In today’s briefing:
- Kalbe Farma (KLBF IJ) – Back to The Future
- Fresenius Medical Care (FME GR): Improved Guidance on Strong 1H23 Show; Turnaround Plan on Track
- DaVita Inc.: Improved Patient Care and Treatment Volumes Driving Growth! – Major Drivers
- Henry Schein Inc.: The Global Growth Engine Driven by Cloud-Based Solutions! – Major Drivers
- Royalty Pharma plc: How Trelegy and Spinraza Are Changing The Game! – Major Drivers
Kalbe Farma (KLBF IJ) – Back to The Future
- Kalbe Farma (KLBF IJ) is one of the key proxies for increasing healthcare penetration and health consciousness in Indonesia through prescription drugs, consumer health, and nutritional products.
- The company saw a solid sales performance in 1H2023 driven by prescription drugs. There was some lingering margin pressure from higher materials but this should abate in 2H2023.
- Kalbe Farma continues to develop its digital capabilities, as well as export markets helping to drive efficiencies and growth. Valuations remain below the historical average despite strong earnings recovery ahead.
Fresenius Medical Care (FME GR): Improved Guidance on Strong 1H23 Show; Turnaround Plan on Track
- Fresenius Medical Care & (FME GR) reported accelerated organic revenue growth of 6% YoY in 2Q23, driven by both operating segments including sequentially stable treatment volumes in the U.S.
- Execution on turnaround plan translates into visible productivity improvements in care delivery segment achieving a Q2 margin at the lower end of the 2025 target margin band of 10–14%.
- The company now expects 2023 operating income to remain flat or decline by up to a low-single-digit percentage (previous target: remain flat or decline by up to a high-single-digit percentage).
DaVita Inc.: Improved Patient Care and Treatment Volumes Driving Growth! – Major Drivers
- DaVita Inc. exceeded analyst expectations in revenue and earnings, with $432 million in adjusted operating revenue and $2.08 in adjusted profits per share.
- These outcomes were driven by advancements in their financial trinity of treatment volume, revenue per treatment, and patient care expenses.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Henry Schein Inc.: The Global Growth Engine Driven by Cloud-Based Solutions! – Major Drivers
- Henry Schein delivered a mixed set of results in the recent quarter with revenues falling short of Wall Street expectations but above-par earnings.
- Strong equipment sales and steady general merchandise sales, along with continued strength in technology and value-added services, implants, biomaterials, and endodontic products, have contributed to this performance.
- The technology and value-added services business, including Henry Schein One, is experiencing global growth, driven by cloud-based practice management software and revenue cycle management services.
Royalty Pharma plc: How Trelegy and Spinraza Are Changing The Game! – Major Drivers
- Royalty Pharma plc delivered a strong result and managed an all-around beat last quarter.
- As a result, the company delivered adjusted EBITDA growth of 4% for the quarter, substantially in line with the team’s top-line growth.
- The company’s total royalty receipts increased by 1%.
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