Vi e w p o i n t | 2025 China Healthcare Tour Takeaways – Innovation, Globalization and Orders Rebound CITI'S TAKE We hosted >40 companies at our Conference and visited ~30 companies during our subsequent healthcare tour. We found investor interest remains high and the investors we met are keenly looking for next-generation innovation stories like siRNA, domestic fundamental improvements driven by potential breakthroughs in commercial insurance, and fundamental recovery in medtech after a challenging 2025. ...

格隆汇11月28日丨红日药业(300026.SZ)在投资者互动平台表示，公司药品主要分为中药配方颗粒和成 品药。中药配方颗粒是需要医生开具处方的颗粒制剂，成品药包括血必净注射液、安若泰、博璞宁、博 璞艾等处方药。 ...

Core Viewpoint - Eisai Co., Ltd. and Biogen Inc. have filed a new drug application for a subcutaneous formulation of LEQEMBI (lecanemab) in Japan, aiming to provide an alternative administration route for Alzheimer's disease treatment [1][2][3] Group 1: Drug Application and Administration - The application is based on Phase 3 Clarity AD open-label extension data, confirming that a once-weekly subcutaneous administration of 500 mg is equivalent to the current intravenous administration every two weeks [2] - If approved, the subcutaneous autoinjector (SC-AI) would allow patients to administer LEQEMBI at home, potentially reducing healthcare resource utilization associated with intravenous dosing [3] Group 2: Clinical Efficacy and Safety - LEQEMBI targets both protofibrils and amyloid plaques, addressing the neurotoxic processes in Alzheimer's disease, and has shown a safety profile similar to intravenous administration with less than 2% incidence of systemic reactions [2][4] - The drug is currently approved in 51 countries and regions and is under regulatory review in 9 countries, indicating a broad acceptance and ongoing evaluation of its efficacy [4][9] Group 3: Collaboration and Development - Eisai leads the global development and regulatory submissions for lecanemab, with Biogen co-commercializing and co-promoting the product [5][11] - The collaboration between Eisai and BioArctic has been ongoing since 2005, focusing on the development and commercialization of Alzheimer's disease treatments [12]

On Thursday, November 27, 2025, U.S. stock markets, including the New York Stock Exchange (NYSE) and Nasdaq, were closed in observance of the Thanksgiving holiday. Despite the market closure for regular trading, the underlying market sentiment from the previous session indicated a continued focus on expectations for a Federal Reserve interest rate cut in December, coupled with persistent investor optimism surrounding artificial intelligence (AI). This narrative has been a key driver for global markets, whic ...

The U.S. stock market is closed today, Thursday, November 27, 2025, in observance of the Thanksgiving holiday. Both the New York Stock Exchange (NYSE) and Nasdaq are shut down for the full day, with trading set to resume on Friday, November 28, for a shortened session.Leading into the holiday, the Dow Jones Industrial Average (^DJI) concluded its last full trading session on Wednesday, November 26, with significant gains, rising 314.67 points (0.67%) to close at 47427.12. This upward momentum was largely dr ...

Core Insights - Novo Nordisk (NVO) and Pfizer (PFE) are leading pharmaceutical companies in distinct therapeutic areas, with NVO dominating the GLP-1 market and PFE traditionally strong in oncology [1][2] - Pfizer's recent acquisition of Metsera marks its re-entry into the obesity market, intensifying competition with Novo Nordisk [2][3] Novo Nordisk (NVO) - NVO holds a 59% global market share in the GLP-1 space, driven by its semaglutide products: Ozempic, Rybelsus, and Wegovy [5] - The company is expanding its manufacturing capacity and pursuing new indications for semaglutide, including cardiovascular benefits [6][7] - NVO is facing challenges with weaker sales of Ozempic and Wegovy, leading to a guidance cut and a restructuring program aimed at saving DKK 8 billion annually by 2026 [12][30] Pfizer (PFE) - PFE's oncology revenues have increased by 7% year-to-date, bolstered by the acquisition of Seagen and strong performance from key products [13][14] - The Metsera acquisition adds four clinical obesity programs to PFE's pipeline, enhancing its position in the obesity treatment market [16] - PFE is implementing cost reduction initiatives expected to save $7.7 billion by 2027, alongside a strong late-stage pipeline and a dividend yield of around 7% [15][32] Financial Estimates - The Zacks Consensus Estimate for NVO's 2025 sales and EPS indicates a year-over-year increase of approximately 14% and 9%, respectively [20] - In contrast, PFE's 2025 sales are expected to decrease by 1.1%, while EPS is projected to increase by 1% [23] Stock Performance and Valuation - Year-to-date, NVO shares have declined by 43.4%, while PFE shares have lost 3.1%, against an industry gain of 19% [26] - NVO trades at a higher price/earnings ratio of 13.36 compared to PFE's 8.2, indicating a more expensive valuation for NVO [28]

A month has gone by since the last earnings report for Incyte (INCY) . Shares have added about 17.2% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Incyte due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for Incyte Corporation before we dive into how investors and analysts have reacted as of late.INCY's Q3 Earnings & Revenues Beat ...

Key Takeaways NVO filed for FDA approval of a 7.2 mg Wegovy dose using the agency's CNPV pilot program.The STEP UP study showed 20.7% average weight loss with the 7.2 mg dose over 72 weeks.One-third of patients on the 7.2 mg dose achieved at least 25% weight loss in the study.Novo Nordisk (NVO) announced that it has submitted a regulatory filing seeking label expansion for a higher dose of its blockbuster obesity drug, Wegovy (injectable semaglutide).The FDA filing seeks approval for a 7.2 mg dose of the dr ...

Core Insights - AstraZeneca (AZN) and Merck (MRK) are both leading global pharmaceutical companies with strong oncology portfolios, with oncology driving over 60% of Merck's revenues and around 43% for AstraZeneca [1][2][3] Group 1: Company Performance - Merck's Keytruda generated $23.3 billion in sales in the first nine months of 2025, reflecting an 8% year-over-year increase, and is a key driver of revenue growth [4][9] - AstraZeneca's oncology sales rose 16% in the first nine months of 2025, contributing to its overall revenue growth [2][12] - AstraZeneca aims for $80 billion in revenues by 2030, supported by 20 planned medicine launches, with several new products already contributing to growth [14][30] Group 2: Product Pipeline and Acquisitions - Merck's pipeline has nearly tripled since 2021, with plans to launch around 20 new vaccines and drugs, including Capvaxive and Winrevair, which have strong revenue potential [6][28] - AstraZeneca has launched several new drugs that are performing well, offsetting losses from mature brands, and expects to achieve a mid-30s percentage core operating margin by 2026 [14][16] Group 3: Market Challenges - Both companies face pressures from declining legacy brands and increasing competition, particularly Merck's reliance on Keytruda, which will lose exclusivity in 2028 [10][11][29] - AstraZeneca is dealing with generic competition affecting key drugs and challenges related to U.S. oncology sales due to policy changes [16][17] Group 4: Financial Estimates and Valuation - The Zacks Consensus Estimate for AstraZeneca's 2025 sales and EPS indicates an 8.7% and 11.9% year-over-year increase, respectively [18] - Merck's 2025 sales and EPS estimates imply a 1.0% and 17.4% year-over-year increase, respectively, with recent EPS estimates showing a slight increase [20][21] - AstraZeneca's stock has risen 42.5% year-to-date, outperforming the industry, while Merck's stock has increased by 5.2% [22][24] Group 5: Dividend and Valuation Comparison - AstraZeneca's dividend yield is 1.08%, while Merck's is higher at 3.1%, indicating a more attractive income for Merck [25] - From a valuation perspective, AstraZeneca trades at a higher price/earnings ratio of 18.28 compared to Merck's 11.85, suggesting Merck may be undervalued [24]

Core Insights - iShares U.S. Pharmaceuticals ETF (IHE) is recommended for purchase due to the strengths of its top holdings, which feature diverse and successful product lines [1] - The top pharmaceutical holdings are experiencing strong growth, indicating a positive outlook for the ETF [1] Group 1: Investment Strategy - Wilson Research focuses on providing insights into exchange-traded funds (ETFs) that balance growth potential and dividend yield [1] - The analysis incorporates fundamental analysis along with macro-level factors such as industry trends, economics, and geopolitics [1] - The investment philosophy is inspired by notable figures like Warren Buffett and Robert Kiyosaki, emphasizing long-term investment and diversification [1]