Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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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 4Q22 results, with revenue increasing 2% to $15B, mainly driven by Skyrizi and Rinvoq. EPS grew 17% to $3.60, better than consensus and company guidance.</li>
<li>The company has initiated 2023 EPS guidance at $10.70–11.10, representing a decline of 19–22% YoY, as Humira has started facing competition in the U.S.</li>
<li>2023 guidance contemplates the expected headwind from direct biosimilar competition, with the U.S. Humira sales declining ~37%, which is at the lower end of previous erosion projection of 35–55%.</li>
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Abbvie Inc (ABBV US) reported 4Q22 results, with revenue increasing 2% to $15B, mainly driven by Skyrizi and Rinvoq. EPS grew 17% to $3.60, better than consensus and company guidance.
The company has initiated 2023 EPS guidance at $10.70–11.10, representing a decline of 19–22% YoY, as Humira has started facing competition in the U.S.
2023 guidance contemplates the expected headwind from direct biosimilar competition, with the U.S. Humira sales declining ~37%, which is at the lower end of previous erosion projection of 35–55%.


AbbVie (ABBV US): Q4 EPS Beat, While Sales Missed; Initiates 2023 Guidance Amid Humira Competition

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<a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a> signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.</li>
<li>Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.</li>
<li>Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.</li>
</ul>



Alteogen Inc (196170 KS) signed its fourth licensing deal for ALT-B4, a proprietary human recombinant hyaluronidase enzyme, with Sandoz. Given the strong demand more such deals are expected to follow.
Alteogen is reportedly in talks with global pharmaceutical companies for a technology transfer deal for Herceptin SC biosimilar. If successful, Alteogen will be a re-rating candidate.
Alteogen has established Altos Biologics to facilitate global phase 3 clinical trials and commercial development of Eylea biosimilar. Altos Biologics aims to be listed on the KOSDAQ in 2024.


Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

Syngene International Ltd / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.</li>
<li>To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.</li>
<li>For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.</li>
</ul>



Syngene International Ltd (SYNG IN) provides integrated services from early discovery to commercial supply across all major therapeutic areas and modalities. The company has 400+ active clients.
To capitalize on the secular industry tailwind, the company has been investing to enhance capacity and capability, which has led to extension of existing client relations and engaging new clients.
For FY23, the company expects high-teens revenue growth and EBITDA margin of ~30%. Operating leverage is expected to improve from next year onwards, and that should improve the overall profitability.


Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

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<a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> reported 13% operational revenue growth in Q4, driven by strong performance of the COVID products and ongoing launch of Prevnar 20 for adults in U.S.</li>
<li>Pfizer has provided full-year 2023 revenue guidance of $67.0–71.0B (-31% YoY at mid-point) and adjusted EPS guidance of $3.25–3.45 (-49% YoY at mid-point).</li>
<li>The company is in the midst of an 18-month period during which Pfizer expects to have up to an unprecedented 19 new products or indications in the market.</li>
</ul>



Pfizer Inc (PFE US) reported 13% operational revenue growth in Q4, driven by strong performance of the COVID products and ongoing launch of Prevnar 20 for adults in U.S.
Pfizer has provided full-year 2023 revenue guidance of $67.0–71.0B (-31% YoY at mid-point) and adjusted EPS guidance of $3.25–3.45 (-49% YoY at mid-point).
The company is in the midst of an 18-month period during which Pfizer expects to have up to an unprecedented 19 new products or indications in the market.


Pfizer Inc (PFE US): Q4 Result- In-Line Revenue & EPS Ahead of Guidance; Initiates 2023 Guidance

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<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> is expected to report strong Q4 results, with double-digit revenue growth. Partial operation of Plant 4 will impact profitability, which will be continued through H12023.</li>
<li>The Chairman of the company has been selling shares, causing recent pullback in the stock, which should be considered as an attractive entry point.</li>
<li>The long-term growth story remains intact, with all eyes being on upcoming conference where the company may unfold its capex plan amid stellar order book and industry demand.</li>
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Samsung Biologics (207940 KS) is expected to report strong Q4 results, with double-digit revenue growth. Partial operation of Plant 4 will impact profitability, which will be continued through H12023.
The Chairman of the company has been selling shares, causing recent pullback in the stock, which should be considered as an attractive entry point.
The long-term growth story remains intact, with all eyes being on upcoming conference where the company may unfold its capex plan amid stellar order book and industry demand.


Samsung Biologics (207940 KS): Near-Term Key Positive Catalysts

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.

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Amgen Inc (AMGN US)

AbbVie (ABBV US): Q4 EPS Beat, While Sales Missed; Initiates 2023 Guidance Amid Humira Competition

AbbVie’s Q4 revenue grew 2% and EPS beat consensus. Considering Humira US sales erosion of 37%, the company anticipates 2023 EPS of $10.70–11.10....

Tina Banerjee

Alteogen (196170 KS): Distinct Platform Technology; Biosimilar Pipeline; Potential Value Unlocking

Alteogen’s formulation platform change technology is in constant demand. The company can be potential first-mover in Eylea biosimilar. Its...

Tina Banerjee

Syngene International Ltd (SYNG IN): Well-Positioned to Capitalize On Strong Industry Tailwind

Through capacity and capability addition in biologics manufacturing and expansion of commercial API manufacturing, Syngene has expanded...

Tina Banerjee

Pfizer Inc (PFE US): Q4 Result- In-Line Revenue & EPS Ahead of Guidance; Initiates 2023 Guidance

Pfizer’s Q4 revenue grew 13% operationally, primarily driven by Comirnaty, Paxlovid, and Prevnar 20. 2023 revenue excluding COVID-19 products is...

Tina Banerjee

Samsung Biologics (207940 KS): Near-Term Key Positive Catalysts

Upcoming participation in healthcare conference, Q4 result, and biosimilar launch in US are key catalysts to watch. Ongoing capex amid strong order...

Tina Banerjee

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