In today’s briefing:
- HK Inno. N (195940 KS): Flagship Drug K-CAB Is Set to Become a Global Blockbuster Drug
- Bloomage Biotechnology Vs Yunnan Botanee Bio-Technology – Accumulate Richly and Break Forth Vastly
- Result Update – Krishna Institute of Medical Sciences LTD
- Pfizer India – Beat on Margins
- Zydus Lifesciences – Excluding One-Offs, Earnings In-Line with Estimates
HK Inno. N (195940 KS): Flagship Drug K-CAB Is Set to Become a Global Blockbuster Drug
- HK inno.N (195940 KS)‘s K-CAB induces faster onset of action and can control gastric pH for a longer period than the existing treatments in acid-related disorders.
- K-CAB is expected to start global expansion in 2022. The drug obtained marketing approval in Philippines. It is already approved in China and is under clinical trial in the U.S.
- HK inno has entered into marketing alliances with several Southeast Asian and Latin American countries. The company aims to export the drug to 100 countries globally by 2028.
Bloomage Biotechnology Vs Yunnan Botanee Bio-Technology – Accumulate Richly and Break Forth Vastly
- Botanee has outstanding performance at the current stage, but WINONA alone is not enough to establish a high moat. Its weak R&D/innovation in raw materials/products would cast doubts on outlook.
- Bloomage is more R&D oriented and characterized by integration of industrial chain. Its advanced synthetic biology will bring more possibilities for future development.The collagen would be a new growth point.
- Although with lower net profit margin, Bloomage is expected to have better outlook than Botanee. So, we think Bloomage could have higher valuation than Botanee in the future.
Result Update – Krishna Institute of Medical Sciences LTD
- The company’s occupancy rate reduced to 590bps YOY due to COVID 3.0 in Jan’22 but it has since picked up momentum.
- ARPOB improved to Rs 25,144., led by speciality surgeries into the lungs and heart segment.
- The business has almost reached the pre-Covid levels with In-Patient (IP) volumes increasing by 25% on a YoY basis.
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Pfizer India – Beat on Margins
- Resurgence of Covid and potential launch of anti-covid pill Paxlovid in India
- Potential generic competition in Eliquis in 2HFY23 – we estimate Eliquis sales to be ~Rs1,500mn for Pfizer in India.
- Impact of Universal Immunization Program on Prevnar sales in Private Markets – Prevnar penetration in the target markets is currently in low single digit and hence we currently are not building in a material decline in the Prevnar opportunity.
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Zydus Lifesciences – Excluding One-Offs, Earnings In-Line with Estimates
- Mesalamine Portfolio: In the US market, Zydus faced competition and price erosion in gLialda while the company continues to be the sole generic player in Asacol HD.
- In May’22, Sun Pharma was the first generic player to receive final USFDA approval for gPentasa.
- We expect Zydus to also receive an approval for gPentasa soon.
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