In today’s briefing:
- BeiGene Ltd (6160.HK/688235.CH) – There Is No Way to Retreat
- Biocon: Viatris Deal – High Risk-Reward Play with Leverage
BeiGene Ltd (6160.HK/688235.CH) – There Is No Way to Retreat
- After raising over RMB70 billion,investors have much higher expectation on BeiGene than other biotech/biopharma, because BeiGene is “different”,but the real pressure will come over the next two or three years.
- Will BeiGene become China’s first truly international pharmaceutical company, or be dragged into mediocrity by the failure of key trials or the failure of commercialization to meet the market’s expectations?
- It is attractive if the market value is below US$20 billion. However, considering the Russia-Ukraine war and other potential external uncertainties, we advise investors to keep alert.
Biocon: Viatris Deal – High Risk-Reward Play with Leverage
- Biocon is a leading biopharma company operating in biologics, contract research (Syngene), small molecules and branded formulations.
- Biosimilar US pipeline: (approvals – Pegfilgrastim, Trastuzumab, Glargine, Adalimumab); filed – Aspart and Bevacizumab
- Target Price and Valuation: We value Biocon at Rs 390 on SOTP basis
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