Healthcare

• NIOX Group received a non-binding takeover proposal from Keensight Capital at 81p/share, with a 9% spread.
• NIOX’s management is open to the offer, having previously run a limited private sale process with ongoing negotiations.
• Valuation at 81p/share aligns with industry standards, given NIOX’s growth, profitability, and upcoming product launches.

• Hygeia Healthcare Group (6078 HK) reported revenue growth of 9% YoY to RMB4,446 million, mainly driven by a 11% YoY growth in hospital business.
• Hygeia’s gross profit margin contracted 170bps YoY to 29.9%. Net profit decreased 13% on higher finance cost despite of income tax expenses being lower.
• Accelerated organic growth and strengthening of margins are crucial to boost valuation.

• On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today. 
• The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price). 
• We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits. 

• Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
• Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
• We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26. 

Recce is preparing to start a registrational Indonesian Phase III study of the topical gel formulation (R327G) of its lead anti-infective therapeutic drug candidate, RECCE 327 (R327), for the treatment of diabetic foot infections (DFIs). We expect the trial to start in the coming weeks and note that DFIs are the leading cause of limb morbidity in diabetic patients and an area of unmet need as currently available topical drugs have limited effectiveness. We anticipate that positive results could lead to Recce’s earliest R327 commercialisation opportunity, through a launch in South-East Asia in the DFI indication in H2 CY26. After adjusting for forex and other minor adjustments, we now obtain an rNPV valuation of A$610.1m (or A$2.68 per share), versus A$593.6m (or A$2.60 per share) previously.

• On March 25, 2025, Imunon, Inc. (IMNN) held a conference call to discuss the finalized protocol for a Phase 3 clinical trial of IMNN-001 in patients with newly diagnosed ovarian cancer.
• The study will mirror the Phase 2 OVATION 2 trial that reported benefits in both progression-free and overall survival.
• It will initially focus on those patients who are positive for homologous recombination deficiency (HDR) positive, including BRCA1 and BRCA2 mutations.

• Lantern Pharma uses AI & data to identify drug responders, uncover mechanism of action & rescue failed drugs.
• It is developing LP-300 for non- & never smoker NSCLC in the Harmonic trial.
• Secondary candidates include LP-100 for mCRPC and LP-184 and LP-284 which are in clinical development for multiple biomarker-defined tumors and hematological cancers, respectively.

• QuidelOrtho delivered results in line with their expectations for the full year 2024, closing the year with a total reported revenue of $2.8 billion.
• The company noted a 4% decrease in fourth quarter revenue compared to the prior year, attributed largely to anticipated declines in COVID and flu testing revenues.
• Notably, revenues from regions such as the Labs business, which grew by 4%, and the Immunohematology segment, which also rose by 4%, demonstrated stable performance and continued business growth irrespective of the broader respiratory revenue challenges.

• Certara reported robust financial performance for the fourth quarter and full year of 2024, reflecting a 9% growth in revenue to $385.1 million compared to the previous year.
• The company experienced a stronger growth trajectory in the fourth quarter, with revenues reaching $100.4 million, marking a 14% year-over-year increase.
• This growth was primarily fueled by a substantial 26% increase in software revenue, attributed to the robust demand for their biosimulation software and contributions from the recent acquisition of Chemaxon, which added $6.6 million to the reported revenue.

• Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
• Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
• Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.

• Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their competitive advantages.
• Essilor Luxottica is a global leader in the eyewear industry, formed by the merger of Essilor and Luxottica in 2018, with a nearly $130 billion market cap.
• The company is vertically integrated, spanning design, manufacturing, distribution, and retail operations in both Vision Care and eyewear fashion segments, with recognizable brands like Ray Ban and Oakley.

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• Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence.
• The company has recently announced that activist investor Keith Meister, who heads Corvex Management and owns a 2.5% stake in the company, will be joining its board of directors.
• At the same time, former FDA commissioner Scott Gottlieb will replace Stephen MacMillan as chairman, marking a substantial leadership reshuffle aimed at steering the company out of its current malaise.

• Intra-Cellular Therapies’ latest earnings results highlight a continued positive growth trajectory, driven primarily by the strong performance of its flagship drug, CAPLYTA (lumateperone).
• The company reported $175.2 million in net sales for CAPLYTA during the third quarter of 2024, reflecting a notable 39% increase compared to the same period last year.
• This growth outpaced the overall antipsychotic market, underscoring CAPLYTA’s growing acceptance and market share, particularly in the treatment of bipolar depression.

• 10x Genomics, a pioneer in single-cell and spatial transcriptomics, recently released its financial results for Q4 and the full year 2024.
• The company experienced a 1% decrease in total revenue year-over-year, ending with $611 million.
• This was largely due to challenges stemming from macroeconomic conditions and significant changes within the company.

• On March 25, 2025, X4 Pharmaceuticals, Inc. (XFOR) announced financial results for the fourth quarter and full year 2024 and provided a business update.
• The company has activated approximately 90% of clinical sites for the Phase 3 4WARD trial of mavorixafor in chronic neutropenia and we anticipate full enrollment of the trial in the second half of 2025.
• The trial protocol for the 4WARD trial was also amended, and the trial is now exclusively enrolling patients with absolute neutrophil counts (ANC) < 1,000 cells per microliter.

• Acadia Healthcare Corporation reported its fourth quarter 2024 financial results, highlighting both achievements and challenges.
• The company reported a total revenue increase of 4.2% from the previous year, reaching $774 million for the quarter and $3.1 billion for the full year, a 7.7% increase over 2023.
• Same-facility patient days also saw growth of 3.2% in the fourth quarter, with stable growth between 3% and 4% throughout each month of the quarter.

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce recombinant proteins, biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.

• Wuxi Biologics (2269 HK) has reported 2024 result, with revenue growing 10% YoY to RMB19B and net profit increasing 11% YoY to RMB4B. Revenue from non-COVID business increased 13% YoY.
• Total backlog reached $18.5B as of December 31, 2024, including $10.5B service backlog and $8.0B upcoming potential milestone fees, while the total backlog within three years stood at $3.7B.
• Wuxi Biologics guided for 12–15% YoY revenue growth for 2025. Revenue from continuing operation (excluding revenue from Ireland Vaccines) is expected to grow 17–20% YoY in 2025.

• The performance of WuXi Bio in 2024 was mainly driven by WuXi XDC. If excluding the contribution from WuXi XDC, the growth of WuXi Bio in 2024 would be  negative.
• WuXi Bio ‘s growth is slowing down and may not return to its previous high growth in the future.Investors may need to get used to around 20% annual growth ahead.
• High valuation is unjustified. P/E of about 30 is not cheap. We would recommend investors to take profits, and P/E of below 20 is a more comfortable place to buy. 

• Veeda Clinical Research Ltd (3340714Z IN) (VCRL) is planning to raise about US$115m in its upcoming India IPO. 
• VCRL is a global contract research organization offering comprehensive drug development services, including non-clinical, pre-clinical, clinical trials, and studies across diverse drug types like generics, biosimilars, and medical devices.
• The company operates in key global markets, including North America, Europe, and Asia, with a presence in India.

• Merck & Co.’s fourth-quarter 2024 financial performance reflects a complex landscape of strength in some areas alongside challenges in others.
• The company’s overall revenue increased by 7% to $15.6 billion, or 9% when accounting for foreign exchange impacts, partly driven by robust performance in its oncology and Animal Health segments.
• This growth trajectory, supporting strong demand for innovative products like KEYTRUDA, contrasts with notable headwinds faced with GARDASIL, particularly in the Chinese market.

• On March 21, 2025, Soligenix, Inc. (SNGX) announced financial results for 2024 and provided a business update.
• The company recently announced a publication in the journal COVID highlighting preclinical results showing that CiVax , a thermostabilized subunit vaccine against SARS-CoV-2, in combination with a primary adenovirus vaccine induced broader protection against COVID-19 variants in non-human primates than a 2-shot mRNA series.
• The company’s ThermoVax platform has previously produced efficacious, thermostabilized vaccines for ricin toxin and filoviruses (Ebola, Marburg, etc.).

• Henlius has made a profit for the second year in a row.However, some investors are not satisfied with the quality of net profit growth in 2024 due to concerns behind.
• The implementation of H Share Full Circulation has a positive impact on financing ability, shareholder returns, market valuation of Henlius.The next goal is to be included in HK Stock Connect
• Lin Lijun’s continuous increase in Henlius holdings is an important reason for shares surge after privatization failure.Lin may keep pushing up share price so as to exit at higher price.

• AbbVie Inc. concluded 2024 with robust performance metrics, highlighted by a notable return to growth, despite significant challenges such as the $5 billion U.S. Humira sales erosion due to biosimilar competition.
• The company reported a total revenue of $56.3 billion, surpassing its initial guidance by over $2 billion, with adjusted earnings per share recorded at $10.12, which is $0.49 above their previously forecasted midpoint.
• On a segmented basis, AbbVie’s “ex-Humira” platform, consisting primarily of Skyrizi and Rinvoq, demonstrated substantial growth.

• Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
• We looked at the latest prospectus and noted it toned down the language and strengthened its team.
• We also compare the clinical readings of its core products with benchmark products.

• HLB Life Science (067630 KS) shares lost ~20% since March 20 to trade near five-year lows after a group company, Elevar Therapeutics faced setback regarding a new cancer drug application.
• FDA has rejected Elevar’s new drug application of its lead proprietary drug candidate, rivoceranib in combination with camrelizumab as a therapy for advanced or metastatic hepatocellular carcinoma.
• This is the second time that the FDA declined to approve the drug combo. Elevar plans to promptly supplement the trial result and apply for reapproval to the FDA.

• Key 4Q24 takeaways include: 1) Tecelra launch ahead of expectations based on the number of patients apheresed thus far and ATCs up and running, with management expressing confidence in generating at least $25 million of Tecelra sales in 2025 2) Lete-cel on track for a quicker commercialization timeline, with an expected rolling BLA submission in late 2025 followed by FDA approval in 2026 3) senior executives recently further narrowed R&D and capital allocations by pausing spending on the company’s PRAME and CD70 programs, which is anticipated to generate $75 million to $100 million of cost savings through 2028 (on top of the $300 million of savings announced last quarter) and 4) despite anticipated cost reductions over the next several years, management conceded the need for incremental capital to remain a going concern through anticipated profitability in 2027, and recently engaged an investment bank to evaluate potential partnerships, strategic collaborations, business combinations, financial transactions, and/or pipeline monetizations.

• Hansoh Pharmaceutical Group (3692 HK) reported 33% YoY net profit growth to RMB4.4B on 21% YoY revenue growth to RMB12.3B in 2024. Oncology revenue jumped 32% YoY to RMB8.1B.
• Revenue from innovative drugs zoomed 38% YoY to RMB9.5B and its proportion to total revenue increased to 77.3% in 2024 from 67.9% in 2023.
• In 2024, three key innovative drug candidates entered the phase 3 clinical stage for the first time. Hansoh will continue to focus on R&D of innovative drugs and internationalization strategy.

• Annovis Bio is a late-stage clinical drug platform company that develops novel disease-modifying therapies for neurodegenerative diseases.
• The company recently initiated a Phase 3 study in its lead small molecule candidate Buntanetap, which targets early-stage Alzheimer’s.
• Annovis completed a Phase 3 study of Buntanetap for Parkinson’s and is expected to meet with the FDA in 2Q25 to determine the path forward for the program.

• BioNTech, a pioneering biopharmaceutical company, revealed their fourth quarter and full year financial results for 2024, along with strategic priorities moving into 2025.
• The company remains steadfast in its mission to leverage its immunotherapy and architectural prowess to tackle diseases, especially cancer and infectious diseases like COVID-19.
• In 2024, BioNTech reported revenues of approximately EUR 2.8 billion, aligning with the midpoint of its guidance, although this represents a decline from the previous year, attributed to reduced COVID-19 vaccine demand.

• On March 20, 2025, Abeona Therapeutics, Inc. (ABEO) announced financial results for the fourth quarter and full year of 2024 and provided a business update.
• Preparations continue for the potential approval of prademagene zamikeracel (pz-cel), which has a PDUFA date of April 29, 2025.
• Abeona disclosed that it received draft prescribing information on the label for pz-cel, which was in-line with company expectations.

• Legend Biotech’s recent financial disclosures and strategic updates present a multifaceted view of the company’s performance and outlook.
• The firm has made significant strides with its CARVYKTI therapy, a CAR-T treatment for multiple myeloma, suggesting a robust growth trajectory influenced by several critical factors.
• Positively, Legend Biotech is experiencing strong demand for CARVYKTI, with net trade sales reaching approximately $334 million in the fourth quarter of 2024.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Since DB-1303 has no advantage in clinical data in front of competing products, the commercialization outlook is gloomy. The priority for DB-1311 is to verify the druggability of this target.
• Considering that the current capital market has become more and more rational toward innovative drug/biotech companies, the absence of commercialized products of Duality will obviously affect valuation expectations.
• The post-money valuation after Series B+ financing is about US$270 million (or about RMB2 billion), which is not expensive, and there is a chance to obtain valuation premium after IPO. 

• HLB Life Science faces delisting if it stays in ATTENTION for four years or gets a disclaimer in an audit—barring surprises, there’s still runway before it’s a real threat.
• HLB Inc getting ATTENTION in May looks likely, as KRX factors in frequent correction disclosures—HLB’s history with Rivoceranib filings and the failed FDA bid add to the risk.
• If HLB Inc. gets ATTENTION in May and drops from KOSDAQ 150, VIOL (335890 KS) steps in—worth positioning ahead of late April.

• Given new policy recommendations, it is only a matter of time before HPV vaccination is included in the national immunization program, which is detrimental to HPV vaccine companies.
• MNCs have seen a inflection point in performance growth in 2024 in China. Although VBP/NRDL negotiation are negative factors, is it also due to any consideration to withdraw from China?
• Fosun Pharma has agreed to sell its entire stake in United Family Healthcare to Calcite Gem Investments Group for US$124.1 million. We shared our views about the deal.

• Top Glove Corp (TOPG MK) achieved 70% YoY revenue growth in 1HFY25, while net profit stood at RM 58M.
• Management remains bullish on the U.S. market with North America region (23% of revenue) witnessing 13% QoQ sales growth in 2QFY25.
• ASP were up 3–4% across product categories. Top Glove expects the ASP to further strengthen.

• Align Technology presented a mixed outlook in its latest earnings call for the fourth quarter and full year of 2024.
• While the company reported positive revenue growth across some segments, several challenges and uncertainties were also highlighted, presenting a balanced investment prospect.
• On the positive side, Align Technology posted a total revenue increase of 4% year-over-year in the fourth quarter.

• The financial results for Boston Scientific’s fourth quarter and full-year 2024 highlight both strengths and challenges faced by the company.
• Achieving robust growth in several segments, the company reported operational sales growth of 23% for the quarter and 18.5% for the year, with organic growth hitting 20% and 16% respectively.
• These figures surpass their upper guidance limits, indicating strong market performance, driven primarily by the early U.S. adoption of the FARAPULSE system and other key products.

• The CSI Medical Index represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical themes in China.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in June 2025.
• We expect up to three ADDs and three DELs in June 2025 based on the latest available data (where 90% of the reference period is complete).

• HLB Life Science (067630 KS) was added to the Investment Attention Issue list on 21 March and traded limit down. Then came the announcement of the KOSDAQ 150 Index deletion.
• As the highest ranked non-constituent from the Healthcare sector at the December rebalance, Binex (053030 KS) will be added to the KOSDAQ 150 Index at the close on 25 March.
• Historically, intra-review inclusions have moved higher between announcement and implementation and there has been reversion post the index inclusion.

• Edwards Lifesciences Corporation recently reported its financial results for the fourth quarter and the full year of 2024, providing an insight into its strategic performance and outlook.
• The company, solely focused on structural heart solutions after divesting its Critical Care segment in the third quarter of 2024, recorded robust financial performance, consistent with its expectations and strategic focus.
• For the full year 2024, Edwards Lifesciences reported a 9% increase in sales, reaching $5.4 billion.

• Waters Corporation reported strong fourth quarter and full-year financial results for 2024, reflecting a positive growth trajectory within the life sciences sector.
• The company achieved a 6.4% reported sales growth in the fourth quarter, 8% on a constant currency basis, and attained high single-digit growth in instruments and recurring revenues.
• Earnings per share (EPS) showcased robust growth with a 13% increase to $4.10 on a non GAAP basis, showcasing the firm’s resilience amidst challenging economic conditions.

Sareum Holdings has announced the acquisition of the licence for SRA737, a checkpoint kinase 1 (CHK1) inhibitor, in which the company had previously held a 27.5% economic interest. Following this acquisition, Sareum will be eligible for 63.5% of all future returns from the programme. SRA737 is a clinical-stage asset, having completed two Phase I/II trials with encouraging headline data, and we believe that this deal will provide Sareum with greater control over its development pathway and future plans. The company has also announced an equity raise for gross proceeds of £1.07m, against an issue of 8.56m shares, to an institutional investor. We expect this to provide greater flexibility to Sareum as it advances its pipeline, in particular lead asset SDC-1801, which is approaching Phase II studies, in autoimmune disorders.

• Bristol-Myers Squibb’s (BMS) fourth quarter 2024 earnings call reveals a mixed outlook for the company.
• Positively, there were strong performances in certain areas of the company, reflecting a solid execution of its growth strategy.
• The growth portfolio delivered a double-digit increase, driven by key brands like Breyanzi, Camzyos, Reblozyl, and Opdualag.

• The licence for SRA737 became available following the programme’s return from a US-based biopharma company.
• As from December 2024, the licence reverted to the CRT Pioneer Fund (CPF).
• Sareum has now acquired this licence, and the economic terms have been renegotiated, so Sareum will receive a net 63.5% of all future revenues, up from 27.5%.

• Zacks Small-Cap Research Note for Adaptimmune Therapeutics plc (ADAP)

• Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
• The company announced that it had a positive meeting with the FDA regarding the testing of Lomecel-B for the treatment of Alzheimer’s.
• The end result is the testing and approval process could be accelerated.

• Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
• On 5/17/25, the company received clearance from the FDA on its 510(k) submission for its mB s TKA System.
• The first live in patient surgery OUS is expected in early 2025.

• Anthem Biosciences (1234D IN) is looking to raise up to US$400m in its upcoming India IPO.
• Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
• In this note, we talk about the not-so-positive aspects of the deal.

SIGA Technologies reported another year of top-line growth in FY24, with performance weighted to Q4, driven by material TPOXX deliveries to both domestic and international markets. Product revenue grew 2% y-o-y to $133.3m (albeit lower than our estimate of $155.6m), with Q4 contributing 60% to sales, led by $51.2m in deliveries under the July 2024 BARDA option exercise. Another highlight in Q4 was the regulatory approval in Japan in late 2024 and $11m recorded in international sales, possibly related to deliveries to Japan’s Strategic National Stockpile (SNS). With a $70m order book, FY25 should be another successful year, with longer-term potential to be shaped by a new contract win from the US government. We update our estimates to reflect the sales outlook and latest net cash, offset partially by the increased uncertainty introduced by the mpox trial data. Our valuation adjusts to $14.41/share from $13.93/share previously.

• WuXi AppTec’s 2024 results are in line with guidance. TIDES business was the key driver of WuXi Chemistry. However, the downturn of “R” business cast a shadow on performance recovery.
• 2025 is a crucial year for WuXi AppTec and the entire CXO industry, as it needs to verify whether about RMB40 billion revenue and 6,000 customers represent the ceiling/growth bottleneck?
• The disposal of WuXi XDC shares help boost WuXi AppTec’s share price. However, due to the geopolitical conflicts/recession risks, the long-term growth prospects of WuXi AppTec are still uncertain.

• Lotus Pharmaceutical (1795 TT) achieved 10% revenue growth to NT$19B in 2024, while net profit increased 23% to NT$5B. Growth was mainly driven by the strong performance of export business.
• For the first two months of 2025, the company reported revenue of NT$3B, representing 3% YoY growth. Particularly, January sales marked 9% YoY and a significant 48% MoM growth.
• New launches and geography expansion of existing drugs will drive near-term growth. Lotus expects to launch 11 products in 2025. Valuation remains attractive and long-term growth story is still intact.

• Aptamer Group 0.33p £6.57m (APTA.L) The developer of novel Optimer binders to enable innovation in the life sciences industry yesterday reported Interims to December 2024.
• Its revenue improved to £0.7m from £0.3m with an EBITDA loss of £1.1m down from £1.8m, while net cash is £2m after raising funds last year at 0.2p.
• The strategy is to create value through the development of high-value Optimer assets with licensing potential through commercial partners, while generating revenues from fee-for-service work, which has a 43% gross margin. 

• Johnson & Johnson’s recent earnings reveals a mixed performance for the fourth quarter of 2024 and sets forth expectations for 2025.
• In 2024, the company reported an overall operational sales growth of 7%, driven by robust growth in key therapeutic areas such as oncology, neuroscience, and pulmonary hypertension, alongside strong contributions from the MedTech sector, notably in cardiovascular and vision.
• However, challenges were noted, particularly with immunology segment sales decline due to the introduction of biosimilars in the EU for STELARA.

• Veeva Systems, a prominent player in the life sciences cloud software industry, recently reported its fiscal 2025 fourth-quarter and full-year results.
• The company demonstrated strength across its business segments, finishing the year with total revenue reaching $2.75 billion and non-GAAP operating income of $1.15 billion for the year.
• The fourth quarter alone contributed $721 million in revenue, outperforming their guidance.

• Intuitive Surgical Inc. delivered strong financial and operational performance in 2024, signaling significant advancements in their robotic-assisted surgery systems.
• During the fourth quarter earnings discussion, leadership outlined the various factors contributing to the strong annual growth, as well as some of the strategic goals they aim to achieve in 2025.
• One major positive highlighted was the successful early adoption of the fifth-generation da Vinci platform, alongside continued utilization of the Ion and da Vinci SP systems.

• Abbott Laboratories delivered a solid financial performance in the fourth quarter of 2024, reflecting a continuation of robust growth trends observed throughout the year.
• Excluding COVID-19 testing, the company reported a strong sales growth of 10%, contributing to a full-year increase of 9.5%.
• This surge was driven by significant progress across several business segments, particularly Adult Nutrition and Medical Devices, including continuous glucose monitoring systems.

• Altimmune presented its fourth quarter and full-year 2024 financial results, focusing on significant milestones and upcoming developments.
• The company has made strides in its clinical programs, especially its lead candidate, pemvidutide, intended for the treatment of non-alcoholic steatohepatitis (NASH), alongside addressing obesity and other potential indications.
• On the clinical front, Altimmune has advanced its IMPACT trial, a Phase IIb study of pemvidutide in NASH, which aims to demonstrate NASH resolution and fibrosis improvement after a 24-week treatment period.