Investment Rating - The report assigns a "Buy" rating for Kingsray Biotechnology (01548) as part of its initial coverage [2][4][6]. Core Insights - Kingsray Biotechnology has shown strong growth in its cell therapy segment, with external revenue reaching $280 million in the first half of 2024, a year-on-year increase of 156%. The CARVYKTY product is expected to continue rapid growth due to expanding indications and capacity release [3][4]. - The life sciences business is developing steadily, with revenue from life sciences services and products reaching $222.4 million, a 9.6% year-on-year increase. The adjusted gross margin remains stable at 54% [3][4]. - The company is projected to achieve revenues of $1.189 billion, $1.881 billion, and $2.950 billion for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 42%, 58%, and 57% [4][5]. Summary by Sections Financial Performance - In the first half of 2024, Kingsray Biotechnology reported revenue of $561.4 million, a 43.5% increase year-on-year. The net loss was $216 million, a reduction of $30 million compared to the previous year [2][3]. - The cell therapy division's revenue accounted for 49.9% of total revenue, with CARVYKTY generating net sales of $343 million [3][4]. Growth Potential - The CARVYKTY product has received approvals for use in specific patient populations, which is expected to significantly increase the addressable market. The production capacity is also set to ramp up with new facilities coming online [3][4]. - The report highlights the strong growth in the enzyme business, with revenue from the feed enzyme segment increasing by approximately 42% and industrial enzyme revenue growing by about 39% [3][4]. Valuation Metrics - The projected earnings per share (EPS) for 2024 is expected to be -$0.08, improving to $0.02 in 2025 and $0.11 in 2026. The price-to-earnings (P/E) ratio is projected to be 103.70 in 2025 and 13.78 in 2026 [5][6].

Investment Rating - The report maintains a "Buy" rating for the company, citing the potential for continued growth in its cell therapy business and expected improvements across other segments in the second half of the year [3][5] Core Views - The company reported H1 2024 revenue of $561 million, a 43.5% YoY increase, driven by strong performance in the cell therapy segment, which grew 156.0% YoY to $281 million [2] - Non-cell therapy revenue remained flat at $281 million, while the company narrowed its net loss to $216 million from $246 million in the same period last year [2] - The life sciences segment grew 10% YoY to $222 million, with protein-related revenue increasing 30% due to synergies between gene synthesis and protein/antibody businesses [3] - The CDMO segment saw a 38% YoY decline in revenue to $40.4 million, with adjusted gross margins dropping 15 percentage points to 14.7%, attributed to reduced capacity utilization and pricing pressures [3] - The cell therapy segment, led by subsidiary Legend Biotech, achieved $281 million in revenue, with CARVYKTI® sales reaching $343 million, an 81.5% YoY increase [3] Financial Projections - Revenue is projected to grow from $1.156 billion in 2024E to $3.057 billion in 2026E, with a CAGR of 37.7% from 2024E to 2026E [4] - Net profit is expected to improve significantly, from a loss of $256 million in 2024E to a profit of $350 million in 2026E [4] - EPS is forecasted to turn positive by 2025E, reaching $0.16 by 2026E [4] Business Segment Analysis - Life Sciences: Expected to grow 10%-15% YoY in 2024, with protein-related businesses driving growth [3] - CDMO: Revenue is projected to decline 10%-15% for the full year, but new order trends suggest a better second half [3] - Cell Therapy: CARVYKTI®'s approval for second-line treatment of multiple myeloma is expected to further expand its market potential [3] Valuation and Market Data - The company's current market cap is HKD 28.306 billion, with a share price of HKD 13.30 [5][6] - The stock has a 3-month turnover rate of 75.0% and has traded between HKD 7.43 and HKD 24.95 over the past year [6]

Investment Rating - The report maintains a "Buy" rating for the company, King’s Ray Bio (1548 HK), with a target price of HKD 28.75, indicating a potential upside of 122.9% from the current closing price of HKD 12.90 [6][7]. Core Insights - The non-cell therapy business of King’s Ray Bio is expected to stabilize and improve starting from the second half of 2024, driven by a recovery in new orders and robust growth in life sciences services [1][2]. - The company has adjusted its revenue and profit forecasts to reflect a more cautious outlook for the non-cell therapy business while being optimistic about the sales potential of Carvykti [2][3]. - The report highlights a significant increase in revenue from the life sciences segment, which grew by 10% year-on-year, and a notable 44% increase in revenue from the industrial enzyme segment [1][2]. Financial Forecast Adjustments - Revenue projections for 2024 have been adjusted to USD 1.230 billion, reflecting a decrease of 2.7% from previous estimates, while 2025 and 2026 projections have been increased by 4.5% and 2.4%, respectively [3]. - The gross profit for 2024 is forecasted at USD 667 million, with a gross margin of 54.2%, which is a decrease from the previous forecast of 55.8% [3]. - The adjusted net profit for 2024 is projected to be a loss of USD 165 million, improving to a profit of USD 65 million in 2025 and USD 190 million in 2026 [3][7]. Business Segment Performance - The life sciences services segment is valued using a P/E method with a target multiple of 15.0x, contributing significantly to the overall valuation of the company [5]. - The CDMO (Contract Development and Manufacturing Organization) business is under pressure in the short term, but new orders for protein/antibody drugs have shown recovery, indicating potential for future growth [2][3]. - The report emphasizes the importance of the company's strategic focus on innovation and capacity expansion in driving long-term growth [2][5].

Investment Rating - The report maintains a "Buy" rating for King’s Ray Biotechnology (1548.HK) [3][5] Core Insights - King’s Ray Biotechnology reported a revenue of $561 million for the first half of 2024, representing a year-on-year growth of 43.5%. The revenue from non-cell therapy decreased by 0.2% to $281 million, while cell therapy revenue surged by 156.0% to $280 million. The gross profit reached $307 million, up 75.4%, and the net loss narrowed to $216 million, with an adjusted net loss of $69 million [2] - The strong sales growth of CARVYKTI is attributed to ongoing market promotion and capacity expansion, with Q2 revenue reaching $186 million, a 60% increase year-on-year and an 18% increase quarter-on-quarter. The company expects to double CARVYKTI's production capacity compared to 2023 [2] - The life sciences segment generated $220 million in revenue, a 9.6% increase, with an adjusted gross profit of $120 million, up 8.5%. The rapid growth in the feed enzyme and industrial enzyme sectors was highlighted, with revenue from the feed enzyme segment increasing by 43.3% to $26.1 million [3] Financial Forecasts - The projected net profit for King’s Ray Biotechnology for 2024-2026 is estimated at -$63 million, $80 million, and $370 million respectively, with corresponding EPS of -$0.03, $0.04, and $0.17 [3][9] - Revenue is expected to grow significantly, with forecasts of $1.278 billion in 2024, $1.852 billion in 2025, and $2.987 billion in 2026, reflecting growth rates of 52.2%, 44.9%, and 61.3% respectively [9] - The gross margin is projected to improve from 48.78% in 2023 to 59.44% by 2026, indicating enhanced profitability [9] Operational Developments - The company is expanding its production capabilities with several key initiatives, including the launch of clinical production at the Novartis facility and the physical expansion of the New Jersey Raritan plant expected to be completed by the end of 2024 [2] - The CARTITUDE-5 clinical trial has successfully completed enrollment, and the CARTITUDE-4 trial's second interim analysis has shown positive overall survival data, further validating CARVYKTI's clinical efficacy and safety [2]

Investment Rating - The report maintains an "Outperform" rating for Genscript Biotech [3][8][17] Core Insights - In the first half of 2024, Genscript Biotech reported revenue of $561 million, representing a 43.5% increase year-over-year. The non-cell therapy segment contributed $281 million (-0.2%), while the cell therapy segment saw a significant increase to $280 million (+156.0%). The net loss was reduced to approximately $216 million from a loss of $246 million in the previous period [5][17] - CARVYKTI's commercialization is progressing well, with net sales of $343 million in the first half of 2024. The company has received label expansion approvals from regulatory bodies, enhancing its market position [6][17] - The non-cell therapy segment is expected to see further profitability improvements due to technological innovations and operational efficiencies [6][17] Revenue and Profit Forecast - Revenue projections for Genscript Biotech are as follows: $1.44 billion in 2024 (+72%), $2.38 billion in 2025 (+65%), and $3.53 billion in 2026 (+48%). Net profit is expected to improve significantly, reaching $259 million in 2025 and $666 million in 2026 [10][13][14] - The cell therapy segment is projected to generate $820 million in revenue in 2024, with a substantial increase in profitability anticipated in subsequent years [8][10] Segment Analysis - The life sciences segment is expected to achieve $470 million in revenue in 2024, with a year-over-year growth rate of 14% and an adjusted operating profit of $94 million (+20%) [8][17] - The CDMO segment is forecasted to generate $95 million in revenue in 2024, reflecting a decline of 13% due to reduced demand and increased competition [8][17] - BestJet is projected to achieve $57 million in revenue in 2024, with a growth rate of 32% driven by market recovery and demand growth [8][17] Valuation - The total equity valuation of Genscript Biotech is estimated at $6.99 billion, translating to a target price of HK$25.61 per share based on a total share capital of 2.128 billion shares [8][17]

Investment Rating - The report maintains a "Buy" rating for GenScript Biotech (1548 HK) with a target price of HKD 26.04 [2][6] Core Views - GenScript Biotech's 1H24 revenue reached USD 561 million, a 43.5% YoY increase, with a net loss of USD 216 million, narrowing by USD 30 million YoY [2] - The cell therapy division contributed 50% of total revenue in 1H24, driven by CARVYKTI sales and milestone payments [2] - The non-cell therapy division saw a slight revenue decline of 0.2% YoY, with life sciences and synthetic biology showing growth, while CDMO faced challenges [2] - The report forecasts a turnaround in net profit, with expected figures of -USD 118 million, USD 146 million, and USD 596 million for 2024E, 2025E, and 2026E, respectively [2] Cell Therapy Division - CARVYKTI sales are expected to improve in 2H24 due to expanded indications and increased production capacity [3] - The company anticipates reaching an annual production capacity of 10,000 cases by the end of 2025, supported by new facilities and partnerships [3] - R&D expenses for the cell therapy division are expected to peak in 2024 [3] Non-Cell Therapy Division - Life sciences revenue grew by 9.6% YoY in 1H24, with adjusted operating profit increasing by 23.8% [4] - CDMO revenue declined by 43% YoY due to market competition and funding challenges, with a full-year guidance of -15% to -10% revenue growth [4] - Synthetic biology revenue surged by 43.4% YoY, driven by strong demand for feed and industrial enzymes [4] Valuation - The report values GenScript Biotech at HKD 55.4 billion using the SOTP method, with HKD 24.9 billion attributed to the non-cell therapy division and HKD 30.5 billion to the cell therapy division [10][11][13] - The non-cell therapy division is valued at a 5.25x PS multiple, reflecting a 20% discount to comparable companies [11] - The cell therapy division's valuation is based on a 20% discount to Legend Biotech's Nasdaq market capitalization, considering GenScript's 48% stake [13] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected at USD 1.17 billion, USD 1.82 billion, and USD 3.02 billion, respectively [2][8] - Adjusted EBITDA is expected to turn positive in 2025E, reaching USD 382 million, and further increasing to USD 1.44 billion in 2026E [15] - The company's ROE is forecasted to improve significantly, from -5.81% in 2024E to 15.06% in 2026E [15]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 Genscript Biotech Corporation （於開曼群島註冊成立的有限公司） （股份代號：1548） 截至二零二四年六月三十日止六個月 之未經審核合併中期業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

交银国际研究 消息快报 医药 2024 年 7 月 29 日 金斯瑞生物 (1548 HK) 金斯瑞及传奇生物 1H24 亏损双双收窄、且少于我们的预期 金斯瑞、传奇 1H24 双双减亏：金斯瑞及其子公司传奇生物（LEGN US/买 入，目标价 70 美元）发布 1H24 业绩预告。金斯瑞收入增长 29.1-50.6%至 5.05-5.90 亿（美元，下同），净亏损（非归母）收窄至 2.13-2.26 亿（vs. 1H23 2.46 亿），扣除非经常性项目后的经调整净亏损大幅收窄至 6,430- 8,350 万（vs. 1H23 1.62 亿），也明显窄于我们的预期。非经常性项目主要 包括：1）蓬勃生物优先股（计入金融负债）公允价值上升，公司预计录 得非现金亏损约 1.14 亿。2）CDMO 业务面临国际竞争压力增大及生物技 术风险投资资金下降的挑战，蓬勃生物固定资产确认的非现金减值亏损约 3,720-3,820 万。此外，研发费用增长8-25%至2.25-2.60 亿，主要用于ciltacel 的后续研发活动，包括比利时临床生产的启动成本及对传奇生物固体 肿瘤项目的持续投资。传奇录得净亏损/经调整净亏损 0 ...

金斯瑞生物科技 20240604_原文 2024年06月04日 23:45 发言人 00:00 近期公司也发布了相关的公告相信大家也都看到了，在公告当中公司也提到美国众议院特设委员会的两名 成员，向美国的特定国家机构发送了相关的信函，然后寻求有关公司的相关信息。对，这个事件，公司也 是非常重视跟投资人的沟通，也在第一时间举办了这次电话会，跟大家沟通相关的事项。参加这次交流的 管理层，包括公司的董事长孟建革先生，轮值 CEO商委会理事CFO卫士牛先生。第四位彭博生物董事长 刘振宇先生和公司的IR团队，接下来我就把时间交给公司的CFO魏总，请他跟公司请他跟大家沟通一下 最新的情况，谢谢魏总。好的，谢谢贺老师。也非常感谢中信建投能够主持这场交流会。也非常感谢线上 的各位投资人，也我想公司也是感谢大家一如既往的支持。 发言人 01:22 今天我们想跟大家分享的其实主要有两个话题。在过去的几天当中，公司其实发布了两方面的公告。一方 面是刚才贺老师提到的关于美国众议院测试委员会发出的这封信函。另外一个一方面是公司的细胞治疗业 务的临床数据的进展。 发言人 01:50 我先简要的介绍一下临床数据进展这方面的内容。大家应该已 ...

交银国际研究 公司更新 医药 收盘价 目标价 潜在涨幅 2024年4月24日 港元10.84 港元27.75 +156.0% 金斯瑞生物 (1548 HK) 大适应症获批，Carvykti 快速放量可期；关注 2H 催化剂集中落地  Carvykti新增二线治疗MM适应症，关注初治MM临床进展。强生的1Q24 个股评级 报告显示，Carvykti录得1.57亿美元的销售，同比+118.1%。2024年4月， 买入 Carvykti相继在美国和欧洲获批用于治疗早期复发RRMM患者（2-4L）， 成为首款获批该适应症的BCMA CAR-T。产能方面，公司目标2025年底达 到1万剂，比利时厂房一期项目将在2024年底前投用于商业化生产，二期 1年股价表现 有望在2H25投入商业化生产。4月1日，传奇生物与诺华达成合作加强 1548 HK 恒生指数 Carvykti的全球生产与供应能力。我们预计，新适应症的获批将推动产品 20% 10% OOS显著降低、叠加新产能逐步释放，下半年起销售有望逐季快速爬坡。 0% -10% 此外，我们建议重点关注CARTITUDE-2试验中评价初治MM的E和F队列 -20% （传奇曾 ...