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瑞銀:料中生製藥(1177.HK)最受集採結果負面影響 明年盈利指引難達
格隆匯 09-25 10:50

瑞銀髮表報告表示,就內地藥品「4+7」帶量採購擴至全國開標計劃25種藥物,中選價平均降幅59%,與「4+7」非試點中選價格水平相比平均降幅為25%(2018年年底),結果超出預期,從中選為三個供應商結果顯示競爭較原預期劇烈(「4+7」試點中選價格降幅45%)。

該行認為,中生製藥(001177.HK)及豪森藥業會受到今次藥品帶量採購負面影響大,指中生製藥在恩替卡韋(Entecavir)(原市佔率逾40%)及替諾福韋(Tenofovir)(原市佔率1%)藥品競投中落選,但就贏得瑞舒伐他汀(Rosuvastatin)、厄貝沙坦氫氯(口塞)(口秦)(hydrochlorothiazide)、伊馬替尼(imatinib)、吉非替尼(Gefitinib)及凱紛(Kaifen),指相關藥品的降價幅度各為90%、61%、9%、0%及0%。

瑞銀料,中生製藥於瑞舒伐他汀、厄貝沙坦氫氯(口塞)(口秦)、伊馬替尼及吉非替尼的市佔率各為逾10%、40%、8%及0%,並指中生製藥上述7種中標藥物料佔其今年收入約24%,並估計公司原先料2020年盈利增長20%指引將難以達到。該行指,雖然今次帶量採購擴至全國中標價格差於預期,但仍喜愛中生製藥,因其具多元化藥物組合,不會受單一藥品明顯影響。

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