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大和:重申對君實生物(1877.HK)買入評級 目標價85港元
格隆匯 06-29 12:54

大和發表研究報吿指,美國藥監局宣佈暫停分發君實生物(1877.HK)雙抗體療法及JS016,將會減少美國市場銷售;公司創新藥管道吸引,但需要時間研發,重申對其買入評級,目標價85港元。

大和表示,美國當地感新冠染變種病毒巴西的Gamma及南非的Beta的比例已超過11%,但分析顯示雙抗體療法及JS016對兩隻變種病毒均沒有中和活性,估計短期內美國不會恢復分發相關產品,故將JS016今年收入預測由28億元人民幣,降至20億元人民幣,佔君實整體收入約36%。

該行又指,君實今年有6款新藥臨牀試驗獲國家藥監局批准,惟相信相關新藥要到2024年才推出,並將公司今年研發開支預測由20億元人民幣上調至31億元人民幣,2022至23年則分別調升至37億及42億元人民幣,並料公司扭虧為盈的時間表將推遲至明年,相信JS016短期盈利將受壓,惟認為公司目前股價未有完全反映出其標靶藥早期階段的發展潛力。

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