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2023年年报点评：生命科学业务发展稳健，细胞治疗产品快速放量
01548GENSCRIPT BIO(01548) 光大证券·2024-03-12 16:00

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The life sciences business showed robust growth with revenues of approximately 413millionin2023,ayear−over−yearincreaseof14.5413 million in 2023, a year-over-year increase of 14.5%, and an adjusted gross margin of 54.4% [2]. - The CDMO business experienced a slight decline in revenue, achieving 109 million in 2023, down 12% year-over-year, primarily due to capacity utilization and pricing pressures [2]. - Sales of the cell therapy product Cilta-cel surged to 500millionin2023,reflectinga273500 million in 2023, reflecting a 273% increase year-over-year, indicating a strong growth trajectory [2]. - The company reported total revenues of 840 million for 2023, a 34.2% increase year-over-year, with an adjusted net loss of approximately 298million,showingareductioninlossescomparedtothepreviousyear[2].FinancialPerformanceSummary−Revenueprojectionsfor2024−2026indicatesignificantgrowth,withexpectedrevenuesof298 million, showing a reduction in losses compared to the previous year [2]. Financial Performance Summary - Revenue projections for 2024-2026 indicate significant growth, with expected revenues of 1.188 billion in 2024 and 3.099billionin2026,reflectinggrowthratesof41.13.099 billion in 2026, reflecting growth rates of 41.1% and 56.3% respectively [4]. - The adjusted net profit forecast for 2024 is -106 million, improving to 114millionin2025andreaching114 million in 2025 and reaching 381 million in 2026 [4]. - The earnings per share (EPS) is projected to improve from -0.05in2024to0.05 in 2024 to 0.18 in 2026 [4].