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《大行報告》摩通料內地最新藥物目錄對石藥(01093.HK)旗下恩必普影響有限重申「增持」評級
阿思達克 08-21 14:41

摩通報告指石藥(01093.HK)股價於公布業績後上升,相信是因為其長遠增長的可見性,以及公司指有更豐富的產品線推出、政策轉變帶動新的增長、臨床表現鼓舞和銷售網絡擴張,雖然政府公布新的藥物名冊或對恩必普(NBP)帶來擔憂,但相信影響有限,預期今年整體盈利增長為25%,2020-21年為27%。

該行調升對公司2019-21年收入預期6%-8%,以反映腫瘤科藥物銷售較預期強勁,和仿製藥增長加快,雖然對歐來寧的表現預期較低。該行並假設銷售支出比例將會升高,因用於擴充學術推廣團隊/網絡,及加大研發投資;整體結果是利潤預測大致保持穩定。

該行指,公司新藥表現仍然被低估,管理層料下半年仍有5-6隻新仿製藥獲批,未來兩年有約10隻創新藥達至第三階段或註冊評估階段。維持「增持」評級,目標價20元不變。

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