Abbisko Cayman Forecasts Turnaround to Profit in 2024; Shares Rise 5%

MT Newswires Live

01/20

Abbisko Cayman (HKG:2256) forecasts it will turn to a profit of 10 million yuan in 2024 from a loss of 432 million yuan in the year-ago period, according to a Monday filing with the Hong Kong Exchange.

Revenue is also seen to surge to 504 million yuan in 2024 from 19 million yuan in 2023, the filing said.

The rise is attributable to better cost control and efficiency, as well as an upfront payment of $70 million from the out-licensing agreement with Merck for pimicotinib, the filing said.

Shares surged 5% during Monday's morning trading.

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