Daily Brief Health Care: Saint Bella, QuidelOrtho , Roche Holding , Shield Therapeutics, FibroBiologics, OSE Immuno, Bangkok Dusit Medical Services and more

• Saint Bella (SAINT HK)  is looking to raise up to US$200m in its upcoming Hong Kong IPO.
• It operates the second largest and fastest growing postpartum care and recovery service in China, as per Frost & Sullivan. It operates an extensive network of 59 premium postpartum centers.
• In this note, we look at the firm’s past performance.

• QuidelOrtho’s third quarter 2024 financial results reveal a mixed performance, characterized by challenges and opportunities that investors should carefully weigh.
• The reported revenue for the quarter stood at $727 million, a roughly 2% decline from the previous year, influenced by a decrease in COVID-19 and flu-related revenues compared to the prior year.
• The company’s adjusted EBITDA was $171 million, translating to an adjusted EBITDA margin of 23.5%, showing an improvement of 80 basis points over the previous year, primarily due to implemented cost-saving measures.

• Nicola Tangent and Thomas Schnecker discuss the success and innovation of Roche, a leading healthcare company.
• Schnecker highlights the importance of understanding the genome to drive innovation in cancer treatment.
• The conversation delves into the impact of pricing, leadership, and the company’s long-term vision and commitment to patient outcomes.

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• Shield is a commercial-stage pharma company delivering specialty products that address the needs of patients with iron deficiency (ID).
• Since its July 2021 US launch, Shield and Viatris have increased physician awareness of the differentiating characteristics of ACCRUFeR® as an oral ID drug, in order to generate sales traction.
• The 3Q’24 trading update reiterated the interim statement dialog: sales continue to progress, while costs are being actively managed.

• On November 12, 2024, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2024 and provided a business update.
• The company is continuing preparations for a Phase 1/2 clinical trial in Australia to test its fibroblast-based spheroid product as a therapy for diabetic foot ulcers.
• We anticipate the trial initiating in the second quarter of 2025 and completing by the end of 2025.

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with statistical significance, highlighting its potential to offer a clinically meaningful solution for the condition. In our view, this marks a positive step forward for the candidate, which, to our knowledge, has a unique mechanism of action to address chronic inflammatory and autoimmune diseases. We believe that OSE plans to advance this programme to the next stages of development (Phase IIb or Phase III) once a partner is onboard. Based on the encouraging full results, we have increased our probability of success for Lusvertikimab in UC to 35% (from 17%), resulting in a valuation upgrade for OSE to €541.2m or €24.8/share (from €465.7m or €21.3/share previously).

• Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.
• EBITDA grew at 8% YoY to THB7.1B, due to cost control while net profit also rose 9% YoY to THB4.2B on lower interest cost.
• BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.