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《大行报告》麦格理首予信达生物(01801.HK)「跑赢大市」评级目标价34.19元
阿思达克 07-19 10:58

麦格理发表的报告指,信达生物(01801.HK)创办人在中美生物科技企业有逾20年经验,并拥有逾60项专利,他亦开发了全球首只以病毒为基础的肿瘤免疫治疗产品安柯瑞(Oncorine),并共同开发了中国首只创新型全人源抗体类治疗药物康柏西普(Conbercept),而在去年12月达伯舒亦获批,由新药临床试验转到新药上市申请仅用了851日。而公司另一优势是拥有三款生物类似药在後期开发阶段,全部均在等待审批,该行认为相关策略有助分散风险。

该行指出达伯舒为PD-1药物,并於今年3月推出,该行预期销售将在2023年见顶并达到40亿元人民币的水平,而海外销售则料会在2027年见顶,料将达20亿元人民币水平。该行认为公司作为第二家本地药企获批推PD-1药物,达伯舒亦可得到先发优势,而与美国制药公司礼来(EliLilly)合作亦有助推广达伯舒。

而Humira及Avastin生物类似药均处於生物制品许可申请阶段,两种药物的原装品牌2018年销售分别达190亿及30亿美元,该行估计两项生物类似药可在2020年推出,到2024年合计销售将达60亿元人民币。该行估算公司2020年收入将为47亿元人民币,而2023年收入则可升至159亿元人民币,盈利则达13亿元人民币,首予公司「跑赢大市」评级,目标价34.19元。

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