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《大行報告》瑞銀升榮昌生物-B(09995.HK)評級至「買入」 目標價下調至75.03元
瑞銀發表研究報告指,榮昌生物(09995.HK)研發管道進展順利,但其股價2021年11月以來已下跌超過60%,考慮到國家醫保目錄對旗下核心產品泰它西普(RC18)及維迪西妥單抗(RC48)的降價壓力經已消化,認為在產品管道進展順利的情況下,其研發及商業化能力未得到完全反映,因此將評級由「中性」提升至「買入」。 該行指出,RC18及RC48去年度銷售額達到4,730萬及8,400萬元人民幣,兩款商業化藥物於去年12月首次納入國家醫保目錄,預計產品滲透率將提升,今年料實現銷售額5.9億元人民幣,即按年增長3.5倍。 瑞銀又指,榮昌生物今年於科創板上市,共籌集26億元人民幣資金,相信有助於推動產品商業化及管道擴張,預計公司至明年將有5個新適應症獲批,總銷售額可達到44億元人民幣。 但由於2022至2024年研發費用預期增加20%、63%及59%,加上RC18新適應症的臨床研究推遲,以及科創板上攤薄效應,該行將2022至2024年每股虧損預估調整為2.47元、1.55元及0.62元人民幣,目標價由108元下調至75.03元。
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