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《大行報告》大和上調君實生物(01877.HK)目標價至89元 評級「跑贏大市」
阿思達克 02-03 10:06
大和發表報告指,君實生物(01877.HK)公布與生物製藥商Coherus(CHRS.US)簽署獨家許可與商業化協議,將其主要藥品特瑞普利單抗(Toripalimab)(PD-1 mAb)在美國及加拿大的獨家許可權授予Coherus,集團可獲前期付款1.5億美元、里程碑款項最多3.8億美元,及藥品商業化後銷售20%的特許權費等。另外,君實又授予對方JS006和JS018-1的許可選項,前期付款為3,500萬美元,及里程碑款項最多2.55億美元等。

該行表示,是次君實將特瑞普利單抗許可權授予Coherus,代表集團快速走向國際,海外市場貢獻其估值的46%。假設藥品在2023年首次獲批,其2030年的潛在市場總額達300億美元,Coherus有良好往績,料在美加市場推廣藥品的高峰銷售佔有率或可達5%。

大和上調君實生物股份目標價,由55元大幅上調至89元,評級維持「跑贏大市」,對集團特瑞普利單抗海外估值相當於2024年預測市盈率40倍。

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