Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Celltrion Healthcare   / Equity Bottom-Up

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<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>
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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

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>It was a mixed first quarter for Amgen, with unit volume growth across global markets driving a 2% year-over-year increase in product sales.</li><li>Despite some challenges, such as net price decline and inventory declines, the company achieved sustainable sales on 10 of its brands.</li><li>The company's priority products, including Repatha, EVENITY, KYPROLIS, and TEZSPIRE, experienced robust volume growth.</li></ul>

It was a mixed first quarter for Amgen, with unit volume growth across global markets driving a 2% year-over-year increase in product sales.Despite some challenges, such as net price decline and inventory declines, the company achieved sustainable sales on 10 of its brands.The company's priority products, including Repatha, EVENITY, KYPROLIS, and TEZSPIRE, experienced robust volume growth.

Amgen Inc.: Priority Products Drive Robust Volume Growth & Other Drivers

<ul><li>The company carried out some major acquisitions in the year including the $3.7 billion purchase of ChemoCentryx followed by the even bigger, $27.8 billion acquisition of Horizon Therapeutics.</li><li>Their portfolio will also grow due to the addition of Horizon Therapeutics.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

The company carried out some major acquisitions in the year including the $3.7 billion purchase of ChemoCentryx followed by the even bigger, $27.8 billion acquisition of Horizon Therapeutics.Their portfolio will also grow due to the addition of Horizon Therapeutics.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Amgen Inc: Acquisition Of Horizon Therapeutics & 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 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>
</ul>



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>
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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

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)

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

Amgen Inc.: Priority Products Drive Robust Volume Growth & Other Drivers

It was a mixed first quarter for Amgen, with unit volume growth across global markets driving a 2% year-over-year increase in product...

Baptista Research

Amgen Inc: Acquisition Of Horizon Therapeutics & Other Drivers

The company carried out some major acquisitions in the year including the $3.7 billion purchase of ChemoCentryx followed by the even bigger, $27.8...

Baptista Research

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

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