Genus’ FY25 results were well flagged and in line with expectations. Group revenue was +1% to £669m (just shy of SCM, £680m), with PIC +3% to £363m and ABS -2% to £308m. However, adj. PBT has pleasingly come in at +24% to £74m (vs SCM £72m) driven by receipt of the net £3.7m milestone from its Chinese PRP partner, good cost control in PIC, and VAP (self-help) initiatives. That said, the headline in our view, is the updated agreement with BCA, the PRP China commercialisation partner. Under a new agreement, formation of the China JV will be accelerated, and Genus will receive a gross cash payment of $160m and a $7.5m milestone, subject to regulatory approvals, and expected to complete in FY26. We make no forecast changes but roll forward our valuation, giving us a new TP of 2,910p.