In today’s briefing:
- Vertex Pharmaceuticals Shock Move: Is JOURNAVX Upping Its GAME In The Non-Opioid Pain Market?
- Jiangsu Hengrui Pharma IPO Lockup – US$850m Cornerstone Release
- Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight
- BioNTech: Diversified
- Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring
- ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities
- LGMKD: New Device & Solutions Underlie 3Q & YTD Strong Revenue Improvements
- PBH: Demand Pull-Forward Drives 2QFY26 Upside; Raising EPS Estimates Due to Strong Free Cash Flow
- Hybridan Research: RUA Life Sciences: Journey to a Higher Value
- IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What’s Next?
Vertex Pharmaceuticals Shock Move: Is JOURNAVX Upping Its GAME In The Non-Opioid Pain Market?
- Vertex Pharmaceuticals presented a robust financial performance for the third quarter of 2025, reporting a revenue of $3.08 billion, marking an 11% increase compared to the same period in 2024.
- This growth was spurred by continued strength in its cystic fibrosis (CF) portfolio, along with the expanding market presence of its newer treatments such as ALYFTREK and JOURNAVX.
- Positively, Vertex is diversifying its revenue streams beyond CF, with momentum building for CASGEVY—a onetime treatment for severe sickle cell disease and beta-thalassemia.
Jiangsu Hengrui Pharma IPO Lockup – US$850m Cornerstone Release
- Jiangsu Hengrui Pharmaceuticals (1276 HK), a China-based pharmaceutical company, raised around US$1.5bn in its H-share listing in May 2025. The lockup on its cornerstone will expire soon.
- JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
- In this note, we will talk about the lockup dynamics and possible placement.
Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight
- We had been near-term bullish on the S&P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
- The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
- Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we’ll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200
BioNTech: Diversified
- BioNTech’s recent earnings call provided a comprehensive overview of the company’s strategic approach and financial status.
- The company has a robust portfolio focused primarily on oncology, leveraging its expertise in mRNA technology and immunotherapy.
- BioNTech’s financial performance for the third quarter of 2025 reflected a notable increase in total revenues to €1.519 billion from €1.245 billion in the same quarter of 2024, driven largely by a $700 million recognition as part of a collaboration with Bristol-Myers Squibb (BMS).
Genuine Biotech (真实生物) Pre-IPO: Challenges Amid Restructuring
- Genuine Biotech is looking to raise at least US$100 million via a Hong Kong listing. The sole sponsor is CICC.
- In our previous note, we briefly looked at the company’s fundamentals.
- In this note, we analyzed the latest changes in the company and the challenges faced by the company.
ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities
- ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
- ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
- From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.
LGMKD: New Device & Solutions Underlie 3Q & YTD Strong Revenue Improvements
- With Activity metrics and Medication reminders features recently incorporated in the Freedom Alert Max, we believe the utility of the device and potentially others as new features and solutions are developed and introduced continues to expand.
- The company expects its initiatives will accelerate its growth over time & expects new products and services to both diversify and augment its revenue streams and, importantly, to boost recurring revenues.
- LogicMark, Inc. (OTCPK: LGMKD) formerly was a hardware company generating non-recurring revenue.
PBH: Demand Pull-Forward Drives 2QFY26 Upside; Raising EPS Estimates Due to Strong Free Cash Flow
- PBH reported 2QFY26 adjusted EPS of $1.07 versus $1.09 in 2QFY25, above our $0.97 estimate, which was also FactSet consensus.
- Sales in the quarter declined 3.4% Y/Y to $274.1MM, above our $256.9MM estimate, as well as consensus of $257.1MM.
- Management previously expected sales in the range of $256-259MM, so sales exceeded management’s original expectations as well.
Hybridan Research: RUA Life Sciences: Journey to a Higher Value
- The new accounting date is to September 2025, changed from March, so the next full audited report is for 18 months to be announced in January 2026.
- The trading-update on 4 November last week included a 12-month contribution from ABISS which was acquired on 9 September 2024.
- RUA stated its growth strategy is to increase the scale of the medical device and component manufacturing, reduce customer concentration, develop royalties from Biomaterials, and break-even.
IDEXX Accelerates Its Cancer Dx Revolution With Breakthrough Tools for Early Detection; What’s Next?
- IDEXX Laboratories, in their third quarter financial review, reported robust performance anchored in their Companion Animal Group (CAG) business.
- The company experienced a 13% increase in overall revenues, with a 12% organic growth, primarily driven by the CAG Diagnostics recurring revenues.
- This growth was particularly notable in the international regions, achieving double-digit growth, while the U.S. saw over 8% growth despite a minor setback of a 1.2% decline in same-store clinical visits.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
