Summary by Futu AI
Kangfang Biotechnology (Cayman) Co., Ltd. (“Kangfang Biotech”) issued a positive profit forecast on March 4, 2024, expecting to record a profit of no less than RMB18.5 billion for the year ended December 31, 2023, compared to a loss of about RMB14.2 billion for the same period in 2022, marking the first time for the company. Profit for the current year. The loss to earnings is mainly due to a cooperative licensing agreement with Summit Therapeutics Inc. The majority of the initial payments received have been confirmed as license fee revenue of approximately RMB29 billion. In addition, the company's innovative product, Kaitani®, increased sales revenue and effective cost control contributed to profitability. The Board underlines that this profit forecast is based on an unaudited preliminary assessment, the final figures will be confirmed in the Annual Results Announcement published in March 2024. Shareholders and potential investors should exercise caution.