The Zhitong Finance App learned that BOC International released a research report stating that it will lower the target price of Kingsley Biotech (01548) to HK$27.6 to maintain a “buy” rating. With the marginal improvement of the overseas financing environment and rapid progress in plasmid and lentivirus business expansion, the bank expects the revenue growth rate of the company's non-cellular therapy business to recover to 15-20% in 2024-25 from around 10% in 2023.

The bank pointed out that Johnson & Johnson, a partner of Kingsley's subsidiary LEGN.US (LEGN.US), announced results for the fourth fiscal quarter of last year before the market. Among them, cilta-cel recorded sales of US$159 million, an increase of 194% over the previous year, in line with the bank's previous expectations. Based on the 2023 sales results and subsequent pace of production capacity release, the bank slightly lowered CILTA-CEL's global sales by 3-5% to 2024/25 to 1.01 billion/1.86 billion US dollars.