In today’s briefing:
- Cryofocus Medtech (康灃生物科技) Pre-IPO: Unimpressive Fundamentals
- Takeda 1Q: Top Line Beat Consensus – Development Pipeline Continues to Progress
- Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion
Cryofocus Medtech (康灃生物科技) Pre-IPO: Unimpressive Fundamentals
- Cryofocus Medtech is a China based medical device company with a focus on cryoablation. The company is look to raise $50-100m to list in Hong Kong.
- We take a quick look at Cryofocus’ key products, including AF cryoablation system and bladder cryoablation system.
- We think its products are not impressive. Neither does its investor line-ups and management team impress us much.
Takeda 1Q: Top Line Beat Consensus – Development Pipeline Continues to Progress
- Takeda Pharmaceutical (4502 JP) reported 1QFY03/23 results yesterday. Reported revenue grew 2.4% YoY to JPY972.5bn (vs consensus JPY929.6bn) while OP decreased 39.4% YoY to JPY150.5bn (vs consensus JPY173.1bn).
- Decline in OP was due to one-time gain from the sale of Japan diabetes portfolio of JPY131.4bn in 1Q last year, however, excluding this, OP increased 28.4% YoY in 1QFY03/2023.
- Takeda’s share price dropped 1.5% at the end of today’s trading as investor sentiment has changed post earnings as some of the company’s key drugs have started experiencing generic erosion.
Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion
- Samsung Biologics (207940 KS) achieved highest ever semi-annual revenue of KRW 1.62 trillion in H1 2022, with an operating profit of KRW346.1 billion, mainly driven by its contract manufacturing business.
- At the end of Q2, the company had an order book of $7.9 billion, entailing revenue visibility. Its new plant is on track to start operation in October.
- Samsung Bioepis has launched first ophthalogy biosimilar in the U.S. in June. Both the CDMO and biosimilar businesses are expected to clock solid annual revenue growth in 2022.
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