Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.</li>
<li>Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.</li>
<li>Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.</li>
</ul>



Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.


Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).</li><li>The Biosimilars segment included Viatris’ Sales in the last quarter.</li><li>The company’s gross margins increased by 183bps YoY due to changes in the product mix and price erosion in the business while EBITDA margins improved by 185bps due to the decrease in Other Expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).The Biosimilars segment included Viatris’ Sales in the last quarter.The company’s gross margins increased by 183bps YoY due to changes in the product mix and price erosion in the business while EBITDA margins improved by 185bps due to the decrease in Other Expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - Aggressive Capital Allocation Leads to Suppressed Return Ratios

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>On 17 February, NSE Indices announced the results of the March index review for the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a>. There are 5 adds and 5 deletes. </li>
<li>Last evening, NSE Indices announced a change in the index methodology where the cumulative weight of non-F&amp;O stocks in the index will be capped at 10% (down from 15% earlier).</li>
<li>This changes the flows at the March rebalance that will be implemented at the close of trading on 29 March.</li>
</ul>


On 17 February, NSE Indices announced the results of the March index review for the Nifty Next 50 Index (NIFTYJR INDEX). There are 5 adds and 5 deletes. 
Last evening, NSE Indices announced a change in the index methodology where the cumulative weight of non-F&amp;O stocks in the index will be capped at 10% (down from 15% earlier).
This changes the flows at the March rebalance that will be implemented at the close of trading on 29 March.


NIFTY NEXT50 /​ NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The March 2023 Rebalance results for the NIFTY broad market Indices were announced after the close on Friday 17th February 2023.</li>
<li>In my previous insights, I highlighted <a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> as a potential ADD for NIFTY 50 but it will not be added in March 2023. There are no changes.</li>
<li>However, for NIFTY 100 (&amp; NIFTY Next 50), 4/5 Expected ADDs and 5/5 Expected DELs were predicted correctly.</li>
</ul>


The March 2023 Rebalance results for the NIFTY broad market Indices were announced after the close on Friday 17th February 2023.
In my previous insights, I highlighted Pidilite Industries (PIDI IN) as a potential ADD for NIFTY 50 but it will not be added in March 2023. There are no changes.
However, for NIFTY 100 (&amp; NIFTY Next 50), 4/5 Expected ADDs and 5/5 Expected DELs were predicted correctly.


NIFTY Mar 23 Rebal: Quiddity Flow Expectations

<ul><li>Reported revenue grew by 35.3% YoY and was majorly contributed by Biosimilars (+53.5% YoY) and generics (+18.1% YoY).</li><li>Adj. PAT of Rs 251 Cr increased by 14.2% YoY after adjusting one-time costs of Rs 271 Cr which arose due to the Viatris deal.</li><li>Existing and new products (bAdalimumab, bBevacizumab, bAspart) in Europe and Emerging Markets added growth in the last quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reported revenue grew by 35.3% YoY and was majorly contributed by Biosimilars (+53.5% YoY) and generics (+18.1% YoY).Adj. PAT of Rs 251 Cr increased by 14.2% YoY after adjusting one-time costs of Rs 271 Cr which arose due to the Viatris deal.Existing and new products (bAdalimumab, bBevacizumab, bAspart) in Europe and Emerging Markets added growth in the last quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Biocon Ltd - Aggressive Capital Allocation Led to Suppressed Return Ratios

India

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.

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Biocon Ltd (BIOS IN)

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

Biocon Ltd - Aggressive Capital Allocation Leads to Suppressed Return Ratios

The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).

Axis Direct

NIFTY NEXT50 / NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

NSE Indices announced a change in the index methodology where the cumulative weight of non-F&O stocks in the index will be capped at 10% (down from...

Brian Freitas

NIFTY Mar 23 Rebal: Quiddity Flow Expectations

Most of the index changes were flagged very early in the reference period and have been in Quiddity's radar since October 2022.

Janaghan Jeyakumar, CFA

Biocon Ltd - Aggressive Capital Allocation Led to Suppressed Return Ratios

Existing and new products (bAdalimumab, bBevacizumab, bAspart) in Europe and Emerging Markets added growth in the last quarter.

Axis Direct

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Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

Biocon Ltd - Aggressive Capital Allocation Leads to Suppressed Return Ratios

The company’s reported revenue grew by 56.7% YoY and was majorly contributed by Biosimilars (+113.9% YoY) and Research (+31.2% YoY).

Axis Direct

NIFTY NEXT50 /​ NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes

NSE Indices announced a change in the index methodology where the cumulative weight of non-F&O stocks in the index will be capped at 10% (down from...

Brian Freitas

NIFTY Mar 23 Rebal: Quiddity Flow Expectations

Most of the index changes were flagged very early in the reference period and have been in Quiddity's radar since October 2022.

Janaghan Jeyakumar, CFA

Biocon Ltd - Aggressive Capital Allocation Led to Suppressed Return Ratios

Existing and new products (bAdalimumab, bBevacizumab, bAspart) in Europe and Emerging Markets added growth in the last quarter.

Axis Direct

NIFTY NEXT50 / NIFTY100 Index Rebalance: Flows Change as Index Capping Methodology Changes