Healthcare

Report by Horizon Insights

Horizon Insights argues investors continue to underestimate the sector’s progress as global pharma validation accelerates. Over the past year, BMS, Merck and others have paid billions in upfront licensing fees for Chinese-developed assets. China now leads globally in ADCs and bispecifics, representing 40-50% of pipelines. YTD, MNC-led upfront BD payments total $9.1bn, on pace to double last year’s figure. Horizon Insights sees a structural repricing underway, driven by patent cliffs in big pharma, globally competitive pipelines, deep policy support and rising clinical credibility. If 2018 marked the breakout for China EVs, 2025 could do the same for innovative drugs. Top picks include Innovent Bio, Keymed Biosciences and Akeso.

Report by Forensic Alpha

Forensic Alpha is a machine intelligence system that is able to scan through a company's filings, extracting relevant accounting and governance data. Their technology works by translating unstructured data found in the notes to the accounts and governance disclosures into structured data. They then process that data, searching for the presence of common red flags that are known to be indicators of weak fundamentals and / or imminent problems. 147 new company filings were processed in the past week across Europe. 29 companies saw significant new red flags. While this report focuses on Nordex (Contract Assets, Ageing of Receivables, Related Party Transactions), other stocks highlighted include Hellenic Telecommunications, Ubisoft, Merck KGaA and Hapag-Lloyd.