Daily Brief Health Care: Jiangsu Hengrui Medicine, EssilorLuxottica , Illumina Inc, Iti Inc, 10X Genomics, X4 Pharmaceuticals , Acadia Healthcare Co, Dyadic International and more

• Jiangsu Hengrui Medicine (600276 CH) and Merck entered into an exclusive license agreement for HRS-5346, an investigational oral small-molecule drug. The collaboration positions Merck to challenge two other pharma giants.
• Hengrui has granted Merck exclusive rights to develop, manufacture, and commercialize HRS-5346 worldwide for an upfront payment of $200M. Hengrui is also eligible to receive milestone payments up to $1.77B.
• Hengrui reported strong 19% YoY revenue growth during 9MFY25 to RMB 20B, while profits rose 6% YoY to RMB 5B. The company will report full-year 2024 result on March 31.

• Business Breakdowns is a podcast series exploring in-depth conversations with investors and operators about different businesses and their competitive advantages.
• Essilor Luxottica is a global leader in the eyewear industry, formed by the merger of Essilor and Luxottica in 2018, with a nearly $130 billion market cap.
• The company is vertically integrated, spanning design, manufacturing, distribution, and retail operations in both Vision Care and eyewear fashion segments, with recognizable brands like Ray Ban and Oakley.

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• Illumina, a global leader in gene-sequencing machines, is facing a wave of turbulence that has significantly dented investor confidence.
• The company has recently announced that activist investor Keith Meister, who heads Corvex Management and owns a 2.5% stake in the company, will be joining its board of directors.
• At the same time, former FDA commissioner Scott Gottlieb will replace Stephen MacMillan as chairman, marking a substantial leadership reshuffle aimed at steering the company out of its current malaise.

• Intra-Cellular Therapies’ latest earnings results highlight a continued positive growth trajectory, driven primarily by the strong performance of its flagship drug, CAPLYTA (lumateperone).
• The company reported $175.2 million in net sales for CAPLYTA during the third quarter of 2024, reflecting a notable 39% increase compared to the same period last year.
• This growth outpaced the overall antipsychotic market, underscoring CAPLYTA’s growing acceptance and market share, particularly in the treatment of bipolar depression.

• 10x Genomics, a pioneer in single-cell and spatial transcriptomics, recently released its financial results for Q4 and the full year 2024.
• The company experienced a 1% decrease in total revenue year-over-year, ending with $611 million.
• This was largely due to challenges stemming from macroeconomic conditions and significant changes within the company.

• On March 25, 2025, X4 Pharmaceuticals, Inc. (XFOR) announced financial results for the fourth quarter and full year 2024 and provided a business update.
• The company has activated approximately 90% of clinical sites for the Phase 3 4WARD trial of mavorixafor in chronic neutropenia and we anticipate full enrollment of the trial in the second half of 2025.
• The trial protocol for the 4WARD trial was also amended, and the trial is now exclusively enrolling patients with absolute neutrophil counts (ANC) < 1,000 cells per microliter.

• Acadia Healthcare Corporation reported its fourth quarter 2024 financial results, highlighting both achievements and challenges.
• The company reported a total revenue increase of 4.2% from the previous year, reaching $774 million for the quarter and $3.1 billion for the full year, a 7.7% increase over 2023.
• Same-facility patient days also saw growth of 3.2% in the fourth quarter, with stable growth between 3% and 4% throughout each month of the quarter.

• Dyadic has developed C1, its proprietary fungal expression system that can produce a variety of recombinant proteins.
• C1 has been commercialized in industrial applications and is in development for production of pharmaceutical grade proteins.
• C1 exhibits potential to economically produce recombinant proteins, biologic vaccines, virus like particles, antibodies, Fc-fusion, enzymes, AAVs and other biopharmaceuticals.