Cifra Broker has released an analytical report on Artgen Biotech (MOEX: ABIO) for the six months of 2025, with a target price of RUB 101 per share.
According to Cifra Broker analysts, Artgen Biotech demonstrated strong financial results in the first half of 2025. The company's revenue increased by 13 % compared to the same period of 2024 making RUB 839 million. Sales increased across all key segments, with revenue from genetic research services increasing by 57 %, reproductive material banking services, by 26 %, and Gemabank's biomaterial storage services, by 11 %. EBITDA increased by 15 % to RUB 173 million compared to the same period in 2024. Net profit increased by 28 % compared to the same period of 2024 making RUB 132 million. Net debt grew to RUB 187 billion year-to-date, but the net debt/EBITDA ratio remains at a comfortable 0.49x level. The company's financial position remains stable, with sufficient resources to support further growth. Free cash flow turned negative, reflecting seasonal pressure in the first half of the year due to increased working capital.
Artgen Biotech's development portfolio remains diversified, maintaining its established structure. The company is successfully reducing dependence on its flagship product, Neovasculgen, through active growth in genetic research, reproductive services, and other areas. The share of genetic research in total revenue continues to rise, reaching 33 % in the first half of the year.
Based on the results for the 6 months of 2025, Cifra Broker analysts maintained a positive outlook for the shares of Artgen Biotech, noting that the company is trading at a discount to its intrinsic value. Artgen Biotech continues to demonstrate sustainable growth in challenging economic conditions, with all core divisions of the Group showing high sales growth rates. A comfortable debt load allows the company to invest in R&D and infrastructure actively, even in a high key interest rate environment. Artgen Biotech is in a phase of active strategic investment, deliberately sacrificing short-term operating margins to build a portfolio of future growth drivers. Current performance results confirm the sustainability of this strategy: the core business is growing and generating increasing cash flow within the financial year, which is reinvested in R&D and the expansion of product applications. Business value creation comes from a diversified portfolio rather than reliance on a single successful development.
You can read the full report through the link