Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Ironwood Pharmaceuticals, Inc / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/ironwood-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:15743:1" rel="noopener">Ironwood Pharmaceuticals, Inc (IRWD US)'s</a> sole marketed drug Linzess is the #1 prescribed branded treatment in the U.S. for adults with IBS-C/CIC with ~4M unique patients since launch.</li>
<li>First commercialized in December 2012, Linzess achieved blockbuster drug status in 2021. The earliest licensed entry of any generic Linzess in the U.S. is expected only in March 2029.</li>
<li>The company’s potential drug candidate IW-3300 is in phase 1 trial for interstitial cystitis/bladder pain syndrome (IC/BPS). Recently, Ironwood has shared positive findings from the study.  </li>
</ul>



Ironwood Pharmaceuticals, Inc (IRWD US)'s sole marketed drug Linzess is the #1 prescribed branded treatment in the U.S. for adults with IBS-C/CIC with ~4M unique patients since launch.
First commercialized in December 2012, Linzess achieved blockbuster drug status in 2021. The earliest licensed entry of any generic Linzess in the U.S. is expected only in March 2029.
The company’s potential drug candidate IW-3300 is in phase 1 trial for interstitial cystitis/bladder pain syndrome (IC/BPS). Recently, Ironwood has shared positive findings from the study.  


Ironwood Pharmaceuticals (IRWD US): Brand Leadership of Linzess Continues; Pipeline Advances

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>AbbVie had a positive start to 2022 with total net revenue and adjusted earnings exceeding the expectations of the management.</li><li>The company is seeing positive momentum over various important portfolios and products, which include strong operational revenue growth from Aesthetics, Neuroscience, Rinvoq, and Skyrizi.</li><li>In RA, the subscription trends have stabilized lately and the management is making progress in repositioning the brand.</li></ul>

AbbVie had a positive start to 2022 with total net revenue and adjusted earnings exceeding the expectations of the management.The company is seeing positive momentum over various important portfolios and products, which include strong operational revenue growth from Aesthetics, Neuroscience, Rinvoq, and Skyrizi.In RA, the subscription trends have stabilized lately and the management is making progress in repositioning the brand.

AbbVie Inc.: Acquisition-Led Growth Strategy & Other Drivers

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<a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a> reported mixed results in Q1 2022. While revenue of $13.538 billion missed consensus by $70 million, adjusted EPS of 3.16 beat consensus of $3.14.  </li>
<li>Q1 revenue from immunology portfolio was $6.141 billion, up 6.9% y/y. Management is still confident of delivering $15 billion combined revenue from Rinvoq and Skyrizi by 2025.</li>
<li>The company has reduced 2022 adjusted EPS guidance to $13.92–14.12 from $14.00–14.20, to reflect an unfavorable impact related to acquired IPR&amp;D and milestones expenses incurred during Q1.</li>
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Abbvie Inc (ABBV US) reported mixed results in Q1 2022. While revenue of $13.538 billion missed consensus by $70 million, adjusted EPS of 3.16 beat consensus of $3.14.  
Q1 revenue from immunology portfolio was $6.141 billion, up 6.9% y/y. Management is still confident of delivering $15 billion combined revenue from Rinvoq and Skyrizi by 2025.
The company has reduced 2022 adjusted EPS guidance to $13.92–14.12 from $14.00–14.20, to reflect an unfavorable impact related to acquired IPR&amp;D and milestones expenses incurred during Q1.


AbbVie (ABBV US): Mixed Q1 Show; 2022 Guidance Trimmed; Stock Price Reaction Seems Overdone

<ul><li>AbbVie had a decent financial result with a balanced performance demonstrated across every major growth franchise, including a double-digit equivalent operation growth in revenue from neuroscience, aesthetics, and immunology.</li><li>The increased promotional investments of AbbVie are driving forward the accelerated category growth, particularly in toxins and fillers.</li><li>Moreover, in immunology, AbbVie has received approval for Skyrizi in psoriatic arthritis.</li></ul>

AbbVie had a decent financial result with a balanced performance demonstrated across every major growth franchise, including a double-digit equivalent operation growth in revenue from neuroscience, aesthetics, and immunology.The increased promotional investments of AbbVie are driving forward the accelerated category growth, particularly in toxins and fillers.Moreover, in immunology, AbbVie has received approval for Skyrizi in psoriatic arthritis.

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<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> dominates South Korean botulinum toxin market, with ~50% share. The company already has presence in China and aims to launch its product in Europe this year.  </li>
<li>Hugel’s ambitious target to enter into the world’s largest botulinum toxin market, U.S. is facing a big obstacle as <a href="https://www.smartkarma.com/entities/medy-tox-inc" target="_blank" data-smartkarma-citation="entities:11403:1" rel="noopener">Medy Tox Inc (086900 KS)</a> filed a complaint against the company.</li>
<li>Medytox’s U.S. business is uncertain after the ending of its exclusive licensing agreement with <a href="https://www.smartkarma.com/entities/abbvie-inc" target="_blank" data-smartkarma-citation="entities:1135:1" rel="noopener">Abbvie Inc (ABBV US)</a>.   </li>
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Hugel Inc (145020 KS) dominates South Korean botulinum toxin market, with ~50% share. The company already has presence in China and aims to launch its product in Europe this year.  
Hugel’s ambitious target to enter into the world’s largest botulinum toxin market, U.S. is facing a big obstacle as Medy Tox Inc (086900 KS) filed a complaint against the company.
Medytox’s U.S. business is uncertain after the ending of its exclusive licensing agreement with Abbvie Inc (ABBV US).   


Korean Botox Players in Another Round of Patent Fights: Medytox (086900 KS) Sues Hugel (145020 KS)

United States

Amgen Inc. is an independent biotechnology medicines company that discovers, develops, manufactures and markets medicines for grievous illnesses. The Company focuses solely on human therapeutics and concentrates on innovating novel medicines based on advances in cellular and molecular biology.

Alnylam Pharmaceuticals Inc. is an early-stage therapeutics company. The Company is developing technology that can specifically and potently silence disease-causing genes.

CSL Limited develops, manufactures, and markets human pharmaceutical and diagnostic products derived from human plasma. The Company provides products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

BioMarin Pharmaceutical Inc. develops and commercializes therapeutic enzyme products.  The Company has applied its proprietary enzyme technology to develop products for lysosomal storage diseases and for the treatment of serious burns. BioMarin's subsidiary provides analytical and diagnostic products and services in the area of carbohydrate biology.

Insmed, Inc. is a biopharmaceutical company focused on developing and commercializing novel, targeted inhaled therapies for patients with high unmet need battling serious orphan lung diseases.

United Therapeutics Corporation develops pharmaceuticals to treat vascular diseases such as pulmonary hypertension and peripheral vascular disease.  The Company's lead products are stable synthetic forms of prostacyclin and are delivered orally or subcutaneously.

Natera, Inc. operates as a diagnostics company. The Company provides preconception and prenatal genetic testing services. Natera also offers pre-implantation genetic diagnosis, aneuploidy screening, translocation, and single gene testing services.

Neurocrine Biosciences, Inc. is focused on the discovery and development of therapeutics for neuropsychiatric, neuroinflammatory, and neurodegenerative diseases and disorders.  The Company is developing therapeutic interventions for anxiety, depression, Alzheimer's disease, insomnia, stroke, malignant brain tumors, multiple sclerosis, obesity, and diabetes.

Sarepta Therapeutics, Inc. is a biopharmaceutical company focused on the discovery and development of unique RNA-based therapeutics for the treatment of both rare and infectious diseases. The Company offers its products to the medical industry in countries around the world.

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

argenx SE operates as a biotechnology company. The Company develops antibody based therapies for the treatment of severe autoimmune diseases and cancer. argenx serves customers in the Netherlands and Belgium.

BioNTech SE provides biotechnological solutions. The Company develops various types of treatments for cancer patients' tumors. BioNTech serves customers worldwide.

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

Alteogen Inc. is a pharmaceutical research company.  The Company researches and develops bio-medicines such as bio-better and bio-similar.

Genmab A/S operates as a biotechnology company. The Company creates and develops human antibody products for the treatment of life threatening and debilitating diseases. Genmab focuses on products to treat cancer, rheumatoid arthritis and other inflammatory conditions, and psoriasis. The Company develops new products through partnerships. Genmab operates in Europe and the United States.

Swedish Orphan Biovitrum AB (SOBI) operates as a bio-pharmaceutical and bio-technology company. The Company develops therapies and drugs for the treatment of haemophilia, inflammation, and genetic diseases. SOBI serves clients worldwide.

BeiGene, Ltd. operates as a commercial stage biopharmaceutical company. The Company focuses on discovery, development, and commercialization of molecularly targeted and immuno-oncology drugs for the treatment of cancer. BeiGene serves patients worldwide.

Genmab A/S operates as a biotechnology company. The Company specializes in development of antibody therapeutics for the treatment of cancer. Genmab serves customers worldwide.

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

AbbVie Inc. researches and develops pharmaceutical products. The Company produces pharmaceutical drugs for specialty therapeutic areas such as immunology, chronic kidney disease, Hepatitis C, women's health, oncology, and neuroscience. AbbVie also offers treatments for diseases including Multiple Sclerosis, Parkinson's, and Alzheimer's disease.

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Abbvie Inc (ABBV US)

Ironwood Pharmaceuticals (IRWD US): Brand Leadership of Linzess Continues; Pipeline Advances

Ironwood’s flagship drug Linzess achieved blockbuster status in 2021 and is still growing by low single digit. Two pipeline GI drug candidates...

Tina Banerjee

AbbVie Inc.: Acquisition-Led Growth Strategy & Other Drivers

AbbVie had a positive start to 2022 with total net revenue and adjusted earnings exceeding the expectations of the management. The company is...

Baptista Research

AbbVie (ABBV US): Mixed Q1 Show; 2022 Guidance Trimmed; Stock Price Reaction Seems Overdone

AbbVie’s 2022 EPS guidance reduction is positive for the long-run. Continued strong show by non-Humira immunology portfolio enhances conviction of...

Tina Banerjee

AbbVie Inc.: Financial & Price Forecasts

AbbVie had a decent financial result with a balanced performance demonstrated across every major growth franchise, including a double-digit...

Baptista Research

Korean Botox Players in Another Round of Patent Fights: Medytox (086900 KS) Sues Hugel (145020 KS)

Medytox has initiated a legal battle against Hugel, accusing Hugel of stealing its botulinum toxin strains and production methods. This may delay...

Tina Banerjee

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