Daily Brief Health Care: Samsung Biologics , Clarity Pharmaceuticals Ltd, Aimed Bio, UltraGreen.AI, Axbio International, Hims & Hers Health Inc, Ray /KR, Soligenix , Aarti Pharmalabs, Zoetis Inc and more

• Samsung Bioepis Holdings and Samsung Biologics will start to trade on 24 November. We remain positive on Samsung Biologics/Samsung Bioepis Holdings.
• Operating profit more than doubled, up 115.3% YoY in 3Q25, indicating significant operating leverage. The company’s excellent results in 3Q25 is likely to positive impact the newly listed shares. 
• Biologics division achieved 1.26 trillion won in sales with a 50% operating margin, while the Bioepis unit generated sales of 441 billion won with a 29% operating margin in 3Q25.

• In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
• We expect two changes for ASX 50, two changes for ASX 100, and seven changes for ASX 200.
• The official index changes will be announced after the close on Friday 5th December 2025.

• Aimed Bio finalized its IPO price at 11,000 won, which is at the high end of the IPO price range. Aimed Bio will be listed on KOSDAQ on 4 December.
• A total of 2,414 domestic and international institutional investors participated in this IPO. The demand ratio of the IPO was 672 to 1 among the institutional investors.
• Based on the final offering price, the offering amount is projected to be approximately 70.7 billion won, resulting in a market capitalization of approximately 705.7 billion won.

• UltraGreen.AI Has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from Renew Group Private Limited. Citigroup and DBS Bank are the joint bookrunners.
• The company intends to use the IPO proceeds for funding the capex and development of the products, and pursuing strategic investments and acquisitions to support expansion plans in new geographies.
• Ultragreen’s strong competitive moat, track record of revenue growth and margin expansion, and significant cash generation position it for continued success and leadership in the fluorescence-guided surgery-based imaging market.

• Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
• In our previous note, we look at the products and management team briefly. Although there are interesting takes from the prospectus, we are not convinced about its prospects.
• In this note, we took a further look and are of the view that the company is behind the curve of competition despite its incremental innovation in PCR-microarray.

• Hims & Hers Health recently reported its third-quarter results for 2025, showcasing both potential opportunities and challenges as the company expands its footprint in the healthcare sector.
• The company reported substantial revenue growth of nearly 49% year-over-year, reaching close to $600 million, a reflection of its strategic shift towards personalized healthcare solutions.
• However, despite this impressive growth trajectory, several factors warrant a closer look.

• Ray is a high-risk, high-reward turnaround candidate in the digital dentistry sector. The company has experienced severe financial distress, with significant revenue declines and massive net losses in recent years.
• Recent quarterly results for 2025 show nascent signs of a potential recovery, with a return to profitability in Q3. However, the sustainability of this recovery is highly uncertain given the extreme volatility in historical performance.
• The company’s valuation appears attractive on a price-to-book basis, reflected in its high Smartkarma Value score. However, negative earnings and EBITDA render traditional earnings-based multiples meaningless, and the stock’s market capitalization has plummeted.

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• On November 19, 2025, Soligenix, Inc. (SNGX) announced that 50 patients are now enrolled in the ongoing Phase 3 FLASH2 Trial of HyBryte for the treatment of cutaneous T cell lymphoma (CTCL).
• Enrollment of the 50th patient will allow for an interim analysis to occur in the second quarter of 2026.
• Thus far, for the patients that have completed the trial, the overall blinded response rate is 48%.

• Aarti Pharmalabs is a significant player in the global pharmaceutical industry, specializing in Active Pharmaceutical Ingredients (APIs), Xanthine derivatives, and offering Contract Development and Manufacturing Organization (CDMO) services. The company was demerged from Aarti Industries in 2022 to create a focused pharmaceutical entity.
• The company holds a dominant position in the Xanthine derivatives market, being the largest Indian manufacturer and commanding a 15-20% global market share. This segment benefits from its use in beverages, nutraceuticals, and pharmaceuticals.
• Strategically, Aarti Pharmalabs is focused on expanding its capacities, particularly in the Xanthine and API segments, and increasing its presence in regulated markets. A major greenfield project at Atali, Gujarat, is expected to be a key growth driver upon its commissioning.

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• Zoetis recently reported its third quarter financial results for 2025, revealing a 4% growth in revenue and a 9% increase in adjusted net income on an organic operational basis.
• The results were fueled by strong performances in both international and U.S. markets, with international revenue growing by 6% and U.S. revenue by 3% when excluding divestitures.
• However, this growth was moderated compared to previous quarters due to various market dynamics and challenges.