HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Brightgene Bio-Medical Technology / Equity Capital Markets

Brightgene Bio-Medical Technology (BBMT HK)

<ul>
<li>The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).</li>
<li>The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.</li>
<li>The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.</li>
</ul>


The continuous decline of APIs/intermediates business and the high R&amp;D expenditure will lead to pressure on performance in 2025 (e.g. negative growth in revenue and net profit).
The 2025 low base and the recovery of APIs/intermediates business is expected to bring a rebound in 2026. BGM0504 may begin to make contributions in 2027 if it gets approval.
The Phase III results of BGM0504 are still uncertain (with R&amp;D failure risks). If the launch of BGM0504 is delayed, the net profit may be revised downward in the future.


Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump

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Pre-IPO Brightgene Bio-Medical Technology (A/H Listing) - 2025 Will Face a Performance Slump

​Declining APIs business, VBP and high R&D costs may impact performance in 2025, but rebound expected in 2026 with potential contributions from...

Xinyao (Criss) Wang

Declining APIs business, VBP and high R&D costs may impact performance in 2025, but rebound expected in 2026 with potential contributions from...