Healthcare

• 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.

• EcoNaviSta (5585 JP) has a couple of interesting product lines and platforms. That makes it attractive, and scalable. Synergies to a big buyer are reasonably obvious.
• Eisai Co Ltd (4523 JP) is that big buyer, having decided to be interested last summer. I could imagine others could be interested too. The tech has uses.
• For the moment, it is a high EV/Revenue bid on an interesting small company. The chairman, cross-holders, directors, and a couple of financial institutions own 66+%. But…

• SanBio reported no operating revenue for FY01/25, with an operating loss of JPY3.5bn, narrowing from JPY4.5bn.
• Non-operating income was JPY628mn, primarily from foreign-exchange gains, while non-operating expenses totaled JPY134mn.
• The company expects no operating revenue for FY01/26, forecasting operating expenses of JPY3.5bn, focusing on AKUUGO® approval.

• Huge Dental (HD) is looking to raise about US$100mn in its upcoming Hong Kong IPO. The deal will be run by CICC and DBS.
• As a leading dental material company among domestic players in China, HD offers dental clinical products, dental laboratory products and dental digital products in various application scenarios.
• HD primarily sells across 6 continents, with China, Europe, U.S., and SEA being the primary markets.

• Checkpoint Therapeutics is being acquired by Sun Pharma for $4.1/share plus a non-transferable CVR worth up to $0.70/share.
• The CVR payout depends on EU approval of Unloxcyt, with four scenarios based on approval timing and dosing schedule.
• Shareholder approval is likely due to FBIO’s control and Armistice Capital’s support, with a 66% premium over pre-announcement levels.

• 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 positive aspects of the deal.

• The competition intensity of the industry in which Soft International’s main business operates is expected to remain high in the future. The growth rate of major markets will maintain low.
• Soft International’s performance has shown a downward trend as it enters 2024.This is not good news for capital markets that prioritize performance sustainability.P/E of 10x is a suitable valuation level
• Our forecast is that Soft International’s revenue could reach RMB750-800 million in 2025 and RMB850-950 million in 2026, with CAGR of 10%-15%.Net profit margin may remain low at single digit.

• SpringWorks Therapeutics represents a highly attractive risk-reward opportunity with substantial upside potential from an imminent acquisition.
• The company is currently in play with confirmed acquisition talks and multiple signs pointing to a transaction at a significant premium to current levels.
• Current price: $50, Target price: $70-85, representing approximately 50% upside with limited downside risk.

• Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
• The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
• Chiesi Rare Disease will commercialize Elfabrio globally.

• On March 18, 2025, Dogwood Therapeutics, Inc. announced that the first patient was dosed in the Phase 2b HALT-CINP clinical trial of its lead asset, Halneuron .
• The goal is to recruit 100 patients and perform an interim analysis by the fourth quarter of 2025, which will enable changes to the study, if necessary, to improve trial outcomes.
• On March 12, 2025, Dogwood announced a debt conversion with its largest shareholder.

• During FY25, SanBio Co Ltd (4592 JP) did not generate any revenue and incurred an operating expense of ¥3.5B, down 23% YoY.
• The company successfully completed two commercial production runs to accumulate inventories in preparation for launch of Akuugo. The earliest possible timing for shipment is assumed to be Q2FY26.
• SanBio has a cash runway through FY26. Further, in March, the company has raised funds of ¥2.1B through third party placement.

• Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
• EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
• COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.

• WuXi AppTec (2359 HK) has reported 2024 result, with revenue reaching RMB39.2M, in-line with guidance of RMB38.3–40.5B. Excluding Covid-19 commercial project, 2024 revenue represents 5% YoY growth.
• The company has announced a cash dividend of RMB9.8 and a special dividend of RMB3.5 for every 10 shares. Wuxi AppTech has also proposed RMB 1B buyback plan (for A-shares).
• Based on the current backlog, Wuxi AppTech expects continuing operations revenue to resume double-digit growth of 10–15% YoY in 2025, targeting to deliver a total revenue of RMB41.5–43.0B.

• UnitedHealth Group’s fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.
• Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company’s projections.
• Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.

• They have designed their platform to address a broad spectrum of Musculoskeletal system (MSK) care—from acute injury, to chronic pain, to post-surgical rehabilitation.
• As of December 31, 2024, they had over 532,000 members and more than 2,250 clients, compared to approximately 371,000 members and approximately 1,650 clients as of December 31, 2023.
• Their revenue was $390.4 million and $292.7 million for the years ended December 31, 2024 and 2023, respectively, representing a year-over-year growth rate of 33%.

• We recently teamed up with MS Microcaps to publish Company Spotlight reports on the companies presenting at its conference earlier this month.
• The reports aim to serve as an introduction to each company and provide a basic investment thesis.
• For access to full versions of all interviews please visit either mscliffnotes.substack.com or geoinvesting.com/free-trial/.

• Natera Inc. presented its fourth quarter 2024 financial results, signaling a robust period for the company as they continue to expand and enhance their operations.
• The company’s revenues for the quarter reached $476 million, marking a substantial 53% increase year-on-year and exceeding their January pre-announcement by $4 million.
• This robust revenue growth is attributed to an increase in test volumes across their product lines, with a particular highlight on the 60% clinical volume growth of Signatera compared to the fourth quarter of 2023.

• NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
• The technology involved also has the potential to more efficiently get other treatments to the needed area.
• The company announced that a preclinical study demonstrated that ExoPTEN treatment led to motor function recovery and improvements in blood flow-both positive signs for an IND submission.

• Option Care Health recently reported its financial performance for the fourth quarter and full year of 2024.
• During the call, the executives outlined several aspects of their performance, strategic initiatives, and future outlook.
• Key takeaways include a robust revenue growth rate of approximately 19.7% year-over-year in the fourth quarter and an overall satisfactory management of operational challenges such as supply chain issues.

• In Dec.
• 2024, Quoin received FDA clearance to initiate a new investigator led whole-body clinical study for QRX003, which will evaluate the safety and efficacy of twice-daily application of QRX003 to more than 80% of the body surface area in NS patients, an application dosage QNRX anticipates in real-world usage if QRX003 obtains regulatory approval.
• This represents the most extensive clinical application of QRX003 thus far.

• Revelation Biosciences is a life sciences company whose development of immunologic-based therapies is based on the well-established biology of phosphorylated hexaacyl disaccharide (PHAD) and its effect on the innate immune system.
• The company announced that a study on its flagship Gemini treatment showed the drug reduces inflammation in human blood cells.
• These results hold great promise for the treatment of conditions such as CKD (chronic kidney disease).

• The NHSA has issued clear instructions for VBP in 2025, including two batches of national VBP of drugs and one batch of medical consumables VBP. TCM will also be included.
• The sales growth of GLP-1s has entered a turning point, it will be far from the previously high expectations. The actual market size of GLP-1s could be only US$100 billion.
• Rapid sales growth of Efgartigimod is the key factor for Zai Lab to narrow the losses.But whether it can be breakeven relies on the decline of cost/expenses, not revenue growth.

• Agilent Technologies’ earnings for the first quarter of fiscal year 2025 highlighted a solid start to the year, with the company exceeding expectations for core revenue growth and earnings per share (EPS).
• The company’s revenue for the quarter was $1.681 billion, a 1% increase year-over-year, driven by strong performance in various sectors and regions, particularly in PFAS (per- and polyfluoroalkyl substances) and the China stimulus awards.
• The company experienced growth in all regions except academia and government.

• Elanco Animal Health’s fourth quarter 2024 presentation indicates the company is progressing towards its strategic imperatives while grappling with several ongoing challenges.
• The company’s revenue grew by 4% on an organic constant currency basis, marking the sixth consecutive quarter of revenue growth.
• This was driven by the company’s dual businesses: Pet Health and Farm Animal.

• Jazz Pharmaceuticals reported record financial results for the fourth quarter and full year 2024, achieving over $4 billion in total annual revenue.
• The company’s growth was driven by strong execution in its sleep, epilepsy, and oncology portfolios.
• Fourth quarter revenues nearly reached $1.1 billion, marking the highest figure in the company’s history.

• Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
• With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
• Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.

• Molina Healthcare’s fourth-quarter and full-year 2024 results present a mixed picture, reflecting both challenges and prospects for future growth.
• The company reported an adjusted EPS of $5.05 for the fourth quarter and $22.65 for the full year, which represents an 8.5% year-over-year growth.
• However, the fourth-quarter results did not meet the company’s internal expectations due to higher-than-anticipated medical cost pressure in the Medicaid and Medicare segments, leading to a consolidated medical care ratio (MCR) of 90.2% for the quarter, which was above forecasts.

• Centene Corporation’s recent performance exhibited both strengths and areas for careful attention.
• The company’s financial results for the fourth quarter of 2024 demonstrated solid earnings power, with adjusted diluted earnings per share (EPS) of $0.80 and a full-year EPS of $7.17.
• This growth is attributed to robust performance across its business lines, including Medicare and Medicaid, and significant operational improvements.

• Elevance Health, formerly known as Anthem, reported a fourth-quarter GAAP diluted earnings per share of $1.81 and adjusted EPS of $3.84, matching previous expectations.
• The adjusted EPS for the full year reached $33.04.
• Total operating revenue for 2024 was $175.2 billion, a 3% increase from the prior year, reflecting strategic premium rate adjustments and growth within its Carelon businesses.

• Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$300m via a Hong Kong listing.
• The company has passed the hearing for the listing and filed a new version of the prospectus.
• We look at the difference between previous filing and current filing.

• Masimo Corporation reported its fourth quarter and full-year 2024 financial results, highlighting both accomplishments and areas that require attention.
• On the positive side, the company exhibited solid performance with consolidated revenues for the fourth quarter reaching $601 million, representing a 9% increase on a constant currency basis.
• Healthcare revenues grew by 9% to $368 million, which was bolstered by the shipment of 65,000 technology boards and monitors, reaching the high end of expectations.

• Operating revenue grew 69.5% YoY to JPY5.1bn, driven by strong sales of TDM-621 across multiple regions.
• The company revised its FY04/25 forecast, expecting JPY7.0bn in revenue and a reduced operating loss of JPY769mn.
• Foreign exchange fluctuations impacted recurring loss, with JPY649mn in losses due to yen appreciation against USD and EUR.

• Henry Schein, Inc. recently reported its earnings for the fourth quarter of 2024, revealing several dynamics within its business operations and financial performance.
• The company, known for its dental and medical products distribution as well as specialty and technology services, presented mixed results indicative of market conditions and internal strategic shifts.
• Positively, Henry Schein reported global sales of $3.2 billion, marking a 5.8% growth compared to the prior year.

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

• Sun Pharmaceutical Industries (SUNP IN) is set to acquire Checkpoint Therapeutics for $355 million, enhancing its onco-dermatology portfolio with UNLOXCYT™, an FDA-approved treatment.
• This strategic move provides Sun Pharma with immediate access to the U.S. market and the potential for global expansion, especially in the PD-1 inhibitor space.
• The acquisition promises revenue growth and synergistic opportunities, although regulatory approvals and successful integration are crucial for realizing its full potential.

Immix Biopharma has been granted a Regenerative Medicine Advanced Therapy (RMAT) designation by the US Food and Drug Administration (FDA) for the company’s novel sterically optimized CAR-T treatment, NXC-201, which is being developed as a potential treatment for relapsed/refractory amyloid light chain amyloidosis (r/r ALA). The RMAT designation offers several operational and regulatory benefits, which could streamline the clinical development and subsequent approval process for NXC-201, for example by enabling frequent interactions with the FDA. We note that NXC-201 has already been awarded orphan drug designation by the FDA and the European Medicines Agency (EMA), reflecting a robust position in what could be key markets for the therapy. NXC-201 is currently being evaluated in the US-based NEXICART-2 trial, and the next update (expected in H125) may represent a near-term catalyst for Immix, in our view.

Volition continues to build data demonstrating that the Nu.Q® NETs H3.1 diagnostic platform is a potential breakthrough tool in sepsis management. These efforts underpin Volition’s aim to advance Nu.Q NETs as a rapid, accessible and accurate diagnostic test to manage this potentially devastating condition. Sepsis (immune system triggered organ dysfunction) affects c 50 million people a year worldwide, and results in c 11 million deaths. Further, every hour of delayed treatment raises the mortality risk by c 8%. In this note we review Volition’s recent updates from the ESICM Annual Congress, where it provided evidence across data comprising more than 3,000 patients that its technology can quickly and reliably detect the patients most at risk of mortality, septic shock and organ failure. Improving the identification and tracking of at-risk patients should help improve treatment paradigms.

Basilea Pharmaceutica has continued its strong momentum into 2025, announcing the receipt of a CHF1.2m milestone payment for Cresemba for the strategically important Japanese market. This marks the first commercial milestone payment from Japanese licensing partner, Asahi Kasei Pharma, and comes within two years of market launch (in March 2023), which we view as an indication of the favourable market uptake for the company’s lead anti-infective drug. We note that Japan and China are key markets for Cresemba (making up c 25% of the drug’s global potential) and have experienced strong demand for this category-leading treatment. We expect these markets to support Basilea in life cycle management for Cresemba as it approaches maturity in the primary US and European markets (loss of market exclusivity in Q427). Our estimates are under review ahead of the forthcoming FY24 results, due to be published on 18 February 2025.

• Key 4Q24 takeaways include: 1) we look for sustainable revenue/earnings growth reflecting powerful industry tailwinds and CCLD’s comprehensive suite of fully integrated services combined with targeted marketing initiatives 2) rising free cash flow continues to drive a real-time step up in capital deployment including the early resumption of preferred stock dividend payments and reinvesting in the business to accelerate growth and 3) we look for management to increasingly capitalize on M&A opportunities (see the recently announced acquisition of MesaBilling), particularly now that CCLD shareholders approved upsizing the company’s share authorization by 50 million shares, with the Board recently announcing the conversion of Series A Preferred Stock to common stock, thereby freeing up considerable capacity for deals, while generating meaningful savings related to lower preferred stock dividends.

• Key 4Q24 takeaways include: 1) we look for sustainable revenue/earnings growth reflecting powerful industry tailwinds and CCLD’s comprehensive suite of fully integrated services combined with targeted marketing initiatives 2) rising free cash flow continues to drive a real-time step up in capital deployment including the early resumption of preferred stock dividend payments and reinvesting in the business to accelerate growth and 3) we look for management to increasingly capitalize on M&A opportunities (see the recently announced acquisition of MesaBilling), particularly now that CCLD shareholders approved upsizing the company’s share authorization by 50 million shares, with the Board recently announcing the conversion of Series A Preferred Stock to common stock, thereby freeing up considerable capacity for deals, while generating meaningful savings related to lower preferred stock dividends.

• Key 4Q24 takeaways include: 1) we look for sustainable revenue/earnings growth reflecting powerful industry tailwinds and CCLD’s comprehensive suite of fully integrated services combined with targeted marketing initiatives 2) rising free cash flow continues to drive a real-time step up in capital deployment including the early resumption of preferred stock dividend payments and reinvesting in the business to accelerate growth and 3) we look for management to increasingly capitalize on M&A opportunities (see the recently announced acquisition of MesaBilling), particularly now that CCLD shareholders approved upsizing the company’s share authorization by 50 million shares, with the Board recently announcing the conversion of Series A Preferred Stock to common stock, thereby freeing up considerable capacity for deals, while generating meaningful savings related to lower preferred stock dividends.

• The Cigna Group’s fourth-quarter and full-year 2024 financial results reflect a mixed performance, with certain aspects showing growth while others reveal challenges.
• The company reported a full-year revenue increase of 27% to approximately $247 billion, highlighting strong revenue growth.
• Adjusted earnings per share (EPS) rose by 9% to $27.33, although this was below expectations, indicating some pressure on profitability.

• Key 4Q24 takeaways include: 1) we look for sustainable revenue/earnings growth reflecting powerful industry tailwinds and CCLD’s comprehensive suite of fully integrated services combined with targeted marketing initiatives 2) rising free cash flow continues to drive a real-time step up in capital deployment including the early resumption of preferred stock dividend payments and reinvesting in the business to accelerate growth and 3) we look for management to increasingly capitalize on M&A opportunities (see the recently announced acquisition of MesaBilling), particularly now that CCLD shareholders approved upsizing the company’s share authorization by 50 million shares, with the Board recently announcing the conversion of Series A Preferred Stock to common stock, thereby freeing up considerable capacity for deals, while generating meaningful savings related to lower preferred stock dividends.

Biomea Fusion is a clinical-stage biopharmaceutical company developing novel small molecules to cure metabolic diseases. Its proprietary FUSION System platform has created a pipeline of covalent candidates, which are drug molecules that form permanent bonds with their target proteins in the body, offering potential advantages over traditional non-covalent drugs. Lead asset icovamenib is in clinical trials for type 2 and type 1 diabetes (T2D; T1D), aiming to address critical unmet needs in the space. The company is also advancing next-generation asset BMF-650 towards the clinic, for diabetes and obesity. The treatment markets for these disease areas are projected to reach c $134bn and c $105bn, respectively, by 2030. Multiple pipeline catalysts are anticipated for Biomea throughout 2025.