In today’s briefing:
- 2026 High Conviction – China Healthcare: High-Certainty Investment Opportunity Has Emerged
- 3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
- Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way
- Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn Combined One-Way Flow
- Zydus Lifesciences: The PBC Catalyst, From Generics Volume to Specialty Value
- Trellus Health Plc – Hybridan Small Cap Feast: 24 November 2025
- Eco Animal Health – HY26: momentum accelerates
- ARWR: Multiple Data Readouts Ahead in 2026
- VNRX: 3Q 2025 results reported Revenues & EPS above our expectations cost cutting very evident. At least seven major operational milestones have been achieved thus far in 2025.
- Cytokinetics’ Global Strategy Raises Big Questions—Is the Company Ready for a Worldwide HCM Push?
2026 High Conviction – China Healthcare: High-Certainty Investment Opportunity Has Emerged
- The growth of Innovent’s product revenue is always commendable. Based on strong growth momentum, product revenue in 2025 would be above RMB10 billion. Adjusted EBITDA breakeven by 2025 is expected.
- Innovent’s peak sales would reach the level of RMB20 billion in 2027. RMB100 billion is the valuation bottom line in the short term. In mid-to-long term, the highlight is IBI363.
- Current valuation has basically priced in favorable factors for fundamentals for the next three years.Investors can wait patiently for a pullback and buy the stock at a more cost-effective valuation.
3SBio Placement: Partnership with Pfizer Going Well; Digestible Deal
- 3SBio Inc (1530 HK) is looking to raise around US$400m from a primary placement.
- The deal is a small one, representing 2.9 days of the stock’s three month ADV, and 3.9% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Quiddity CSI 1000 Dec25 Results: 88% Hit Rate; 100 ADDs/DELs; ~US$2.5bn One-Way
- The December 2025 index review results for China’s CSI 1000 index were announced after market close on Friday 28th November 2025.
- There will be 100 ADDs/DELs for CSI 1000 in the December 2025 rebalance.
- The CSI 1000 index rebal event could trigger US$2.5bn in one-way flow.
Quiddity STAR 50/100 Dec25 Results: 19/20 Changes Correctly Predicted; ~US$2bn Combined One-Way Flow
- The December 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th November 2025.
- There will be two changes for the STAR 50 index and eight changes for the STAR 100 index.
- We expect one-way flows of approximately US$1.4bn and US$516mn for the STAR 50 and STAR 100 index rebal events, respectively.
Zydus Lifesciences: The PBC Catalyst, From Generics Volume to Specialty Value
- Zydus is shifting its business from US generics toward sustained, high-margin revenue. This growth is driven by its specialty pipeline, chronic Indian business, and MedTech.
- The successful Phase 2(B)/3 trial of Saroglitazar for Primary Biliary Cholangitis (PBC) is the key near-term catalyst, promising a long-duration, high-margin revenue stream in the US specialty market.
- The transition to an innovation-led portfolio evidenced by robust pipeline, strong chronic growth in India, and the MedTech acquisition positions Zydus for a potential re-rating as earnings quality improves.
Trellus Health Plc – Hybridan Small Cap Feast: 24 November 2025
- The mid-market, challenger professional services platform and owner of the Dow Schofield Watts and the DR Solicitors brands reported strong revenue and EBITDA growth in its Interims to September.
- Revenue improved from £1.1m to £2.2m with EBITDA up from £0.1m to £0.7m.
- The cash balances of £2.2m is allowing an interim dividend of 1.2p per share to be paid to shareholders on the register on 12 December.
Eco Animal Health – HY26: momentum accelerates
- Eco Animal Health delivers a strong H1 FY26 performance.
- Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year.
- Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY.
ARWR: Multiple Data Readouts Ahead in 2026
- On November 25, 2025, Arrowhead Pharmaceuticals, Inc. (ARWR) announced financial results for fiscal year 2026 that ended September 30, 2025.
- Following the recent approval of REDEMPLO , Arrowhead is now a commercial-stage company and has drug in channel only a week following approval, which is ahead of schedule.
- Looking ahead to 2026, Arrowhead has a number of important data readouts, including a first look at obesity data for ARO-INHBE and ARO-ALK7 in January 2026 with a more complete data set expected in mid-2026, interim data for ARO-DIMER-PA in summer 2026, initial ARO-MAPT data looking at tau levels in CSF in summer 2026, topline results from SHASTA-3 and SHASTA-4 in 3Q26 with a potential sNDA filing before the end of 2026, and biomarker data for ARO-RAGE possible by the end of 2026 or in early 2027.
VNRX: 3Q 2025 results reported Revenues & EPS above our expectations cost cutting very evident. At least seven major operational milestones have been achieved thus far in 2025.
- Management’s primary operational goal for 2025 is to secure multiple licensing agreements for human diagnostic applications.
- In September Volition entered into two such licensing agreements The company’s 1st commercial order for Nu.Q Cancer assays was received in November.
- The key financial goal for 2025 is to achieve cash neutrality on a full-year basis.
Cytokinetics’ Global Strategy Raises Big Questions—Is the Company Ready for a Worldwide HCM Push?
- Cytokinetics reported its third quarter 2025 results, highlighting key developments and strategic planning for its lead candidate, aficamten.
- The company is actively preparing for the potential FDA approval of aficamten for obstructive hypertrophic cardiomyopathy (oHCM), with significant progress in commercial readiness and regulatory engagements.
- On the regulatory front, Cytokinetics has conducted productive discussions with the FDA regarding aficamten’s Risk Evaluation and Mitigation Strategies (REMS) program and labeling considerations.
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