In today’s briefing:
- Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced
- China Traditional Chinese Medicine (570.HK) 23H1-Positive Profit Alert Reinforce Optimism About 2023
- Edwards Lifesciences Corporation: The PASCAL Precision platform & 3 Other Factors Driving Growth! – Financial Forecasts
- Paradigm Biopharma – Progressing toward key near-term objectives
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Ono Pharmaceutical (4528 JP): Mixed Q1 Result; Guidance Reiterated; Buyback Plan Announced
- Ono Pharmaceutical (4528 JP) recorded 13% YoY revenue growth to ¥120B in Q1FY24, driven by 12% YoY growth in product revenue. Royalty revenue grew 14% YoY.
- Revenue from Opdivo grew 11% YoY to ¥37.8B, due to expanded use in treatments for gastric cancer, esophageal cancer, urothelial carcinoma, etc. Revenue from Forxiga grew 34% YoY to ¥17.5B.
- For FY24, Ono continues to expect revenue growth of 6% to ¥475B. Operating and net profits are expected to increase 8% and 2% to ¥153B and ¥115B, respectively, for FY24.
China Traditional Chinese Medicine (570.HK) 23H1-Positive Profit Alert Reinforce Optimism About 2023
- The rebound of China TCM’s performance in 23H1 could be mainly driven by its core concentrated TCM granules business as well as the recovery of other businesses after China reopens.
- We analyzed the potential performance changes that may occur in 23H2. The full year performance of 2023 will be worth looking forward to. We expect the share price to rebound.
- TCM VBP is always an issue. Due to the high base in 2023, the YoY performance growth in 2024 could decline, which may put pressure on valuation at that time.
Edwards Lifesciences Corporation: The PASCAL Precision platform & 3 Other Factors Driving Growth! – Financial Forecasts
- Edwards Lifesciences Corporation managed to exceed analyst expectations in terms of revenue as well as earnings.
- It achieved double-digit sales growth in the quarter driven by increased adoption of its innovative therapies.
- The second quarter TAVR sales were helped by improved hospital staffing levels as well as the continued successful launch of the SAPIEN 3 Ultra RESILIA.
Paradigm Biopharma – Progressing toward key near-term objectives
Paradigm has shared its June 2023 quarterly update. In Q423, net cash outflow from operating activities was A$17.1m (up from A$10.3m in Q323) or A$45.2m for FY23. R&D costs were A$16.1m (versus A$9.0m in Q3) or A$47.0m for FY23, and were attributed to recruitment initiatives and new site identification for the PARA_OA_002 trial, analytical activities for the PARA_OA_008 trial as well as the canine model studies of naturally occurring osteoarthritis (OA), and clinical activities assessing iPPS for mucopolysaccharidosis (MPS) types I and VI. The full year figures were partially offset by a A$7.4m R&D tax incentive rebate (reported in Q223). Paradigm reported a cash balance of A$56.4m at end-June 2023 (versus A$73.2m at end-March 2023). Assuming the cash burn rate remains at the FY23 level of A$45m, the company should have sufficient funds to bring it through near-term key inflection points, as described below.