《大行报告》大和上调君实生物(01877.HK)目标价至89元 评级「跑赢大市」
大和发表报告指,君实生物(01877.HK)公布与生物制药商Coherus(CHRS.US)签署独家许可与商业化协议,将其主要药品特瑞普利单抗(Toripalimab)(PD-1 mAb)在美国及加拿大的独家许可权授予Coherus,集团可获前期付款1.5亿美元、里程碑款项最多3.8亿美元,及药品商业化後销售20%的特许权费等。另外,君实又授予对方JS006和JS018-1的许可选项,前期付款为3,500万美元,及里程碑款项最多2.55亿美元等。
该行表示,是次君实将特瑞普利单抗许可权授予Coherus,代表集团快速走向国际,海外市场贡献其估值的46%。假设药品在2023年首次获批,其2030年的潜在市场总额达300亿美元,Coherus有良好往绩,料在美加市场推广药品的高峰销售占有率或可达5%。
大和上调君实生物股份目标价,由55元大幅上调至89元,评级维持「跑赢大市」,对集团特瑞普利单抗海外估值相当於2024年预测市盈率40倍。
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