Pharmaron Beijing (03759) expects a net profit attributable to the parent of approximately 1.729-1.857 billion yuan in 2024, an increase of 8%-16% year-on-year.

Pharmaron Beijing (03759) announced that it is expected to achieve revenue of approximately 11.9995 billion to 12.346 billion yuan in 2024, a year-on-year growth of 4% to 7%; net profit attributable to shareholders of the listed company is expected to be around 1.729 billion to 1.857 billion yuan, a year-on-year growth of 8% to 16%; non-GAAP net profit is expected to be around 1.075 billion to 1.151 billion yuan, a year-on-year decrease of 24% to 29%; adjusted net profit is expected to be around 1.561 billion to 1.656 billion yuan, a year-on-year decrease of 13% to 18%. With the initial recovery of global biopharmaceutical industry investment and financing, the company achieved growth in both quarter-on-quarter and year-on-year operating income in the second and third quarters. Additionally, due to the timely delivery of CMC (small molecule CDMO) service projects, the company's fourth quarter operating income is expected to further accelerate year-on-year growth. Based on the estimated median value in the performance forecast, the company's fourth quarter operating income is expected to increase by 4% quarter-on-quarter and by 13% year-on-year. Overall for the year, it is projected that the company's operating income will increase by 4% to 7% year-on-year; global customer inquiries and visits have shown some improvement compared to the same period in 2023, with new order amounts increasing by over 20% year-on-year. Due to the slight increase in operating income year-on-year, growth in personnel in the second half of 2023 and during the reporting period, additional syndicated loans obtained at the end of 2023, and new production capacity coming online, the net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, is expected to decrease by 24% to 29% compared to the same period last year; adjusted net profit attributable to shareholders of the listed company under non-International Financial Reporting Standards is expected to decrease by 13% to 18% compared to the same period last year.