m or €11.4 per share (from €887.2m or €11.3 per share previously).

• The company reported a sales decline of 11.4% YoY to JPY17.9bn, with an operating loss of JPY557mn.
• Pharmaceuticals Business segment sales were JPY12.1bn, including JPY5.8bn in Domestic Pharmaceuticals and JPY4.4bn in Overseas Pharmaceuticals.
• R&D expenses totaled JPY3.0bn (-6.7% YoY), representing 16.9% of sales excluding royalty income, with ongoing pipeline developments.

• Sales increased by 7.5% YoY to JPY333.4bn, with operating profit rising 5.6% YoY to JPY8.2bn.
• Medical Supply segment sales grew 8.7% YoY, with a profit increase of 11.8% YoY to JPY2.8bn.
• Ship’s FY03/26 forecast includes JPY700.0bn sales and JPY26.0bn operating profit, maintaining full-year targets.