HK Stock Market Move | ABISKO-B(02256) rose by more than 3% after announcing that the expected annual profit will not be less than 10 million yuan, turning a loss into a profit year-on-year.

ABBISKO-B (02256) rose by over 3% after the earnings announcement, reaching 3.99% by the time of publication, at HKD 4.69 with a turnover of HKD 579.22 million. On the news front, ABBISKO-B issued an announcement forecasting a total revenue of approximately RMB 504 million for the fiscal year ending on December 31, 2024, an increase of approximately RMB 4.85 billion compared to the fiscal year ending on December 31, 2023, which had a total revenue of about RMB 19 million. The company also expects a net profit of not less than RMB 10 million for the fiscal year ending on December 31, 2024, compared to a net loss of approximately RMB 432 million for the fiscal year ending on December 31, 2023. The announcement stated that in addition to improving cost control through increased operational efficiency, the growth in total revenue and return to profitability are mainly attributed to the external licensing agreement for pimicotinib (ABSK021) and an initial payment of USD 70 million (RMB 4.97 billion) from Merck, which made a significant contribution to the revenue for the fiscal year ending on December 31, 2024.