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> is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.</li>
<li>While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).</li>
<li>Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.</li>
</ul>



Ono Pharmaceutical (4528 JP) is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.
While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).
Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.


Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> reported strong Q2FY23 results, with revenue growing 9% y/y, mainly driven by North America business due to launch of gRevlimid in the US market.</li>
<li>GRevlimid is not a one-off opportunity and will contribute meaningfully over the next few quarters as well. Price erosion in the base business continues to be within normal range.</li>
<li>Adjusted for the covid product sales during Q2 FY22, and the brand divestment income in Q1 FY23, Indian business has grown in mid-teens year-over-year and mid-single digit sequentially.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) reported strong Q2FY23 results, with revenue growing 9% y/y, mainly driven by North America business due to launch of gRevlimid in the US market.
GRevlimid is not a one-off opportunity and will contribute meaningfully over the next few quarters as well. Price erosion in the base business continues to be within normal range.
Adjusted for the covid product sales during Q2 FY22, and the brand divestment income in Q1 FY23, Indian business has grown in mid-teens year-over-year and mid-single digit sequentially.


Dr. Reddy's Laboratories (DRRD IN): New Launch Aided Q2 Result; Rich Pipeline Lends Visibility

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 delivered another all-around beat as the management continued to make an effort to expand its new product range and inline franchise.</li><li>In this quarter, the inline and new product portfolio grew by 13%, and the company managed to deliver non-GAAP EPS growth of 3%.</li><li>Revenues in the third quarter were approximately $11.2 billion and the inline and new product portfolio grew strongly up to 13%.</li></ul>

Bristol-Myers delivered another all-around beat as the management continued to make an effort to expand its new product range and inline franchise.In this quarter, the inline and new product portfolio grew by 13%, and the company managed to deliver non-GAAP EPS growth of 3%.Revenues in the third quarter were approximately $11.2 billion and the inline and new product portfolio grew strongly up to 13%.

Bristol-Myers Squibb: The Turning Point Acquisition & Oncology Expansion

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puretech-health-plc" target="_blank" data-smartkarma-citation="entities:22096:1" rel="noopener">PureTech Health (PRTC LN)</a> has confirmed its possible merger with <a href="https://www.smartkarma.com/entities/nektar-therapeutics" target="_blank" data-smartkarma-citation="entities:15060:1" rel="noopener">Nektar Therapeutics (NKTR US)</a>. Uncertainty regarding the actual offer has caused volatility to PureTech shares.</li>
<li>Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.</li>
<li>Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.</li>
</ul>



PureTech Health (PRTC LN) has confirmed its possible merger with Nektar Therapeutics (NKTR US). Uncertainty regarding the actual offer has caused volatility to PureTech shares.
Nektar will be required, by not later than November 3, 2022, to announce a firm intention to make an offer for the company.
Nektar faced a big setback in its lead pipeline assets and is going through tight financial condition. We are not expecting a lucrative takeover offer for PureTech.


PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices</li>
<li>The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   </li>
<li>We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.</li>
</ul>


We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.   
We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.


A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

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): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Driven by indication expansion, Ono expects Opdivo sales to reach ¥155B in FY23, up 38% y/y. The company is developing clinical pipeline beyond...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): New Launch Aided Q2 Result; Rich Pipeline Lends Visibility

Dr. Reddy’s reported record high quarterly revenue, supported by new launch. Pipeline of new launches in US, steady growth in India, and improved...

Tina Banerjee

Bristol-Myers Squibb: The Turning Point Acquisition & Oncology Expansion

Bristol-Myers delivered another all-around beat as the management continued to make an effort to expand its new product range and inline...

Baptista Research

PureTech Health (PRTC LN): Possible Combination with Nektar Is Just a Defensive Move

Puretech shares gained ~20% since my bullish insight on the company on May 31. Investors should book profit amid uncertainty regarding possibility...

Tina Banerjee

A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed

Our datamining reports ranks companies within thematic based on innovation quality. We see strong outperformance in a portfolio built using the top...

Pyari Menon

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