Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Royalty revenue grew 14% YoY.</li>
<li>Revenue from Opdivo grew 11% YoY to ¥37.8B, due to expanded use in treatments for gastric cancer, esophageal cancer, urothelial carcinoma, etc. Revenue from Forxiga grew 34% YoY to ¥17.5B.</li>
<li>For FY24, Ono continues to expect revenue growth of 6% to ¥475B. Operating and net profits are expected to increase 8% and 2% to ¥153B and ¥115B, respectively, for FY24.</li>
</ul>



Ono Pharmaceutical (4528 JP) recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Royalty revenue grew 14% YoY.
Revenue from Opdivo grew 11% YoY to ¥37.8B, due to expanded use in treatments for gastric cancer, esophageal cancer, urothelial carcinoma, etc. Revenue from Forxiga grew 34% YoY to ¥17.5B.
For FY24, Ono continues to expect revenue growth of 6% to ¥475B. Operating and net profits are expected to increase 8% and 2% to ¥153B and ¥115B, respectively, for FY24.


Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced

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.

Bristol Myers Squibb Co / Equity Bottom-Up

<ul><li>Bristol Myers had a mixed start to 2023 with below par revenues but its earnings exceeded analyst expectations as the management continues to accelerate the renewal of its portfolio and execute its strategy.</li><li>During the quarter, the company's new product portfolio and in-line brands grew.</li><li>Revenue from its new product portfolio more than doubled as compared to the previous year.</li></ul>

Bristol Myers had a mixed start to 2023 with below par revenues but its earnings exceeded analyst expectations as the management continues to accelerate the renewal of its portfolio and execute its strategy.During the quarter, the company's new product portfolio and in-line brands grew.Revenue from its new product portfolio more than doubled as compared to the previous year.

Bristol Myers Squibb Company: Are The New Strengthened Cell Therapy Capabilities Enough? – Key Drivers

<ul>
<li>In 1Q23, <a href="https://www.smartkarma.com/entities/peptidream-inc" target="_blank" data-smartkarma-citation="entities:13514:1" rel="noopener">Peptidream Inc (4587 JP)</a> recorded revenue of ¥4,963 million, compared to ¥419 million revenue in year-ago period, driven by radiopharmaceutical business segment, which contributed 80% of total revenue.</li>
<li>As of March 31, 2023, the company’s pipeline consisted of 127 discovery and development programs (representing a net increase of 1 program from the end of the prior financial year).</li>
<li>Peptidream reiterated guidance for full-year 2024. Revenue is expected to increase 12% to ¥30B in 2024, while operating and net profits are expected to decline 30% and 64%, respectively.    </li>
</ul>


In 1Q23, Peptidream Inc (4587 JP) recorded revenue of ¥4,963 million, compared to ¥419 million revenue in year-ago period, driven by radiopharmaceutical business segment, which contributed 80% of total revenue.
As of March 31, 2023, the company’s pipeline consisted of 127 discovery and development programs (representing a net increase of 1 program from the end of the prior financial year).
Peptidream reiterated guidance for full-year 2024. Revenue is expected to increase 12% to ¥30B in 2024, while operating and net profits are expected to decline 30% and 64%, respectively.    


Peptidream (4587 JP): 1Q23 Result- Radiopharma Drove Sales; Losses Narrowed; Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> shares broke into a new high after a leaked abstract showed Carvykti cuts risk of progression or death by 74% in earlier multiple myeloma therapy.</li>
<li>Success of Carvykti in earlier lines of MM therapy will lead to rapid intake of the drug and increase the drug’s peak sales opportunity to $5B.</li>
<li>During 2022, Carvykti generated ~$134M in net trade sales. With label and geography expansion of Carvykti, Legend Biotech shares still have further upside potential.  </li>
</ul>



Legend Biotech Corp (LEGN US) shares broke into a new high after a leaked abstract showed Carvykti cuts risk of progression or death by 74% in earlier multiple myeloma therapy.
Success of Carvykti in earlier lines of MM therapy will lead to rapid intake of the drug and increase the drug’s peak sales opportunity to $5B.
During 2022, Carvykti generated ~$134M in net trade sales. With label and geography expansion of Carvykti, Legend Biotech shares still have further upside potential.  


Legend Biotech (LEGN US): Shares Popped on Promising Clinical Data; Further Upside Potential Remains

<ul><li>Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat.</li><li>The sales of Global Opdivo reflect robust demand for its newly launched and also a core indication of double-digit growth.</li><li>Moreover, Bristol-Myers launched all nine new medicines, which include three first-in-class products.</li></ul>

Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat.The sales of Global Opdivo reflect robust demand for its newly launched and also a core indication of double-digit growth.Moreover, Bristol-Myers launched all nine new medicines, which include three first-in-class products.

Bristol-Myers Squibb.: Pipeline Progress & Cancer Breakthroughs – Key Drivers

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol Myers Squibb focuses on products and experimental therapies address cancer, heart disease, HIV and AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant rejection, and psychiatric disorders.

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Bristol-Myers Squibb (BMY UN)

Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced

Ono recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Lead drug, Opdivo reported 11% sales growth....

Tina Banerjee

Bristol Myers Squibb Company: Are The New Strengthened Cell Therapy Capabilities Enough? – Key Drivers

Bristol Myers had a mixed start to 2023 with below par revenues but its earnings exceeded analyst expectations as the management continues to...

Baptista Research

Peptidream (4587 JP): 1Q23 Result- Radiopharma Drove Sales; Losses Narrowed; Guidance Reiterated

Peptidream recorded ¥5B revenue in 1Q23. While base business revenue jumped 133% YoY, acquired radiopharma contributed ¥4B revenue. Compared with...

Tina Banerjee

Legend Biotech (LEGN US): Shares Popped on Promising Clinical Data; Further Upside Potential Remains

Legend Biotech shares broke into new highs after a leaked abstract showed its CAR-T therapy Carvykti cuts risk of progression or death by 74% in a...

Tina Banerjee

Bristol-Myers Squibb.: Pipeline Progress & Cancer Breakthroughs – Key Drivers

Bristol-Myers Squibb reported another strong quarter which happened to be an all-around beat. The sales of Global Opdivo reflect robust demand for...

Baptista Research

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