Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> reported beat-and-raise Q3 results. Revenue declined 2% operationally to $22.6 billion, beating consensus by $1.5 billion. Adjusted EPS of $1.78 was ahead of consensus of $1.40.</li>
<li>Pfizer raised its 2022 financial guidance, on an operational basis, for revenue and adjusted EPS by approximately $1.7 billion and $0.19, respectively.</li>
<li>The company aims to launch 19 new products or indications, of which more than two thirds have the potential to be blockbusters, in the market over the next 18 months.</li>
</ul>



Pfizer Inc (PFE US) reported beat-and-raise Q3 results. Revenue declined 2% operationally to $22.6 billion, beating consensus by $1.5 billion. Adjusted EPS of $1.78 was ahead of consensus of $1.40.
Pfizer raised its 2022 financial guidance, on an operational basis, for revenue and adjusted EPS by approximately $1.7 billion and $0.19, respectively.
The company aims to launch 19 new products or indications, of which more than two thirds have the potential to be blockbusters, in the market over the next 18 months.


Pfizer Inc (PFE US): Stellar Q3 Performance; Despite Unfavorable Fx Impact, Raises 2022 Guidance

Shinpoong Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a> is re-purposing its existing anti-malarial drug Pyramax as an oral treatment for the COVID-19. The company is conducting phase 3 study in six countries, including Korea.</li>
<li>South Korean oral COVID-19 treatment market is currently dominated by Paxlovid. Other domestic companies are also in race to develop homegrown oral COVID-19 drugs, thereby creating a crowded market.</li>
<li>With declining cases and hospitalizations, Pyramax has muted growth prospect as a treatment for COVID-19. Shinpoong is reporting operating loss due to accelerated R&amp;D expenditures.  </li>
</ul>



Shinpoong Pharmaceutical (019170 KS) is re-purposing its existing anti-malarial drug Pyramax as an oral treatment for the COVID-19. The company is conducting phase 3 study in six countries, including Korea.
South Korean oral COVID-19 treatment market is currently dominated by Paxlovid. Other domestic companies are also in race to develop homegrown oral COVID-19 drugs, thereby creating a crowded market.
With declining cases and hospitalizations, Pyramax has muted growth prospect as a treatment for COVID-19. Shinpoong is reporting operating loss due to accelerated R&amp;D expenditures.  


Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Sumitomo has offered $22.75/share in cash, 27% premium, for the 48% stake it doesn't hold in Myovant, whose Board has rejected the offer and is open to negotiate.</li>
<li>The sell-side forecasts peak sales of over $2 billion for Orgovyx and Myfembree. Myovant also has a co-marketing deal with Pfizer could be worth $3.8 billion in milestones.</li>
<li>My TP is $22.84 (in line with consensus and the offer price). The market certainly believes that Sumitomo could be preparing a sweetened offer. Will Orgovyx become a blockbuster?</li>
</ul>


Sumitomo has offered $22.75/share in cash, 27% premium, for the 48% stake it doesn't hold in Myovant, whose Board has rejected the offer and is open to negotiate.
The sell-side forecasts peak sales of over $2 billion for Orgovyx and Myfembree. Myovant also has a co-marketing deal with Pfizer could be worth $3.8 billion in milestones.
My TP is $22.84 (in line with consensus and the offer price). The market certainly believes that Sumitomo could be preparing a sweetened offer. Will Orgovyx become a blockbuster?


<ul>
<li>
<a href="https://www.smartkarma.com/entities/myovant-sciences-ltd" target="_blank" data-smartkarma-citation="entities:36419:1" rel="noopener">Myovant Sciences (MYOV US)</a> rejected $2.5 billion takeover offer from its largest shareholder, <a href="https://www.smartkarma.com/entities/sumitomo-dainippon-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Dainippon Pharma Co (4506 JP)</a>, as the bid significantly undervalues the company.</li>
<li>Amid its tight cash situation, upcoming patent cliff, and ongoing late-stage clinical trials, Sumitomo is not expected to revise its offer upward.</li>
<li>New acquisition offer from marketing partner Pfizer is the most likely scenario. Even if the company does not receive any takeover offer, Myovant is capable of running its operating activities.</li>
</ul>



Myovant Sciences (MYOV US) rejected $2.5 billion takeover offer from its largest shareholder, Sumitomo Dainippon Pharma Co (4506 JP), as the bid significantly undervalues the company.
Amid its tight cash situation, upcoming patent cliff, and ongoing late-stage clinical trials, Sumitomo is not expected to revise its offer upward.
New acquisition offer from marketing partner Pfizer is the most likely scenario. Even if the company does not receive any takeover offer, Myovant is capable of running its operating activities.


Myovant Sciences (MYOV US): Rejects Sumitomo’s $2.5B Bid; Remains Open for Better Offer

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

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Pfizer Inc (PFE US): Stellar Q3 Performance; Despite Unfavorable Fx Impact, Raises 2022 Guidance

Pfizer reported beat-and-raise Q3 result. With unprecedented new launches approaching and many having blockbuster potentials, long-term growth...

Tina Banerjee

Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists

Shinpoong will face competition from already established foreign and domestic oral COVID-19 drugs. Declining new cases are expected to keep the...

Tina Banerjee

Sumitomo/Myovant: Minorities Takeout

The question is whether Orgovyx could become a blockbuster. The market certainly thinks so, there may be both further upside potential in the...

Jesus Rodriguez Aguilar

Myovant Sciences (MYOV US): Rejects Sumitomo’s $2.5B Bid; Remains Open for Better Offer

Myovant has turned down acquisition offer from its largest shareholder, leading to share price volatility. A revised offer or a fresh offer from...

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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