Jiangsu Hengrui Medicine Earnings Growth May Continue to Accelerate -- Market Talk

Dow Jones03-15

0549 GMT - Jiangsu Hengrui Medicine is likely to report strong earnings growth in 4Q 2023 and into 2024, helped by revenue recognition and sales pick up, Nomura analysts Jialin Zhang and Yi Xiang say in a research note. They expect Hengrui's 4Q sales to have grown 14.3% on a low base and continued growth of innovative drugs. Its 4Q gross profit margin likely improved by 0.3 percentage points to 84.1% on economies of scale and an increase in the proportion of high-margin innovative drugs, the analysts say. They raise Hengrui's 2023 and 2024 net profit forecasts by 3.2% and 11.6%, respectively. They increase the stock's target to CNY51.12 from CNY49.24 and maintain a neutral call. Shares last at CNY46.79. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

March 15, 2024 01:49 ET (05:49 GMT)

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Its 4Q gross profit margin likely improved by 0.3 percentage points to 84.1% on economies of scale and an increase in the proportion of high-margin innovative drugs, the analysts say. They raise Hengrui's 2023 and 2024 net profit forecasts by 3.2% and 11.6%, respectively. They increase the stock's target to CNY51.12 from CNY49.24 and maintain a neutral call. Shares last at CNY46.79. 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