Daily Brief Health Care: Santen Pharmaceutical, Novo Nordisk A/S, Shanghai MicroPort MedBot Group and more

In today’s briefing:

Santen Pharmaceutical (4536 JP): Profit to Improve This Year; China Reopening, New Products Hold Key
Novo Nordisk: Making Strides in the Obesity Market
Shanghai MicroPort MedBot Group (2252.HK) – The Truth Behind the Beautiful Story Is Becoming Clearer

Santen Pharmaceutical (4536 JP): Profit to Improve This Year; China Reopening, New Products Hold Key

Santen Pharmaceutical (4536 JP) is not seeing any change in competitive landscape of its key drug, Eylea, which contributes 27% of total revenue. No immediate biosimilar launch is expected.
Approval of bioidentical authorized generic version of Eylea in Japan, label expansion, and potential launch of high dose of the same drug will enable to combat with upcoming biosimilar competition.
Santen expects China market to revive in FY24. Additionally new products launch and widening geographic presence to drive mid-to-long-term growth of the company.

Diabetes care growing strongly, with continuous market share gain, now reaching close to 35%
New chapter of growth has started as Novo makes strides in obesity, a larger market than diabetes.
Capex for 2023 and beyond is expected to double as Novo prepares capacity to supply a growing demand for its products

No matter how good a story is, it needs to be supported by sales data.If sales of Toumai cannot scale up, the complete closed-loop of surgical robot+consumables+solution/service would be groundless.
The commercialization dilemma has become “a dark cloud” for Medbot. Before Medbot makes any breakthrough in internationalization or establishes an effective profit model in China, the Company lacks investment logic.
The catalyst for stock prices from favorable policies is not lasting. Weaker-than-expected financial performance would quickly throw valuations into correction. As things stand, Medbot is only suitable for short-term trade.

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