Daily Brief Health Care: Mandi, 3SBio Inc, Moderna , Sinopharm Group Co Ltd H, Mckesson Corp, Staar Surgical Co, Boston Scientific, Ptl Enterprises, Cencora , NewGenIVF Group Ltd and more

• Mandi (MANDI HK) is looking to raise up to US$200m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
• Mandi is a leading specialized consumer pharmaceuticals company in China, primarily focused on skin health (including hair health) and weight management.
• The company was spun off from 3SBio (1530.HK) to operate as a distinct entity. 

• Mandi’s valuation logic is drifting away from the main line of 3SBio.Mandi is “good asset but not core asset” within 3SBio system, so it’s difficult to drive up overall valuation. 
• Innovative drug R&D will be the main driver for future valuation growth in “post-Mandi era”. The Placing can be regarded as the continuous development of 3SBio after Mandi spin-off .
• 3SBio is undervalued. Valuation would be higher than Sino Biopharm and may also surpass Akeso, Hengrui in the future if its SSGJ-707 can deliver good clinical data in future trials.

• During the third quarter of 2025, Moderna Inc. reported $1 billion in revenue, primarily driven by sales of their approved vaccines: Spikevax, mNEXSPIKE, and mRESVIA.
• However, the company reported a net loss of $200 million, contrasting with a profit of $13 million in the same period the previous year.
• The decline in revenue, by 45% year-over-year, was mainly due to reduced demand for COVID vaccines.

• We expected growth to improve, however, on the contrary growth has slowed, and there seem to be limited short to medium term positive catalysts.
• Pricing pressure is still a problem, and competition is intense especially in the fragmented medical device market.
• Given the relatively low growth outlook, and the fact that Sinopharm is largely a distribution model, we see limited opportunity for the company to re-rate from the current level.

• McKesson Corporation’s second quarter fiscal 2026 earnings report demonstrates both impressive financial performance and strategic alignment with growth-oriented market segments.
• Consolidated revenues increased 10% year-over-year to $103 billion, and adjusted earnings per diluted share grew by 39% to $9.86, showcasing the company’s ability to sustain momentum and effectively execute its strategic priorities.
• In response to this robust performance, McKesson raised its annual guidance for adjusted earnings per diluted share to $38.35-$38.85.

• STAAR Surgical recently reported its first-quarter 2025 financial results, which reflected a period of strategic transition aimed at addressing various challenges and positioning the company for long-term growth.
• The company’s revenue for the quarter stood at $42.6 million, a significant decline from the $77.4 million recorded in the same period last year.
• This decrease was mainly attributed to minimal purchases by STAAR’s China distributors as they managed through existing inventory, though this was partially offset by growth in sales outside China.

• Boston Scientific Corporation’s third-quarter performance highlights significant growth, driven chiefly by its Cardiovascular segment, particularly in Electrophysiology (EP) and the WATCHMAN product line.
• The company’s operational sales ascended by 19%, with organic sales rising by 15%, both exceeding forecasted ranges.
• This robust performance underscores Boston Scientific’s strategic focus and execution prowess.

• PTL Enterprises operates a unique, low-risk business model, leasing its tyre manufacturing plant in Kerala to its associate company, Apollo Tyres Ltd., generating a stable and predictable rental income stream.
• The company is characterized by its high dividend yield and attractive valuation, trading at a significant discount to its book value. Its financial profile is robust, with virtually no debt and consistent profitability.
• The primary risk and key determinant of future performance is the heavy dependence on a single lessee, Apollo Tyres. The terms and renewal of the long-term lease agreement are critical to the company’s outlook.

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• Cencora, in its fiscal 2025 fourth-quarter and full-year results call, reported strong financial performance supported by growth in its strategic initiatives and significant market trends.
• The earnings call highlighted a 16% increase in both adjusted operating income and adjusted diluted earnings per share (EPS), driven by strategic investments in specialty areas and strong pharmaceutical utilization trends.
• This performance underlines Cencora’s strategic role as an end-to-end healthcare services company.

• Zacks Small-Cap Research Note for NewGenIVF Group Limited (NIVF)