《大行报告》摩通料内地最新药物目录对石药(01093.HK)旗下恩必普影响有限重申「增持」评级
摩通报告指石药(01093.HK)股价於公布业绩後上升,相信是因为其长远增长的可见性,以及公司指有更丰富的产品线推出、政策转变带动新的增长、临床表现鼓舞和销售网络扩张,虽然政府公布新的药物名册或对恩必普(NBP)带来担忧,但相信影响有限,预期今年整体盈利增长为25%,2020-21年为27%。
该行调升对公司2019-21年收入预期6%-8%,以反映肿瘤科药物销售较预期强劲,和仿制药增长加快,虽然对欧来宁的表现预期较低。该行并假设销售支出比例将会升高,因用於扩充学术推广团队/网络,及加大研发投资;整体结果是利润预测大致保持稳定。
该行指,公司新药表现仍然被低估,管理层料下半年仍有5-6只新仿制药获批,未来两年有约10只创新药达至第三阶段或注册评估阶段。维持「增持」评级,目标价20元不变。
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