In today’s briefing:
- Shockwave Medical Inc (SWAV US): Beat-And-Raise 1Q23 Results; BSX Deal Reportedly Hit Roadblock
- [BeiGene, LTD. (BGNE US) Target Price Change]: Valuation Adjustment Can Drive the Stock Upside
- Boston Scientific Corporation: An Innovation Powerhouse In The Healthcare Domain – Major Drivers
- Humana Inc.: Transforming Healthcare with its CenterWell Portfolio – Key Drivers
Shockwave Medical Inc (SWAV US): Beat-And-Raise 1Q23 Results; BSX Deal Reportedly Hit Roadblock
- Shockwave Medical Inc (SWAV US) reported better-than-expected Q1 results, due to continued geography expansion and strong demand of its IVL catheters for the treatment of coronary and peripheral artery diseases.
- Shockwave projects 2023 revenue of $700–720M, which represents 43–47% YoY growth. This compares to previous 2023 revenue guidance of $660–680M.
- According to a new media report, the acquisition talks between Boston Scientific (BSX US) and Shockwave have hit a snag as both the parties could not agree on a price.
[BeiGene, LTD. (BGNE US) Target Price Change]: Valuation Adjustment Can Drive the Stock Upside
- BeiGene (BGNE) reported C1Q23 top line 7% and gross margin 1.5ppt above our estimates, leading to non-GAA operating loss 23% narrower than our estimate.
- We raise BRUKINSA’s peak year sales from US$5bn to US$5.8bn while cutting Tislelizumab’s peak sales from US$1.5bn to US$1.2bn.
- With transition to a biopharma complete, BGNE should enjoy a higher multiple; We raised TP from US$219 to US$254 and maintain BUY.
Boston Scientific Corporation: An Innovation Powerhouse In The Healthcare Domain – Major Drivers
- Boston Scientific Corporation’s first quarter performance exceeded Wall Street expectations across all business units and countries and the company delivered an all-around beat.
- Total company operational sales increased by 15%, while organic sales increased by 14%, exceeding its guidance range of 6% to 8%.
- During the quarter, the company launched its third-generation EXALT-D with improved ergonomic design modifications to improve the physician experience.
Humana Inc.: Transforming Healthcare with its CenterWell Portfolio – Key Drivers
- Humana had a healthy start to the year and managed an all-around beat in Q1.
- Total medical expenses in their Medicare Advantage business for the first quarter came in a little bit better than expected.
- Furthermore, the CenterWell portfolio, which consists of primary care, home care, and pharmacy, continues to experience strong growth.
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