Genscript expects a significant increase in net profit

Genscript Biotech Corporation (1548) expects a significant increase in its net profit in 2024 compared to the previous year, mainly due to an one-time unrealized gain from a disposal.

The company recorded the unrealized gain of about US$3.2 billion (HK$24.96 billion) from the deconsolidation of Legend Biotech, which was previously part of the group but became an important associate company in October 2024, according to its file.  

Meanwhile, Genscript recorded a non-cash fair value loss of about US$124 million due to changes in the value of its subsidiary Probio Technology’s Class A and Class C preferred shares.  

The value of these shares was affected by factors such as a licensing deal with Shanghai-based biotech Laekna Therapeutics and an improving macroeconomic environment.

STAFF REPORTER