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廣發證券:維持金斯瑞生物科技(1548.HK)“買入”評級
格隆匯 02-05 16:07

廣發證券發佈報告稱,預計金斯瑞生物科技(1548.HK)2019-2021年收入2.7/3.2/3.8億美元,同比增長16%/21%/19%。採用SOTP方法得到公司合理價值為29.02港元/股。公司傳統業務發展穩健,CAR-T產品上市後將貢獻較大利潤彈性,維持“買入”評級。

該行稱,其子公司傳奇和強生於2017年12月達成在全球共同開發由傳奇自主研發的BCMA CAR-T的合作。該產品美國研發進展順利,末線治療的註冊臨牀試驗入組已完成。2020年1月,美國臨牀試驗的第四個里程碑事件已達成,傳奇有權就第四個里程碑事件享有楊森3000萬美元付款。

多發性骨髓瘤和白血病、淋巴瘤一起被稱為三大血液瘤。由於發病率的持續提升、新療法和聯合療法不斷提高病人的生存期和生存質量,存量患者數量不斷提高。隨着患病人羣的不斷擴大和新藥物的陸續上市,全球多發性骨髓瘤市場規模也持續擴大。

該行表示,從過往臨牀試驗的數據來看,多發性骨髓瘤的明星藥物CD38單抗在末線治療中ORR在30%左右,而CAR-T在末線治療中可取得100%的ORR。目前金斯瑞和Bluebird的BCMA CAR-T都在探索向前線推進的方案,考慮向前線推進的數據一般更優於末線治療數據,CAR-T可能成為治癒多發性骨髓瘤的希望。

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