生物制剂开发服务(CDMO)

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【金斯瑞生物科技(1548.HK)】传奇生物扭亏在即,授权收入大幅增利——2025年半年报点评(王明瑞/叶思奥)
光大证券研究· 2025-08-22 01:03
Core Viewpoint - The company reported significant revenue growth and improved adjusted net profit in the first half of 2025, primarily driven by licensing income from Lixin Pharmaceutical [3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of $519 million, representing a year-over-year increase of 81.92% [3]. - The company reported a net loss attributable to shareholders of $25.46 million, a substantial narrowing compared to previous periods [3]. - Adjusted net profit reached $178 million, reflecting a year-over-year increase of 509.6% [3]. Group 2: Business Segments - The life sciences services and products segment generated revenue of $248 million in H1 2025, with a year-over-year growth of 11.3% [4]. - The adjusted gross profit for the life sciences segment was $126 million, up 5.3% year-over-year [4]. - The CDMO segment saw revenue soar to $247 million, marking a staggering year-over-year increase of 511.1%, becoming the core engine of the company's growth [5]. Group 3: Strategic Initiatives - The company is actively transforming its life sciences business, focusing on automation and global expansion, with plans for full automation of four major factories by the end of 2025 [4]. - The company is enhancing its capabilities in protein and gene editing platforms through innovation and automation upgrades [4]. Group 4: Future Outlook - The joint venture Legend Biotech is expected to turn profitable, with its core product CARVYKTI achieving net sales of $439 million in Q2 2025, a year-over-year increase of 136% [6]. - The anticipated profitability of Legend Biotech in 2026 is expected to significantly improve the overall net profit of the company [6].