Sino Biopharmaceutical Ltd

01177: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$5.19	Jmdbz	Mmlspmb

Sino Biopharm’s Full-Year Results In Line, Shares Undervalued, but PD-1 Ramp-Up Slower Than Guided

Jay Lee

Apr 1, 2022

Narrow-moat Sino Biopharmaceuticals reported full-year earnings that were in line with expectations. Revenue was CNY 26.9 billion for the full-year and CNY 12.5 billion for the past six months, both representing 14% year-on-year growth. Gross profit margin for the year improved to 80%, which is 2 percentage points better than last year and in line with our expectation due to ramp up of new drugs.

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