In today’s briefing:
- Neuren Pharmaceuticals (NEU AU): Shares Roar on Expanded Global Partnership for Newly Launched Drug
- Siloam International Hospitals (SILO IJ) – Harnessing Outward Tourism with Greater Complexity
- Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result
Neuren Pharmaceuticals (NEU AU): Shares Roar on Expanded Global Partnership for Newly Launched Drug
- Neuren Pharmaceuticals (NEU AU) announced the expansion of partnership with Acadia Pharmaceuticals for trofinetide. Acadia’s exclusive license for trofinetide in North America has been expanded to a worldwide exclusive license.
- Neuren is now entitled for additional payments and will receive $100M up-front, plus additional potential milestone payments of upto $427M and royalties on net sales of trofinetide outside North America.
- Neuren has also granted Acadia an exclusive worldwide license to develop and commercialize NNZ-2591 for Rett and Fragile X syndromes and retains worldwide rights to NNZ-2591 in all other indications.
Siloam International Hospitals (SILO IJ) – Harnessing Outward Tourism with Greater Complexity
- The recent announcement that Indonesia will allow foreign doctors to operate in Indonesia should benefit listed healthcare players with Siloam International Hospitals being a key beneficiary of the move.
- The company has come out of the pandemic stronger and more profitable with an ongoing focus on increasing the complexity of treatments and the efficiency of operations.
- Siloam International Hospitals will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000 bed capacity leaving room for organic growth. Valuations are attractive.
Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result
- In 1Q23, Bangkok Chain Hospital (BCH TB) recorded 62% YoY decline in revenue from hospital operation, dragged by 39% YoY decline in revenue from general patients (66% of total revenue).
- COVID-19 revenue contributed 48% of revenue in 1Q22, thereby creating a high base for 1Q23. Even if we exclude COVID-19 revenue received in 1Q22, 1Q23 revenue was down 28% YoY.
- BCH will need time to recover and record growth. Consensus expects BCH to report revenue and EPS decline of 34% and 47%, YoY, respectively in 2023.
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