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光大證券:遠大醫藥(0512.HK)盈利結構持續改善 維持“增持”評級
格隆匯 02-14 13:46

光大證券發佈研究報告,稱遠大醫藥(0512.HK)盈利結構持續改善,上調19-21年EPS(攤薄)分別至0.34/0.44/0.55港元(原為0.30/0.39/0.50港元),對應19-21年PE分別為16/12/10x,維持“增持”評級。

2月10日,遠大醫藥公告完成收購OncoSec Medical股份,交易完成後,公司與Sirtex共同持有OncoSec 52.8%已發行普通股,其中公司持股約44%。OncoSec專注於開發腫瘤免疫療法。完成此次收購後,遠大醫藥將擁有OncoSec全線產品於包括中國大陸在內的38個國家和地區的獨家商業化權利。光大證券指出,這次交易有望加速構建公司免疫產品開發平台和商業化團隊,進一步提高公司研發實力並強化公司在歐美成熟市場的國際化佈局。

該行指出,遠大醫藥產品結構不斷優化,藥塗球囊系列中Restore產品已於2019年底在中國上市,其餘兩個產品有望於未來1-2年陸續上市,製劑及器械業務佔比有望持續提升。

此外,公司加快自主研發和外延收購,儲備包括:

1)凱德諾產品: Aperto產品及Legflow產品分別有望於20-21年上市;2)Sirtex Y90產品:有望於21-22年上市;3)Conavi產品:介入影像設備已進入特別審批通道,有望於20年開展臨牀;4)Glenmark產品:Ryaltris鼻噴劑目前處於FDA審批發補資料階段,有望於20年在中國開展臨牀研究;5)乾眼症新藥BRM421:有望於20年開展大規模臨牀;6)澳洲膿毒症新藥HIP:有望於20年將完成澳洲I期臨牀,並在中國申報臨牀研究;澳洲副流感新藥項目:有望於21年完成藥物篩選;7)自主研發的卡穀氨酸、安己烯酸先後被納入罕見病藥品優先審評名單,有望在20-21年開展BE研究。

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