Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 2Q23, <a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)</a> reported 53% YoY growth in revenue to NTD4.4B, mainly driven by strong uptake of Lenalidomide and Suboxone in America and branded products in Taiwan.</li>
<li>Lotus reported an EPS of NTD4.85 for Q2 2023, 285% above EPS of NTD1.26 reported for the same quarter of 2022. This result beat the average analyst’s estimate by NTD0.64.</li>
<li>Lotus has acquired exclusive global right to develop and commercialize suicidal bipolar therapy NRX-101 and obtained approval for new branded oncology drug Zepzelca in Taiwan.</li>
</ul>


In 2Q23, Lotus Pharmaceutical (1795 TT) reported 53% YoY growth in revenue to NTD4.4B, mainly driven by strong uptake of Lenalidomide and Suboxone in America and branded products in Taiwan.
Lotus reported an EPS of NTD4.85 for Q2 2023, 285% above EPS of NTD1.26 reported for the same quarter of 2022. This result beat the average analyst’s estimate by NTD0.64.
Lotus has acquired exclusive global right to develop and commercialize suicidal bipolar therapy NRX-101 and obtained approval for new branded oncology drug Zepzelca in Taiwan.


Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Pharmaessentia Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.</li>
<li>The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Boryung Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boryung-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:19265:1" rel="noopener">Boryung Pharmaceutical (003850 KS)</a> is expanding its oncology portfolio mainly through in-licensing and co-promotion agreement and aims to achieve revenue of KRW217 billion from oncology segment in 2026.</li>
<li>This month, Boryung received approval for in-licensed drug Zepzelca (lurbinectedin), indicated for the treatment of small-cell lung cancer in Korea. The drug has demonstrated high adoption rate in the U.S.</li>
<li>This year, Boryung launched two in-licensed neutropenia drugs and one generic drug for breast cancer. The company plans to launch 18 oncology drugs during 2022–2026, including 10 first generics.</li>
</ul>



Boryung Pharmaceutical (003850 KS) is expanding its oncology portfolio mainly through in-licensing and co-promotion agreement and aims to achieve revenue of KRW217 billion from oncology segment in 2026.
This month, Boryung received approval for in-licensed drug Zepzelca (lurbinectedin), indicated for the treatment of small-cell lung cancer in Korea. The drug has demonstrated high adoption rate in the U.S.
This year, Boryung launched two in-licensed neutropenia drugs and one generic drug for breast cancer. The company plans to launch 18 oncology drugs during 2022–2026, including 10 first generics.


Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>PharmaMar recently reported financial results for 2017. Sales for the year were down 0.9% to €162.6m compared to 2016. Yondelis sales fell 4.1% to €84.6m, mainly due to pricing erosion in Europe. However, the consumer chemicals division continues to grow and was up 3.4% for the year to €72.0m. Importantly, the company’s Phase III trial testing Zepsyre® in small cell lung cancer (SCLC) patients is around 75% enrolled and expected to be fully enrolled in the middle of this year with data in H119.</p>

PharmaMar recently reported financial results for 2017. Sales for the year were down 0.9% to €162.6m compared to 2016. Yondelis sales fell 4.1% to €84.6m, mainly due to pricing erosion in Europe. However, the consumer chemicals division continues to grow and was up 3.4% for the year to €72.0m. Importantly, the company’s Phase III trial testing Zepsyre® in small cell lung cancer (SCLC) patients is around 75% enrolled and expected to be fully enrolled in the middle of this year with data in H119.

<p>PharmaMar recently announced that Zepsyre&reg; failed to show a progression-free survival (PFS) benefit over Topotecan and pegylated liposomal doxorubicin (PLD) in the 443-patient CORAIL study in platinum-resistant ovarian cancer. Zepsyre is currently in a Phase III trial in small cell lung cancer (SCLC) patients with protocols for pivotal studies in endometrial and breast cancer being finalised.</p>

PharmaMar recently announced that Zepsyre&reg; failed to show a progression-free survival (PFS) benefit over Topotecan and pegylated liposomal doxorubicin (PLD) in the 443-patient CORAIL study in platinum-resistant ovarian cancer. Zepsyre is currently in a Phase III trial in small cell lung cancer (SCLC) patients with protocols for pivotal studies in endometrial and breast cancer being finalised.

PharmaMar - Zepsyre misses in Ovarian, SCLC still promising

Spain

Pharma Mar SA manufactures drug and medicines. The Company offers cancer treatment through discovering, developing, producing, and marketing innovative drugs of marine origin. Pharma Mar operates throughout Spain.

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Pharma Mar SA (PHM SM)

Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....

Tina Banerjee

PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. In this note, we will talk about the deal dynamics and...

Ethan Aw

Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum

Boryung is expanding oncology portfolio and got approval for in-licensed drug, Zepzelca in Korea. During 2022–2026, oncology segment is expected to...

Tina Banerjee

PharmaMar - Full year 2017 results

PharmaMar recently reported financial results for 2017. Sales for the year were down 0.9% to €162.6m compared to 2016. Yondelis sales fell 4.1% to...

Edison Investment Research

PharmaMar - Zepsyre misses in Ovarian, SCLC still promising

PharmaMar recently announced that Zepsyre® failed to show a progression-free survival (PFS) benefit over Topotecan and pegylated liposomal...

Edison Investment Research

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Lotus Pharmaceutical (1795 TT): Continued Stellar Growth in Q2; Pipeline Expansion to Drive Growth

​Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....

Tina Banerjee

PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. In this note, we will talk about the deal dynamics and...

Ethan Aw

Boryung Pharmaceutical (003850 KS): Oncology Portfolio Expansion to Accelerate Growth Momentum

Boryung is expanding oncology portfolio and got approval for in-licensed drug, Zepzelca in Korea. During 2022–2026, oncology segment is expected to...

Tina Banerjee

PharmaMar - Full year 2017 results

PharmaMar recently reported financial results for 2017. Sales for the year were down 0.9% to €162.6m compared to 2016. Yondelis sales fell 4.1% to...

Edison Investment Research

PharmaMar - Zepsyre misses in Ovarian, SCLC still promising

PharmaMar recently announced that Zepsyre® failed to show a progression-free survival (PFS) benefit over Topotecan and pegylated liposomal...

Edison Investment Research

Lotus saw 53% YoY revenue growth in 2Q23, driven Lenalidomide and Suboxone in the US and branded products in Taiwan. EPS exceeded expectations....