CStone Pharmaceuticals (HKG:2616) saw its stock price plummet 5.20% in intraday trading on Thursday following the release of its full-year 2024 financial results, which fell short of analyst expectations. The biopharmaceutical company's disappointing performance has sparked concern among investors, leading to a significant sell-off.
The earnings report revealed that CStone's revenue for the fiscal year 2024 dropped 12% compared to the previous year, reaching CN¥407.2 million. This figure missed analyst estimates by a substantial 15%. Additionally, while the company managed to narrow its net loss by 75% from the previous year to CN¥91.2 million, earnings per share also failed to meet analyst projections.
Despite some positive developments, such as the approval of four products during the full year and a forecast of 11% annual revenue growth over the next three years, investors seem to be focusing on the missed targets. The market's reaction suggests that shareholders may be reassessing their expectations for CStone's near-term performance and growth prospects in the competitive biotech sector.
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