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Hengrui Pharma's H1 Profit Flat, Revenue Down 2%; Launches Share Buyback

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Jiangsu Hengrui Pharmaceuticals (SHA:600276, HKG:1276) posted a profit attributable to owners of the parent of 4.46 billion yuan for the first half, versus 4.45 billion yuan a year earlier.

Earnings per share stood at 0.68 yuan, compared with 0.70 yuan in the year-ago period, according to a Wednesday Hong Kong bourse filing.

Revenue decreased 1.9% year over year to 15.5 billion yuan from 15.8 billion yuan.

The drugmaker said it plans to spend 1 billion yuan to 2 billion yuan to buy back A-shares through centralized price bidding, with the repurchased shares to be used for an employee stock ownership scheme.

Hengrui Pharma will pay no more than 81.78 yuan per share, with the repurchase period lasting up to 12 months from the date of board approval.

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