In today’s briefing:
- Burning Rock Biotech (BNR US): Despite Q2 Results Missing Consensus Management Reiterated Guidance
- Pre-IPO Beijing Continent Pharmaceuticals – The Orphan Drug Pioneer Needs to Expand Overseas
- AbbVie Inc: Agreement With Cugene & Other Developments
- Jungle Ventures Leads Vietnamese Insurtech Startup Medici’s Series A Round
Burning Rock Biotech (BNR US): Despite Q2 Results Missing Consensus Management Reiterated Guidance
- Burning Rock Biotech (BNR US) has announced Q2 results. Despite the negative impact from COVID-related restrictions in China, revenue increased 3% y/y to RMB130.8 million, driven by pharma R&D service.
- Gross margin deteriorated due to unfavorable revenue mix and inventory write down. Even upon this, operating expenses grew 19%, thereby widening net loss to RMB262.1 million.
- Encouraged by ongoing business volume recovery, management has reiterated full-year 2022 revenue guidance of approximately RMB620 million, indicating H2 2022 revenue of RMB354 million, which represents 29% y/y growth.
Pre-IPO Beijing Continent Pharmaceuticals – The Orphan Drug Pioneer Needs to Expand Overseas
- With favorable policies and improved intellectual property protection, investors’ attitude towards rare diseases in China has changed significantly and become more interested in this field.
- Since no new candidates would be commercialized until 2024, Beijing Continent Pharmaceuticals (CPH HK) could face increasing competition and financial pressure. The breakthrough point is to develop overseas markets.
- In terms of valuation, Continent is better than CANbridge Pharmaceuticals (1228 HK), so it is expected to have higher valuation than CANbridge after listing.
AbbVie Inc: Agreement With Cugene & Other Developments
- AbbVie has witnessed a strong correction over the past few months and its results have also not been the best.
- The company’s revenues in the last result were below market expectations though it did deliver an earnings beat.
- The silver lining for AbbVie has been the strong growth in double-digit operational sales from immunology, where Skyrizi exceeded the expectation of the company with its impressive market share gains in both PSA and psoriasis.
Jungle Ventures Leads Vietnamese Insurtech Startup Medici’s Series A Round
Iinsurance startup Medici claims it has hit double-digit m-o-m growth and has 35+ branches across almost 40 provinces.
- Vietnamese healthtech and insurance startup Medici has received an undisclosed sum in a Series A round led by existing backer Jungle Ventures.
- The company will use the money to improve its technology infrastructure to capture the tremendous growth opportunity of Vietnam’s insurance and healthcare market.
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