In today’s briefing:
- Paras Healthcare Pre-IPO Tearsheet
- Suraksha Diagnostic Pre-IPO Tearsheet
- Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral
- Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits
- EPIX: Updated Masofaniten plus Enzalutamide Dose Escalation Data to be Presented at ESMO 2024
- Incyte Corporation: A Story Of Robust Pipeline Development and Strategic Acquisitions! – Major Drivers
- Carna Biosciences (4572 JP): 1H FY12/24 flash update
Paras Healthcare Pre-IPO Tearsheet
- Paras Healthcare Limited (0490145D IN) is looking to raise about US$180m in its upcoming India IPO. The deal will be run by ICICI, IIFL and Motilal Oswal.
- Paras Healthcare is the fifth largest healthcare provider, in terms of bed capacity in North India, Bihar and Jharkhand, with an aggregate of 2,135 beds, as of March 31, 2024.
- The company offers several clinical specialties across its hospitals including cardiac sciences, oncology, neuro sciences, gastro sciences and orthopedics and joint replacement.
Suraksha Diagnostic Pre-IPO Tearsheet
- Suraksha Diagnostic (1481262D IN) is looking to raise up to US$230m in its upcoming India IPO. The deal will be run by ICICI Securities, Nuvama Wealth and SBI Capital.
- Suraksha Diagnostic is a full-service and integrated diagnostic chain. It offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services to its customers.
- It has flagship central reference laboratory, eight satellite laboratories and 194 customer touchpoints, and 146 sample collection centres (primarily franchised) as of FY24, across certain states of India.
Downgrading Japan; Stay Defensive; Downgrading Outlook on Global Equities $ACWI to Neutral
- We continue to believe a 1-4-month pullback/consolidation is ongoing. Important supports have been violated, including $110 on MSCI ACWI (ACWI-US) and $41 on MSCI EM (EEM-US).
- We’re shifting our outlook to neutral on $ACWI after being bullish since early-November 2023. Major price breakdowns combined with deteriorating market dynamics have increased the odds of a topping pattern.
- Also downgrading Japan to market weight. 7/25/24 we said “Japan’s TOPIX breaking below 2800-2815 is near-term bearish, suggests it could pull back to its long-term uptrend, or worse.”
Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits
- Terumo Corp (4543 JP) has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.
- With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.
- Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.
EPIX: Updated Masofaniten plus Enzalutamide Dose Escalation Data to be Presented at ESMO 2024
- On August 5, 2024, ESSA Pharma Inc. (EPIX) announced financial results for the third quarter of fiscal year 2024 that ended June 30, 2024 and provided a business update.
- ESSA is currently studying its lead compound, masofaniten (EPI-7386), in two clinical trials: EPI-7386-CS-001 and EPI-7386-CS-010.
- Full results from the monotherapy arm of the -001 trial will be presented at a scientific conference in the second half of 2024 while enrollment continues in the two combination arms.
Incyte Corporation: A Story Of Robust Pipeline Development and Strategic Acquisitions! – Major Drivers
- Incyte Corporation reported its financial performance for the second quarter of 2024 with several notable highlights and strategic decisions that significantly influence its investment profile.
- The company’s total revenue grew by 9% year-over-year, reaching over $1 billion, primarily driven by robust sales of Jakafi and Opzelura.
- Jakafi, particularly, showed a consistent demand increase of 9%, although net product revenues were slightly muted due to higher channel inventory levels in the previous year.
Carna Biosciences (4572 JP): 1H FY12/24 flash update
- Sales for Q2 FY12/24 were JPY316mn (-36.9% YoY), with an operating loss of JPY24mn, and sales progress at 34.1%.
- Drug Discovery and Development segment recorded no sales, with an operating loss of JPY1.1bn, and increased R&D spending by 3.4% YoY.
- Full-year forecast includes JPY925mn sales (+0.8% YoY) and JPY229mn operating profit (+1.8% YoY) for Drug Discovery Support segment.
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