Viva Biotech anticipates profit turnaround in FY2024

Viva Biotech Holdings (HKEX: 1873) anticipates a turnaround in profitability for the fiscal year 2024, according to a positive profit alert. The Group expects to report a net profit ranging from RMB210 million to RMB240 million, with a net profit attributable to shareholders between RMB150 million and RMB180 million. This compares favorably to the net loss of RMB99.8 million and RMB116.1 million attributable to shareholders reported for FY2023. Adjusted non-IFRS net profit and net profit attributable to shareholders are projected to be between RMB300 million to RMB330 million and RMB240 million to RMB270 million, respectively. The expected turnaround is attributed to substantial growth recovery in its contract research organization (CRO) business during the second half of the year, improved operating margins, and investment gains from milestone payments. The company will release its annual results by the end of March 2025.