HK Stock Market Move | GENSCRIPT BIO (01548) fell by nearly 5% in early trading. Legend Biotech's third-quarter losses widened to $1.25 billion.

In early trading, GENSCRIPT BIO (01548) fell nearly 5%, and as of the publication, it fell by 4.4% to 10.44 Hong Kong dollars, with a trading volume of 65.5692 million Hong Kong dollars. In terms of news, GENSCRIPT BIO announced the third-quarter performance of Legend Biotech in 2024. The net trade sales of CARVYKTI (cilta-cel) were approximately 286 million US dollars, with a year-on-year increase of 87.6% and a month-on-month increase of 53.2%. The collaboration revenue was 1.428 billion U.S. dollars, a year-on-year increase of 88.14%, mainly due to the increase in CARVYKTI sales revenue related to the Johnson & Johnson agreement. The net loss was 1.253 billion US dollars, compared to 62.2 million US dollars in the same period in 2023. It is worth noting that Kingsway Group previously announced that the financial performance of Legend Biotech would no longer be consolidated into the company's financial statements and would be treated as an investment in an associated company. BOCOM INTL pointed out that the accounting treatment change had a positive one-time impact on the profit side. After the deconsolidation of Legend, the operating profit of Kingsway Group will more accurately reflect the situation of non-cell therapy business. With the recovery of non-cell business revenue growth to around 20% in 2025-26, the path to turn losses into profits will become clearer. It is expected that Kingsway Group will enter a profitable range from 2024 onwards.