Genscript Biotech Corp Class H

01548: XHKG (HKG)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
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GenScript’s Results Suggest Slowdown in Growth for Non-Cell Therapy Businesses, FVE Cut to HKD 18.50

No-moat GenScript’s full-year results were in line with our expectations. Top-line revenue for the year was within 2% of our expectations. However, revenue growth from the non-cell therapy businesses for the second half was only 15.7% year on year, suggesting that NCT growth will be slower than the last three years as COVID-19-related business fades. This is within our expectations, but we suspect it may have caught some investors by surprise, given the price action.

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