In today’s briefing:
- Myungin Pharmaceutical IPO Preview
- Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength
- Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!
- Novo Nordisk & GoodRx Shake Up Drug Pricing: Ozempic At $499 Sends Shockwaves!
- HURA: IFx-2.0 Phase III Begins
- BridgeBio Pharmaceuticals: Initiation Of Coverage- A Closer Look At Its Scientific Advancements & Pipeline Developments!
- Masimo Corporation Unveils Next-Gen Root Monitor; Can Its Innovations Help Grap A Larger Pie Of The Market?
- Henry Schein: Growing Profits With BOLD+1 & Smart Partnerships & Key Developments!
Myungin Pharmaceutical IPO Preview
- Myungin Pharmaceutical is getting ready to complete its IPO in KOSPI in September. The IPO price range is from 45,000 won to 58,000 won.
- The total offering amount ranges from 153 billion won ($111 million) to 197 billion won ($143 million). The book building for the institutional investors lasts from 9 to 15 September.
- Using EBITDA of 104.5 billion won and EV/EBITDA of 7.9x and IPO discount ranges of 32.2% to 47.4%, this resulted in IPO price range of 45,000 won to 58,000 won.
Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
- Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
- The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.
EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.
- In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
- Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.
Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength
- In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
- R&D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.
- In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).
Halozyme Therapeutics: ENHANZE Platform Expansion & Critical Factors That Will Define Its Success in 2025 and Beyond!
- Halozyme Therapeutics, Inc. reported its second quarter 2025 financial results, marking a period of robust growth.
- The company announced a 41% increase in total revenue, reaching $326 million, driven primarily by strong royalty revenue, which saw a 65% year-over-year rise to $206 million.
- The growth is attributed to the continued performance of blockbuster subcutaneous therapies such as DARZALEX, Phesgo, and VYVGART Hytrulo, which are enhanced by Halozyme’s ENHANZE technology.
Novo Nordisk & GoodRx Shake Up Drug Pricing: Ozempic At $499 Sends Shockwaves!
- Novo Nordisk has taken a bold step in reshaping the U.S. pharmaceutical landscape by partnering with GoodRx to offer its blockbuster Type 2 diabetes drug, Ozempic, directly to consumers at $499 per month—about half its traditional list price.
- Announced in mid-August 2025, the move mirrors the company’s earlier direct-to-consumer strategy for Wegovy, its obesity drug, and is designed to capture uninsured or underinsured patients struggling with access.
- While Novo says that 98% of insured patients already have coverage for Ozempic, the new program aims to expand access to those outside the system through Novo’s own telehealth storefront and GoodRx’s nationwide pharmacy network.
HURA: IFx-2.0 Phase III Begins
- TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
- It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
- IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.
BridgeBio Pharmaceuticals: Initiation Of Coverage- A Closer Look At Its Scientific Advancements & Pipeline Developments!
- BridgeBio Pharma delivered strong second-quarter results, emphasizing significant progress in both its commercial operations and pipeline development.
- The company’s lead product, Attruby, used in the treatment of ATTR cardiomyopathy, exhibited robust growth.
- In Q2 2025, Attruby generated $78 million in global sales, with $71.5 million from U.S. net sales, reflecting 100% growth over the previous quarter.
Masimo Corporation Unveils Next-Gen Root Monitor; Can Its Innovations Help Grap A Larger Pie Of The Market?
- Masimo Corporation’s second quarter of 2025 presents a mixed yet interesting picture for potential investors, focusing predominantly on the healthcare technology sector while strategizing significant organizational and operational shifts.
- The quarter reflected growth in core areas but faced challenges in others, encapsulated by both strategic initiatives and external disruptions.
- On the positive side, Masimo reported continued strength in its healthcare business, with revenue reaching $370 million, marking a 7.4% increase on a constant currency basis.
Henry Schein: Growing Profits With BOLD+1 & Smart Partnerships & Key Developments!
- Henry Schein, Inc. presents a complex outlook as its second quarter 2025 performance demonstrates both challenges and opportunities.
- The company’s global sales reached $3.2 billion, growing by 3.3% from the previous year, though impacted by various challenges such as reduced U.S. distribution margins primarily due to lower glove pricing and targeted sales initiatives.
- This quarter also saw a 42 basis point drop in GAAP operating margins and a 79 basis point decline on a non-GAAP basis, attributed to decreases in gross margins and increased operational costs.
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