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《大行報告》匯豐研究升百濟神州(06160.HK)目標價至171元 BTK銷售持續突破市場預期
匯豐研究發表研報指,百濟神州(06160.HK)(BGNE.US)去年銷售額按年增長75%至22億美元,超出該行預期。當中公司自主研發新藥BTK抑制劑Brukinsa銷售持續突破市場預期,來自美國的銷售額接近10億美元,按年增長143%,該產品去年整體海外銷售額增長129%至13億美元,相信主要來自於一線慢性淋巴細胞白血病及小淋巴細胞淋巴瘤(1L CLL/SLL)新患者滲透率提升,以及在歐洲多個市場持續推出和銷量增加所帶動。 該行指,鑒於產品毛利率從2022年的77%提高至83%,營運費用比率則降至61%,預計營運效率將不斷提升,令公司有望在2026年實現收支平衡。憧憬今年將迎來BTK適應症擴展至3線濾泡性淋巴瘤治療、PD-1在美國上市以及10多項早期資產開始進行首次人體試驗等多個催化劑,匯豐研究認為百濟神州現價估值具吸引力。 匯豐研究維持對百濟神州的「買入」評級,H股目標價由168元上調至171元,並基於BTK銷售預測上調,將2024至2025年收入預測調升10%至13%,並將淨虧損預測收窄29%至44%。
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