高盛:維持石藥(1093.HK)買入評級 目標價12.9港元
高盛研報指,將石藥(1093.HK)目標價由13.5港元降至12.9港元,維持“買入”評級。
報吿指,公司第3季銷售表現遜預期,主因較弱的主要癌症藥銷售;旗下治療中風的安必普(NBP)醫院庫存減值。核心產品銷售較弱亦拖低毛利率及盈利,但管理層承諾至全年盈利雙位數增長指引不變。
安必普方面,由於去年第4季低基數效應,該行預期今年第4季銷售反彈,全年則大致持平。公司明年專注改善單一醫院銷售;加長療程時間;線上銷售。同時,公司亦將產品組合擴至癌症藥銷售,全年相關產品銷售指引增長20%,可見於3款核心產品,及增長轉移至下線醫院等非核心市場。惟轉變帶來銷售增長陣痛。此外,直至今年年末,管理層預期仍有3宗BD交易會落實。
高盛下調公司2021、22、23年盈測1.6%、4.2%、6.8%,以反映現有癌症藥銷售組合表現較弱;治療淋巴瘤新藥“mitoxantrone liposome”延遲獲批因素。

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