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kim heng
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Joelton
Supreme |
25-Aug-2026 09:18
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Chew of PhillipCapital raises target price for Hyphens Pharma to 46 cents Paul Chew of PhillipCapital has kept his " buy" after Hyphens Pharma International' s 1HFY2026 met his expectations. With stronger earnings for the current 2HFY2026 expected, he has raised his target price to 46 cents from 40 cents. For the six months ended June, the company' s revenue of $89.1 million was largely flat y-o-y. With a stronger focus on higher margin products such as prescription drugs under speciality pharma, the company' s gross margin improved 2.8 percentage points to a record 42.3%, which helped lift gross profit by 6.6% to $37.6 million. On the other hand, Hyphens Pharma incurred higher operating costs of $30 million, or an increase of 8%, due to higher marketing spend and staff costs. All in, the company reported patmi that was 11% lower. In the current 2HFY2026, Chew expects growth to be driven by key products. For example, Cerapro MED will be gradually rolled out across Europe to recognise royalties and commissions. Winlevi is an FDA-approved drug used to deal with all four comprehensive causes of acne. Registration in new countries such as Vietnam, the Philippines and Thailand will be an added driver of growth. " The near-term swing in earnings depends on the investments in people, research and marketing. There is a continuous balance between growth and investments," says Chew, noting that Hyphens Pharma, which holds net cash of $2 million, trades at an " attractive" PE of just 9x. While Chew has kept his earnings estimates, he has raised his target price to 46 cents after lowering his DCF risk assumptions. Hyphens Pharma International shares last traded at 37 cents, up 7.35% year to date. |
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appleronaldo
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29-Jul-2026 09:27
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IX got pharma this also pharma ...no one looking? | ||||
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Joelton
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20-Jun-2026 13:38
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Hyphens Pharma: From dispensary to Asean&rsquo s dermatology specialist CEO of Hyphens Pharma International, Lim See Wah, did not start the company from scratch. First, he worked there. Fresh out of the National University of Singapore with a pharmacy degree, Lim joined the Singapore operations of a French-owned pharmaceutical company. Years later, after he left the company, the founder decided to step down. Lim returned, this time to buy it. &ldquo Returning years later as the buyer was both humbling and surreal,&rdquo he says. &ldquo It wasn&rsquo t about nostalgia. It was about recognising the potential of the company and what it could become with the right strategic pivot.&rdquo He describes the moment less as going back and more as &ldquo taking responsibility for the company&rsquo s next chapter.&rdquo That chapter, it turned out, would span more than two decades, five Asean markets, and a business that now employs over 600 personnel and generated close to $180 million in annual revenue in FY2025. Building the bridge To understand what Hyphens Pharma actually does, it helps to first look at the business model of pharmaceutical companies. Large pharmaceutical companies are typically described as R& D companies &mdash they do research and development, followed by commercialisation. In the case of Hyphens, one might describe it instead as an S& C company: Search & Commercialisation. &ldquo Our role is to be the bridge between global innovation and local patient access,&rdquo says Lim. &ldquo Many European or US pharmaceutical companies have strong products but don&rsquo t have the on-the-ground capabilities to navigate Asean markets.&rdquo What Hyphens provides is regulatory expertise, local market knowledge, physician engagement, logistics, and what Lim calls &ldquo post-approval execution.&rdquo In other words, getting a drug approved and available in Singapore is one thing. Doing the same across Indonesia, Vietnam, Malaysia, and the Philippines &mdash each with its own regulatory authority, approval timeline and own medical community &mdash is another matter entirely. &ldquo Managing this process requires local professional knowledge,&rdquo Lim explains. &ldquo And approval is just the beginning. You also need pharmacovigilance, medical education, market access and sustained supply reliability.&rdquo For global pharmaceutical companies that find Asean strategically important but operationally complex, partnering with a regional specialist reduces risk and shortens the time to market. This is the gap Hyphens has spent more than 25 years filling. Owning the science A reality that Lim also understood early was this. Exclusive distribution agreements generate revenue, but they do not generate intellectual property. In 2011, Hyphens launched its first proprietary dermatological brand, Ceradan, a scientifically formulated emollient designed for eczema-prone skin. It was, in his words, the moment the company &ldquo moved from selling third-party products to creating our own intellectual property.&rdquo Later, rather than simply extending the Ceradan range, Hyphens invested in a fundamentally new formulation built around a different mechanism that directly addresses skin pH. Lim explains: &ldquo Most products currently available in the market have a mildly acidic pH, but they have little or no impact on the skin&rsquo s own pH.&rdquo When skin becomes inflamed, its pH rises, which disrupts the enzymes responsible for maintaining the skin barrier. The new formulation, he says, is designed to actively lower elevated skin pH. In doing so, it helps restore the barrier in a novel way. This mechanism was distinctive enough to be patented in numerous countries, including Singapore, the US, Japan, China and Europe. Hyphens has further invested in securing CE marking for the product in Europe. Under the brand name Cerapro MED, the product is approved for the treatment of atopic dermatitis. At the beginning of this year, renowned Swiss company Louis Widmer in-licensed Cerapro MED for sales across six European countries. It is expected to reach European pharmacy shelves later this year. The effort to look for more licensees continues. In the most recent financial year, Hyphens&rsquo proprietary brands segment grew 33%, outpacing the rest of the business and driving a record improvement in the group&rsquo s profit margins. &ldquo Europe is a trust-driven market,&rdquo says Lim. &ldquo You need strong clinical proof, conservative claims, consistent manufacturing quality, and the right local partner. Unlike Asia, where growth can be channelled, Europe demands patience and credibility.&rdquo A dermatology market that keeps expanding Closer to home, in Southeast Asia, the dermatology market is large and growing. With a combined population of 680 million, the region has a substantial patient base with skin conditions ranging from eczema and acne to hyperpigmentation. Urbanisation, lifestyle changes, climate and environmental factors are, in Lim&rsquo s view, accelerating the prevalence of certain conditions rather than reducing them. But the more interesting dynamic, he suggests, is on the demand side: &ldquo As incomes rise, people don&rsquo t just want treatment they want long-term skin health and confidence.&rdquo This is what has brought Hyphens into medical aesthetics: injectables, anti-ageing treatments, and the growing category of non-surgical procedures that patients now treat more as preventive care rather than cosmetic surgery. &ldquo The typical patient is no longer a niche demographic,&rdquo he says. &ldquo It includes working professionals and first-time users seeking subtle, natural results.&rdquo Through its subsidiary Ardence Aesthetics, Hyphens holds exclusive Southeast Asian distribution rights for Plinest and Newest&mdash anti-ageing injectable treatments now available in Singapore, Malaysia, Indonesia, the Philippines, and Thailand. Emerging opportunities Worth mentioning too is a strand of the business that is less visible but emerging. Built on the foundation of Pan-Malayan, Singapore&rsquo s longest-established pharmaceutical wholesaler, Hyphens has been developing a digital platform that connects pharmaceutical companies, clinics, and patients across the region. Hyphens&rsquo B2B marketplace, known as POM, now serves healthcare providers across Singapore, Malaysia and Vietnam. Alongside it, WellAway &mdash Singapore&rsquo s first e-pharmacy registered by the Health Sciences Authority &mdash allows doctors to prescribe and arrange home delivery directly to patients and is positioned to support the public sector&rsquo s expanding needs for home medication delivery. It is early days, but the direction is consistent with how Hyphens has always tried to operate: by building the connective tissue of the healthcare system, one layer at a time. The long game in Asean Outside of Singapore, Vietnam is Hyphens&rsquo most established market. In addition, Malaysia has become the group&rsquo s third-largest market after a concerted push in recent years. At the same time, he remains candid about what cannot simply be replicated from one market to the next. The company entered Vietnam in 1989, making it, in Lim&rsquo s words, &ldquo likely one of the earliest foreign entrants&rdquo in the Vietnamese pharmaceutical market. Decades of presence have produced a portfolio of products, a network of partnerships, and both a depth and breadth of relationships that took a long time to build. &ldquo This condition,&rdquo he acknowledges, &ldquo is not easily replicated in other markets.&rdquo This reflects how Hyphens thinks about regional expansion. It recognises that scale is not simply copied and pasted. It accumulates. For someone encountering Hyphens for the first time, Lim is deliberate about framing expectations. &ldquo Hyphens is not a turnaround story or a single-product bet,&rdquo he says. &ldquo It is a long-term business platform built around dermatology and other speciality pharmaceuticals, consumer healthcare, and regional execution capabilities.&rdquo Growth, he emphasises, may not always be linear, but the strategy is deliberate. The company&rsquo s ability to add value across the pharmaceutical value chain, from regulatory approval to physician engagement to proprietary brand ownership, is what he believes distinguishes it. Consistent with the year prior and above its stated minimum payout policy, Hyphens has proposed a dividend of 1.50 cents per share for its most recent financial year. &ldquo If we continue to strengthen our portfolio and execute well across Asean, the value creation should naturally follow,&rdquo he concludes. For a pharmacist who once worked the floor of the company he now leads, it is a patient kind of ambition, built on the same logic he has applied since 1989: Show up early. Build trust. Earn the next chapter. |
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like2learn
Veteran |
26-Feb-2026 01:20
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tekong announce FYresults down 40+% from last year but share price relatively unchanged .... and in fact current share price trading higher than last year when results announced. power siah !!! https://links.sgx.com/FileOpen/Hyphens_results_FY2025.ashx?App=Announcement& FileID=875764 |
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Joelton
Supreme |
06-Jan-2026 09:52
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Hyphens Pharma grants Swiss pharma company rights to commercialise Cerapro MED Skin Barrier Cream
Hyphens Pharma International has granted the rights to commercialise its product Cerapro MED Skin Barrier Cream to Louis Widmer covering six European countries.
This is done via a licensing, supply and commercialisation agreement which spans Switzerland, Liechtenstein, Austria, Belgium, Luxembourg and the Netherlands.
The out-licensing agreement will result in Hyphens Pharma receiving an upfront fee and customary royalties on sales.
Cerapro is a patented formula which lowers skin pH and helps restore skin barrier. It targets atopic dermatitis, a common form of eczema.
CEO of Louis Widmer, Annemarie Widmer, says that Cerapro will be the new flagship product of the company' s Remederm line, which is a leader in Europe in both specialist retailers and doctors for the care of dry, very dry and atopic skin.
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SmallSmall
Supreme |
06-Jan-2026 09:03
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NEXT MEDICAL PLAY?
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like2learn
Veteran |
15-Sep-2025 22:23
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4 series possible tmr ? 
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Joelton
Supreme |
26-Aug-2025 12:20
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Hyphens Pharma bets big on Asean&rsquo s medical aesthetics boom
While the group is not exposed to tariff pressures, currency volatility remains a near-term challenge
[SINGAPORE] Catalist-listed Hyphens Pharma wants to ride on the growing medical aesthetics market across South-east Asia, with the aim of becoming the region&rsquo s leading consumer healthcare group.
The pharmaceutical company is seeing a growing interest in this segment, as regional economic growth drives evolving consumer behaviours. A rising middle class has emerged &ndash demonstrating greater willingness to invest in premium aesthetic procedures and dermatological products.
&ldquo Dermatology may be an underdeveloped category,&rdquo chief executive officer Lim See Wah told The Business Times in an interview. &ldquo Historically, it is always the acute diseases, the life-threatening diseases that took precedence. But with economic growth, &lsquo looking good, feeling good&rsquo has become important.&rdquo
Interest in medical aesthetics is expanding in the region, with specialised clinics opening throughout Asean, noted Lim.
Dermatologists increasingly view aesthetic treatments as a natural extension of their medical dermatology practice, with many establishing dedicated aesthetic services alongside their usual offerings. &ldquo There is a reason why we think it is an interesting area where there&rsquo s still tremendous opportunities for us to participate,&rdquo said Lim.
Strategic pivot
To reflect its strategic pivot, Hyphens has renamed its &ldquo speciality pharma principal&rdquo segment to &ldquo pharmaceuticals and medical aesthetics&rdquo , signalling dermatology and aesthetic treatments as core growth pillars.
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The company is leveraging both its existing drug portfolio and strategic acquisitions to capture market opportunities.
In November 2023, Hyphens acquired the remaining 58 per cent stake in Malaysia-based Ardence Pharma, under a step-wise agreement set to complete by FY2027.
Lim said that the move was strategically significant, citing Ardence&rsquo s rapid expansion across Singapore and Malaysia, through its product Plinest. The product also has established distribution partnerships in the Philippines, Indonesia and Thailand, and is securing product registrations in Vietnam.
Analysts viewed the deal favourably, given Ardence&rsquo s superior 29.4 per cent net profit margin to Hyphen&rsquo s 7 per cent in FY2022.
Aside from Plinest, the Ardence acquisition provides access to a diversified medical aesthetics portfolio, with new launches implemented across Singapore and Malaysia, explained Lim.
Hyphens is simultaneously developing proprietary products in the dermatology space.
In July, it launched Winlevi, a first-in-class topical acne treatment in Singapore and Malaysia, with Asean-wide registration underway. The product will be launched in the Philippines, Vietnam, Thailand and Indonesia progressively.
Lim noted that innovative products such as Winlevi generate significant market interest, and can attract potential partners with cutting-edge assets seeking regional market access.
Growth market
Despite its dermatology focus, Hyphens maintains its broader pharmaceutical identity.
Its pipeline includes Metoject, an auto-injector for methotrexate administration, with exclusive rights for Singapore, Malaysia, Vietnam and the Philippines. While applicable for psoriasis treatment, its primary use targets rheumatoid arthritis.
Regional expansion continues, to add to the group&rsquo s five current markets, with Cambodia and Thailand operations planned. The company has established legal entities in Cambodia, and a pharmacist is assisting with product registration there, said Lim.
He believes Asean remains ripe for growth, even amid United States tariff disruptions affecting global markets. &ldquo People... acknowledge that Asean remains a growth market... against the turbulent external market environment,&rdquo he added.
Regional healthcare infrastructure development provides opportunities. While Singapore&rsquo s private hospital sector has stagnated since Farrer Park Hospital opened more than a decade ago, Malaysia and Vietnam are experiencing a growth in private hospital services.
Vietnam, in particular, is shifting from overcrowded public hospitals towards a diverse ecosystem with private hospitals and modern polyclinics.
Pharmacy sector consolidation provides additional opportunities, Lim pointed out. Vietnam&rsquo s pharmacy chains expanded from 50 outlets a decade ago to 1,800 currently, creating enhanced channels for portfolio brands such as Ceradan.
Financial pressures
While the company is not directly exposed to tariffs, currency volatility has had an impact on performance. First-half 2025 net profit fell 68.9 per cent to S$1.7 million, from S$5.4 million previously, while revenue dropped 10.1 per cent to S$89.5 million.
The pharmaceuticals and medical aesthetics segment declined due to internal restructuring and reduced Vietnam sales. However, proprietary brands grew, driven by reclassified products and higher demand for Ceradan and Ocean Health.
In its bourse filing, the company flagged that gross margins suffered from currency mismatches, with foreign currency procurement against local currency revenues.
Still, Lim remains optimistic, noting healthcare&rsquo s defensive characteristics during economic downturns. Hyphens also targets the broad middle market segment rather than premium or budget extremes, positioning for resilience ahead.
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Joelton
Supreme |
14-Aug-2025 11:45
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Hyphens Pharma earnings down 66.3% y-o-y for 1HFY2025 to $1.9 mil
Hyphens Pharma International has reported earnings of $1.9 million for the 1HFY2025 ended June 30, down 66.3% y-o-y.
Revenue for 1HFY2025 declined 10.1% y-o-y to $89.5 million, and profit before tax declined 61.3% y-o-y to $2.9 million.
The healthcare group says that the revenue decrease was due to reduced revenue from the Pharmaceutical and Medical Aesthetics segment and Digital Platform and E-pharmacy segment, which saw a decline in revenue of 18.9% and 5.9% y-o-y respectively.
This was mitigated by the revenue increase in the Proprietary Brands segment, which grew 22.5% y-o-y with the expansion of its portfolio with the addition of Visiopro, Fenosup, and higher demand for Ceradan dermatological products and Ocean Health health supplements.
Overall gross profit rose 1.5% y-o-y due to sales mix optimization.
Distribution costs for 1HFY2025 increased 6.4% y-o-y, administrative expenses rose 6.8% y-o-y, and other losses increased to $4.7 million due to foreign exchange translation losses from a stronger Euro against a weaker Indonesian rupiah and Vietnamese dong.
The above reasons have led to earnings decreasing y-o-y.
During the 1HFY2025, the group completed tranche 2 of its Ardence Pharma acquisition, acquiring an additional 17% shareholding and increasing its total stake in the company to 82%.
The group expects the operating environment to remain challenging &mdash a key challenge is the Asean currency depreciation against the Euro which is its primary supplier payment currency.
Gross margin has been impacted due to currency mismatch as procurement is foreign currency-denominated while revenues are primarily generated in local currencies.
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Joelton
Supreme |
23-Jun-2025 10:57
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Hyphens Pharma International
On Jun 16, Hyphens Pharma International non-executive director Tan Kia King acquired 33,600 shares at S$0.30 apiece. This grew his total interest incrementally, from 28.13 per cent to 28.14 per cent.
The open market purchase followed his acquisitions of 100,000 shares in May and 88,000 shares in April, with both transactions at S$0.285 per share.
Appointed in December 2017, Dr Tan brings more than 30 years of medical and leadership experience to the group, including roles as managing director of Westpoint Family Hospital and chairman of Taka Jewellery.
Hyphens Pharma International is headquartered in Singapore with direct operations in Indonesia, Malaysia, the Philippines and Vietnam. Its foundation dates back to 1998, when current chairman and CEO Lim See Wah invested in Pan-Malayan Pharmaceuticals, laying the groundwork for a regional healthcare platform.
Established in the 1940s, Pan-Malayan is Singapore&rsquo s oldest pharmaceutical wholesaler, with a rich history of supplying clinics, pharmacies, hospitals, nursing homes and trade partners.
In 2002, Lim bought into Hyphens Pharma. The move unlocked Asean expansion and proprietary innovation, including the launch of Ceradan &ndash a therapeutic skincare brand &ndash and strategic research and development with the Agency for Science, Technology and Research.
Hyphens Pharma International listed on the SGX Catalist in 2018. With a growing regional footprint, it continues to champion Asia&rsquo s role in healthcare innovation.
The group currently comprises five key entities: Hyphens Pharma, DocMed Technology, Ocean Health, Novem and Ardence Pharma. They advance the three core segments of speciality pharmaceuticals proprietary brands as well as medical hypermart and digital.
In FY2024 (ended Dec 31), the group reported record revenue of S$195.4 million and a net profit after tax of S$10.9 million. It remains focused on scaling its core segments, with proprietary brands expanding regionally and speciality pharmaceuticals advancing through new launches and exclusive rights.
It also continues to strategically enhance longstanding assets such as Pan-Malayan and online marketplace POM, with a focus on building high-traffic digital platforms to unlock greater value. Part of DocMed Technology, POM is a business-to-business pharmaceutical marketplace that operates in Singapore, Malaysia and Vietnam.
Hyphens Pharma International maintains a market capitalisation of nearly S$100 million, with a return on equity ratio of 15.2 per cent, dividend yield of 4.8 per cent, and price-to-earnings ratio of 9.6 times as at last week.
The counter is also among the 10 SGX-listed healthcare stocks that have booked the highest net institutional inflows in the first half of 2025. In April, Evolve Capital initiated coverage on Hyphens Pharma International with a target price of S$0.365. The advisory platform noted that despite its smaller scale, Hyphens Pharma International maintains decent margins, a net cash position, and consistent revenue growth, making its low valuation unjustified.
While near-term growth may moderate, Evolve Capital expects continued portfolio expansion across the segments of speciality pharmaceuticals and proprietary brands.
Buybacks and director transactions for Jun 19 will be included next week.
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like2learn
Veteran |
17-Jun-2025 19:31
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will 3 series be new norm for this stock ? | ||||
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Joelton
Supreme |
12-Mar-2025 11:14
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Hyphens Pharma gains exclusive rights to commercialise autoinjector pen for rheumatoid arthritis in four Asean countries
Hyphens Pharma has gained exclusive rights to commercialise an autoinjector pen for the treatment of rheumatoid arthritis, called Metoject, in Singapore, Malaysia, Philippines and Vietnam.
The pharmaceutical company has entered into a marketing and distribution agreement with medac Gesellschaft fü r klinische Spezialprä parate. Metoject is currently a first-line treatment for rheumatoid arthritis under both European and American guidelines.
It is already commercialised in over 15 countries in Europe, US and Japan.
Hyphens Pharma says that this agreement will not have a material effect on the net tangible assets or earnings per share of the group for the financial year ending Dec 31, 2025.
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Joelton
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26-Feb-2025 14:15
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Hyphens Pharma reports higher earnings for FY2024 of $10.9 mil after acquisition of Ardence Pharma
Pharmaceutical company, Hyphens Pharma, has reported earnings of $10.9 million for its FY2024 ended Dec 31, 2024, a 26.5% y-o-y increase.
However for the 2HFY2024 reporting period, the group reported a 1.5% y-o-y decrease in earnings of $4.98 million.
Earnings per share for FY2024 came in at 3.30 cents per share, up from the 2.77 cents per share declared in FY2023.
For FY2024, revenue for the group came in 14.6% higher y-o-y at $195.4 million. For 2HFY2024, revenue dropped by 0.1% y-o-y to $95.8 million.
Gross profit for the FY2024 came in 12.3% higher y-o-y to $69.5 million, and 2.5% y-o-y higher for the 2HFY2024 to $34.7 million.
The group says its FY2024 revenue growth is due to the acquisition of Ardence Pharma which contributed $7.2 million in revenue.
The group&rsquo s speciality pharma principals segment saw revenue growth across all geographies. Gross profit margin decreased due to increase in cost of sales from the principals and suppliers.
Meanwhile, distribution costs increased 10.7% in FY2024 in line with higher sales, while administrative expenses increased by 7.8% due to higher manpower costs and amortisation of tangible assets.
Other losses decreased by 26.6% y-o-y due to foreign exchange gains.
The group says it will continue to grow its Hyphens&rsquo Proprietary Brands which includes Ocean Health, Ceraden, TDF and CG 210. However, specialty pharma remains its key revenue driver.
The group is also working to improve its pharmaceutical product marketplace, and continues to look for acquisition targets after increasing its stake in Ardence in November 2023.
The group notes that it will be a challenging operating environment ahead, with one key pressure being the rising cost from the group&rsquo s principals, which has led to a squeeze on its profit margins.
Hyphens Pharma has declared a final dividend of 1.50 cents per share.
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HVRRVH
Elite |
26-Feb-2025 11:10
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Thank you Hyphens. Sold all, not a very big position in my portfolio plus growth seems stagnant plus lumpy dividends. Sometimes good sometimes bad, yes, last year $0.0086 was bad this year $0.015 is quite good but don' t want such unpreditability stock in my portfolio. Am very thankful for the special dividends $0.036 2 years ago. Will keep the stock in watchlist for the time being.
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spursfan
Supreme |
25-Feb-2025 18:13
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https://links.sgx.com/1.0.0/corporate-announcements/YKK38PPORQ5RFH5A/834204_Hyphens%20Pharma%20-%20FY2024%20Results%20MR.pdf | ||||
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NL1730
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21-Jan-2025 21:31
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Hyphens Pharma International Limited is Singapore&rsquo s leading specialty pharmaceutical and consumer healthcare group with a strong presence across ASEAN, including Singapore, Vietnam, Malaysia, Indonesia, and the Philippines. Its network extends to 14 other markets such as Bangladesh, Brunei, and Gulf Cooperation Council countries... More from this article: https://www.investor-one.com/editorial/26917-Monthly-Portfolio-Update-Dec-2024 |
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HVRRVH
Elite |
29-Dec-2024 13:18
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Cut half. Despite Fed rate cuts, US bond yield has gone up instead and this make Hyphens' dividend yield very unattractive. It is quite likely that rate will stay high and overall investment environment should be quite volatile in 2025 and it would be ideal to have hold some cash. SG Tbill is still hovering around 3% which is higher than Hyphen' s dividend yield. The company' s growth path is not fast and wide as I would have expected but I would still like to keep some investment in them. Thankful for the 5-year special dividends that paid out on 31/8/23 that made my yield on the counter to hit almost 15% in that year!
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Joelton
Supreme |
13-Nov-2024 10:04
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Hyphens Pharma&rsquo s NPAT down 5.6% y-o-y at $2 mil for 3QFY2024
Hyphens Pharma International has reported a net profit after tax (NPAT) of $2 million for the 3QFY2024 ended September, down 5.6% y-o-y from the same period last year.
This came on the back of higher distribution costs in line with improved sales and higher manpower costs, as well as an increase in administrative expenses. This was partially offset by higher gross profit and foreign exchange gains due to favourable local currency exchange rate movement against the US dollar and euro, which are the major currencies for the group&rsquo s supplies.
Meanwhile, the group&rsquo s revenue was up 2.5% y-o-y at $43.9 million in 3QFY2024, due to improved sales driven mainly by business in Singapore and Malaysia.
Gross profit rose by 12.1% y-o-y to $17 million in 3QFY2024, while gross profit margin stood at 38.7%, as compared to 35.4% in 3QFY2023.
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Joelton
Supreme |
27-Aug-2024 12:03
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Analysts positive on Hyphens Pharma&rsquo s expansion into new markets
Analysts at PhillipCapital and SAC Capital have kept their &ldquo buy&rdquo calls on pharmaceutical company, Hyphens Pharma, at unchanged target prices of 35 cents and 38 cents respectively.
For the 1HFY2024 ended June 30, Hyphens Pharma&rsquo s revenue came in 33.4% y-o-y higher to $99.6 million, while profit after tax and minority interests (patmi) grew 52% y-o-y to $5.4 million.
To PhillipCapital&rsquo s Paul Chew, Hyphens Pharma&rsquo s results met expectations, with revenue and patmi reaching 55% and 46% of his forecasts respectively.
&ldquo Earnings growth was driven by restocking in specialty pharma as supply chains normalise, new products and expansion of the distribution network,&rdquo Chew notes in his Aug 21 report.
Hyphens Pharma&rsquo s especially pharma earnings before interest, taxes, depreciation and amortisation (ebitda) doubled to $7.9 million after the supply disruption in the previous year, with revenue from Vietnam increasing by 61% y-o-y to $31.8 million. The country&rsquo s revenue was largely due to specialty pharma sales to hospitals.
&ldquo Customers have essentially re-stocked following the shortages a year ago,&rdquo Chew writes.
On the other hand, the company&rsquo s bottomline was dragged by a $700,000 loss in medical hypermart earnings. &ldquo Hyphens is investing in the enhancement and geographic expansion of the DocMed platform,&rdquo the analyst says, calling it an &ldquo investment pain&rdquo .
That said, while these investments in enhancing and regionalising the platform are dragging the medical hypermart segment into losses, Chew says he does not expect losses to widen in the 2HFY2024.
In his outlook, he sees Hyphens&rsquo proprietary brands and specialty products as foundations for its future growth.
Within the company&rsquo s proprietary brands, its two key products of Ceradan and Ocean Health look to grow. Ceradan is now available at over-the-counter pharmacies in Singapore, Malaysia and Vietnam, and is beginning to expand into the Middle East.
Ocean Health supplements on the other hand have grown through product extension into gummies, reaching a younger customer base, and distribution points have also widened in traditional and non-traditional convenience stores such as 7-11.
&ldquo Apart from its contribution to sales, such product placement builds brand equity. E-commerce is another growth distribution channel for proprietary brands,&rdquo writes Chew.
On Hyphens&rsquo speciality products, the analyst sees Vietnam as a growth market as healthcare spending and private healthcare rises in the country, leading to opportunities for greater pricing power.
He adds: &ldquo The secular growth opportunity is to introduce and register more specialty products that can leverage on their established distribution network in the region. Some new products include Winlevi, Byfavo, Wynzora and Amenalief. New products require 18 to 24 months for product registration.&rdquo
Meanwhile, SAC Capital&rsquo s Daniel Ng and Matthias Chan have lowered their full-year gross profit forecasts, as Hyphens Pharma faces potential cost pressures and margin erosion due to the depreciation of Asean currencies against the Singapore dollar.
Conversely, operating expenses in the 1HFY2024 fared better than they anticipated.
They write: &ldquo Consequently, we have revised our operating expense assumptions downwards in our model to reflect the improved efficiency in cost management.&rdquo
As such, Ng and Chan have raised their FY2024 net profit forecast by 14% to $10.2 million, reflecting the lower operating expenses observed in 1HFY2024, while also lifting their FY2025 net profit forecast by 16% to $10.9 million.
The analysts conclude: &ldquo Looking ahead, we expect the stabilisation of the regional currencies vis-à -vis the US dollar and Euro.&rdquo
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Joelton
Supreme |
06-Jun-2024 11:40
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Hyphens Pharma subsidiary enters into exclusive licensing agreement with Maruho for shingles medication
Hyphens Pharma International&rsquo s subsidiary, Hyphens Pharma, has entered into an exclusive license, development and commercialisation agreement with Maruho. The agreement is for the exclusive rights to register and commercialise Amenalief Tab 200mg tablets in the 10 Asean countries.
The medication is for the treatment of herpes zoster, which is also known as shingles. It can also treat recurrent herpes simplex.
Shingles is caused by a reactivation of the dormant chickenpox varicella-zoster virus. In Singapore, over 90% adults aged over 50 years old carry the viral infection. Older people are also said to be at higher risk of developing shingles. Anti-viral medications like Amenalief are the main treatment for shingles, says Hyphens Pharma.
Amenalief was approved and launched in Japan since 2017.
&ldquo When considering a partner to extend the market reach of Amenalief, we believe Hyphens Pharma is the best partner for us, given their status as a leading specialty pharma company focused on the commercialisation of innovative pharmaceutical products in the Asean region. Hyphens Pharma&rsquo s focused strategy to grow its dermatology portfolio makes it an excellent partner for Maruho to bring Amenalief to the Asean region, with its large and growing market of over 600 million people,&rdquo says Atsushi Sugita, president and CEO of Maruho.
&ldquo We are very pleased and honoured to be entrusted by Maruho, the leading dermatology-focused pharmaceutical company in Japan, to bring Amenalief to Asean. Currently available drug for the treatment of shingles must be taken up to five times a day. This affects compliance. Both doctors and patients will welcome the convenience of Amenalief. We plan to register and launch Amenalief as soon as possible. This will benefit patients as well as bolster our position as Asean&rsquo s leading pharmaceutical and consumer healthcare group,&rdquo adds Lim See Wah, chairman and CEO of Hyphens Pharma.
The agreement will not have a material effect on Hyphens Pharma&rsquo s net tangible assets (NTA) or earnings per share (EPS) for the group&rsquo s FY2024 ending Dec 31.
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