The trend of collaborations between domestic and foreign enterprises of various sizes to achieve success in new drug development is on the rise. Such collaborations are viewed within the industry as a potential model for “Korean-style Open Innovation” in the pharmaceutical and biotech sectors.Accord
Samsung Bioepis' Humira biosimilar Hadlima (sold by Organon) has successfully been listed in the formulary recommendations list of U.S. Pharmacy Benefit Management (PBM) company Prime Therapeutics.On July 12 (local time), Prime Therapeutics announced its formulary recommendations list for Humira
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed.Maintain BUY; trim target price (KRW72,000→KRW70,000) We trim our TP (KRW72,000→KRW70,000) on Yuhan to reflect changes to 2023 ERP (5.41%), RFR (3.32%) and earnings estimates following the 4Q22 earnings release
Samsung Biologics began to solidify its position as the No.1 CDMO company after completing the world’s largest biopharmaceutical plant in Songdo, Incheon.Samsung Biologics announced that it has started a full-fledged operation of a biopharmaceutical production facility with a production capacity of
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY, target price of KRW75,000 We maintain BUY and TP of KRW75,000 on Yuhan Corp. The company’s appeal lies in:(1) the self-developed drug Leclaza (lazertinib), which has established a presence in the
Samsung Biologics will push for the construction of its first factories in the United States and Europe, foreign media outlets reported.Samsung Biologics saw its sales soar 35 percent in 2021 amid the COVID-19 pandemic, according to a report by the Financial Times (FT) on March 21.Samsung Biologics
The author is an analyst of KB Securities. He can be reached at kimtaehee@kbfg.com. -- Ed. Maintain BUY, lower target price from KRW86,000 to KRW75,000 We lower our TP on Yuhan Corp. (KRW86,000→KRW75,000). We adjust WACC (7.49%→7.76%), risk-free rate (1.02%→1.29%) and market risk premium (7.36%→7.16
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Yuhan posted 4Q21 OP of W4.8bn, missing consensus by a wide margin. For 2022, we estimate OP at W71.1bn and licensing-out revenue at W29.2bn. The chances of Lazertinib approval within 2022 remain int
With the European Medicines Agency (EMA) resuming on-site inspections after a hiatus caused by COVID-19, an increasing number of South Korean companies are entering the contract development and manufacturing market, which is expected to reach US$20 billion in 2026.The EMA conducted production site i
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. Yuhan’s consolidated 2Q21 OP came to W23.4bn, exceeding consensus by 17%, with OP excluding licensing fees seeing a turn to profit. Serving as the main momentum driver are clinical trials for a Tagri
The author is an analyst of NH Investment & Securities. He can be reached at pk.park@nhqv.co. -- Ed. With regards to Yuan’s Lazertinib, the two key issues for 2021 are to be: 1) phase II trial results for the SAVANNAH study; and 2) phase I brain metastasis data for the CHRYSALIS study. Yuhan is to r
The author is an analyst of NH Investment & Securities. He can be reached at william.ku@nhqv.com. -- Ed. Affected by changes in accounting standards for the recognition of research progress, Yuhan’s 4Q19 licensing fee income was restrained to W3.3bn. But, we positively view a widening in margins tha
The 2020 JP Morgan Healthcare Conference, the world’s largest healthcare investment symposium for the pharmaceutical and biotech industry, opened in San Francisco, the United States, on Jan. 13 (local time), with some 1,500 pharma companies from 40 countries around the world participating. About 30
Yuhan Co. announced on July 1 that it has signed a US$870 million (1.25 billion won) contract with Boehringer Ingelheim to transfer its fusion protein (GLP-1/FGF21 dual agonist) technology for treatment of the non-alcoholic steatohepatitis (NASH) to the global pharmaceutical company.Of the total amo
New drug development at Hanmi Pharmaceutical, an icon of the Korean pharmaceutical industry, is at a standstill, raising questions about the company’s drug development capabilities.Currently, the company’s pipeline has 28 new drug candidates. Although the number increased by five from 23 in early 20
Tium Bio announced on Jan. 10 that it signed a technology export agreement worth US$74 million (83 billion won) with Chiesi Farmaceutici, an Italian global pharmaceutical company, for NCE401, which is a major therapeutic drug candidate for lung disease.NCE401 is a candidate for a mechanism that inhi
Korean pharmaceutical and biotech companies have signed seven out-licensing contracts worth US$2.375 billion so far this year. This figure is nearly twice the figure of US$1.234 billion in eight deals. Industry analysts say that technology exports by Korean pharmaceutical and biotech industry are in
Samsung Bioepis and Celltrion are competing to become the first Korean company to develop a biosimilar to “Avastin,” a blockbustger drug for colorectal cancer developed by global pharmaceutical company Roche.The two companies previously competed over the development of a biosimilar to “Herceptin,” a
Samsung BioLogics has become the world's top contract manufacturing organization (CMO) as its third plant starts operation.Samsung BioLogics announced on October 1 that its third plant, the world's single largest biopharmaceutical manufacturing facility, has completed a self-validation proce
Global pharmaceutical companies are shutting down their production plants in South Korea one after another, causing concerns that South Korea is being turned into a "medicine sales base" for them.Global drug companies sell drugs worth hundreds of billions of won in the domestic market every year. Bu