《大行報告》大和降信達生物(01801.HK)目標價至48元 重申「跑贏大市」
大和發表研究報告指,美國食品藥物管理局(FDA)旗下腫瘤藥物諮詢委員會(ODAC)將於2月10日舉行會議,將決定信達生物(01801.HK)旗下達伯舒(Tyvyt)可否在美國獲批使用。達伯舒去年獲納入國家醫保藥品目錄(NRDL),年度成本由每年4萬元人民幣降8%至3.67萬元人民幣。
據該行估值模型分析,美國盈利佔信達生物總估值達50%,即使現階段Tyvyt潛在美國獲批的不確定性已於股價反映(股價自去年11月以來股價大幅下滑約50%),但相信股價阻力尚未完全消除,料市場情緒復甦需更多時間。該行下調信達生物今年收入預測7%,並降估值基礎,重申「跑贏大市」評級,目標價由67元降至48元。
大和表示,信達生物生物仿製藥業務仍強勁,但面對集中採購風險。該行不預期信達生物今年在臨牀開發上有任何重大進展。不過,該行仍喜好其綜合產品線,包括有達成理想目標的LAG-3及TIGHT。不過,該等候選藥仍屆初步階段,需時三至五年才能產生收入。
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