麦格理维持三生制药(1530.HK)评级“跑赢大市”目标价15.82港元
麦格理发表报告指,三生制药(01530.HK)管理层将今年销售增长目标由年初的20%下调至10%,该行对益赛普(Yisaipu)的竞争格局看法谨慎,其价格高于Enbrel以及制药厂海正药业及上海赛金的另外两款仿制药,同时要面对药品Humira的价格竞争。

该行解释,益赛普现时价格接近于去年底降价70%的Enbrel,而Humira过去六个月亦减价60%,惟治疗周期比益赛普长约20%,海正的Enbrel生物仿制药价格则是益赛普的约70%。更重要的是,Humira生物仿制药可能提早于2020年获批准。因此,该行对益赛普的前景看法审慎,调整三生制药2019至2021年各年盈测,分别是升7.5%、升1%及降8%,目标价降28%,由21.84港元降至15.82港元,维持“跑赢大市”评级,但从该行首选名单中剔除。
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