Core Insights - Galderma conducted a global survey revealing that over 50% of peri- and post-menopausal women learned about menopause's effects on skin through personal experience, primarily in their 40s, with over 30% wishing they had known in their 30s [1][2][4] Group 1: Survey Findings - The survey included over 4,300 women aged 45-60 from nine countries, highlighting that women experienced an average of three skin changes since menopause, with 59% reporting lines and wrinkles on the face and 33% on the body [6][12] - The main skin changes reported were loss of firmness and elasticity (58% on the face, 54% on the body), increased dryness (56% on the face, 58% on the body), and a duller skin tone (40% on the face, 30% on the body) [6][7] Group 2: Impact on Wellbeing - The survey indicated that menopause-related skin changes negatively impacted women's self-perception, with 60% feeling less attractive, 57% feeling anxious, and 55% feeling less confident [4][12] - Aesthetic treatments were viewed as effective solutions, with 49% of women currently using them for menopause-related skin changes, while 26% used them for prevention [12] Group 3: Aesthetic Treatments - Galderma plans to include menopausal status in clinical trials to better understand how injectable aesthetic treatments can address menopause-related skin changes [2][5] - Treatments such as hyaluronic acid and biostimulators are highlighted for their potential to enhance hydration, restore collagen and elastin, and improve skin quality [5][9] Group 4: Company Commitment - Galderma aims to elevate awareness and advance aesthetic solutions for menopause-related skin changes through collaboration with experts and community education [8][10] - The company is positioned as a leader in dermatology, focusing on innovative, science-based solutions to meet the needs of women during menopause [10][8]

Core Insights - Obagi Medical has selected Platinum Dermatology Partners as the first partner for its ALOHA Program, emphasizing a commitment to clinical evidence and practice dissemination [1][5] Company Overview - Obagi Medical is a leading innovator in physician-dispensed skincare and aesthetic solutions, part of Waldencast plc, with over 35 years of experience in advanced skincare [6] - Platinum Dermatology Partners operates over 120 locations with nearly 400 providers across multiple states, focusing on exceptional dermatology practices [7] - Waldencast plc aims to build a global beauty and wellness platform by developing and scaling purpose-driven brands [8] Partnership Details - The partnership aims to generate real-world data to translate clinical safety and efficacy from FDA trials into everyday practice [2] - The ALOHA Real-World Program will provide hands-on experience with Obagi saypha MagIQ, enhancing patient satisfaction and provider relationships [3] - Initial findings from the program will be presented at the annual Platinum Summit and key industry conferences to showcase the product's real-world impact [4] Product Information - Obagi saypha MagIQ™ utilizes proprietary MACRO Core Technology for a stable hyaluronic acid matrix, designed for natural-looking results and high performance [5]

Fund Performance - The Summers Value Fund LP achieved a net return of 20.4% in Q3 2025, outperforming the Russell 2000 Index ETF (12.4%) and the Russell 2000 Value Index ETF (12.5%) [2] - Year-to-date, the Fund is up 4.9%, lagging behind the IWM (10.3%) and IWN (8.9%) [2] - Since inception, the Fund has delivered a 12.2% annualized net return compared to 6.8% for IWM and 6.1% for IWN [2][3] Healthcare Sector Overview - The healthcare sector has faced challenges leading to underperformance against broader indexes, influenced by regulatory uncertainty from new FDA leadership and budget pressures at federal agencies [4] - Investors withdrew approximately $13 billion from healthcare funds in 2025, indicating a record annual outflow, while large-cap stocks saw $224 billion in inflows [5] - Despite negative sentiment, the healthcare sector is viewed as defensive and growing, with potential for disciplined investors to find opportunities [5][6] Investment Opportunities - The Fund has increased exposure to biopharma stocks, anticipating outperformance due to an innovation cycle and potential acquisitions by large-cap companies [6] - Notable contributors to the Fund's performance in Q3 included Zimvie (124% acquisition premium), Liquidia (strong sales of Yutrepia), and Consensus Cloud Solutions (return to positive revenue growth) [7] - The Fund initiated a position in uniQure following promising Phase 3 results for its gene therapy drug, which showed a 75% reduction in disease progression [9] Position Updates - Journey Medical, with a market cap of $175 million, launched Emrosi for rosacea treatment, with annualized sales approaching $30 million and potential peak sales exceeding $100 million [12] - Ligand Pharmaceuticals, valued at $3.7 billion, operates as a royalty aggregator and is expected to see strong performance from its drugs Ohtuvaryre and Filspari, with blockbuster potential [13][14] - The Fund's top five holdings include Electromed, Consensus Cloud Solutions, Liquidia, Spok Holdings, and Ligand Pharmaceuticals, with a significant allocation to pharmaceutical and biotechnology stocks [10]

Core Insights - Galderma, a leader in the dermatology category, will present updates from its portfolio at the 34th European Academy of Dermatology and Venereology (EADV) congress in Paris from September 17-20, 2025 [1] - The company is committed to addressing various skin conditions and will showcase 12 abstracts, including data on sensitive skin, prurigo nodularis, and atopic dermatitis [1] Company Focus - Galderma emphasizes its dedication to dermatology by participating in significant industry events like the EADV congress [1] - The presentation of 12 abstracts indicates a robust research and development pipeline aimed at enhancing treatment options for skin conditions [1]

Strategic Acquisition - LEO Pharma agreed to acquire global rights for skin disease drug Spevigo from Boehringer [1] - The acquisition strengthens LEO Pharma's portfolio [1] IPO Plans - LEO Pharma is planning an IPO in 2026 [1] Industry Focus - LEO Pharma is a Danish dermatology specialist [1]

Does Red Light Therapy Work? We Had Dermatologists Weigh Inhttps://t.co/l1iluk4Mu8 https://t.co/K84uM7CKjR ...