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翰森製藥(3692.HK)創新藥佔比激增,國金等三家券商給予買入評級
格隆匯 03-31 09:44

近日,翰森製藥(3692.HK)公佈2021年度業績,創新藥銷售收入同比大增168.9%至人民幣42.02億元,佔比較上一年度的18.0%大幅提升至42.3%。公司創新轉型進程提速,研發投入17.97億元,同比大增43.5%,佔營收比重達18.1%,創歷史新高。

具體來看,2021年,翰森製藥共14款新藥首報臨牀,上半年5個新項目申報,而下半年為9個,相較於此前每年1-3個新藥申報項目,公司的臨牀研發不斷加速。

翰森製藥在研管線佈局全面,目前主要以化學藥為主,在大癌種肺癌領域的EGFR靶點佈局最深,並佔據先發優勢,同時公司也向單抗、雙抗、ADC及融合蛋白等生物藥板塊進軍,早期管線率先押注熱門領域ADC賽道。其中,公司的HS-20089和HS-20093均為同類藥物國內首家啟動臨牀。

在實現創新提速方面,翰森製藥採用“自研+BD”雙輪驅動模式,2021年公司BD費用為3.74億元,引進20多年來首個全新作用機制的第四代抗真菌類藥物Ibrexafungerp和工程化的配體捕獲體KER-050。此外,公司積極與Biotech企業重點開展RNA干擾技術平台的合作。

近日,多家券商機構包括國金證券、中泰證券、華西證券給予公司“買入”評級。創新是醫藥行業永恆的主題,弗若斯特沙利文數據顯示,全球創新藥市場已近萬億美元的規模。在醫改進入深水區的新時代,差異化創新將成未來藥企發展主旋律。而作為中國領先的創新驅動型製藥公司,翰森製藥未來有望繼續加快創新步伐,不斷豐富差異化的產品管線,值得期待。

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