Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> announced yesterday that the company has voluntarily withdrawn the US Biologic License Application for dengue vaccine candidate (QDENGA) citing issues over data collection.</li>
<li>As per Fierce Pharma, the decision to withdraw was due to additional data requested by the FDA which were not captured by Takeda’s Phase 3 TIDES trial.</li>
<li>Takeda’s share price dropped more than 2.0% during today’s trade, however, we would not be too concerned as efficacy and safety profiles of the trial has already been established.</li>
</ul>



Takeda Pharmaceutical (4502 JP) announced yesterday that the company has voluntarily withdrawn the US Biologic License Application for dengue vaccine candidate (QDENGA) citing issues over data collection.
As per Fierce Pharma, the decision to withdraw was due to additional data requested by the FDA which were not captured by Takeda’s Phase 3 TIDES trial.
Takeda’s share price dropped more than 2.0% during today’s trade, however, we would not be too concerned as efficacy and safety profiles of the trial has already been established.


Takeda: The Impact of Voluntary Withdrawal of Dengue Vaccine Application in the US Seems Minimal

Global Healthcare Analyst

Tina Banerjee

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<a href="https://www.smartkarma.com/entities/sanofi" target="_blank" data-smartkarma-citation="entities:4564:1" rel="noopener">Sanofi (SAN FP)</a> earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.</li>
<li>The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.</li>
<li>Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.</li>
</ul>



Sanofi (SAN FP) earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.
The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.
Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.


Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

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<li>
<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> recorded 5% YoY growth in core vaccine revenue to KRW17B in 1Q23, mainly driven by shingles vaccine, SKY Zoster due to its continued market leadership.</li>
<li>In May 2023, SK Bioscience received marketing authorization of its COVID-19 vaccine, SKYCovion from the UK MHRA. SKYCovion became the eighth COVID-19 vaccine approved in the UK.</li>
<li>SK Bioscience targets revenue of KRW220 billion by 2024 mainly through global expansion of existing in-house vaccines and expanding its contract manufacturing business.</li>
</ul>



SK Bioscience (302440 KS) recorded 5% YoY growth in core vaccine revenue to KRW17B in 1Q23, mainly driven by shingles vaccine, SKY Zoster due to its continued market leadership.
In May 2023, SK Bioscience received marketing authorization of its COVID-19 vaccine, SKYCovion from the UK MHRA. SKYCovion became the eighth COVID-19 vaccine approved in the UK.
SK Bioscience targets revenue of KRW220 billion by 2024 mainly through global expansion of existing in-house vaccines and expanding its contract manufacturing business.


SK Bioscience (302440 KS): Core Vaccines Gaining Traction; COVID Vaccine Gets International Approval

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>  raised around US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Mankind Pharma  raised around US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> (MP) is looking to raise up to US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.</li>
</ul>



Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products
We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.


Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

France

Sanofi operates as a pharmaceutical company. The Company manufactures prescription pharmaceuticals and vaccines. Sanofi also develops cardiovascular, thrombosis, metabolic disorder, central nervous system, and oncology medicines and drugs. Sanofi serves customers worldwide.

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Sanofi (SAN FP)

Takeda: The Impact of Voluntary Withdrawal of Dengue Vaccine Application in the US Seems Minimal

Takeda has voluntarily withdrawn US BLA application for dengue vaccine citing issues over data collection. Efficacy and safety profiles of the...

Shifara Samsudeen, ACMA, CGMA

Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

Dupixent is now the flagship drug of Sanofi, contributing ~23% of revenue. The company added two new drugs to its portfolio this year. Sanofi...

Tina Banerjee

SK Bioscience (302440 KS): Core Vaccines Gaining Traction; COVID Vaccine Gets International Approval

SK Bioscience recorded 5% YoY growth in core vaccine revenue in 1Q23, driven by shingles vaccine, SKY Zoster. Last month, the company received...

Tina Banerjee

Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

Mankind Pharma raised around US$527m in its upcoming India IPO. In this note, we talk about the demand updates and the trading dynamics.

Sumeet Singh

Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO. In this note, we talk about the implied valuations.

Sumeet Singh

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