In today’s briefing:
- Myungin Pharmaceutical IPO Valuation Analysis
- Biologics Spinco Filing: Posts Far More Aggressive Post-Listing Share Swap Lock-Up Than Expected
- McKesson Corporation: Expanding Healthcare Distribution With THESE High-Octane Growth Levers!
- Rhythm Pharmaceuticals: A Growing Pipeline With Next-Gen MC4R Agonists – Could Bivamelagon Be the Game-Changer?
- Solar Foods (SFOOD). The Startup Making Food From Air
- Telix Pharmaceuticals (TLX AU): Here’s Why Sentiment Has Improved
Myungin Pharmaceutical IPO Valuation Analysis
- Our base case valuation of Myungin Pharm is target price of 80,349 won per share, which is 39% higher than the high end of the IPO price range.
- Given solid upside, we have a Positive View of Myungin Pharm. Our target price is based on EV/EBITDA of 6.4x using our estimated EBITDA of 110.4 billion won in 2025.
- We believe Myungin Pharm should deserve a premium valuation multiple than its peers mainly due to higher sales growth, operating margin, and ROE but lower debt ratio.
Biologics Spinco Filing: Posts Far More Aggressive Post-Listing Share Swap Lock-Up Than Expected
- KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&T stake sell-down and overlapping-listing risks.
- FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&T preventing share sales in both parent and spinco for a set period.
- Trading setup remains short Samsung C&T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&T as the near-term underperformer.
McKesson Corporation: Expanding Healthcare Distribution With THESE High-Octane Growth Levers!
- McKesson Corporation’s first-quarter fiscal 2026 performance reflects strong operational and financial results.
- This period was marked by significant revenue growth, strategic acquisitions, and effective capital management.
- The company reported consolidated revenues of $97.8 billion, indicating a 23% increase from the previous year, largely driven by increased prescription volumes from retail national account customers and the addition of new strategic accounts.
Rhythm Pharmaceuticals: A Growing Pipeline With Next-Gen MC4R Agonists – Could Bivamelagon Be the Game-Changer?
- Rhythm Pharmaceuticals recently conducted their Q2 2025 earnings conference call, providing insights into their financial performance and operational progress.
- The company reported a strong quarter, marked by significant financial achievements and promising developments in their clinical pipeline.
- Financially, Rhythm Pharmaceuticals presented robust global revenue of $48.5 million for Q2, representing a 29% increase from the previous quarter.
Solar Foods (SFOOD). The Startup Making Food From Air
- Solar Foods is pioneering a single-cell protein powder – called “Solein” –that combines the best traits of plant and animal proteins while avoiding their key drawbacks.
- The business model centers on selling Solein as an ingredient to food manufacturers and licensing the firm’s technology.
- Solar Foods is still in early stages, but its growth and profit potential could be huge if it can successfully execute.
Telix Pharmaceuticals (TLX AU): Here’s Why Sentiment Has Improved
- For 1H25, Telix Pharmaceuticals (TLX AU) recorded revenue of $390M, up 63% YoY and 41% HoH. Even after excluding RLS revenue, base business revenue grew 30% YoY and 12% HoH.
- Illuccix continues to drive revenue growth. Global sales of Illuccix were $306M in 1H25, up 29% YoY, reflecting continued growth in sales volume and market share gains in the U.S.
- SEC subpoena has not affected the normal business operation. Telix is “fully cooperating with the SEC and is in the process of responding to the information request.”
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