《大行報告》野村上調百濟神州(06160.HK)目標價至186.85元 評級「買入」
野村發表研究報告指,百濟神州(06160.HK)日前公佈2021財年業務,收入增長281%,符合該行預測,較市場普遍預期低4%,期內淨虧損收窄至14.13億美元,低於野村預期,主要由於研發及銷售支出較預期多。
公司旗下產品Zanubrutinib及Tislelizumab的去年銷售額分別按年增長522%及56%,其中Tislelizumab第四季銷售額按年下跌14%。野村認爲Zanubrutinib的增長主要來自於美國及中國市場的增長,至於Tislelizumab的下跌,公司解釋是由於內地國家醫保目錄降價,導致期內出現渠道庫存補償所致。
野村又提到,早前美國FDA宣佈受理Zanubrutinib用於治療慢性淋巴細胞白血病/小淋巴細胞淋巴瘤(CLL/ SLL)的新藥上市申請,另外去年9月公司已向美國FDA提交Tislelizumab的另一項申請,預期若有關申請獲批,將成爲百濟股價重要催化劑。
野村指,自去年12月21日以來公司股價已累計下跌17.3%,考慮到潛在股價催化劑等積極因素,將2022至2023財年收入預測分別上調5%及4%,目標價由176.97元上調至 186.85元,評級由「中性」升至「買入」。
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