Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/jcr-pharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:20126:1" rel="noopener">Jcr Pharmaceuticals (4552 JP)</a> announced H1 results, with revenue -¥7.6bn ytd vs last year, of which a decrease in contract revenue was -¥7.1bn. Full year guidance remains unchanged.</li>
<li>The expectation was that Contract Revenue (which was basically zero in H1) was going to be backloaded anyway. Historically, seasonality is bumpy on this name. </li>
<li>The company also announced a buyback. We can tell who the seller is likely to be. The buyback event may be gamed. </li>
</ul>


Today, Jcr Pharmaceuticals (4552 JP) announced H1 results, with revenue -¥7.6bn ytd vs last year, of which a decrease in contract revenue was -¥7.1bn. Full year guidance remains unchanged.
The expectation was that Contract Revenue (which was basically zero in H1) was going to be backloaded anyway. Historically, seasonality is bumpy on this name. 
The company also announced a buyback. We can tell who the seller is likely to be. The buyback event may be gamed. 


JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>A US court found <a href="https://www.smartkarma.com/entities/nippon-shinyaku-co-ltd" target="_blank" data-smartkarma-citation="entities:6634:1" rel="noopener">Nippon Shinyaku (4516 JP)</a> guilty of patent infringement related to competitor <a href="https://www.smartkarma.com/entities/sarepta-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:17729:1" rel="noopener">Sarepta Therapeutics (SRPT US)</a>'s DMD drug Vyondys 53 and asked to pay $115M as compensation.  </li>
<li>The jury verdict will have no bearing on Viltepso sales. Nippon Shinyaku disagreed with the verdict, and is considering all options including post jury motions and appeals.</li>
<li>An additional expense to the tune of $115M would surely be a huge drag on the profitability of the company which is already under pressure because of rising costs.</li>
</ul>


A US court found Nippon Shinyaku (4516 JP) guilty of patent infringement related to competitor Sarepta Therapeutics (SRPT US)'s DMD drug Vyondys 53 and asked to pay $115M as compensation.  
The jury verdict will have no bearing on Viltepso sales. Nippon Shinyaku disagreed with the verdict, and is considering all options including post jury motions and appeals.
An additional expense to the tune of $115M would surely be a huge drag on the profitability of the company which is already under pressure because of rising costs.


Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

Thematic (Sector/Industry)

<ul>
<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

<ul>
<li>Eoflow Has been ordered by the U.S. Court to pay $452M as damages. Celltrion has submitted clinical trial application for CT-P44 (Darzalex biosimilar) to the FDA.</li>
<li>Takeda Pharmaceutical entered into an exclusive licensing agreement to develop and commercialize a late-stage oncology drug candidate. Medipal and JCR Pharmaceuticals initiated the Phase I/II trial of JR-446 in Japan.</li>
<li>SanBio has completed second production run for Akuugo suspension for intracranial implantation. Aurobindo Pharma’s U.S. arm Eugia has received final approval from the FDA to manufacture and market Pazopanib Tablets.</li>
</ul>


Eoflow Has been ordered by the U.S. Court to pay $452M as damages. Celltrion has submitted clinical trial application for CT-P44 (Darzalex biosimilar) to the FDA.
Takeda Pharmaceutical entered into an exclusive licensing agreement to develop and commercialize a late-stage oncology drug candidate. Medipal and JCR Pharmaceuticals initiated the Phase I/II trial of JR-446 in Japan.
SanBio has completed second production run for Akuugo suspension for intracranial implantation. Aurobindo Pharma’s U.S. arm Eugia has received final approval from the FDA to manufacture and market Pazopanib Tablets.


APAC Healthcare Weekly (Dec 8)- Eoflow, Celltrion, Takeda, Medipal, SanBio, Aurobindo Pharma

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Japan

JCR Pharmaceuticals Co., Ltd. develops, produces, and sells pharmaceutical products and raw materials.  The Company also sells equipment for hospital and laboratory use.  JCR Pharmaceuticals' products include drug for leukemic diseases and hormonal agents including genetically engineered human somatotrophic hormone (growth hormone) and gonadotropic hormone.

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Jcr Pharmaceuticals (4552 JP)

JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

Contract pharmaceutical smallcap sponsored by Medipal and crossholders JCR Pharma produces ugly H1 results, but they appear "in-line." Guidance is...

Travis Lundy

Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...

Tina Banerjee

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

APAC Healthcare Weekly (Dec 8)- Eoflow, Celltrion, Takeda, Medipal, SanBio, Aurobindo Pharma

The insight covers key developments in prominent APAC healthcare companies. These developments are expected to impact the financials of the...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

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P/E

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JCR Pharma (4552) - Uglyish In-Line Results But a Buyback Opportunity for Someone

Contract pharmaceutical smallcap sponsored by Medipal and crossholders JCR Pharma produces ugly H1 results, but they appear "in-line." Guidance is...

Travis Lundy

Nippon Shinyaku (4516 JP): Unfavorable Patent Verdict; Company Vows to Fight Back

​US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...

Tina Banerjee

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

APAC Healthcare Weekly (Dec 8)- Eoflow, Celltrion, Takeda, Medipal, SanBio, Aurobindo Pharma

The insight covers key developments in prominent APAC healthcare companies. These developments are expected to impact the financials of the...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

US court orders Nippon Shinyaku to pay $115M for patent infringement on Sarepta Therapeutics' DMD drug Vyondys 53. This will significantly impact...