Smartkarma Daily Briefs

IMMX has shared a 12-month recap, capturing key clinical and regulatory events from 2023, setting the stage for an active 2024. Its lead CAR-T asset (NXC-201) is a B-cell maturation antigen (BCMA) targeting therapy for amyloid light chain amyloidosis (ALA) and multiple myeloma (MM). The latest clinical data (Phase Ib/IIa NEXICART-1 trial) showed an overall response rate (ORR) of 100% in ALA patients (n=10) and 90% in MM patients (n=50). On the regulatory front, NXC-201 received Orphan Drug designation (ODD) in February 2024 from the EMA for ALA, and in Q323 from the FDA for ALA and MM. The FDA also cleared Immix’s Investigational New Drug (IND) application in Q423, permitting NXC-201 dosing at US trial sites (NEXICART-2 trial for ALA patients). We believe this is an important development step for NXC-201, and we look forward to rolling data readouts after the start of NEXICART-2, most likely in H124.

• Bristol-Myers Squibb (BMS) reported a strong fourth quarter for 2023 with sales momentum in both their established and new product portfolios, showing a growth of 9% and earning nearly $10 billion in revenue.
• Multiple key brands, including Eliquis, Opdivo, Reblozyl, Opdualag, Breyanzi, Camzyos, and Sotyktu, contributed to this growth.
• In addition, BMS generated significant cash flows from operations amounting to $4.3 billion.

• Eli Lilly and Company’s Q4 2023 earnings showed a year of growth and advancement for the company.
• Revenue increased by 20 percent for the full year and 28 percent for the most recent quarter, as seen in the company’s newly launched portfolio gaining momentum.
• Notably, the company received regulatory approvals for Zepbound, Jaypirca, Omvoh, Ebglyss in the EU, and an expanded label for Verzenio and two new indications for Jardiance within 2023.

• Olympus Corp (7733 JP) announced disappointing Q3FY24 result. Although revenue increased 7% YoY to ¥239B, beating estimate of ¥236B, operating profit declined 30% YoY to ¥34B, below estimate of ¥43B.
• The company cut FY24 operating profit guidance for second time and reduced revenue guidance after raising it in November. Noto Peninsula earthquake is the main reason for reducing revenue guidance.
• Although both revenue and profits are expected to improve in FY25, it will be difficult to achieve an operating margin of 20% and sales growth of 5%.

At the 2024 ESMO Targeted Anticancer Therapies Congress, OSE Immunotherapeutics (OSE) presented encouraging interim results from the Phase I/II dose escalation and expansion study for OSE-279, its anti-PD1 monoclonal antibody. The data show promising preliminary efficacy in patients with advanced solid tumours with no therapeutics options available. The mono therapy has also continued to demonstrate a desirable pharmacokinetic/pharmacodynamic (PK/PD) profile and manageable safety. OSE is investigating various combination approaches, such as with its lead cancer vaccine Tedopi, which we believe could maximise the potential of its proprietary therapies. OSE has six ongoing clinical studies (across several indications) and three pre-clinical assets and, in our view, the most significant upcoming milestone for the company will be initiation of the confirmatory Phase III trial for Tedopi in second-line non-small cell lung cancer (Q224 in the US and extension to European sites in H224).

• During Vertex Pharmaceuticals’ Fourth Quarter 2023 Earnings Call, the company highlighted the achievements of the past year, including the strong financial results they achieved and the progress of their various drug development programs.
• Vertex continued its impressive growth streak, achieving full year CF product revenues of $9.87 billion, which represents an 11% growth from 2022.
• The company attributes this growth primarily to the increased number of CF patients being reached and the groundbreaking approvals of CASGEVY, the first-ever CRISPR/Cas9-based therapy.

• West Pharmaceutical Services recently held its fourth quarter 2023 earnings conference call, closely examining their financial results, providing an update on their business operations, and presenting an overview of their financial outlook for the full year of 2024.
• The company reported a significant base growth in 2023, which offset a decrease of COVID-19-related sales by about $320 million.
• This growth was mainly driven by expanding customer demand for the company’s high value product offerings and their contract manufacturing services.

• Boston Scientific Corporation experienced an exceptional performance in 2023, delivering one of the strongest years in the company’s history by surpassing set financial goals.
• Throughout the year, total company operational sales grew by 15% and organic sales by 14%, exceeding the high-end guidance range of 8% to 10%.
• Operational sales growth for the full year was registered at 13%, and organic sales grew by 12%.

• In healthcare AI industry, the commercialization process is complex and burdened with challenges. Related products mainly plays an auxiliary role in medical scenarios, rather than a core support or rigid-demand. 
• The idea of creating corresponding solutions for C-end and B-end customers by FUNFEI is not inappropriate. However, both B-end and C-end businesses of FUNFEI have encountered varying degrees of problems.
• We’re not optimistic about XUNFEI’s profitability. The sluggish stock price performance after Airdoc’s listing indicates that the market/investors have not fully recognized healthcare AI enterprises, leading to low valuation.