Nomura lowers the target price of AKESO to 112.73 yuan with a rating of "Neutral"

Nomura published a research report, predicting that AKESO (09926.HK) will achieve revenue of 3.3 billion RMB last year, roughly in line with market expectations, primarily driven by drug sales of 1.8 billion RMB in the second half of the year. The firm expects the company's gross margin to improve to 82.1% in the second half of last year, compared to 79.4% in the first half; operating expenses are expected to reach 1.5 billion RMB, consistent with the first half; and net profit is expected to be 38 million RMB, below market expectations.

As for the fiscal year 2026, the firm expects the group's revenue to reach 5.3 billion RMB, in line with market expectations; gross margin is expected to be 84.5%; operating expenses are expected to reach 3.3 billion RMB; and net profit is expected to be 954 million RMB, higher than the market expectation of 605 million RMB.

The firm has lowered its revenue forecasts for AKESO for 2025 and 2026 by 2% and 5%, respectively, and has adjusted the target price from 120.64 RMB to 112.73 RMB, maintaining a "Neutral" rating