《大行報告》野村下調百濟神州(06160.HK)目標價至167.48元 評級「買入」
野村發表研究報告指,預測百濟神州(06160.HK)第二季收入按年增長294%至5.91億美元,較市場預測大幅高出89%,主要由於該行預期公司將收到來自諾華(Novartis)的3億美元預付款。
野村預期,百濟神州第二季澤布替尼(Zanubrutinib)銷售額將達到1.17億美元,按年增長175%;替雷利珠單抗(Tislelizumab)中國銷量提升,預期銷售額將達到9,400萬美元;代理產品銷售額料將增長2.2倍至6,200萬美元。
該行指出,受惠於諾華的預付款,預期第二季毛利率將增長至87.8%,期內經營虧損預料收窄至1.91億美元,淨虧損料達1.85億美元,低於市場預測的4.45億美元。
野村維持對百濟神州的「買入」評級,同時將2022至2023年收入預測下調12%及2%,並將淨虧損預測上調31%及13%,以反映美國FDA對澤布替尼及替雷利珠單抗的審批延遲,目標價由186.85元下調至167.48元。
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