HK Stock Market Move | REMEGEN (09995) fell more than 20% during the trading day. Net loss in the second quarter significantly exceeded expectations and institutions have lowered peak sales projections for the product.

REMEGEN (09995) fell more than 20% during the session, dropping 14.57% to HK$11.02. Trading volume was HK$2006.47 million. On the news front, REMEGEN recently released its first half-year results, with revenue of RMB 740 million, up 76.5% year-on-year; shareholders' attributable loss was RMB 780 million, an increase of 10.96% year-on-year. PuYin International pointed out that REMEGEN's 2Q24 revenue slightly exceeded expectations, mainly due to better-than-expected sales of Thai Taseripine; however, the net loss was significantly higher than expected, mainly due to R&D expenses and non-operating expenses exceeding expectations. BOCOM INTL previously released a research report stating that they have raised their net loss forecast for REMEGEN for 2024-2026 to RMB 1.48 billion / 1.04 billion / 340 million, due to more conservative revenue estimates and higher cost forecasts, and have lowered peak sales estimates for Thai Taseripine and Vidisitua (including overseas) to RMB 4.8 billion / 2.4 billion. The target price has been lowered from HK$56 to HK$24, maintaining a "Buy" rating.