中信証券料復藥(02196.HK)旗下「復必泰」疫苗有望本季內地獲批 重申「買入」評級
復星醫藥(02196.HK)今日早市股價抽上9.1%收53.85元。中信証券早前發表報告表示,復星醫藥今年首季業績略超市場預期,公司收入和利潤均取得恢復性增長,該行推斷製藥板塊貢獻最大。公司出售佛山禪曦股權及復星牙科內部重組,發展戰略更加清晰。而在研項目儲備豐富,該行料復星醫藥旗下重磅產品陸續獲批,商業開發(BD(business development))項目不斷落地,財務費用和銷售費用率控制較好,經營性現金流情況良好,維持對其H股「買入」評級及目標價52元。
該行指許可引進方面,獲BioNTech授權在中國大陸及港澳台獨家開發、商業化mRNA新冠疫苗。目前mRNA新冠疫苗BNT162b2「復必泰」已被使用在香港、澳門的政府接種計劃,國內有望二季度獲批;對外許可方面,公司自主研發的Bcl-2小分子抑制劑的中國以外權益已授予禮來;曲妥珠單抗通過與Accord合作已在英國、德國等上市銷售;曲妥珠單抗在美國及加拿大的商業化權益授予Intas。
中信証券指,首季研發費用6.41億人民幣按年升7.95%。公司自回愛民的加入後研發更成體系,臨床推進速度大幅加快。其中貝伐珠單抗處於上市申請階段;CAR-T已經報產並被納入優先審評審批,進展國內第一,有望近期獲批上市;PD-1單抗正在進行9項II期以上臨床試驗(非鱗非小細胞肺癌、鱗狀非小細胞肺癌、小細胞肺癌、轉移性食管癌、胃癌、MSI-High等),進展最快的適應症(MSI-High)已遞交上市申請並被納入擬優先審評品種。
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