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野村:維持中生製藥(1177.HK)買入評級 料藥物銷售第二季反彈
格隆匯 04-22 13:09

野村發表研究報告指,儘管中國生物製藥(1177.HK)銷售於今年第一季疲弱,隨着內地醫院放寬探病措施,預期藥品銷售將於第二季反彈,但公司四種主要產品被剔除於國家藥品集中採購名單,將使該四種產品銷量今年進一步下跌。野村仍維持中生製藥目標價為14.5港元,重申“買入”投資評級。

野村預期,中生製藥2020-2022年的盈利年複合增長率為24%,料其仿製藥將於2020-2022年分別帶來23億、47億和68億人民幣的收入,還有9種產品正處於臨牀試驗最後階段,或正等待國家藥品監督管理局的新藥審批,料上述產品將於2021年下半年或2022年上半年推出市場。

同時,野村下調中生製藥2020-2021年的盈利預測10%,以反映今年下半年對病人人數控制的影響,預測2020-2022年的盈利增速將受仿製藥和創新產品的銷售增加所帶動。

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