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《大行報告》野村升信達生物(01801.HK)目標價至55.9元 與羅氏合作拓更多產品
阿思達克 06-10 09:55
野村發表報告表示,信達生物(01801.HK)於6月9日宣布與羅氏戰略合作開發多種產品,包括是細胞治療及雙特異性抗體等,公司將向羅氏繳付首期以應用2:1雙特異性T細胞抗體(TCB)和通用型CAR-T平台,如羅氏行使其全部選擇權,則將向Innovent HK支付總計1.4億美元款項,以及若所有產品均成功開發及商業化,支付產品開發、獲批和銷售等總計約19.6億美元的里程碑款項,此外還將支付每個產品兩位數比例的銷售提成。

該行指出,雖然合作對信達生物短期財務影響有限,但料與羅氏合作可助公司加強產品線,並支持2025年以後的盈利增長,同時亦可為公司業務發展提供優勢。該行預計與羅氏合作將進一步改善信達生物在雙特異性方面的產品線,而公司時有四隻雙特異性產品正在進行臨床測試。

野村稱,維持對公司「買入」評級,目標價由50.3元升至55.9元,此按現金流折現率作估值,並將其2024至2028年收入預測上調,以反映PD-1/PD-L1雙特異性抗體銷售表現等。(el/w) ~

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