Pharmaceutical company confirms it has received payments from Pharmaniaga for supplying products under a rolling contract.
Pharmaniaga had awarded a contract to Duopharma in 2017 to supply pharmaceutical or non-pharmaceutical products to government hospitals and clinics.
“Pharmaniaga has given its written commitment to fulfil its financial obligation to Duopharma, which has continued to receive payments from in relation to the awarded APPL contract,” RHB Research said in a note today. In May 2023, Duopharma managing director Leonard Ariff Shatar stated the company is expected to secure an additional six-month contract extension, likely in late June.
The research house has lowered its earnings guidance for Duopharma for the financial year ending Dec 31, 2023 to FY2024 by 10% to 12%. This takes into account higher financing costs and depreciation charges related to the commercialisation of its new K3 plant in Selangor. Despite maintaining its “buy” call, RHB trimmed its target price for the stock to RM1.38 from RM1.59 previously, to account for a 4% environmental, social, and governance discount to its integral value.
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