RemeGen Expects to Return to Profit in H1; Hong Kong Shares Down 3%

MT Newswires Live08-06

RemeGen (HKG:9995, SHA:688331) expects to return to profit in the first half, estimating a net profit attributable to owners of approximately 4.70 billion yuan, according to a Hong Kong bourse filing on Wednesday.

The Chinese pharmaceutical company's Hong Kong shares fell 3% and Shanghai shares rose nearly 3% during the morning trade.

The net loss attributable to owners a year earlier was 449.6 million yuan.

Operating revenue is expected to surge 433% year on year to 5.85 billion yuan from 1.10 billion yuan.

The company attributed the upbeat forecast to the increase in sales revenue from its core products, telitacicept and disitamab vedotin. The agreement with AbbVie for the distribution of RC148 outside China is also expected to generate significantly higher technology licensing revenue.

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