Cifra Broker has published an analytical report on the results of Artgen Biotech (MOEX: ABIO) for 9M 2025. The target price is RUB 101 per share.
Analysts at Cifra Broker noted the strong financial stability of the Group's subsidiaries, which, despite the challenging economic situation and tight monetary conditions, are experiencing no difficulties in servicing their debt obligations, allowing them to increase revenue and invest in research and development.
Gemabank's revenue continues to grow steadily, increasing by 9.2% in 9M 2025 to RUB 280.3 million. EBITDA margin remained at a high level, reaching 48% for 9M 2025, while EBITDA itself grew by 5.6%. Net profit amounted to RUB 120.2 million, which is 4.4% higher than in the same period of 2024.
Genetico's revenue for 9M 2025 grew by 37.4% compared to the same period last year, reaching RUB 408.1 million. EBITDA for the first 9 months amounted to RUB 21.2 million, a decrease of 55% compared to 2024. The decrease in this indicator is associated with an increase in commercial expenses aimed at the Company's development, as well as an increase in cost of sales related to the development of new products. At the same time, Genetico's financial position is stable; in June of this year, the Company fully repaid its issued bonds and currently has no loan or borrowing obligations.
Based on the results of 9M 2025, analysts at Cifra Broker maintained a positive outlook on Artgen Biotech's shares and believe that the Company is trading at a discount to its intrinsic value. In their opinion, we are currently at the beginning of a key interest rate reduction cycle. Investors are still not inclined to buy risk assets, but as the rate decreases, market participants will become less conservative. For investor demand for biotechnology sector shares to materialize, risk-free yields must fall below 12%, therefore the target price remains at RUB 101 per share.
The full version of the report is available at the link.