《大行报告》野村升信达生物(01801.HK)目标价至55.9元 与罗氏合作拓更多产品
野村发表报告表示,信达生物(01801.HK)於6月9日宣布与罗氏战略合作开发多种产品,包括是细胞治疗及双特异性抗体等,公司将向罗氏缴付首期以应用2:1双特异性T细胞抗体(TCB)和通用型CAR-T平台,如罗氏行使其全部选择权,则将向Innovent HK支付总计1.4亿美元款项,以及若所有产品均成功开发及商业化,支付产品开发、获批和销售等总计约19.6亿美元的里程碑款项,此外还将支付每个产品两位数比例的销售提成。
该行指出,虽然合作对信达生物短期财务影响有限,但料与罗氏合作可助公司加强产品线,并支持2025年以後的盈利增长,同时亦可为公司业务发展提供优势。该行预计与罗氏合作将进一步改善信达生物在双特异性方面的产品线,而公司时有四只双特异性产品正在进行临床测试。
野村称,维持对公司「买入」评级,目标价由50.3元升至55.9元,此按现金流折现率作估值,并将其2024至2028年收入预测上调,以反映PD-1/PD-L1双特异性抗体销售表现等。(el/w) ~
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