《大行報告》高盛輕微下調德琪醫藥-B(06996.HK)目標價至23.45元 評級「買入」
高盛發表研究報告指,德琪醫藥-B(06996.HK)去年度虧損達5.73億元人民幣,較2019年度虧損1.09億元人民幣大幅擴大,差過該行預期虧損4.12億元人民幣,相信主要是由於匯兌損失所致。
期內研發開支增加兩倍至3.48億元人民幣,該行指出,德琪醫藥目前有9個在研項目正進行臨床實驗,預期今年研發費用將增至5億元人民幣,並隨著有更多項目進入註冊階段,銷售開支亦會增加,因此相信在公司今年底至明年初推售首款產品的同時,2021至2023年的虧損料續輕微擴大。
該行指,德琪的抑制劑產品「XPOVIO」(selinexor)商業化進展順利,去年取得美國兩項批准,於去年銷售額達7,600萬美元,並已於新加坡、澳洲、中國內地、香港及韓國等多地提交新藥上市申請,預期XPOVIO可於明年初在內地推出,並有可能獲提前批准。
高盛維持對其「買入」評級,基於財務數據更新,目標價由23.61元輕微下調至23.45元。
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