花旗首予翰森制药(3692.HK)“买入”评级目标价30港元
翰森制药(3692.HK)
联席保荐人花旗发表报告指,首予翰森制药“
买入
”评级,目标价30港元,此现金流折现率作估值。该行指翰森制药业务表现较强,当中包括创新及仿制药研发,公司亦聚焦于具吸引力的范围,同时亦拥有效的销售平台,相信公司可成行内具持续性的领导者,同时受惠整合及新产品推出。
该行指,翰森制药上市后公司股价已大幅上升,加上内地考虑第三、四季或推集中采购,料将拖累医药市场气氛,故认为公司短期将面对波动。但该行亦认为翰森制药的研发将有助其转型及增长,因为翰森是国内排名前列的研发机构,产品线中有14只1.1类创新药,59只首发仿制药及39只仿制药,公司计划在2019-2020年间推约30只药。
另外,翰森制药最近亦与Viela Bio签订协议,在内地开发及推销CD19单抗inebilizumab,反映公司正策略性扩张至生物科技行业。
该行指出公司具专业的内部销售网络,有约4500人覆盖逾1900家三级医院及5000家二级医院,去年公司在精神科药物市场中市占率达9.2%并位列全国第一,而在肿瘤科市场市占率则为2.5%排名全国第五。花旗认为,翰森制药主要面对的风险包括仿制药定价压力、研发失败或研发过程趋慢、市场竞争及国际化进程的不确定性等。
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