Strategic deconsolidation of Legend Biotech unlocked significant
value, while core businesses experienced rapid growth.
PISCATAWAY, N.J., March 12,
2025 /PRNewswire/ -- GenScript Biotech Corporation
(HKEX: 1548.HK), a leading global technology and service provider
of life science R&D and manufacturing reported its financial
results for the full year ended on December
31, 2024.
FY 2024 Result Highlights
- Deconsolidation of cell therapy business resulted in a gain of
$3.2 Billion.
- Revenue from the continuing operations (sans cell therapy
business) was $594.5 Million compared
to $560.5 Million for the year ended
December 31, 2023 (the "Prior
Period").
- Profit of the Group has increased to approximately $2.9 Billion, whilst the loss of the Group was
approximately US$355.1 million for
the Prior Period.
- The adjusted net profit of the Group from continuing operations
was approximately $59.8 Million
compared to $58.1 Million for the
Prior Period.
- Significant investments were made in manufacturing and
commercial excellence in the United
States and Europe.
- GenScript received the EcoVadis bronze medal and an "A" rating
from MSCI ESG, and its climate
targets were approved by SBTi as part of GenScript's continuing
commitment to ESG.
"In 2024, GenScript achieved sustained growth in an environment
filled with challenges and opportunities," said Sherry Shao, Rotating Chief Executive Officer of
GenScript Biotech Corporation. "Despite the impacts of biotech
funding environment and geopolitical tensions in the first half of
the year, the Group successfully re-accelerated its growth in the
second half through strategic adjustments and business
optimization, demonstrating resilience and adaptivity. Our Life
Sciences business solidified its industry leadership position, and
we saw a solid pipeline from our ProBio business. Bestzyme, our
industrial synthetic biology business, deepened its partnership
with several key collaborators and increased the competitive
position of several of its products, setting it up to become our
growth engine in years to come. In 2025, we expect to strengthen
our core businesses by driving product innovation, enhancing
product quality, expanding manufacturing capacities, and leveraging
synergies across business units. We believe these actions will
generate sustained growth and create value for our shareholders and
other stakeholders."
Detailed information regarding GenScript performance can be
found by referencing GenScript Biotech Corp's "Annual Results
Announcement for the Year Ended December 31,
2024" disclosed on the Hong Kong Stock Exchange. Results can also be found here:
https://www.genscript.com/announcements-circulars.html.
View original
content:https://www.prnewswire.com/news-releases/genscript-biotech-corporation-reports-fy-2024-results-302399566.html
SOURCE GenScript Biotech Corporation
