《大行報告》中銀國際小幅下調百濟神州(06160.HK)目標價至193元 澤布替尼美國銷售穩定增長
中銀國際發表報告指出,百濟神州(06160.HK)(BGNE.US)第三季產品收入為5.95億美元,按年增長70%,主要受澤布替尼在美國銷售按年增長150%至2.7億美元推動。由於營運費用按年小幅增長9.3%,明顯慢於產品收入的增長,第三季營運虧損收窄至1.34億美元。
該行將百濟神州2023至2025年各年收入預測分別升11%、升8%,及降0.4%,考慮到公司與諾華合作的遞延收入,澤布替尼的全球強勁銷售以及替雷利珠單抗在中國銷售低於預期。該行對公司主要候選產品的開發成功率(POS)預測進行調整,其中BGB-11417的POS基於其一線慢淋的關鍵研究進展進行上調,而歐司鉑利單抗的POS進行下調,以反映其於ESMO 2023發布的一線肝癌、二線宮頸癌和二線食管鱗癌的二期臨床數據弱於預期。
同時,該行上調百濟神州對後期資產,如多重激(酉每)抑制劑Sitravatinb、Her2雙抗Zanidatamab和 DLL3/CD3雙抗Tarlatamab的研發投入,以及銷售費用的預測,以反映2025年預期密集的新產品上市。該行將百濟神州港股及美股目標價小幅下調至分別193元與320美元,並認為公司基本面依然完好,重申「買入」評級。
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