The biotechnology industry, known to be in the fast growing sectors of healthcare, is gaining momentum due to innovations like AI, which can support drug research of CRISPR gene editing. For investors building positions in healthcare, investing in biotech companiesI am a dynamic finance professional with a Master’s in Banking & Finance from Université Paris 1 Panthéon-Sorbonne. My investing background mix corporate finance, M&A, and investment analysis, with a focus on real estate, renewable energy, and equ ...

Core Viewpoint - The CAR-T therapy market in China is facing challenges with high costs and limited market penetration, but there is potential for price reductions and increased insurance coverage in the future [2][16]. Group 1: Company Performance - WuXi AppTec reported a revenue of 106.3 million yuan in the first half of 2025, with sales of its CAR-T drug, Regiokyron, amounting to 81 million yuan [2]. - Legend Biotech's CAR-T drug achieved global sales of 439 million USD (approximately 3.1 billion yuan) in Q2 2025, with total sales for the first half reaching 808 million USD (approximately 5.7 billion yuan), marking a year-on-year growth of 100% [3][10]. - CStone Pharmaceuticals reported a revenue of approximately 51 million yuan in the first half of 2025, a year-on-year increase of about 703.8%, primarily driven by CAR-T products [6]. Group 2: Market Challenges - Legend Biotech has reportedly canceled its sales and marketing team in China, focusing instead on more profitable overseas markets due to underwhelming domestic sales [4]. - The high cost of CAR-T treatments remains a significant barrier to market penetration, with prices exceeding 1 million yuan per treatment, making it unaffordable for most patients in China [15][16]. - The lack of a clear commercial path for CAR-T products in China is a common challenge faced by companies in this sector [4]. Group 3: Pricing and Insurance - The pricing of CAR-T products varies, with WuXi AppTec's Regiokyron priced at 1.29 million yuan, while the lowest-priced product, CStone's Nakiokyron, is priced at 999,000 yuan [8][15]. - Efforts are being made to improve insurance coverage for CAR-T therapies, with several companies submitting applications for inclusion in basic medical insurance and commercial insurance directories [16]. - The development of commercial insurance in China is seen as a key factor in enhancing payment capabilities for CAR-T treatments, which could lead to price reductions in the next five years [16][17]. Group 4: Technological Innovations - Recent advancements in CAR-T technology, such as in vivo production methods, are gaining attention and may offer solutions to the high costs associated with traditional CAR-T therapies [18]. - The production cost of CAR-T therapies is significant, with estimates indicating that the material cost for each treatment is around 43,000 USD, highlighting the need for cost-effective production methods [17][18].

Global Markets Strategy 25 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Strategy Assessing the current liquidity charged rally See page 29 for analyst certification and important disclosures, including non-US analyst disclosures. ...

Core Viewpoint - Roche and Alnylam are initiating a Phase III cardiovascular outcomes trial (CVOT) for zilebesiran, an RNAi therapeutic aimed at reducing major adverse cardiovascular events in patients with uncontrolled hypertension [1][5]. Group 1: Clinical Trial Details - The Phase III trial, named ZENITH, will enroll approximately 11,000 patients and evaluate zilebesiran (300 mg) administered every six months compared to placebo [5][16]. - The KARDIA-3 study demonstrated a placebo-adjusted reduction in office systolic blood pressure (SBP) of -5.0 mmHg at month three and -3.9 mmHg at month six for the 300 mg dose [2][12]. - KARDIA-3 identified a patient population that could benefit most from zilebesiran, particularly those on diuretics with a baseline SBP greater than 140 mmHg, showing reductions of -9.2 mmHg at month three and -8.3 mmHg at month six [3][12]. Group 2: Safety and Efficacy - Zilebesiran exhibited an encouraging safety profile, with serious adverse events occurring in 3.8% of patients treated with zilebesiran compared to 4.5% in the placebo group, and no deaths reported during the six-month period [14]. - The drug demonstrated clinically meaningful reductions in blood pressure and sustained effects over six months, indicating its potential as a long-acting therapy for hypertension [8][12]. Group 3: Market Need and Potential - Hypertension affects over 1.2 billion people globally, with up to 80% of patients not achieving adequate blood pressure control, highlighting the need for new treatment options [6][20]. - Zilebesiran's biannual dosing could address adherence issues associated with daily oral therapies, potentially reducing the risk of serious health complications and cardiovascular events [4][17].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Capricor Therapeutics, Inc. securities during the specified Class Period of the upcoming lead plaintiff deadline on September 15, 2025 [1]. Group 1: Class Action Details - Investors who purchased Capricor securities between October 9, 2024, and July 10, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and those wishing to serve as lead plaintiff must act by September 15, 2025 [3]. - Investors can join the class action by visiting the provided link or contacting the law firm directly for more information [6]. Group 2: Law Firm Credentials - Rosen Law Firm emphasizes the importance of selecting qualified counsel with a successful track record in securities class actions, highlighting their own achievements in this area [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. - Rosen Law Firm has been recognized for its leadership in securities class action settlements, ranking No. 1 in 2017 and consistently in the top 4 since 2013 [4]. Group 3: Case Specifics - The lawsuit alleges that Capricor provided misleading information regarding its lead cell therapy candidate, deramiocel, which is intended for treating cardiomyopathy associated with Duchenne muscular dystrophy [5]. - Defendants allegedly made positive statements about obtaining a Biologics License Application from the FDA while concealing adverse facts about the drug's safety and efficacy data from its Phase 2 trial [5]. - This misleading information is claimed to have caused shareholders to purchase securities at inflated prices, leading to investor damages when the truth was revealed [5].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased common stock of Alto Neuroscience, Inc. about the upcoming lead plaintiff deadline for a class action lawsuit related to the company's IPO and subsequent securities transactions [1][2]. Group 1: Class Action Details - Investors who purchased Alto securities during the class period from February 2, 2024, to October 22, 2024, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by September 19, 2025 [3]. - The lawsuit alleges that throughout the class period, defendants made materially false and misleading statements regarding Alto's business and prospects, particularly concerning the effectiveness of ALTO-100 in treating major depressive disorder [5]. Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a proven track record in securities class actions, as many firms issuing notices may lack the necessary experience and resources [4]. - The Rosen Law Firm has a history of successful settlements in securities class actions, having recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4].

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Altimmune, Inc. securities between August 10, 2023, and June 25, 2025, about the October 6, 2025, deadline to become a lead plaintiff in a class action lawsuit [1] Group 1: Class Action Details - A class action lawsuit has been filed against Altimmune, and investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1][2] - To participate in the class action, investors can submit a form or contact the law firm for more information [2][5] - The lawsuit claims that Altimmune misrepresented the results of its IMPACT Phase 2b MASH trial, leading to investor damages when the true results were revealed [4] Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest against a Chinese company at the time [3] - The firm has been consistently ranked among the top firms for securities class action settlements since 2013, recovering hundreds of millions for investors [3] - In 2019, the firm secured over $438 million for investors, showcasing its effectiveness in litigation [3]

Core Insights - LEQEMBI IQLIK is the first and only anti-amyloid treatment that allows for at-home injections, enabling patients and care partners to continue treatment after an initial 18-month intravenous therapy [1][2] - The U.S. FDA has approved the Biologics License Application for LEQEMBI IQLIK, which will be launched on October 6, 2025 [2][11] - The treatment is indicated for maintenance dosing in patients with mild cognitive impairment or mild dementia, following an initial 18-month intravenous treatment [2][16] Group 1: Treatment Mechanism and Efficacy - LEQEMBI targets both amyloid plaques and protofibrils, which are believed to contribute to cognitive decline in Alzheimer's disease [4][12] - Clinical trials indicate that transitioning to the weekly LEQEMBI IQLIK autoinjector after 18 months maintains clinical and biomarker benefits comparable to continued intravenous dosing [5][40] - In the Clarity AD core study, treatment with lecanemab reduced clinical decline on the Clinical Dementia Rating Sum of Boxes (CDR-SB) by 27% at 18 months compared to placebo [40] Group 2: Safety and Side Effects - The safety profile of LEQEMBI IQLIK is similar to that of intravenous treatment, with fewer systemic reactions reported [5][37] - Injection-related adverse events were less common with subcutaneous dosing, occurring in less than 1% of patients compared to approximately 26% with intravenous infusions [5][37] - The incidence of amyloid-related imaging abnormalities (ARIA) was similar between patients receiving the subcutaneous maintenance dose and those continuing with intravenous dosing [5][20] Group 3: Patient Support and Accessibility - Eisai offers various patient support programs in the U.S. to assist patients and care partners with treatment navigation and insurance coverage [9][10] - The Patient Assistance Program (PAP) will provide LEQEMBI and LEQEMBI IQLIK at no cost for eligible uninsured and underinsured patients [10] - The subcutaneous formulation is expected to reduce healthcare resource utilization associated with intravenous maintenance dosing, streamlining the overall Alzheimer's treatment pathway [8]

Core Viewpoint - Amgen will present at the 2025 Wells Fargo Healthcare Conference, highlighting its ongoing commitment to innovation in the biotechnology sector [1][2]. Company Overview - Amgen is a leader in discovering, developing, manufacturing, and delivering innovative medicines aimed at treating serious diseases [3]. - The company has a robust pipeline that focuses on various therapeutic areas, including cancer, heart disease, osteoporosis, inflammatory diseases, and rare diseases [3]. Recognition and Market Position - In 2024, Amgen received accolades such as being named one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes [4]. - Amgen is included in the Dow Jones Industrial Average® and the Nasdaq-100 Index®, reflecting its status as one of the largest and most innovative non-financial companies based on market capitalization [4].

Core Insights - IDEAYA Biosciences announced that an abstract from its Phase 1/2 trial of darovasertib combined with crizotinib for first-line metastatic uveal melanoma has been accepted for oral presentation at the 2025 Society for Melanoma Research Congress [1][2] - The presentation will include data from over 40 patients, marking the first reported median overall survival data for the combination treatment in this indication [1][2] Company Overview - IDEAYA Biosciences is focused on precision medicine in oncology, aiming to discover, develop, and commercialize transformative cancer therapies [2] - The company integrates small-molecule drug discovery, structural biology, and bioinformatics to identify and validate translational biomarkers for developing targeted therapies [2] - IDEAYA has a pipeline that emphasizes synthetic lethality and antibody-drug conjugates for molecularly defined solid tumor indications, with a mission to enhance clinical outcomes for cancer patients [2]