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《大行報告》大和升君實生物(01877.HK)評級至「買入」 目標價90元
阿思達克 03-24 10:10
大和發表研究報告指,君實生物(01877.HK股價近期回落12%,相信是由於有報道指其核心產品特瑞普利單抗(Toripalimab)首季銷售額表現放緩,指出銷售放緩的內地農村地區,早前已轉交由阿斯利康進行銷售和市場營銷。

該行指,君實與阿斯利康月初宣布達成戰略合作,將在產品研發、市場覆蓋、拓展銷售渠道等多方面合作,預期將有助君實改革其銷售團隊架構,令其未來更集中發展核心城市的銷售。該行預期,Toripalimab今年銷售額將按年增長70%,至19億元人民幣。

大和又認為,君實與Coherus就Toripalimab於美國及加拿大的授權合作,今年將收取首筆里程碑費用,預期今年預先貢獻收入約1.5億美元,預期該產品的生物製劑許可申請最快於今年底至明年底獲批,2022年可貢獻收入,較早前預測提早一年。同時,另一核心產品JS016預期今年將貢獻收入約28億元人民幣。

大和將君實生物的評級由「跑贏大市」升至「買入」,對其國內銷售前景看法樂觀,目標價由89元升至90元。

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