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CSPC PHARMA Once Wanes ~5% as 2024 Profit Expected to Drop 26% in Profit Warning
Recommend 7 Positive 11 Negative 4 |
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CSPC PHARMA (01093.HK) issued a profit warning, denting its share price down 1.99% at open today (26th). The stock cascaded 4.77% to a low of $4.79, and sagged 3.18% to last at $4.87. Volume was 32.6361 million shares, involving $158 million. CSPC PHARMA expected its 2024 profit to decrease by approx. 26% YoY, which was mainly attributable to the decrease in revenue of the finished drugs business of approx. 7%. During the year, Jinyouli and Duomeisu, with approx. 58% and 23% prices cut, respectively, at the volume-based procurement (VBP) in Beijing-Tianjin-Hebei, experienced significant sales decline following the gradual implementation of the VBP results in the related provinces since March 2024. As a result, revenue from the oncology therapeutic area decreased by approx. 28%. AAStocks Financial News |
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