In today’s briefing:
- StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech
- BeiGene (6160.HK/BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth
- Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result
- LGVN: Positive Test Results Highlight Quarterly Results
- MIRA: Solid Balance Sheet for Promising Company
- MIRA: Solid Balance Sheet for Promising Company
- NRBO: Topline Results for Phase 2a Trial of DA-1241 in MASH Expected in December 2024
- Shofu (7979 JP) – Consistent Execution with a Positive Medium- Term Outlook
- Ainos, Inc.: IRB Approval for Veldona Sjogren’s Trial
- WINT: Patient Enrollment in SEISMiC C Trial Starts, Patent Position Expands
StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech
- Hanwha Corporation (000880 KS) is “expensive” on my monitor. But that doesn’t paint the whole picture. And what’s up with Genscript Biotech (1548 HK)‘s deconsolidation of Legend Biotech (LEGN US)?
- Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
BeiGene (6160.HK/BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth
- BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence.
- BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast – Full year revenue would reach about US$3.7 billion.
- BeiGene’s performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion.
Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result
- Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
- In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
- We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.
LGVN: Positive Test Results Highlight Quarterly Results
- 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 improved revenue and reduced costs in its 3Q results.
- Additionally, the company confirmed it has enough cash on hand to last through 2025.
MIRA: Solid Balance Sheet for Promising Company
- MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report
MIRA: Solid Balance Sheet for Promising Company
- MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report
NRBO: Topline Results for Phase 2a Trial of DA-1241 in MASH Expected in December 2024
- On November 7, 2024, NeuroBo Pharmaceuticals, Inc. (NRBO) announced financial results for the third quarter of 2024 and provided a business update.
- The next clinical milestone will be the release of topline data from the Phase 2a trial of DA-1241 in MASH.
- The trial is exploring the efficacy of DA-1241 both as a monotherapy and in combination with sitagliptin.
Shofu (7979 JP) – Consistent Execution with a Positive Medium- Term Outlook
- Overseas markets driving growth – Shofu demonstrated continued positive developments in overseas markets, driving Q1-2 FY3/25 sales growth of 14.8% YoY.
- Growing demand and market share gains for its Chemical products continue with sales growth here at 28.1% YoY and making up 32.9% of total sales (29.5% in Q1-2 FY3/24).
- The company is experiencing some cost pressures from manufacturing, but profitability remains at elevated levels, and we believe there is scope for further margin expansion through both sales volume growth and mix enhancement.
Ainos, Inc.: IRB Approval for Veldona Sjogren’s Trial
- Clinical site IRB approval for Veldona Sjogren’s trial. Ainos received Institutional Review Board (IRB) approval from the Shuang Ho Hospital (Taipei Medical University) to conduct the Veldona clinical study in primary Sjogren’s syndrome.
- TFDA approval is expected next quarter, with the site initiation visit to start around April 2025.
- Ainos expects study completion in December 2026.
WINT: Patient Enrollment in SEISMiC C Trial Starts, Patent Position Expands
- Zacks Small-Cap Research Note for Windtree Therapeutics (WINT)
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