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

Celltrion Healthcare   / Equity Bottom-Up

<ul>
<li>Here we present a pair trade idea on Korea biotech companies. Investors can accumulate <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> and short <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a>.</li>
<li>Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.</li>
<li>SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.</li>
</ul>


Here we present a pair trade idea on Korea biotech companies. Investors can accumulate Celltrion Healthcare (091990 KS) and short SK Bioscience (302440 KS).
Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.
SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.


Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

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Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Cross Asset Strategy

Railway /: <a href="https://www.caixinglobal.com/2022-12-15/in-depth-how-china-helped-build-indonesias-high-speed-rail-101978504.html" target="_blank" rel="noopener">In Depth: How China helped build Indonesia’s high-speed rail</a>
Covid-19 /: China’s demand for Pfizer’s Paxlovid skyrockets, but supplies are limited
IPOs /Chart of the Day: Chinese bourses top IPO league tables

Railway /: In Depth: How China helped build Indonesia’s high-speed rail
Covid-19 /: China’s demand for Pfizer’s Paxlovid skyrockets, but supplies are limited
IPOs /Chart of the Day: Chinese bourses top IPO league tables

CX Daily: How China Helped Build Indonesia’s High-Speed Rail

Covid-19 /: Chinese mainlanders rush to Macao for mRNA vaccinationsCrypto /: Hong Kong readies crypto futures ETFs for retail investorsChina-India /: China calls India border situation ‘generally stable’

Covid-19 /: Chinese mainlanders rush to Macao for mRNA vaccinationsCrypto /: Hong Kong readies crypto futures ETFs for retail investorsChina-India /: China calls India border situation ‘generally stable’

CX Daily: Chinese Mainlanders Rush to Macao for MRNA Vaccinations

<ul>
<li>Travel tracking /: China unplugs travel tracking system as Covid curbs ease</li>
<li>Covid-19 /: Beijing beefs up health care system to handle Covid surge</li>
<li>Finance and economy /: China and Saudi Arabia agree on $50 billion of deals</li>
</ul>


Travel tracking /: China unplugs travel tracking system as Covid curbs ease
Covid-19 /: Beijing beefs up health care system to handle Covid surge
Finance and economy /: China and Saudi Arabia agree on $50 billion of deals


CX Daily: China Unplugs Travel Tracking System as Covid Curbs Ease

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

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

Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

While strong biosimilar product positioning and new launch will drive the growth of Celltrion Healthcare (long), SK Bioscience (short) will...

Tina Banerjee

CX Daily: How China Helped Build Indonesia’s High-Speed Rail

How China helped build Indonesia’s high-speed rail. China’s Demand for Pfizer’s Paxlovid Skyrockets, but Supplies Are Limited. Chinese bourses top...

Caixin Global

CX Daily: Chinese Mainlanders Rush to Macao for MRNA Vaccinations

Chinese mainlanders rush to Macao for mRNA vaccinations. Hong Kong readies crypto futures ETFs for retail investors. China calls India border...

Caixin Global

CX Daily: China Unplugs Travel Tracking System as Covid Curbs Ease

China unplugs travel tracking system as Covid curbs ease. Beijing beefs up health care system to handle Covid surge. China and Saudi Arabia agree...

Caixin Global

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