- Hyphens Pharma (SGX:1J5)'s revenue for 1Q24 has increased by 44.4% y-o-y to S$48.0m, driven by improvement in sales from all segments compared to a year ago which was heavily affected by supply chain disruptions.
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1Q24 results were within our expectations.
- Correspondingly, gross profit improved by 32.8% y-o-y to S$17.4m. However, Hyphens Pharma's gross margin decreased to 36.3% in 1Q24 from 39.5% in 1Q23 due to ongoing cost pressures and a higher sales mix of lower margin products.
- Net profit after tax surged by 97.6% y-o-y to S$2.7m, in line with the higher revenue. Consequently, gross profit fell 7.0% q-o-q and net profit decreased by 6.6% q-o-q.
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Optimism Intact
- Our positive outlook remains unchanged, and we expect Hyphens Pharma's announced initiatives to proceed as planned.
- Read more at SGinvestors.io.
