HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>If excluding the contribution from COVID-19 related products, Pfizer’s performance growth could have been quite pessimistic. In terms of BD, Pfizer is “a big buyer” but the return is questionable. </li>
<li>We haven't seen any blockbuster new products in Pfizer’s pipeline that can make up for the losses caused by VBP/NRDL negotiation in China. Price reduction seems the only way out.</li>
<li>We cannot rule out that Pfizer may lose the China market in the event of further deterioration of Sino-US relations. This is a problem investors need to consider in advance.</li>
</ul>


If excluding the contribution from COVID-19 related products, Pfizer’s performance growth could have been quite pessimistic. In terms of BD, Pfizer is “a big buyer” but the return is questionable. 
We haven't seen any blockbuster new products in Pfizer’s pipeline that can make up for the losses caused by VBP/NRDL negotiation in China. Price reduction seems the only way out.
We cannot rule out that Pfizer may lose the China market in the event of further deterioration of Sino-US relations. This is a problem investors need to consider in advance.


Pfizer Inc (PFE.US) - What if Pfizer Loses the China Market in the Future?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> received approval for Korea’s first locally-developed COVID-19 vaccine, SKYCovione. The company is seeking European approval and plans to apply for emergency use listing to the WHO.</li>
<li>The company is a late entrant in the overcrowded domestic vaccine market. Currently, six vaccines are approved for use in South Korea. Moreover, demand outlook is uncertain beyond 2022.</li>
<li>Recently, the company has dropped a multinational phase 3 trial of P2-VP8, trivalent rotavirus vaccine. Among the non-COVID pipeline, P2-VP8 was in the most advanced stage of clinical trial.</li>
</ul>



SK Bioscience (302440 KS) received approval for Korea’s first locally-developed COVID-19 vaccine, SKYCovione. The company is seeking European approval and plans to apply for emergency use listing to the WHO.
The company is a late entrant in the overcrowded domestic vaccine market. Currently, six vaccines are approved for use in South Korea. Moreover, demand outlook is uncertain beyond 2022.
Recently, the company has dropped a multinational phase 3 trial of P2-VP8, trivalent rotavirus vaccine. Among the non-COVID pipeline, P2-VP8 was in the most advanced stage of clinical trial.


SK Bioscience (302440 KS): Murky Outlook On Weak Vaccine Demand And Flooding Supply

<ul>
<li>Comirnaty had had a significant positive impact on <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.</li>
<li>Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  </li>
<li>Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.</li>
</ul>


Comirnaty had had a significant positive impact on Pfizer Inc (PFE US)’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.
Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  
Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.


Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Leading mRNA vaccine producers announced plans to build manufacturing facilities in Africa this year. </li>
<li>According to Reuters, Rwanda, Senegal, or South Africa may be potential locations for Moderna’s new vaccine factory.</li>
<li>Africa has the world’s lowest vaccination rate, and only ~5% of Africans are fully vaccinated today. </li>
</ul>


Leading mRNA vaccine producers announced plans to build manufacturing facilities in Africa this year. 
According to Reuters, Rwanda, Senegal, or South Africa may be potential locations for Moderna’s new vaccine factory.
Africa has the world’s lowest vaccination rate, and only ~5% of Africans are fully vaccinated today. 


Why Moderna And BioNTech Want To Boost Production Capacities In Africa?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p></div><div><p>Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. </p></div><div><p>Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.</p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/clover-biopharmaceuticals-ipo-needling" target="_blank" data-smartkarma-citation="insights:59421" rel="noopener">Clover Biopharmaceuticals IPO: Needling</a>, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  </p></div></div>

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.In Clover Biopharmaceuticals IPO: Needling, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  

Clover Biopharmaceuticals IPO: Valuation Insights

Germany

Biotest AG is a provider of plasma proteins and biological drugs. The Company has specialized primarily in the areas of clinical immunology, haematology and intensive medicine with a focus on treating diseases of the immune and haematopoietic systems. Biotest AG has production operations mainly in Europe and the US, and sells its products worldwide.

Formycon AG is a biopharmaceutical company with more than twelve years experience in product development. The company's activities focus on developing and marketing "biosimilars" - biopharmaceuticals which are similar to existing drugs for which patent protection is expiring - as well as the provision of contract services  to other biotechnology and pharmaceutical companies.

Heidelberg Pharma AG operates as a biopharmaceutical company. The Company focuses on development and commercialization of novel cancer therapies. Heidelberg Pharma offers pharmacology, drug metabolism, pharmacokinetics analysis, and molecular biology in the fields of oncology and inflammatory diseases. Heidelberg Pharma serves customers in Germany.

Bayer AG produces and markets healthcare and agricultural products. The Company manufactures products that include aspirin, antibiotics, anti-infectives, cardiovascular, oncology, central nervous system drugs, over-the-counter medications, diagnostics, and animal health products, as well as crop protection products, plastics, and polyurethanes.

Gerresheimer AG develops and produces specialty products made of glass and plastic.  The Company produces containers for a variety of substances and medicines.

MorphoSys AG operates as a biopharmaceutical company. The Company discovers and develops differentiated therapies and medicines for the patients suffering from cancer, inflammations, and autoimmune diseases. MorphoSys serves customers in Germany.

Evotec AG offers drug research, development, and manufacturing services.  The Company offers assay development and screening and compound optimization services to pharmaceutical companies.  Evotec also develops drugs on its own for out-licensing.

Affimed NV is a clinical-stage biopharmaceutical company focused on discovering and developing targeted cancer immunotherapies.

4SC AG operates as a biotechnology company. The Company focuses on the development of novel small molecule drugs for cancer treatment. 4SC serves the healthcare sector in Germany.

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

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.

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

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.

Incyte Corp is a biopharmaceutical company. The Company discovers, develops and commercializes proprietary small molecule drugs, primarily used in oncology.

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.

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.

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

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

BioNTech (BNTX US)

Pfizer Inc (PFE.US) - What if Pfizer Loses the China Market in the Future?

Pfizer’s China business faces challenges due to VBP/NRDL negotiation and potential further deterioration of Sino-US relations. Together with...

Xinyao (Criss) Wang

SK Bioscience (302440 KS): Murky Outlook On Weak Vaccine Demand And Flooding Supply

SK bioscience is a late entrant in the overcrowded COVID-19 vaccine market. Demand for the vaccine is waning globally and is uncertain beyond 2022....

Tina Banerjee

Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

By leveraging on windfall gains from COVID portfolio, Pfizer is developing additional growth spots for future revenue growth. Its pipeline and...

Tina Banerjee

Why Moderna And BioNTech Want To Boost Production Capacities In Africa?

We believe the new Moderna's mRNA facility in Africa may help the biotech company boost market share in the EMEA region.

Andrei Zakharov

Clover Biopharmaceuticals IPO: Valuation Insights

Clover has launched an IPO to raise net proceeds of $236m at the mid-point of the price range of HK$12.80-13.50 per share. Our valuation analysis...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)