HK Stock Market Move | ABBIKO-B(02256) rose more than 5% in early trading, with payment from Merck driving annual performance. The company expects to achieve a turnaround from losses to profits in 2024.

ABBISKO-B(02256) rose more than 5% in the early session, as of the time of writing, it rose 5.04% to HK$5.21 with a turnover of HK$74.702 million. On the news front, Hu Yu previously announced that it is expected to achieve a total revenue of approximately RMB 504 million last year, an increase of approximately RMB 485 million compared to the previous year; and a profit of not less than RMB 10 million, while a loss of approximately RMB 4.32 billion is expected in 2023, achieving a turnaround from loss to profit. The announcement stated that in addition to improving cost control through enhancing business operational efficiency, the expected increase in total revenue and turnaround from loss to profit are mainly attributable to the licensing agreement for pimicotinib (ABSK021) and the upfront payment of US$70 million (RMB 497 million) with Merck, which will make a significant contribution to the income for the year ending December 31, 2024.