Daily Brief Health Care: Haw Par Corp, Cooper Cos, Medline, Medical Data Vision, Ensysce Biosciences , Hims & Hers Health Inc, Immix Biopharma Inc, Japan Lifeline, Viatris, Mitra Keluarga Karyasehat Tbk and more

• Haw Par is a Singapore-listed group built around two very different engines.
• The first is Healthcare, which owns and markets the Tiger Balm and Kwan Loong brands.
• These products are sold across ASEAN, North Asia and global export markets and remain the group’s main operating business. 

• Cooper Companies reported its fourth quarter and full year 2025 financial results, highlighting several key aspects across its business segments: CooperVision and CooperSurgical.
• The company set forth strategic initiatives focusing on market share gains, earnings, free cash flow, and capital return to shareholders.
• The company reported consolidated revenues of $1.065 billion for the quarter, representing a 4.6% increase year-over-year, with a 3.4% organic growth.

• Medline is a leading manufacturer and distributor of medical-surgical supplies with a vast and resilient supply chain, positioning it as a critical player in the U.S. healthcare system.
• The company has demonstrated consistent revenue growth, with sales reaching $25.5 billion in 2024, and a significant rebound in profitability, indicating strong operational execution.
• Following a major leveraged buyout in 2021 by a consortium of private equity firms, Medline is poised for a significant IPO, which is expected to reduce debt and provide capital for further strategic investments and expansion.

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• Medical Data Vision’s [MDV] produced FY25 (Dec year-end) Q3 gross profit [GP] of ¥3,248mil (+6.3% YoY) and operating profit [OP]of ¥95mil (vs FY24 Q3’s operating loss of -¥140mil) on sales of ¥4,650mil (+12.7% YoY).
• FY25 is the last year of the ongoing 3-year medium-term management plan [MTP].
• MDV revised down the FY25 guidance on 14 October from OP of ¥2,600mil (vs a recovery from ¥3mil in FY24) on sales of ¥9,000mil (+52.4% YoY) to OP of ¥490mil on sales of ¥6,860mil (+16.1% YoY).

• 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 announced that it has achieved a crucial milestone-enrolling the first patient in its Phase 3 trial of PF614-its lead drug candidate that aims to redefine pain care.

• Hims & Hers Health Inc. recently reported a robust performance for the third quarter of 2025, with significant strides in expanding its digital health platform.
• The company’s results indicate both promising growth avenues and challenges ahead, which investors should thoroughly consider when evaluating the company’s potential.
• On the positive side, Hims & Hers has demonstrated impressive revenue growth, achieving a 49% year-over-year increase to nearly $600 million.

Immix Biopharma has presented a promising clinical update at the American Society of Hematology (ASH) 67th Annual Meeting. The interim study data corresponds to 20 patients from the US-based NEXICART-2 trial, which is evaluating the company’s lead CAR-T asset, NXC-201, in patients with relapsed/refractory amyloid light chain amyloidosis (r/r ALA). Encouragingly, a complete response (CR) rate of 75% was reported (the prior update showed a 70% CR rate across 10 patients). Separately, Immix announced a sizeable fundraise, amounting to c $100m in gross proceeds. Management has communicated that this will be used to support the clinical development of NXC-201, alongside working capital and general corporate purposes. It has guided that these proceeds, alongside its current cash position and expected inflows from the California Institute for Regenerative Medicine grant, should extend the company’s cash runway to mid-2027 (from guidance of Q326 previously). Given the positive clinical update and the improved capital situation, we place our estimates on hold while we review our assumptions; we will present a revised valuation in due course.

• JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY).
• Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices.
• The revised reimbursement prices were applied from June 2024.

• Viatris’ Q3 2025 financial results reflect a strategic direction focused on operational efficiency, pipeline advancement, and shareholder value enhancement.
• The company reported total revenues of $3.76 billion, experiencing a slight decline of approximately 1% compared to the previous year.
• However, when adjusting for the impact of the Indore facility, revenue on an operational basis indicated an approximate growth of 1%, showcasing resilient performance across different markets and product segments.

• Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.
• The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.
• Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.

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