Daiwa released a research report indicating that GENSCRIPT BIO (01548) delivered results in line with expectations last year. Sales increased by 61% year-on-year to $960 million, matching the firm's forecast of $961 million. Adjusted net profit rose by 285% to $230 million. The firm maintained its "Buy" rating on GENSCRIPT BIO but lowered the target price from HK$26 to HK$21, reflecting a lower valuation for its associate company Legend Biotech (LEGN.US). Regarding guidance for the current year, GENSCRIPT BIO anticipates revenue for its Genscript Life Science (LSG) segment to grow by 15% to 18% year-on-year, with an adjusted gross margin of approximately 52% and an adjusted operating profit margin of around 19%. The company also forecasts its ProBio segment revenue to increase by 20% to 25%, achieving positive EBITDA by 2027. Additionally, Daiwa reduced its earnings per share forecasts for the company for 2026 and 2027 by 10% and 1%, respectively.