Healthcare Analyst

Wilfred Yuen

Healthcare analyst with 12+ years’ experience in both sell-side and buy-side leadership roles, with extensive experience IPO experience and a robust network of institutional investors and corporate executives. Coverage spans biopharma, biotech, CROs, devices, and health-tech stocks, delivered through with stock/sector/thematic reports, detailed financial models, and direct corporate access.

Hengrui (600276.CH): 2Q26 Miss on Generic Drugs Decline and Moderating Growth of Oncology Segment

WuXi XDC (2268.HK): 1H26 Results Call Takeaways: GPM Outlook, Singapore Site, BioDlink Integration

LEGN: 2Q26 Call Takeaways; 2026 Profitability on Track; Next up on LB2501 (In Vivo CAR-T) Updates

Equity Bottom-Up

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1H26 results driven by AI orders, with life sciences segment revenue up 26% YoY (or +16% HoH) and adjusted operating profit up 103% YoY to US$94m.</li>
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2026 guidance upgrade: 1) Life science: 25-30% revenue growth (vs. 15-18% prior), with adjusted OPM: 25%+ (vs. 19% prior); 2) Probio: 25-30% fee-for-service revenue growth (vs. 20-25% prior)</li>
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At US$7.2bn mkt cap (vs. TWST: US$7.4bn), our back-of-envelop calculation indicates ~36x 2027E P/E. Genscript holds net cash of US$638m and 45% stake in LEGN. See inside for call takeaways</li>
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1H26 results driven by AI orders, with life sciences segment revenue up 26% YoY (or +16% HoH) and adjusted operating profit up 103% YoY to US$94m.

2026 guidance upgrade: 1) Life science: 25-30% revenue growth (vs. 15-18% prior), with adjusted OPM: 25%+ (vs. 19% prior); 2) Probio: 25-30% fee-for-service revenue growth (vs. 20-25% prior)

At US$7.2bn mkt cap (vs. TWST: US$7.4bn), our back-of-envelop calculation indicates ~36x 2027E P/E. Genscript holds net cash of US$638m and 45% stake in LEGN. See inside for call takeaways


Genscript (1548.HK): 1H26 Results Driven by AI Orders; Guidance Upgrades on Life-Science and Probio

GenScript Biotech

Genscript (1548.HK): 1H26 Results Driven by AI Orders; Guidance Upgrades on Life-Science and Probio