Shares of Pharmaron Beijing Co., Ltd. (HKG:3759, SHE:300759) plummeted by 5.06% on October 30, 2024, following the company's release of its third-quarter financial results. The pharmaceutical research and development services provider reported a 12.62% decline in net profit attributable to owners compared to the same period last year, missing market expectations.
According to the filing with the Hong Kong Stock Exchange, Pharmaron Beijing's net profit for the quarter ended September 30, 2024, stood at 308.4 million yuan (approximately $43.6 million), with earnings per share of 0.1744 yuan ($0.025), down 12.93% from a year earlier. While the company's revenue increased by 10.02% year-over-year to 3.21 billion yuan ($454.6 million), it failed to offset the impact of the profit decline.
The disappointing financial performance appears to have dampened investor sentiment, leading to a sell-off in the company's shares. Analysts cited concerns over Pharmaron Beijing's slowing growth and potential margin compression as potential factors contributing to the stock's decline.
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