Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

Zydus Lifesciences Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> reported stable Q1FY23 results, with its U.S. business witnessing healthy rebound supported by volume share gain in base portfolio and new product launches.</li>
<li>Excluding COVID-related products, generics portfolio, and divested products, India branded prescription business grew 9% y/y. India consumer wellness business rebounded with 18% y/y revenue growth.</li>
<li>Zydus aims to grow across all our key businesses in FY23. Through cost control and improved efficiencies across the value chain, Zydus aspires to achieve 20%+ EBITDA margin for FY23.</li>
</ul>



Zydus Lifesciences Ltd (ZYDUSLIF IN) reported stable Q1FY23 results, with its U.S. business witnessing healthy rebound supported by volume share gain in base portfolio and new product launches.
Excluding COVID-related products, generics portfolio, and divested products, India branded prescription business grew 9% y/y. India consumer wellness business rebounded with 18% y/y revenue growth.
Zydus aims to grow across all our key businesses in FY23. Through cost control and improved efficiencies across the value chain, Zydus aspires to achieve 20%+ EBITDA margin for FY23.


Zydus Lifesciences Ltd (ZYDUSLIF IN): Q1FY23 Results Review- Showing Early Sign of Improvement in US

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Event-Driven

<ul>
<li>This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input.  </li>
<li>The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.</li>
<li>This week we flag: BridgeBio, Wayfair, Archaea Energy, Enviva Inc.</li>
</ul>


This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input.  
The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.
This week we flag: BridgeBio, Wayfair, Archaea Energy, Enviva Inc.


Solvency Risk Short Candidates: BridgeBio, Wayfair, Archaea Energy, Enviva

United States

Bridgebio Pharma, Inc. operates as a bio technology company. The Company focuses on development of medicines for genetic diseases. Bridgebio Pharma serves patients worldwide.

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Bridgebio Pharma Inc (BBIO US)

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

Zydus Lifesciences Ltd (ZYDUSLIF IN): Q1FY23 Results Review- Showing Early Sign of Improvement in US

Zydus reported 10% q/q revenue growth from US business, aided by volume share gain of base business and new product launches. The company expects...

Tina Banerjee

Solvency Risk Short Candidates: BridgeBio, Wayfair, Archaea Energy, Enviva

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: BridgeBio, Wayfair,...

Eric Fernandez, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Zydus Lifesciences Ltd (ZYDUSLIF IN): Q1FY23 Results Review- Showing Early Sign of Improvement in US

Zydus reported 10% q/q revenue growth from US business, aided by volume share gain of base business and new product launches. The company expects...

Tina Banerjee

Solvency Risk Short Candidates: BridgeBio, Wayfair, Archaea Energy, Enviva

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: BridgeBio, Wayfair,...

Eric Fernandez, CFA

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