Summary by Futu AI
Pharmaceutical Biologics announced its full-year results for the year ended December 31, 2023, with revenues of RMB17,034.3 million, up 11.6% year-on-year. Gross profit marginally increased 1.5% to RMB6,827.9 million, but net profit fell 21.5% to RMB3,570.6 million. Company owners' net profit also fell 23.1% to RMB3,399.7 million. Earnings per share fell to $0.82 from $1.06 a year earlier. The Board of Directors does not recommend the distribution of any final dividend. In 2023, the company faces many challenges, but relies on the CRDMO platform and its “follow and win the molecule” strategy for solid growth. In the second half of the year, the total number of projects increased significantly to 698. The number of commercialized production projects also increased from 17 in the previous year to 24. In the future, the company will continue to advance the CRDMO business model and seize new opportunities in the market.