Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.</li>
<li>Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.</li>
<li>Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  </li>
</ul>



Samsung Biologics (207940 KS) has signed the largest ever single CMO contract worth KRW1.46T ($1.1B) with an undisclosed U.S.-based pharmaceutical company. The contract value represents ~40% of 2023 standalone revenue.
Within the first half of the year, Samsung Biologics has secured order worth of KRW2.6T, compared with order win of KRW3.5T in full-year 2023.
Samsung Bioepis has received FDA approval for Stelara biosimilar Pyzchiva, which is expected to marketed in early 2025. So far, the FDA has approved two other biosimilars of Stelara.  


Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP)</a> has announced partnership with <a href="https://www.smartkarma.com/entities/bridgebio-pharma-inc" target="_blank" data-smartkarma-citation="entities:28746:1" rel="noopener">Bridgebio Pharma Inc (BBIO US)</a> for an exclusive license on infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan.</li>
<li>This month, Kyowa Kirin has enrolled first patient in a Phase 2 clinical trial evaluating tivozanib eye drops (KHK4951) in patients with diabetic macular edema (DME).</li>
<li>The company’s top selling drug Crysvita is growing steadily since launch. Crysvita led to better-than-expected result in 2023. However, higher R&amp;D expenses will negatively impact 2024 operating profit.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) has announced partnership with Bridgebio Pharma Inc (BBIO US) for an exclusive license on infigratinib for achondroplasia, hypochondroplasia, and other skeletal dysplasias in Japan.
This month, Kyowa Kirin has enrolled first patient in a Phase 2 clinical trial evaluating tivozanib eye drops (KHK4951) in patients with diabetic macular edema (DME).
The company’s top selling drug Crysvita is growing steadily since launch. Crysvita led to better-than-expected result in 2023. However, higher R&amp;D expenses will negatively impact 2024 operating profit.


Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

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.

<ul><li>Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth in both sales and earnings.</li><li>This growth was underpinned by a global volume increase of 11% for the quarter, with contributions from all three therapeutic areas and geographical regions.</li><li>Notable highlights included a 21% volume growth in their General Medicine segment and robust performance in the Asia Pacific region.</li></ul>

Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth in both sales and earnings.This growth was underpinned by a global volume increase of 11% for the quarter, with contributions from all three therapeutic areas and geographical regions.Notable highlights included a 21% volume growth in their General Medicine segment and robust performance in the Asia Pacific region.

Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? - Major Drivers

Thematic (Sector/Industry)

<ul>
<li>On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.</li>
<li>From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.</li>
<li>The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.</li>
</ul>


On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.
From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.
The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.


10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/country-garden-services-holdings-company-limited" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services Holdings (6098 HK)</a> and <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a> are high probability deletions in September, while <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com (9961 HK)</a> is a high probability inclusion.</li>
<li>The second add could be <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a> if it passes the velocity test. If not, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> will be added.</li>
<li>With the exception of <a href="https://www.smartkarma.com/entities/zhongsheng-group-holdings" target="_blank" data-smartkarma-citation="entities:10573:1" rel="noopener">Zhongsheng Group (881 HK)</a>, short interest has been rising on all the other stocks and could affect how the stocks trade close to implementation date.</li>
</ul>



Country Garden Services Holdings (6098 HK) and Zhongsheng Group (881 HK) are high probability deletions in September, while Trip.com (9961 HK) is a high probability inclusion.
The second add could be BeiGene Ltd (6160 HK) if it passes the velocity test. If not, Chow Tai Fook Jewellery (1929 HK) will be added.
With the exception of Zhongsheng Group (881 HK), short interest has been rising on all the other stocks and could affect how the stocks trade close to implementation date.


HSCEI Index Rebalance Preview: Deletions Fairly Certain; Uncertainty Among the Adds

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Amgen Inc (AMGN US)

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

Tina Banerjee

Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? - Major Drivers

Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth...

Baptista Research

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

HSCEI Index Rebalance Preview: Deletions Fairly Certain; Uncertainty Among the Adds

The two potential adds have outperformed the two potential deletes by 42% since end May and by 52% since end June. Shorts have jumped on Beigene...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Samsung Biologics (207940 KS): Gaining Momentum on New Approval and Contract Wins; Hold Shares

​Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Tina Banerjee

Kyowa Kirin (4151 JP): Recent Portfolio Strengthening Initiatives to Accelerate Long-Term Growth

​Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

Tina Banerjee

Amgen Inc.: Which New Medicines Became Their Growth Powerhouses? - Major Drivers

Amgen managed to exceed the revenue and earnings expectations of Wall Street, instilling confidence in its capacity for sustained long-term growth...

Baptista Research

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

​CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

HSCEI Index Rebalance Preview: Deletions Fairly Certain; Uncertainty Among the Adds

The two potential adds have outperformed the two potential deletes by 42% since end May and by 52% since end June. Shorts have jumped on Beigene...

Brian Freitas

Samsung Biologics signs $1.1B CMO contract, representing 40% of 2023 revenue. Samsung Bioepis receives FDA approval for Stelara biosimilar...

Kyowa Kirin partners with Bridgebio for infigratinib in Japan and enrolls first patient in Phase 2 trial for tivozanib eye drop for DME. Higher...

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...