In today’s briefing:
- Genfleet (劲方医药) IPO: Margin of Safety
- PolyNovo (PNV AU): Solid FY25 Performance; Label and Geography Expansion to Accelerate Growth
Genfleet (劲方医药) IPO: Margin of Safety
- Genfleet, a China-based clinical stage biotech company, launched its IPO to raise at least USD 204 million via a Hong Kong listing.
- In our previous note, we have examined the company’s core product and key product and our thoughts on valuation.
- In this note, we look at the deal term. We think the valuation provides margin of safety while sentiment is positive.
PolyNovo (PNV AU): Solid FY25 Performance; Label and Geography Expansion to Accelerate Growth
- PolyNovo Ltd (PNV AU) reported 29% YoY growth in FY25 revenue to A$119M, driven by 29% YoY growth in U.S. sales to A$88M. RoW sales grew 30% YoY to AS$30M.
- PolyNovo expects continued sales growth as multiple products received relevant regulatory clearance. Leveraging on proven track record in full thickness burn procedures, PolyNovo is driving adoption in additional surgical areas.
- Strong FY25 result enhances conviction on the growth prospects. Broader rollout of NovoSorb MTX across multiple regions and increasing demand from plastic and reconstructive procedures are expected drive growth.
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