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《大行報告》海通國際首予和黃醫藥(00013.HK)「優於大市」評級 目標價45.09元
海通國際發表報告指,和黃醫藥(00013.HK)兩款新藥授權跨國藥企,創新藥龍頭邁向盈利之路。公司管線具有全球創新價值,(口夫)(口奎)替尼攜手武田探索胃腸道腫瘤、賽沃替尼攜手阿斯利康探索肺癌。第二波創新管線聚焦血液疾病,Best-inclass 索樂匹尼布治療 2L+ ITP 已達到III期主要終點。公司預計2025年實現盈虧平衡。 海通國際首予和黃醫藥「優於大市」評級,目標價45.09元。預計公司2024至2025年風險調整後的收入分別為799/783/1,071百萬美元,按年+87/-2/+37%。隨公司管線優先級順序調整以及開展國際商業合作,該行認為公司國內研發費用將保持合理增長。 海通國際預計公司2023至2025年純利分別為+87/-7/+168百萬美元,並於2025年達到盈虧平衡。公司現金856百萬美元,該行認為盈虧平衡前暫無融資壓力。
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