Innovative Pharmaceutical Biotech (HKG:0399) expects to swing to a loss for the year ended March 31, according to a bourse filing Monday.

Shares declined 5% in morning trade Tuesday.

The pharma company is estimating a loss of between HK$550 million and HK$600 million, which compares to a profit of HK$98.7 million for fiscal 2024.

The company attributed the loss to a "significant impairment loss" on an intangible asset.

Innovative Pharmaceutical expects to report its annual results at the end of June.

Meanwhile, the company said its oral insulin product is now expected to enter the market in the third quarter of 2028.

The company had originally planned to commercialize the product in the first quarter of 2026, but said was delayed due to difficulty in onboarding subjects into its phase 3 clinical trial.