In today’s briefing:
- Baba’s Babies: They’re All Grown Up!: Alibaba Health (241 HK) Temperature’s Rising!
- Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update
- Glenmark Pharma- Value Erosion Not Something New
- CRVO: Enrollment Set to Complete in Phase 2b RewinD-LB Trial in 2Q24 Topline Data in 4Q24
- Humana Inc.: Impacts on Pharmacy Benefit Managers (PBMs) Resulting From IRA Changes & Other Major Drivers
Baba’s Babies: They’re All Grown Up!: Alibaba Health (241 HK) Temperature’s Rising!
- Alibaba Health Information Tec (241 HK) operates an online platform for healthcare services and products. Post COVID the company has maintained and grown it the online healthcare market.
- The company which is 53%-owned by Alibaba Group Holding (9988 HK) , recently reported results for 2023 which beat analyst estimates, recording a 65% increase in net profit.
- The company recently bought AJK Technology from Taobao which gives Ali Health operational rights for advertising of online healthcare merchants on Tmall (Alimama).
Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update
- Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.
- The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.
- CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.
Glenmark Pharma- Value Erosion Not Something New
- Glenmark Pharmaceuticals (GNP IN) FY24 results have seen PBT reducing from INR 2.4 bn to INR 365 mn i.e. by nearly 85%.
- This was on account for exceptional line items, which included gains from sale stake in Glenmark Lifesciences, but was offset by losses pertaining to legalities and heavy impairment in assets.
- The habit of having exceptional items, especially impairments is not something new or one-offs. There have been regular impairments carried in the past as well.
CRVO: Enrollment Set to Complete in Phase 2b RewinD-LB Trial in 2Q24 Topline Data in 4Q24
- On May 15, 2024, CervoMed Inc. (CRVO) announced financial results for the first quarter of 2024 and provided a business update.
- Enrollment is ongoing in the RewinD-LB Phase 2b clinical trial of neflamapimod in patients with dementia with Lewy bodies (DLB).
- We anticipate enrollment completing in the second quarter of 2024 with topline data from the trial expected in the fourth quarter of 2024.
Humana Inc.: Impacts on Pharmacy Benefit Managers (PBMs) Resulting From IRA Changes & Other Major Drivers
- Humana Inc., a leading health insurance provider, posted its first quarter results for 2024 and provided some important insights into the company’s financial performance and future outlook.
- CEO Bruce Broussard and CFO Susan Diamond shared their insights in a Q&A session following the earnings call.
- Broussard highlighted Humana’s solid start to 2024, stating the company reaffirmed its full-year adjusted earnings per share (EPS) guidance at approximately $16 with an increased individual MA membership growth outlook.
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