建銀國際:維持石藥集團(1093.HK)優於大市評級 目標價上調至12港元
建銀國際發表研究報吿指,石藥集團(1093.HK)腫瘤藥物增長前景強勁,預期今年將有更多業務發展以推動創新藥物組合,維持其優於大市評級,但將目標價由10.1港元上調至12港元。
建銀國際表示,石藥去年收入按年增長12.8%至249億元人民幣,略低於該行預期的262億元人民幣,主因藥品恩必普去年第四季銷售表現較預期為弱;而腫瘤藥物銷售按年增長29%至63億元人民幣,符合該行約64億元人民幣的預期。
該行又指,受惠於腫瘤藥物銷售,石藥預期今年將錄得雙位數增長,隨著集團通過商業化協議和其他協議來加強其腫瘤產品組合,預計未來兩年將有更多業務發展,其預算開支達56億元人民幣,認為是正確的舉動,因為石藥目前內部創新藥物開發方面仍落後於同業,並預期集團治療淋巴瘤新藥今年可貢獻3億元人民幣收入。
建銀國際認為,NBP納入國家醫保藥品目錄所帶來的負面影響可以通過進一步滲透低級醫院,令銷量增加來抵銷,故對集團前景看法仍樂觀。

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