Genscript Biotech (HKG:1548) expects an increase in net profit in 2024, compared with the corresponding period of the previous year, according to a Sunday filing with the Hong Kong Bourse.

The company attributed the increased net profit to a one-time, tax-free unrealized gain of $3.2 billion from Legend Biotech's deconsolidation and future revenue from Probio's sublicensing, despite a $124 million fair value loss.

The life science research business plans to publish its annual results by the end of March.

The company's shares were down over 2% in the recent trading.