Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/kenvue-inc" target="_blank" data-smartkarma-citation="entities:36755:1" rel="noopener">Kenvue (KVUE US)</a> reported 5% YoY revenue growth to $4B in 2Q23, driven by continued demand of self-care portfolio, mainly consisting of cough, cold, and allergy, and pain care products.</li>
<li>The company has guided for 4.5–5.5% revenue growth and EPS of $1.26–1.31 for 2023. Kenvue has declared a cash dividend of $0.20 for 3Q23.  </li>
<li>J&amp;J is offering its shareholders the option to exchange shares for Kenvue's at a 7% discount. The exchange offer is scheduled to close on August 18, 2023.</li>
</ul>



Kenvue (KVUE US) reported 5% YoY revenue growth to $4B in 2Q23, driven by continued demand of self-care portfolio, mainly consisting of cough, cold, and allergy, and pain care products.
The company has guided for 4.5–5.5% revenue growth and EPS of $1.26–1.31 for 2023. Kenvue has declared a cash dividend of $0.20 for 3Q23.  
J&amp;J is offering its shareholders the option to exchange shares for Kenvue's at a 7% discount. The exchange offer is scheduled to close on August 18, 2023.


Kenvue (KVUE US): Q2 Result Beats Estimates; Initiated 2023 Guidance; J&J Launches Exchange Offer

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<li>
<a href="https://www.smartkarma.com/entities/genmab-a-s-26418c4e-f8a3-407b-a60e-422af04febfe" target="_blank" data-smartkarma-citation="entities:28558:1" rel="noopener">Genmab A/S (GMAB US)</a> recorded 30% YoY growth in royalty revenue on net sales of Darzalex to DKK1,952 million, representing 68% of total revenue in 1Q23.</li>
<li>Genmab has guided for 2023 Darzalex royalty revenue of DKK10.4–11.1B, compared to royalty revenue of DKK10.1B in 2022, based on estimated Darzalex 2023 net sales of $9.4 – 10.0B.</li>
<li>In May 2023, Genmab received FDA approval for Epkinly as the first and only T-cell engaging bispecific antibody for the treatment of relapsed or refractory diffuse large B-cell lymphoma.</li>
</ul>



Genmab A/S (GMAB US) recorded 30% YoY growth in royalty revenue on net sales of Darzalex to DKK1,952 million, representing 68% of total revenue in 1Q23.
Genmab has guided for 2023 Darzalex royalty revenue of DKK10.4–11.1B, compared to royalty revenue of DKK10.1B in 2022, based on estimated Darzalex 2023 net sales of $9.4 – 10.0B.
In May 2023, Genmab received FDA approval for Epkinly as the first and only T-cell engaging bispecific antibody for the treatment of relapsed or refractory diffuse large B-cell lymphoma.


Genmab A/S (GMAB US): Darzalex Continued to Be the Cash Cow; Epkinly Approval Adds Another Catalyst

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Lotus Pharmaceutical / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)'s</a> majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.</li>
<li>The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Lotus Pharmaceutical (1795 TT)'s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.
The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Lotus Pharmaceutical Placement - Sound Fundamentals but Doesn’t Seem Well Flagged

Celltrion Healthcare   / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> is expected to launch Humira biosimilar, Yuflyma, in the U.S. market in July 2023. Despite heavy competition, as high-concentration citrate-free formulation, Yuflyma has competitive edge.</li>
<li>In April 2023, Celltrion has launched bevacizumab biosimilar, Vegzelma in the U.S. Vegzelma will be the first product that the company will be directly selling in the U.S.</li>
<li>Through portfolio expansion, Celltrion increased target market size to $53.7B in 2023 from $20.6B in 2020, representing 161% growth. For 2024, the target market is expected to increase to $91.3B.</li>
</ul>



Celltrion Healthcare (091990 KS) is expected to launch Humira biosimilar, Yuflyma, in the U.S. market in July 2023. Despite heavy competition, as high-concentration citrate-free formulation, Yuflyma has competitive edge.
In April 2023, Celltrion has launched bevacizumab biosimilar, Vegzelma in the U.S. Vegzelma will be the first product that the company will be directly selling in the U.S.
Through portfolio expansion, Celltrion increased target market size to $53.7B in 2023 from $20.6B in 2020, representing 161% growth. For 2024, the target market is expected to increase to $91.3B.


Celltrion Healthcare (091990 KS): Portfolio Enhancement to Drive Business Growth

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<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.</li>
<li>Medtronic intends to acquire Korea-based <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  </li>
<li>Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.</li>
</ul>



Medtronic Plc (MDT US) reported 6% YoY revenue growth to $8.5B, ahead of expectations, driven by procedure volume recovery, supply improvements, and innovative product introductions.
Medtronic intends to acquire Korea-based Eoflow (294090 KS), manufacturer of a tubeless, wearable, full-disposable insulin delivery device, for $738M. The transaction is expected to close in 2H23.  
Medtronic guided for FY24 adjusted EPS of $5.00–5.10, including ~6% unfavorable impact from Fx. The company forecasts 4.0–4.5% organic revenue growth in FY24, accelerating from 2.1% in FY23.


Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets.  The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ US)

Kenvue (KVUE US): Q2 Result Beats Estimates; Initiated 2023 Guidance; J&J Launches Exchange Offer

Kenvue beat Q2 sales and EPS estimates and guided for 4.5-5.5% sales growth for 2023. J&J is launching exchange offer for its holders to get ...

Tina Banerjee

Genmab A/S (GMAB US): Darzalex Continued to Be the Cash Cow; Epkinly Approval Adds Another Catalyst

Royalty revenue from top-selling cancer drug Darzalex continues to contribute ~70% of Genmab’s revenue. The company’s 2 proprietary FDA-approved...

Tina Banerjee

Lotus Pharmaceutical Placement - Sound Fundamentals but Doesn’t Seem Well Flagged

Lotus Pharmaceutical (1795 TT)'s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated...

Ethan Aw

Celltrion Healthcare (091990 KS): Portfolio Enhancement to Drive Business Growth

Celltrion Healthcare is expected to launch Humira biosimilar in US in July 2023. Through portfolio expansion, Celltrion aims to increase target...

Tina Banerjee

Medtronic Plc (MDT US): Strong Q4 Result; New Acquisition Announced; Fx Headwind to Impact FY24

Medtronic reported strong Q4 result, with revenue and EPS beating expectations. The company is acquiring EOFlow for $738M. FY24 EPS is guided at...

Tina Banerjee

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