Daily Brief Health Care: Cryofocus Medtech (Shanghai), Takeda Pharmaceutical, Samsung Biologics and more

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 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) 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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