In today’s briefing:
- Quiddity Leaderboard Hang Seng Biotech Dec 24: Positive Flows for Beigene and Innovent Biologics
- Lowball Non-Binding Indication from Brookfield
- Mettler-Toledo International Inc.: Reinvents Global Manufacturing: How Diversification Powers Resilience & Growth – Major Drivers
- Insulet Corporation: Its Efforts Towards Continued Sensor Integration & Improvements & Other Major Drivers
- Moderna Inc.: Expanding Global Presence For Unmatched Impact! – Major Drivers
- Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! – Major Drivers
- Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues
- RANI: Third Quarter Update
- SBC: Agreement to Acquire Singapore’s AHH Furthers Emerging International Expansion
- CVKD: Recent Financings Raise 9.8 Million
Quiddity Leaderboard Hang Seng Biotech Dec 24: Positive Flows for Beigene and Innovent Biologics
- The HS HK-Listed Biotech Index (“Hang Seng Biotech Index”) represents the 50 largest biotech companies listed in Hong Kong (HKEX).
- The official index changes and indicative weights for the December 2024 index rebal event will be announced on Friday 22nd November 2024.
- In this insight, we take a look at our updated flow expectations.
Lowball Non-Binding Indication from Brookfield
- Rejected Offer: Grifols’ independent committee rejected Brookfield’s proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company’s long-term prospects.
- Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.
- Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.
Mettler-Toledo International Inc.: Reinvents Global Manufacturing: How Diversification Powers Resilience & Growth – Major Drivers
- Mettler-Toledo reported its third-quarter 2024 financial performance, demonstrating resilience in diverse segments despite challenging global economic conditions.
- The company’s revenue was $954.5 million, showing a 1% increase both in local currency and in U.S. dollars.
- While sales in Europe and Asia showed moderate growth, the Americas faced a slight decline, reflecting varied performance across regions.
Insulet Corporation: Its Efforts Towards Continued Sensor Integration & Improvements & Other Major Drivers
- Insulet Corporation’s latest quarterly earnings call presents a mix of positive and cautious sentiment towards the company’s recent performance and future outlook.
- The company reported strong financial results with a significant revenue milestone, indicating healthy business momentum.
- Insulet’s total revenue growth for the third quarter was reported at 25%, driven primarily by a 26% increase in total Omnipod revenues.
Moderna Inc.: Expanding Global Presence For Unmatched Impact! – Major Drivers
- Moderna, Inc. reported its financial results for the third quarter of 2024, highlighting key developments and challenges in its business operations.
- The company delivered $1.9 billion in revenue, with a net income of $13 million, and ended the quarter with $9.2 billion in cash and investments.
- This financial position underscores Moderna’s robust liquidity, providing it with a solid foundation to support ongoing and future initiatives.
Viatris Inc.: Expansion of Innovative Portfolio As A Vital Factor Driving Growth! – Major Drivers
- Viatris’s Q3 2024 results showcased key elements both bolstering and challenging its financial position.
- Notably, the company delivered significant revenue growth, with total revenues reaching $3.8 billion, a 3% increase on an operational basis.
- Additionally, Viatris achieved its sixth consecutive quarter of growth in terms of adjusted EBITDA and adjusted earnings per share (EPS).
Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues
- During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
- Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
- Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.
RANI: Third Quarter Update
- Rani is a clinical-stage biotherapeutics company developing the ingestible robotic RaniPill (RP) that enables oral delivery of biologics & other large molecules.
- Its pipeline features clinical assets RT-102 (teriparatide for osteoporosis) & RT-111 (ustekinumab for psoriasis).
- Both programs have completed Ph1 trials characterizing safety tolerability & pharmaco-kinetics.
SBC: Agreement to Acquire Singapore’s AHH Furthers Emerging International Expansion
- Singapore’s economy has expanded significantly over the past two decades.
- GDP was above US$466 billion in 2022, according to the World Bank, which also notes that the “country provides one of the world’s most business-friendly regulatory environments for local entrepreneurs and is ranked among the world’s most competitive economies.” Moreover, reflecting its strategic location, economic growth & business friendly climate, Singapore attracts substantial amounts of U.S. foreign direct investment (FDI), factors that likely portend well for increasing demand for aesthetic services, in our view.
CVKD: Recent Financings Raise 9.8 Million
- On November 7, 2024, Cadrenal Therapeutics, Inc. (CVKD) announced financial results for the third quarter of 2024 and provided a business update.
- The company recently raised approximately $9.8 million, which included $5.1 million raised through its at-the-market (ATM) facility and $4.7 million through warrant exercises.
- Cadrenal recently met with the FDA to discuss the protocol for the planned Phase 3 clinical trial of tecarfarin in left ventricular assist device (LVAD) patients and those discussions are continuing.
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