研報掘金丨天風證券:澤布替尼海外放量符合預期,維持百濟神州“買入”評級
格隆匯5月24日丨天風證券23日研報指出,百濟神州(688235.SH)2022年澤布替尼全球銷售收入為5.65億美元,同比增長159.0%,認為歐洲及其他地區放量增長超預期,美國區、中國區放量增長符合預期。美國FDA正在審評對替雷利珠單抗用於二線治療ESCC的BLA(預計將在2023年取得相關監管決定),FDA將於今年第二季度對此項BLA進行生產基地現場核查。醫保報銷範圍的擴大以及海外市場的打開有望幫助替雷利珠單抗為公司帶來新的營收增長動力。公司臨牀管線有序開展,下一個潛在重磅單品BGB-11417今年將啟動全球註冊性臨牀試驗。隨收入體量增長以及銷售團隊擴張趨於平緩,費用率有望大幅降低,盈利能力提升。維持“買入”評級。
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