By Clarence Leong
Shanghai Fosun Pharmaceutical (Group) Co.'s Hong Kong-listed shares soared as much as 20% on Monday, touching an all-time high of HK$59.45.
The surge mirrored its A-shares, which jumped 10% on both Wednesday and Friday, following its first-quarter results.
The company's first-quarter operating income advanced 37% from a year earlier to 8.06 billion yuan ($1.24 billion), while net profit rose 47% to CNY847.2 million, thanks to growth in drug sales, as well as a low-base effect as the company was hit by the Covid-19 pandemic last year.
Its A-shares last traded at CNY60.24, outperforming its peers with a 51% gain for the month of April. In contrast, Jiangsu Hengrui Medicine Co.'s share price fell 8.7% last month, while Guangzhou Baiyunshan Pharmaceutical Holdings Co. rose 10%. The mainland China market was closed Monday for a holiday.
Bocom International said the results were in line with its expectations, and that the company's pharmaceutical segment could maintain a double-digit compound annual growth rate, partly thanks to the expanded hospital sales channel for innovative drugs.
The company distributes the Covid-19 vaccines developed by BioNTech SE in the Greater China region.
Its shares were most recently up 19.45% at HK$58.95.
Write to Clarence Leong at firstname.lastname@example.org
(END) Dow Jones Newswires