Subsectors
Weltkarte mit Subsektoren
Bellevue Worldmap Layer
Bellevue Worldmap Layer
Bellevue Worldmap Layer
Bellevue Worldmap Layer
Red countries: 20% of the adult population having a BMI over 30.
Dark green countries: 25% of the population is older than 60 years.
Beigene
Innovation
Beigene was the first Chinese biotech stock to be listed on Nasdaq, back in 2016. Major league players such as Boehringer Ingelheim and Celgene are among its business partners. Regulatory approval in China for its anti-cancer drugs Zanubrutinib and Tislelizumab is expected in 2019.

Significance/Potential
China is the second-largest drug market in the world after the US, accounting for 25% of global market volume. Beigene intends to launch its own higher-priced medicines in its domestic market and then have them approved in Western markets as well. It also sells the products of foreign licensing partners through its distribution network.
Evotec
Innovation
After a strategic realignment under CEO Werner Lanthaler, the company has become a leading global specialist for early-stage drug discovery. Evotec characterizes new drug candidates and then licenses them out to partners who pursue the clinical development of the new compounds; Evotec receives a mix of payments and fees from them.

Significance/Potential
As a highly profitable provider of drug discovery services, Evotec benefits from the growing trend to outsource pharmaceutical research activities. Meanwhile, licensing payments grow as the number of its out-licensed products in later stages of clinical development increases.
Incyte
Innovation
This biotech firm has successfully established its first product in a new class of drugs known as JAK inhibitors. Janus kinases are molecular switches that open signaling pathways for hematologic, autoimmune and chronic inflammatory diseases. Incyte is investigating a broad range of candidates that inhibit this activity.

Significance/Potential
Incyte is addressing a multi-billion dollar market with its pipeline. Jakafi, the first drug Incyte brought to market, is for patients with a rare type of blood cancer and it generated sales of USD 1.4 bn in 2018.
Vertex Pharma
Innovation
Founded in 1989, Vertex brought the very first drug for treating cystic fibrosis to the market and has established itself as the world leader in this indication. In recent years the effectiveness of this therapy has been improved in combination with various other compounds. The billions in revenues Vertex has earned have been used to develop clinical candidates in other rare genetic disorders and in other disease areas, including cancer.

Significance/Potential
Vertex can address more than 90% of the entire patient population with cystic fibrosis with its combination therapy and has yet to develop its full earnings potential.
Chugai Pharma
Innovation
The Japanese company merged with Roche Nippon in 2002. Roche holds a controlling interest of 60%. Chugai sells Roche products in Japan and develops products of its own for treating cancer and bone and joint diseases. Actemra, a drug for patients with rheumatoid arthritis, is its best-selling self-developed drug. It can also be injected subcutaneously. A new profit driver is Hemlibra for hemophilia.

Significance/Potential
Strong market position of the branded drugs it sells in Japan because branded drugs are better protected against biosimilar copycat products under Japanese regulations than they are in Europe or the US.
Shionogi
Innovation
A firm with a long history, it first established an international reputation as a producer of antibiotics. Under its current CEO Isao Teshirogi, Shionogi increased its research activities in other indications during the past 10 years. This has led, for example, to the launch of the HIV drug Dolutegravir, which was developed in a joint venture with GlaxoSmithKline and Pfizer, and Xofluza, a drug for treating influenza that was licensed out to Roche.

Significance/Potential
A developer of drugs with new therapeutic approaches for its domestic market and, acting as a licensing partner, for international markets. It has also signed distribution agreements for the Japanese market, for example with Shire Pharma.
Roche
Innovation
This Basel-based company has brought several of today’s best-selling cancer drugs to the market. At the same time Roche is a leading developer of products for personalized medicine: Its diagnostics arm is steadily bringing new solutions to market to test whether a patient has a genetic predisposition to certain types of tumors.

Significance/Potential
A global top player in oncology for decades. The same can be said of its diagnostics business. Besides its own research and development activities, it is a top-tier licensing partner for other firms that are developing cancer therapies.
Jiangsu Hengrui Medicine
Innovation
One of China´s premier drug development companies, it earns 43% of its sales from oncology drugs and is the world leader for surgical anesthetics. It boasts a very strong distribution network with more than 8 000 sales staff.

Significance/Potential
Company sales in 2018 amounted to USD 2.5 bn and are forecast to triple along with profits over the next three years. Its domestic market offers considerable potential. Two additional growth drivers are its R&D pipeline and the internationalization of its product sales.
Abiomed
Innovation
The US firm is the global leader for heart pumps. Its latest product is equipped with an integrated mini-motor and helps maintain the flow of blood to all organs in the event of severe heart failure. Abiomed is building up its monopolistic position by bringing a steady stream of new products to market for a growing number of life-threatening heart conditions.

Significance/Potential
Commercial potential is huge. The penetration rate in the company’s domestic US market is still in the low single digits. Following its international debut in Germany and Japan, Abiomed has since received regulatory approval for its products in China, India, France and other countries.
Ambu
Innovation
This hospital device manufacturer is one of the world’s leading manufacturers of single-use products such as oxygen masks or electrodes for measuring brain activity. Ambus second line of business, endoscope units, has become its strongest growth driver. Here Ambu is the technology leader, having developed specially designed endoscopes for gastrointestinal, pulmonary, and ear, nose and throat procedures.

Significance/Potential
The sales and profit potential of the new generation of high-margin products will be reflected in Ambu´s results over the next few years. Analysts expect its profit to triple by 2021.
Dexcom
Innovation
Dexcom is a pioneer in diabetes treatment. Its blood sugar monitoring systems come with a small sensor that is inserted under the skin that continuously monitors glucose levels and transmits data wirelessly to a mobile display device. Dexcom is partnering with other companies to develop systems that combine real-time glucose data and insulin delivery in a single solution.

Significance/Potential
In 2018 the company received marketing authorization in the US and Europe for the very first glucose monitoring device that requires no fingerstick calibration. Dexcom products are an important link in efforts to develop the world´s first artificial pancreas.
Intuitive Surgical
Innovation
More than one million procedures a year with more than 5,000 installed systems – this US company has built a thriving global market with its surgical robots. Its da Vinci surgical systems lower infection rates and the risk of complications and can significantly shorten patient stays.

Significance/Potential
Sector experts estimate that the global market volume for the robotic surgical systems approved by regulators amounts to 5 million procedures a year. The growing number of biopsy procedures that can be performed with robotic systems is not yet included in this estimate. Sales potential in this field of application in the US alone is estimated to amount to USD 8 bn.
Hapvida
Innovation
A health insurer established in 1993 that also owns and runs hospitals and medical clinics and thus operates in an entirely closed system. Hapvida came of age in northeastern Brazil, where the company now has a dense network of medical facilities. The proceeds from the company’s successful IPO in April 2018 are mostly being used to expand into other regions of Brazil.

Significance/Potential
As Brazil’s leading private-sector provider of healthcare, Hapvida can be a disruptive force in one of the world´s largest emerging markets.
Notre Dame
A fully vertically integrated managed care company that offers health insurance to individuals and businesses. Established in São Paulo in 1968, Notre Dame is now one of the largest players in Brazil and has its own network of hospitals, emergency care centers and physicians. It is steadily expanding its regional network by taking over smaller hospital chains.

According to market estimates, Notre Dame will report an average growth rate of 28% for the next three years, which qualifies it as one of the fastest-growing companies in Brazil’s healthcare market.
Ping An Healthcare and Technology
Innovation
China’s largest online medical services platform as measured by the number of monthly users and daily consultations. It offers four healthcare services packages through its Ping An Good Doctor mobile medical platform that was launched in April 2015. These include primary care services and health management and wellness-related services.

Significance/Potential
Healthcare is a rapidly growing industry in China and, with the country’s population becoming increasingly elderly, it offers enormous growth potential. Sales of the still loss-making company are forecast to triple within the next three years.
Teladoc Health
Innovation
With a market share of 50% and more than 500 000 online visits a day for primary care services, Teladoc is the largest telemedicine company today. It offers patients efficient and inexpensive access to doctors via a mobile voice or video chat app, the Internet or telephone. Besides medical consultation services, it plans to prescribe medications via video conferencing at some point. It is also expanding into the Chinese market, having signed a collaboration agreement with Alibaba Health.

Significance/Potential
Telemedicine is seen as an effective means of lowering healthcare costs.
M 3
Innovation
What began 20 years ago in Japan as a B2B portal for physicians has since grown into a successful digital healthcare platform that also includes a job placement portal for doctors and pharmacists. M3 has also launched Mr. Finder, an Internet-based system that offers services related to clinical trials. This tool is used primarily by the 50 pharma companies in M3’s customer portfolio.

Significance/Potential
Medical diagnosis through an online platform supported by artificial intelligence has emerged as a new source of revenues. International expansion is an additional growth driver for the company.
Biocon
Innovation
Biocon is an Indian company with a three-pillared business model. It develops and manufactures branded generic drugs for its domestic market; it performs contract research for partners, and, since it can construct complex biological molecules, it is also engaged in the development of biosimilars for cancer and diabetes treatments. Biocon has entered a partnership with the renowned US firm Mylan.

Significance/Potential
Biosimilars sell for higher prices than conventional chemical substances that have come off patent. Biocon stands to reap good profits from this business going forward.
Wuxi Biologics
Innovation
Wuxi Biologics provides a wide range of contract development and manufacturing services for biologics using its proprietary technology platform. It plans to continue adding to its international manufacturing capacity to satisfy rapidly growing demand for its services. Wuxi is the contract manufacturer for the HIV drug Trogarzo, for example, which was approved by the US FDA last year.

Significance/Potential
Wuxi’s business model is starting to pay off. According to analyst earnings estimates, its sales will triple to USD 1.1 bn from 2018 to 2021 and net income will almost quadruple.
Legend
  • Large Cap > USD 20bn
  • Small + Mid Caps < USD 20bn
Biotech
Pharma
Medtech
Services
Generics
Overweight from 1990 - today
Overweight from 1990 - today
Ageing population from today - 2050
Ageing population from today - 2050
  • Incyte
  • Vertex Pharma
  • Evotec
  • Beigene
  • Roche
  • Jiangsu Hengrui Medicine
  • Shionogi
  • Chugai Pharma
  • Intuitive Surgical
  • Dexcom
  • Abiomed
  • Ambu
  • Teladoc Health
  • Hapvida, Notre Dame
  • Ping An Healthcare and Technology
  • M 3
  • Biocon
  • Wuxi Biologics
Red countries: 20% of the adult population having a BMI over 30.
Red countries: 20% of the adult population having a BMI over 30.
Dark green countries: 25% of the population is older than 60 years.
Dark green countries: 25% of the population is older than 60 years.
You’ll find more information about the companies in the version for bigger devices (e.g. desktop monitors).