Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.</li>
<li>Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.</li>
<li>Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.</li>
</ul>


Samsung Biologics signs manufacturing deals worth over $668M with European pharmaceutical company. Celltrion is acquiring iQone Healthcare, a specialty pharmaceutical distribution company in Switzerland. Kyowa Kirin collaborates for leukemia drug.
Takeda launched Hutchmed’s colorectal cancer drug Fruzaqla in Japan. FDA has turned down Astellas Pharma’s application for label update of geographic atrophy drug Izervay. Lunit is partnering with AstraZeneca.
Yuhan is one step ahead for European approval of Leclaza. HK inno.N signs domestic supply contract for Roche’s influenza treatment, Tamiflu. Beigene settles litigation against generic filer of Brukinsa.


APAC Healthcare Weekly (Nov 24)- Samsung Biologics, Celltrion, Takeda, Kyowa Kirin, Astellas Pharma

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

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<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 6% rise in revenue from hospital operations in 3Q24 as both International and Thai patients revenue reported growth of 8% and 6%, respectively.</li>
<li>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.</li>
<li>BDMS opened Phuket Cancer Center in October 2024 which will help expand cancer patient coverage in Southern part of Thailand.</li>
</ul>



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.


Bangkok Dusit Medical Services (BDMS TB): Both Thai and Foreign Patient Drive Growth, Margins Expand

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

<ul>
<li>During H1FY25, <a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.</li>
<li>Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.</li>
<li>Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.</li>
</ul>


During H1FY25, Eisai Co Ltd (4523 JP) reported 3% YoY growth in revenue, driven by mainstay drugs. However, operating profit declined 11% YoY and net profit decreased 6% YoY.
Although Eisai kept its FY25 total revenue guidance unchanged, it has reduced Leqembi FY25 revenue guidance by ¥14B to ¥42.5B due to lower revenue expectation from Americas.
Leqembi is expected to be approved in Europe for a narrower set of patients. Next year, the drug will face competition in the U.S.


Eisai Co Ltd (4523 JP): Mixed H1FY25 Performance; Guidance Reaffirmed; Leqembi Struggle Continues

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  </li>
<li>3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.</li>
<li>Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported 66% QoQ increase in operating profit in 3Q24. Scale expansion coupled with tight control over expenses led to such strong performance.  
3Q24 marks the six consecutive quarters of sequential revenue increase. Revenue for the first three quarters of 2024 already exceeded full-year 2023 revenue.
Geography expansion of the sole marketed drug Besremi, indication expansion, and pipeline progress will remain the main growth engines. Pharmaessentia is eyeing on Besremi’s indication expansion in US by 2026.


Pharmaessentia Corp (6446 TT): Third Consecutive Quarters for Operating Profit; Pipeline Raises Hope

SANTEN PHARMACEUTICAL CO., LTD. produces and sells ophthalmic medicine.  The Company manufactures a variety of products including eye drops and ointments. Santen Pharmaceutical also imports lenses and tools and equipment used by optometrists and produces anti-rheumatic drugs.

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<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> witnessed flat revenues while core operating profit and net profit declined in H1FY25. Overseas business grew 6% YoY and remained the main driver.</li>
<li>Santen reiterated FY25 guidance as overseas markets are performing well, reviewed impact of generics in Japan, and continued progress in company-wide cost optimizations.</li>
<li>Santen signed collaboration agreement for ARVN001 suprachoroidal injectable suspension, a treatment for uveitic macular oedema, for exclusive commercialization rights in China, excluding Hong Kong, Macau, and Taiwan.</li>
</ul>



Santen Pharmaceutical (4536 JP) witnessed flat revenues while core operating profit and net profit declined in H1FY25. Overseas business grew 6% YoY and remained the main driver.
Santen reiterated FY25 guidance as overseas markets are performing well, reviewed impact of generics in Japan, and continued progress in company-wide cost optimizations.
Santen signed collaboration agreement for ARVN001 suprachoroidal injectable suspension, a treatment for uveitic macular oedema, for exclusive commercialization rights in China, excluding Hong Kong, Macau, and Taiwan.


Santen Pharmaceutical (4536 JP): Subdued H1 Performance; FY25 Guidance Reiterated; Robust Pipeline

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.