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On Tuesday, Nomura/Instinet adjusted its price target for Sichuan Kelun-Biotech Biopharmaceutical (6990:HK) shares, reducing it slightly to HK$195.51 from the previous HK$196.40. Despite the price target adjustment, the firm maintained a Buy rating on the stock.
The adjustment follows Sichuan Kelun-Biotech's reported financial results, which showed a significant increase in revenue and a shift from a loss to profitability in the first half of 2024.
The company's revenue surged 32.2% year-over-year to CNY1,383 million, surpassing both Bloomberg consensus estimates of CNY861 million and Nomura/Instinet's projections.
Much of this revenue came from collaboration income, including milestone payments from partnerships such as the USD90 million MSD received.
In addition to the revenue growth, Sichuan Kelun-Biotech also experienced a decrease in general and administrative (G&A) expenses, which dropped by 26.4% year-over-year to CNY66 million.
Meanwhile, the firm increased its investment in research and development (R&D) by 33% year-over-year, spending CNY652 million to advance its pipeline assets.
Selling expenses also saw an uptick, with CNY41 million spent compared to none in the first half of the previous year, as the company prepared its sales team for upcoming product launches.
The financial performance of the first half of 2024 marked a turnaround for Sichuan Kelun-Biotech. With a net profit to shareholders of CNY310 million compared to a loss of CNY31 million in the same period of the previous year, the company's cash and financial assets totaled approximately CNY2.9 billion by the end of the first half of 2024, indicating a solid financial position.
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