Pharmaron Beijing (300759) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥12.28 billion in 2024, up 6.39% year-over-year, with net profit attributable to shareholders rising 12.01% to ¥1.79 billion.

• Adjusted net profit (excluding non-recurring items) declined 26.82% year-over-year due to increased headcount, higher interest expenses, and new capacity investments.

• Free cash flow after capital expenditures was ¥536 million, with operating cash flow down 6.42% year-over-year.

• Overseas revenue and new contract signings grew, with international clients contributing over 84% of total revenue.

Financial highlights

• Revenue: ¥12.28 billion, up 6.39% year-over-year.

• Net profit attributable to shareholders: ¥1.79 billion, up 12.01% year-over-year.

• Adjusted net profit: ¥1.11 billion, down 26.82% year-over-year.

• Operating cash flow: ¥2.58 billion, down 6.42% year-over-year.

• Gross margin: 34.24%, down 1.52 percentage points year-over-year.

• Basic EPS: ¥1.0133, up 12.18% year-over-year.

• Total assets: ¥23.93 billion, down 9.63% from previous year-end.

Outlook and guidance

• Strategic focus on integrated, international, multi-therapy R&D service platform.

• Plans to strengthen small molecule leadership, expand into new modalities (ADC, peptides, gene/cell therapy), and enhance digital/AI capabilities.

• 2025 priorities include accelerating late-stage/commercial CDMO, digitalizing clinical services, and expanding global client base.