Industry Overview * **Global WFE Spend**: The global wafer fabrication equipment (WFE) spend is expected to reach $95 billion in 2025, a decrease of 5% year-over-year. This is primarily driven by a decline in mature logic and industrial/auto demand, offset partially by leading-edge AI investments and HBM investments in DRAM. * **Market Segmentation**: The WFE market is segmented into logic (foundry + IDM) and memory. Logic is expected to grow by 13% year-over-year, while memory is expected to decline by 38%. * **Key Players**: The "Big Three" (TSMC, Samsung, and Intel) account for approximately 65% of the global WFE spend. TSMC is expected to be the largest spender, followed by Samsung and Intel. TSMC * **2025 CapEx**: TSMC's 2025 capital expenditure (CapEx) is expected to be higher than $40 billion, slightly higher than the Street's consensus of $35-$38 billion. * **Growth Drivers**: TSMC's CapEx is expected to increase throughout the year due to improving non-AI semiconductor demand. * **Valuation**: Citi's target price for TSMC is NT$1,540, based on a 23x multiple of its 2025-26E average earnings per share (EPS). Samsung * **2025 CapEx**: Samsung's 2025 CapEx is expected to be similar to 2024, with a flexible approach to managing it. * **Valuation**: Citi's 12-month target price for Samsung is W83,000, based on a sum-of-the-parts (SOTP) methodology. Intel * **2025 CapEx**: Intel's 2025 CapEx is expected to be $20-$23 billion, lower than the Street's consensus of $24 billion. * **Risks**: Intel faces risks related to PC end-market demand, competition, customer risk, and macroeconomic conditions. * **Valuation**: Citi's target price for Intel is $22.00, based on a 26x multiple of its 2025 estimated EPS. Other Key Points * **KLA Corp**: Citi has a Buy rating on KLA Corp, with a target price of $832 based on a 30x multiple of its 2025E earnings. * **Nova Ltd**: Citi has a Buy rating on Nova Ltd, with a target price of $240 based on a 31x multiple of its CY26 EPS. * **Overall Rating**: Citi has a Buy rating on the semiconductor equipment industry, with a focus on large cap and SMID cap names such as KLAC and NVMI.

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **Hong Kong/China Insurance** industry, particularly the impact of interest rate mechanisms on pricing strategies within the sector [1][4]. Core Insights and Arguments - **Floating Pricing Interest Rate Mechanism**: The introduction of a floating pricing interest rate mechanism is a significant development. The suggested pricing interest rates will be released quarterly by the IAC, considering the 5Y LPR, 5Y term deposit rate, and 10Y treasury bond yield [2][7]. - **Current Pricing Rates**: Major insurers, including **China Life** and **Ping An Life**, have announced that they will maintain their current pricing interest rates for traditional products at **2.5%**, par at **2.0%**, and universal life’s guaranteed rate at **1.5%** [2][3]. - **Interest Rate Spread Loss Risk**: The industry is currently facing a key concern regarding interest rate spread loss risk, as China's 10Y treasury bond yield has decreased to approximately **1.6%**, down over **100 basis points** since mid-2023. This decline has prompted regulators to cut pricing interest rates by **100 basis points** [3][4]. - **Impact on Insurers**: With the strong growth in par products, it is anticipated that insurers' interest rate sensitivity may decline further in the full-year results for 2024 and beyond. However, the resolution of this issue may take time [3][4]. Additional Important Information - **Regulatory Changes**: The CBIRC has established a dynamic adjustment mechanism for pricing interest rates, with the first suggested rate cap set at **2.34%** for Q1 2024. Insurers are required to adjust their caps if current caps are more than **25 basis points** higher or lower for two consecutive quarters [7]. - **Market Outlook**: The overall industry view remains attractive, indicating potential for growth despite current challenges [4][5]. - **Investor Tracking**: The new floating pricing interest rate mechanism allows investors to easily track new inflow profitability, although the downward trend in inforce business liability costs is a critical factor to monitor moving forward [7]. Company Ratings - The report includes stock ratings for various companies in the insurance sector, with notable ratings such as: - **AIA Group Ltd**: Overweight - **Ping An Insurance Group Co of China Ltd**: Overweight - **China Life Insurance Co Ltd**: Equal-weight - **China Pacific Insurance Group Co Ltd**: Overweight - **PICC Group**: Overweight [56]. This summary encapsulates the essential insights and developments discussed in the conference call, providing a comprehensive overview of the current state and outlook of the Hong Kong/China insurance industry.

Company and Industry Overview * **Company**: BioMarin Pharmaceutical Inc. * **Industry**: Biotechnology, specializing in treatments for genetically defined conditions. Key Financial Highlights * **Total Revenues**: $2.1 billion (3Q'24 YTD) * **Non-GAAP Operating Margin**: 27.7% * **Non-GAAP Diluted Earnings Per Share**: $2.60 * **Revenue Growth**: +19% YOY * **Operating Margin Growth**: +7.6 ppts YOY Pipeline and Pipeline Highlights * **VOXZOGO**: * Phase 3 data for 5 indications (achondroplasia, hypochondroplasia, idiopathic short stature, Noonan Syndrome, Turner Syndrome, SHOX deficiency) * Expansion into additional countries, including Europe, Japan, Australia, and Canada * Strong growth potential in the U.S. market * **Palynziq**: * Phase 3 data and U.S. & EU sBLA filings * Expansion of label to include 12-17 year-olds * Potential for $1.25B+ in 2027 operating cash flow * **BMN 390**: * First-in-human study start for PKU with novel PEG * **BMN 351**: * Clinical POC data for Duchenne Muscular Dystrophy * **BMN 349**: * Study start for alpha-1 antitrypsin deficiency * **BMN 370**: * First-in-human study start for von Willebrand disease Business Development and External Innovation * Focus on disciplined deal execution with a focus on Skeletal Conditions, Enzyme Therapies, and First in Genetic Conditions * Strong global commercial infrastructure and world-class research, clinical, and regulatory capabilities * Rich biotech arena with many small companies at R&D stage Financial Outlook * Revenue growth targeting mid-teen CAGR from 2023-2034 * Non-GAAP operating margin targeting 40% in 2027 * Non-GAAP operating cash flow targeting $1.25B+ in 2027 Other Important Points * BioMarin is the global leader in treating genetically defined conditions * Strong execution in 2024, with significant growth in revenues and operating margin * Focus on innovation and growth through a robust pipeline and strategic business development initiatives

Industry and Company Overview * **Industry**: Biotechnology and pharmaceuticals, focusing on rare and orphan diseases. * **Company**: BridgeBio Pharma, a clinical-stage biopharmaceutical company developing therapies for rare genetic diseases. Key Recent Achievements * **Clinical Impact**: * Publication of positive clinical trial results for Acoramidis (acoramidis) in Transthyretin Amyloid Cardiomyopathy (ATTR-CM) in the New England Journal of Medicine. * Publication of positive clinical trial results for Infigratinib in Achondroplasia in the New England Journal of Medicine. * Publication of positive clinical trial results for Encaleret in Autosomal Dominant Hypocalcemia Type 1 in the New England Journal of Medicine. * **Regulatory Advancement**: * Infigratinib received Breakthrough Therapy Designation (BTD) for Achondroplasia. * BBP-418 received Rare Pediatric Disease Designation (RPDD) for Limb-Girdle Muscular Dystrophy 2I/R9. * BBP-812 received Regenerative Medicine Advanced Therapy Designation (RMAT) for Canavan Disease. * Approval of Acoramidis (acoramidis) for the treatment of adult patients with ATTR-CM. * **Commercial Momentum**: * Acoramidis (acoramidis) scripts have been written to date. * Positive feedback from payers and healthcare providers regarding Acoramidis (acoramidis) market access. Pipeline Programs * **Attruby (acoramidis)**: A treatment for ATTR-CM, with a global annual market sales of over $6.4 billion. * **Infigratinib**: A treatment for Achondroplasia and Hypochondroplasia, with a market opportunity of over $4 billion. * **BBP-418**: A treatment for Limb-Girdle Muscular Dystrophy 2I/R9, with a market opportunity of over $1 billion. * **Encaleret**: A treatment for Autosomal Dominant Hypocalcemia Type 1, with a market opportunity of over $2 billion. * **BBP-812**: A treatment for Canavan Disease, with a potential to change the disease trajectory for affected patients. * **BridgeBio Oncology Therapeutics**: A separate company focused on oncology therapies. * **GondolaBio**: A separate company focused on rare disease therapies. Financials and Future Outlook * BridgeBio Pharma is well-financed and expects to hit numerous milestones in 2025. * The company's vision for 2030 includes de-risking its pipeline, impacting over 100,000 lives, and achieving a market capitalization of over $8 billion.

Key Points Industry/Company - **Company**: Biohaven Ltd. - **Industry**: Biotechnology, pharmaceuticals, rare diseases, neuroscience, oncology, immunology, inflammation, and obesity. Core Views and Evidence - **MoDE Platform**: Biohaven's MoDE platform utilizes targeted protein degradation technology to remove disease-causing proteins. This platform has the potential to treat a wide range of diseases, including rare diseases, neurological disorders, oncology, and immunology and inflammation-related conditions. - **Troriluzole**: Troriluzole is a treatment for Spinocerebellar Ataxia (SCA) that has demonstrated significant clinical benefits over a 3-year period in all SCA genotypes. - **Taldefgrobep Alfa**: Taldefgrobep alfa is a treatment for Spinal Muscular Atrophy (SMA) and obesity. It has shown promising results in clinical trials, including significant improvements in motor function and muscle mass in SMA patients. - **BHV-7000**: BHV-7000 is a selective Kv7 activator with potential applications in treating bipolar disorder, major depressive disorder, and epilepsy. - **BHV-2100**: BHV-2100 is a TRPM3 antagonist with potential applications in treating migraine and pain disorders. - **BHV-8000**: BHV-8000 is a brain-penetrant TYK2/JAK1 inhibitor with potential applications in treating Parkinson's disease, anti-amyloid therapy-induced ARIA, Alzheimer's disease, and multiple sclerosis. - **BHV-1400**: BHV-1400 is a Gd-IgA1 degrader with potential applications in treating IgA nephropathy. It has shown rapid, deep, and selective removal of Gd-IgA1 while preserving healthy immune function. - **BHV-1600**: BHV-1600 is a β1AR autoantibody degrader with potential applications in treating peripartum cardiomyopathy (PPCM). It has demonstrated selectivity and deep removal of β1AR autoantibodies while preserving immunity. - **BHV-1300**: BHV-1300 is an IgG degrader with potential applications in treating Graves' disease. It has shown promising results in clinical trials, including selective removal of TSHR-IgG1 autoantibodies. - **BHV-1510**: BHV-1510 is a Trop2 ADC with potential applications in treating advanced or metastatic epithelial tumors. It has demonstrated early clinical activity in phase 1 trials. - **BHV-1530**: BHV-1530 is a FGFR3 ADC with potential applications in treating urothelial cancer. It has shown synergistic activity in vivo with anti-PD-L1 combination. - **BHV-7000**: BHV-7000 is a Kv7.2/7.3 activator with potential applications in treating bipolar disorder, major depressive disorder, and epilepsy. It is nearing completion of pivotal trials with blockbuster potential. Other Important Content - **Market Potential**: Biohaven's degrader platform has a significant market potential, with peak US gross sales potential estimated at $15 billion for degraders and $8 billion for IgG degraders. - **Strategic Collaborations**: Biohaven has entered into strategic collaborations with Merus and GeneQuantum to develop next-generation ADCs and other therapies. - **Financial Updates**: Biohaven has potential royalties from Pfizer's rimegepant and zavegepant sales, with royalty payments expected to be in the low to mid-teens% range. - **Pipeline**: Biohaven's pipeline includes a diverse range of therapies targeting various diseases, with a focus on rare diseases, neurological disorders, oncology, and immunology and inflammation-related conditions.

Based on the provided document, here's an analysis of the UBS research report on US Softlines Retail: **Sector Thesis**: * **Outperforming Sector**: UBS believes the Softlines sector will outperform in 2025, driven by two main catalysts: * **Accelerating Softgood Spending Growth**: UBS expects apparel spending to accelerate due to factors like GDP growth, improving consumer financial health, and potential tax cuts and deregulation. * **Increased M&A Activity**: UBS sees a potential increase in M&A activity in the Softlines space, which could create a "take-out" premium for many stocks. **Investment Strategy**: * **Focus on Growth Stocks**: UBS recommends investors focus on growth stocks within the Softlines sector, as they have historically outperformed. * **Thematic Focus**: UBS likes "Up & Comers" in athletic wear like ONON, DECK, SKX, and UAA over the "Big Guys" like NKE, LULU, and VFC. **Stock Ratings and Price Targets**: * **Buy**: UBS rates the following stocks Buy due to their strong growth outlooks: * American Eagle Outfitters (AEO) * Abercrombie & Fitch (ANF) * Amer Sports (AS) * Aritzia (ATZ) * Birkenstock (BIRK) * Boot Barn (BOOT) * Burlington (BURL) * Deckers (DECK) * Gildan (GIL) * Hanesbrands (HBI) * Kontoor Brands (KTB) * Levi's (LEVI) * On Holding (ONON) * PVH Corp (PVH) * Ralph Lauren (RL) * Signet Jewelers (SIG) * Skechers (SKX) * TJX (TJX) * Under Armour (UAA) * Wolverine World Wide (WWW) * **Sell**: UBS rates the following stocks Sell due to their weak growth outlooks: * Dillard's (DDS) * Kohl's (KSS) * Macy's (M) * Columbia (COLM) **Key Points**: * UBS believes the market is underestimating the potential for growth in the Softlines sector, particularly in the areas of athletic wear and "Up & Comers". * UBS sees a favorable risk/reward profile for many growth stocks within the Softlines sector. * UBS recommends investors closely monitor key economic indicators and M&A activity in the Softlines space. **Overall, the UBS research report provides a bullish outlook for the US Softlines retail sector in 2025, with a focus on growth stocks and "Up & Comers" in athletic wear**.

Key Points Industry Overview 1. **Cautious on Broader Macro Backdrop**: The report expresses cautious optimism on the broader macroeconomic backdrop, citing lower interest rates, the Trump presidency, GLP-1 nervousness, and generalist exits as potential headwinds for the BioPharma sector. 2. **Positive on Fundamentals**: Despite the cautious macro outlook, the report remains optimistic on the fundamentals of the BioPharma sector, highlighting the potential for stock selection and product-driven catalysts. 3. **Smid-Biotech Turnaround**: The report notes a potential turnaround in sentiment for Smid-Biotech, driven by a more deal-friendly administration and the approaching major patent cliffs. Key Company Picks 1. **Large Cap Pharma**: - **Eli Lilly (Buy; PT: $1,100)**: Top pick due to its leadership in GLP-1 and potential for oral GLP-1 orfoglipron to drive outperformance. - **Merck (Buy; PT: $120)**: Positive outlook following the valuation reset from Gardasil weakness, with upside potential from Keytruda, Winrevair, and Capvaxive. - **BBIO (Buy; PT: $62)**: Unique diversified Smid cap biotech with three pivotal readouts expected in mid-late '25. - **SRPT (Buy; PT: $188)**: Potential for Elevidys DMD trajectory to beat expectations and LGMD to receive more credit. - **VRTX (Buy; PT: $586)**: Poised for strong continued execution and growth from base CF business and increasing diversification across pain and pipeline. - **PTCT (Buy; PT: $71)**: Important catalysts from PKU PDUFA and Huntington's Disease program. - **ARVN (Buy; PT: $74)**: Ph3 VERITAC-2 topline data for vepdegestrant in metastatic breast cancer could support significant upside. 2. **Smid Biotech & Spec Pharma**: - **UTHR (Buy; PT: $475)**: Upside potential from IPF read-outs in 2H25. - **NBIX (Buy; PT: $162)**: Crenessity ramp could indicate a multi-bn$ peak sales opportunity. - **LEGN (Buy; PT: $65)**: Attractive valuation and potential upside from Carvykti. - **MRUS (Buy; PT: $72)**: Upside potential from peto+Keytruda update in head and neck cancer and further indication expansion in colorectal cancer. - **IDYA (Buy; PT: $50)**: Multiple de-risking clinical updates from synthetic lethality programs in 2025. - **JANX (Buy; PT: $69)**: High M&A interests and upside from JANX008 clinical updates in EGFR+ solid tumor. Key Themes 1. **Trump's Impact on BioPharma**: The report discusses the potential impact of President-elect Trump's policies on the BioPharma sector, including drug pricing, FDA regulation, and healthcare reform. 2. **Patent Cliff and M&A**: The report highlights the impending patent cliff and the potential for increased M&A activity as companies seek to replenish their pipelines. 3. **Biotech Survival of the Fittest**: The report discusses the challenges facing Biotech companies, including regulatory/policy uncertainty, positioning, and M&A activity. 4. **Commercial Biopharma Diversification**: The report emphasizes the importance of diversification for commercial-stage biopharma companies, particularly those with core assets facing patent cliffs or terminal value decline. 5. **IRA and Drug Pricing**: The report discusses the potential impact of the Inflation Reduction Act (IRA) on drug pricing and Medicare Part D reform. Conclusion The report provides a comprehensive overview of the BioPharma sector, highlighting key themes, company picks, and potential risks and opportunities. The cautious macro outlook is offset by positive fundamentals and potential for stock selection and product-driven catalysts.

Industry and Company Overview * **Industry**: Utilities, specifically focusing on electricity generation and transmission. * **Key Companies**: Enel, RWE, SSE, EDPR, EON, National Grid, Iberdrola, Vestas, Siemens Energy. Key Points and Arguments 1. **Wind Power Record High in UK**: Wind energy accounted for 30% of UK electricity generation in 2024, the largest share among all sources. This highlights the growing importance of renewable energy in the UK's energy mix [4]. 2. **Biden Administration Extends IRA Tax Credits**: The extension of IRA tax credits to clean energy technologies, including geothermal, hydropower, and nuclear, is expected to boost investment in clean energy [4]. 3. **European Energy Transition**: The European energy transition is entering a new stage where affordability becomes a key constraint. Electrification is likely to continue only where economically viable [5]. 4. **Draghi Plan**: The Draghi Plan, presented by former ECB President Mario Draghi, includes recommendations to promote private investment and boost Europe's competitiveness. Electrification is at the core of the plan, with significant investments in clean energy and electric mobility [7]. 5. **AI Datacenters and Electrification**: The rapid expansion of datacenters and the gradual pick-up of the electrification process could boost Europe's power demand by 40%-50% over the next ten years [8]. 6. **Power Grids as Central to Electrification**: Power grids are pivotal to Europe's electrification process, and the investment needs in transmission and distribution (T&D) are significant, estimated at €650 billion over 2021-30 [9]. 7. **Power Networks Activities**: Power networks activities are seen as an incremental leg in the re-rating thesis for Green Energy Majors, with EON, SSE, and Enel as the best-positioned integrated stocks [11]. Other Important Content * **Research Reports**: The document highlights several research reports related to the European energy transition, including "Powering Up Europe: Who pays for the Energy Transition?" and "Powering Up Europe: The Draghi Plan: Electrification to kick-start Europe" [5, 7]. * **Events to Watch**: The GS Utilities Virtual IR Day is scheduled for 9 January 2025 [5]. * **Analyst Certifications**: The analysts certify that their views accurately reflect their personal views about the subject company or companies and its or their securities [13]. * **Regulatory Disclosures**: The document includes various regulatory disclosures related to investment banking relationships, ratings, and other important information [19-23].

Industry and Company Overview * **Industry**: US Biotechnology and Pharmaceuticals * **Time Period**: 2025 * **Key Players**: Lilly, Vertex, Gilead, AbbVie, Amgen, Bristol-Myers Squibb, Merck, Pfizer, Biogen, Regeneron, and others Key Points 1. Sector Performance and Outlook * **2024 Performance**: The biopharma sector underperformed the broader market in 2024, with the NBI index down 2% and the DRG index up 3% compared to the S&P500's 26% increase. * **2025 Outlook**: Citi remains bullish on the biopharma sector for the long term due to high innovation and potential for growth. However, near-term concerns over reimbursement and access may persist. * **Tailwinds**: Favorable capital markets backdrop, strong pipeline of new approvals and launches, and beatable growth expectations of 3% (revenue) and 6% (non-GAAP EPS) for larger cap biopharma companies. 2. Sector Driving Catalysts * **Lilly's orforglipron phase 3 trials and Amgen's MariTide phase 2 details for obesity. * **Vertex's Alyftrek and suzetrigine launches for CF and acute pain, respectively. * **Merck's Winrevair and Bristol's Cobenfy launches for PAH and schizophrenia. * **Potential M&A activity from Merck, AbbVie, Amgen, and others. * **Opthea's OPT-302 phase 3 data for wAMD. * **Ionis' pelacarsen phase 3 HORIZON data for Lp(a). * **Immunovant's batoclimab phase 2 (CIDP) and 3 (gMG) data. 3. Top Picks * **Large Cap Biopharma (growth)**: Lilly and Vertex * **Large Cap Biopharma (GARP / value)**: Gilead * **SMID Biotech**: Ideaya, Ultragenyx, Ionis, Immunovant, and MoonLake 4. Healthcare Policy * **HC Policy**: Policy will continue to dominate the narrative in biopharma in 2025. * **FDA Approval Processes**: Disruption to FDA approval processes remains unlikely. * **IRA Pricing**: Downside risk remains due to the gap between current negotiated pricing and G20 pricing. * **Medicare Coverage**: Amendment of Medicare coverage for GLP-1 for inclusion of obesity is likely. 5. M&A and IPOs * **M&A**: Subdued M&A activity in 2024, but expected to rebound in 2025 due to pent-up demand and attractive valuations. * **IPOs**: 2024 saw improvements for biotech IPOs, with 24 biotech companies going public and total proceeds of $3.9B. Expect a recovery in the IPO market in 2025. 6. Valuation and Growth Expectations * **PE Multiples**: Current PE multiples for US Large Cap Biopharma are in line with the broader market, but potential for multiples expansion beyond 2024. * **Revenue Growth**: Expected to accelerate further out, with two-year projections having healthcare (+13%) slightly above the S&P500 (+12%), pharma in-line (+12%), and biotech (+10%) below the median. * **Earnings Growth**: Healthcare's +19% EPS forecast tops the 11 GICS sectors' 10% median, with pharma (+32%) and biotech (+30%) driving estimates outperformance. 7. New Drug Launches and Approvals * **New Drug Launches**: Several new drug launches expected in 2025, including Vertex's suzetrigine for acute pain, AbbVie's Vyalev for Parkinson's, and Gilead's Livdelzi for primary biliary cholangitis. * **New Drug Approvals**: Potential approval of Vertex's suzetrigine, AbbVie's BoNT/E for glabellar lines, and Gilead's Lenacapavir (PrEP) for HIV/AIDS. 8. Therapeutic Themes * **GLP-1**: Expect further label expansion opportunities, orforglipron phase 3 datasets, and tirzepatide's ex-US rollout. * **Non-opioid Pain**: Vertex's suzetrigine launch for acute pain could disrupt the pain care space. * **Neuro**: Focus on Alzheimer's disease, neuropsychiatric conditions, and Parkinson's disease. 9. Capital Markets * **M&A**: Sufficient capacity for additional large-scale M&A and bolt-ons. * **Biotech**: Focus on new launches and commercial success from new programs. * **Pharma**: Focus on LOE exposure and new product launches to offset this reliance. 10. SMID-cap Dynamic * **IPOs**: Expected to pick up and approach normalized average of ~50/year in 2016-2019. * **M&A**: Consistent strength, with Pharma having ~$250B in aggregate capital to keep rewarding innovation. * **Macro Factors**: Continued rate declines and new FDA leadership to defend the need for an appropriately funded agency. 11. High-Profile Catalysts * **Ophthalmology**: Phase 3 readouts for OPT-302 in wAMD. * **Cardiology**: Clinical data for firmonertinib in 1L NSCLC EGFR Exon 20 mutations. * **Autoimmune**: Phase 3 data for pelacarsen in elevated Lp(a) and phase 2 data for batoclimab in CIDP and gMG. 12. Favorite Stocks * **Eli Lilly**: New approval of tirzepatide for sleep apnea, label expansion for heart failure, and strong pipeline. * **Vertex**: Multiple product launches, including Alyftrek, suzetrigine, and Casgevy. * **Gilead**: Continued focus on HIV, lenacapavir launch in HIV PrEP market, and growth in combined HIV franchise. * **Ideaya**: Robust synthetic lethality pipeline and strong financial position. * **Ultragenyx**: Significant re-rating potential driven by key catalysts, including Ph3 OI trials and gene therapy pipeline. * **Ionis**: First two wholly owned assets, olezarsen and donidalorsen, for FCS and HAE, and multiple data releases in larger cardiovascular indications. * **Cogent Biosciences**: Emerging profile suggests potential to become a market leader for the treatment of NonAdvSM and AdvSM. * **Immunovant**: Potential to be a best-in-class FcRN inhibitor in gMG and other indications. * **MoonLake**: Topline Ph3 HS data for sonelokimab in HS. 13. Top 25 Events for 2025 * **Clinical Updates**: Phase 3 readouts for Lilly's orforglipron, Vertex's suzetrigine, and Gilead's lenacapavir. * **Launches**: Vertex's Alyftrek and suzetrigine, Bristol's Cobenfy, and Biogen's Leqembi and Kisunla. * **Approvals/Launches**: AbbVie's Tavapadon, Gilead's lenacapavir, and Merck's Winrevair. * **Policy**: Impact of IRA Part D changes and RFK Jr. policies. * **Regulatory**: Biosimilar launch progress for Amgen's Eylea and AbbVie's Botox. * **Clinical Updates**: Phase 3 data for Regeneron's Itepekimab and Gilead's Dom + Zim. * **Launches**: Merck's Winrevair launch in the US and Ex-US. * **Clinical Updates**: Phase 3 data for Vertex's VX-264 in T1D. 14. Therapeutic Themes * **GLP-1**: Focus on further label expansion opportunities, orforglipron phase 3 datasets, and tirzepatide's ex-US rollout. * **Non-opioid Pain**: Vertex's suzetrigine launch for acute pain. * **Neuro**: Focus on Alzheimer's disease, neuropsychiatric conditions, and Parkinson's disease. 15. Conference Calendar * **American Society of Clinical Oncology**: Gastrointestinal Cancers, Genitourinary Cancers, and General Meeting. * **American Academy of Allergy, Asthma & Immunology**: Annual Meeting. * **American Academy of Dermatology**: Annual Meeting. * **European Society for Blood and Marrow Transplantation**: Annual Meeting. * **American Academy of Neurology**: Annual Meeting. * **American Association for Cancer Research**: Annual Meeting. * **American Urological Association**: Annual Meeting. * **Association for Research in Vision and Ophthalmology**: Annual Meeting. * **International Society for Cell & Gene Therapy**: Annual Meeting. * **American Society of Gene & Cell Therapy**: Annual Meeting. * **The American Thoracic Society**: Annual Meeting. * **American Society of Clinical Oncology**: Annual Meeting. * **European Academy of Allergy & Clinical Immunology**: Annual Meeting. * **American Diabetes Association's**: Annual Meeting. * **European Academy of Neurology**: Annual Meeting. * **Endocrine Society**: Annual Meeting. * **Alzheimer's Association International Conference**: Annual Meeting. * **American Society of Retina Specialists**: Annual Meeting. * **European Society of Cardiology**: Annual Meeting. * **European Association for the Study of Diabetes**: Annual Meeting. * **European Society of Gene & Cell Therapy**: Annual Meeting. * **Congress of Neurological Surgeons**: Annual Meeting. * **European Society for Medical Oncology**: Annual Meeting. * **IDWeek**: Annual Meeting. * **American Association for the Study of Liver Disease**: Annual Meeting. * **American Heart Association**: Annual Meeting. * **Clinical Trials on Alzheimer's Disease Conference**: Annual Meeting. * **American Epilepsy Society**: Annual Meeting. * **American Society of Hematology**: Annual Meeting. * **San Antonio Breast Cancer Symposium**: Annual Meeting.

Industry Coverage: China Healthcare * **Coverage Universe**: The report covers a range of companies in the China healthcare sector, including biotech, pharmaceuticals, and medical devices. * **Key Companies**: The report specifically mentions several companies, such as Everest Medicines Ltd, Livzon Pharma, Luye Pharma Group, Ocumension Therapeutics, RemeGen Co., Ltd., Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical Co Ltd, Simcere Pharmaceutical Group, Sino Biopharmaceutical, The United Laboratories, WuXi AppTec Co Ltd, WuXi Biologics Cayman Inc, WuXi XDC Cayman Inc., Beijing Tiantan Biological Products Corp, China Resources Boya Bio-pharmaceutical, Hualan Biological Engineering Inc., Pacific Shuanglin Bio-pharmacy, Shanghai RAAS Blood Products Co. Ltd. * **Industry Focus**: The report focuses on the growth potential and investment opportunities in the China healthcare sector, particularly in areas such as biotechnology, pharmaceuticals, and medical devices. Risk Reward - Innovent Biologics Inc (1801.HK) * **Stock Rating**: Overweight * **Price Target**: HK$67.00 * **Base Case DCF**: The report uses a discounted cash flow (DCF) model to arrive at a price target of HK$67.00 for Innovent Biologics Inc. * **Key Drivers**: The report identifies several key drivers for Innovent Biologics Inc, including: * **Strong biologics platform and pipeline**: Innovent has a strong biologics platform and a robust pipeline with 10 products currently marketed under BLA/NDA and three more in Phase 3/pivotal stages. * **Domestic and international growth**: Innovent's products are commercialized in China and have the potential for significant growth in the domestic market. The company also has a pipeline of innovative products that could drive future growth. * **Collaborations with large pharmaceutical companies**: Innovent has entered into collaborations with large pharmaceutical companies, which could provide additional revenue streams and support its pipeline development. * **Risks**: The report also identifies several risks associated with Innovent Biologics Inc, including: * **Failure of clinical trials**: The success of Innovent's pipeline is dependent on the success of its clinical trials. * **Intensifying competition**: The biopharmaceutical industry is highly competitive, and Innovent may face increased competition from both domestic and international companies. * **Regulatory challenges**: Innovent may face regulatory challenges in obtaining approval for its products in China and other markets. Other Key Points * **Market Dynamics**: The report provides insights into the market dynamics of the China healthcare sector, including trends in biotechnology, pharmaceuticals, and medical devices. * **Regulatory Environment**: The report discusses the regulatory environment in China and its impact on the healthcare sector. * **Investment Opportunities**: The report identifies several investment opportunities in the China healthcare sector, including companies with strong pipelines, innovative products, and potential for growth.