Medtronic(US:MDT) 第一财经·2025-05-23 08:27Core Viewpoint - Recent announcements from global medical device giant Medtronic and pharmaceutical giant Samsung Biologics regarding their new spin-off plans aim to focus on high-growth areas and seek greater recognition from capital markets [1][2]. Group 1: Medtronic's Spin-off - Medtronic announced on May 21 that it will spin off its diabetes business into an independent company, with the stock price dropping over 4% following the announcement [1][2]. - The diabetes business has shown strong performance, maintaining double-digit growth for six consecutive quarters and holding a 70% global market share in insulin pumps as of 2022 [2]. - The diabetes segment accounted for 8% of Medtronic's total revenue and 4% of its operating profit in fiscal year 2025, with over 8,000 employees globally [2]. - The spin-off is expected to immediately enhance profitability and overall profit margins, allowing Medtronic to focus on high-growth areas such as surgical robotics [2][3]. Group 2: Samsung Biologics' Spin-off - Samsung Biologics announced on May 22 that it will spin off its biosimilar drug business to concentrate resources on its contract development and manufacturing organization (CDMO) sector, which has higher technical barriers and more stable profit margins [2][4]. - The CDMO division is projected to contribute approximately 75% of the company's total revenue by 2024, with a market capitalization nearing 80 trillion KRW (approximately $56.8 billion) [4]. - The spin-off aims to mitigate potential conflicts of interest as the CDMO business expands, addressing client concerns about the use of proprietary information in producing biosimilars [4]. Group 3: Industry Trends and Investor Influence - The trend of spin-offs in the medical sector is increasingly driven by activist investors, as seen in the case of Becton Dickinson's recent decision to split its life sciences division, following pressure from hedge fund Starboard Value [5][6]. - Analysts estimate that Becton Dickinson's valuation could increase by up to 30% post-split, highlighting the impact of activist investors on corporate restructuring [5]. - Activist investors are seen as catalysts for change, pushing companies to invest in promising R&D projects or divest unprofitable segments, although they can also introduce chaos into corporate management [5][6].