Sichuan Biokin Pharmaceutical Co (688506) Q3 2024 earnings summary

Executive summary

• Revenue for the first nine months surged 1,399.22% year-over-year to RMB 5.66 billion, mainly due to a significant upfront payment from BMS in Q1.

• Net profit attributable to shareholders for the period was RMB 4.07 billion, reversing a net loss of RMB 515 million in the prior year.

• R&D investment increased 80.34% year-over-year to RMB 931.7 million, reflecting ongoing clinical trial expenses.

Financial highlights

• Q3 revenue rose 64.78% compared to the same quarter last year, reaching RMB 109.8 million.

• Basic and diluted EPS for the nine-month period were RMB 10.14, compared to -1.28 last year.

• Operating cash flow for the nine months was RMB 4.49 billion, up from a negative RMB 480 million last year.

• Total assets at period-end were RMB 6.96 billion, up 388.4% from the previous year-end.

Outlook and guidance

• Revenue growth is expected to moderate as the impact of the BMS upfront payment normalizes.

• R&D spending will remain elevated due to ongoing and new clinical trials.