Daily Brief Health Care: Medline, Softcare, Mega Lifesciences, Biomarin Pharmaceutical, Symbio Pharmaceuticals, Eiken Chemical, Paramount Bed Holdings Co Lt, Sirnaomics and more

• Through their two segments, Medline Brand and Supply Chain Solutions, they offer approximately 335,000 med-surg products.
• They had net sales of $21.4  billion, $23.2 billion, and $25.5 billion and net income (loss) of ($25 million), $234 million, and $1.2 billion in 2022, 2023, and 2024, respectively.
• This company is a staple to the healthcare and hospitals industry and we anticipate a market cap north of $50 billion.

• Softcare (SOFT HK)  is looking to raise around US$300m in its upcoming Hong Kong IPO.
• It is an international hygiene product corporation engaged in the development, manufacturing and sales of baby and feminine hygiene products.
• We have looked at the company’s past performance in our previous note. In this note, we will undertake a PHIP update.

• Mega Lifesciences is a leading pharmaceutical and nutraceutical company with a strong presence in high-growth Southeast Asian markets, particularly Myanmar, Vietnam, and Cambodia.
• The company’s dual-engine business model, comprising the branded ‘Mega We Care’ products and the ‘Maxxcare’ distribution arm, provides both margin strength and extensive market reach.
• Future growth is anticipated to be driven by strategic expansion into new markets like Indonesia, a robust pipeline of new product launches, and favorable demographic trends such as rising health consciousness and an aging population in its core markets.

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• BioMarin Pharmaceutical Inc.’s third-quarter 2025 results reflect a multifaceted performance with several key developments across its business units.
• The company has demonstrated robust growth, notably in its Enzyme Therapies and Skeletal Conditions segments, which have driven an 11% increase in top-line growth year-over-year.
• The Enzyme Therapies business alone was reported to be on track to become a $2 billion-plus franchise, highlighting its substantial contribution to revenue.

• Sales dropped 48.9% YoY to JPY971mn, with a gross profit margin of 71.6%, down 4.5pp YoY.
• Operating loss was JPY3.3bn, compared to a loss of JPY2.8bn in cumulative Q3 FY12/24.
• SG&A expenses declined 4.7% YoY to JPY4.0bn, including R&D expenses of JPY2.5bn, down 1.7% YoY.

• Eiken Chemical is a prominent player in the Japanese in-vitro diagnostics (IVD) market, with a strong position in fecal immunochemical testing (FIT) for colorectal cancer screening and a unique proprietary technology in its LAMP nucleic acid amplification method.
• The company is poised to benefit from favorable demographic trends, particularly Japan’s aging population and a growing global emphasis on preventative healthcare and early disease detection. However, it faces challenges from a competitive domestic market and the need for continuous innovation to maintain its technological edge.
• Recent financial performance has been mixed, with revenue growth impacted by external factors such as the decline in demand for COVID-19 related products. Future growth will likely depend on the successful global expansion of its core products and the development of new applications for its LAMP technology.

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• The company reported a YoY decline in revenue and profit, except for net income, which increased by 4.4%.
• In September 2025, the company launched a tender offer for shares, with a minimum purchase of 20,487,000 shares.
• The company decided to pay no dividends for FY03/26 and abolish its shareholder benefits program, conditional on tender offer success.

• Sirnaomics is a clinical-stage biopharmaceutical company specializing in the discovery and development of RNA interference (RNAi) therapeutics, a promising technology for treating a wide range of diseases by silencing disease-causing genes.
• The company’s pipeline is focused on oncology and fibrotic diseases, with lead candidates STP705 and STP707 showing potential in treating various cancers. Sirnaomics has a strong presence in both the United States and China, providing access to two of the world’s largest pharmaceutical markets.
• Key risks for the company include the inherent uncertainties of clinical drug development, potential competition from other RNAi-focused companies, and the need for significant capital to fund its research and development activities.

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