In today’s briefing:
- Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?
- Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red
- Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue
- JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
- GENOVA (9341 JP): Q3 FY03/25 flash update
- IQVIA Holdings: Mergers & Acquisitions Strategy Is a Significant Needle Mover!
- Kalbe Farma (KLBF IJ) – Increasingly Healthy Recovery
- Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?
- Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential
- AstraZeneca: A Tale Of Oncology, Rare Diseases & Big Acquisitions!
Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?
- Reportedly, Australian Clinical Labs (ACL AU) and Healius (HLS AU) may reload a merger.
- The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.
- Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and Capitol Health (CAJ AU) and Integral Diagnostics (IDX AU) merged.
Aardvark Therapeutics (AARD): Obesity Biotech Busts; IPO Trades Deeply in the Red
- Aardvark Therapeutics priced a full size deal of 5.88mm shares at the low end of the range, $16.00, and opened at $15.18 for a loss of 5.1% at first trade.
- The volume on day one was just 1.7 million shares or less than 30% of the float.
- As the company progresses through its trials and more readouts and data becomes available, this biotech may find a better footing.
Lupin Ltd (LPC IN): Differentiated Portfolio Drives Solid Q3FY25 Performance; Momentum to Continue
- Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
- North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
- Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.
JTEC Corp (3446 JP) – Reaffirming Long-Term Vision
- Q1-2 FY6/25 results showed the core Optical business experienced sales growth and generated segmental profits, which was positive.
- Focusing on developing the Life Science & Equipment segment involving upfront investment resulted in flattish operating losses YoY overall.
- FY company guidance has been maintained, implying an earnings recovery HoH driven by the Optical segment experiencing order visibility and new customer acquisition.
GENOVA (9341 JP): Q3 FY03/25 flash update
- Revenue increased by 24.7% YoY to JPY7.6bn, with operating profit rising 10.6% YoY to JPY1.6bn.
- Medical Platform business achieved 18.9% YoY revenue growth, with average contract unit price at JPY1.4mn (-0.2% YoY).
- Smart Clinic business saw 45.1% YoY revenue growth, with hardware and software services contributing 64.0% and 36.0% respectively.
IQVIA Holdings: Mergers & Acquisitions Strategy Is a Significant Needle Mover!
- IQVIA Holdings Inc. has reported its fourth-quarter and full-year 2024 earnings, showcasing a mixed but overall resilient financial performance in a challenging landscape.
- Despite facing hindrances such as the Inflation Reduction Act impacts, geopolitical unrest, high interest rates, and inflation, the company has displayed significant achievements and noticeable resilience.
- On the positive side, IQVIA has recorded a full-year revenue growth of 5.5% at constant currency excluding COVID-related declines, with adjusted diluted earnings per share rising by over 9%.
Kalbe Farma (KLBF IJ) – Increasingly Healthy Recovery
- Kalbe Farma (KLBF IJ) booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution & Logistics, and consumer health, with slower growth from its nutritionals segment.
- The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure.
- Kalbe Farma is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER.
Becton Dickinson: 85% Recurring Revenue—Is This Stock an Untouchable Healthcare Powerhouse?
- Becton, Dickinson and Company (BD) recently held its first quarter fiscal 2025 earnings presentation, announcing strong financial performance and strategic decisions that could significantly reshape the company’s future.
- The most critical updates included the impressive results from its existing business units, plans to separate its Biosciences and Diagnostic Solutions segment, and supporting market prospects driven by ongoing innovation.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
Biogen’s Acquisition Bid for Sage Therapeutics: Strategic Review, Shareholder Dynamics, and Zurzuvae’s Blockbuster Potential
- Biogen owns ~10% of Sage Therapeutics and offered $7.22/share to acquire the rest, which Sage rejected.
- Sage has ~$500m in net cash and a 50/50 partnership with Biogen on Zurzuvae, valued at $10/share.
- Biogen’s interest in Sage is driven by Zurzuvae’s potential as a blockbuster drug and associated synergies.
AstraZeneca: A Tale Of Oncology, Rare Diseases & Big Acquisitions!
- AstraZeneca presented robust financial outcomes for the year 2024, achieving a total revenue growth of 21% and an increase in core earnings per share (EPS) of 19%.
- This reflects solid demand across its diverse portfolio and geographical footprint.
- The company’s strategic focus led to numerous pipeline advancements, notably nine high-value pivotal trial readouts that signify future growth potential, with an ambition to introduce 20 new medicines by 2030.
💡 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
