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《大行報告》里昂微升百濟神州(06160.HK)目標價至138.5元 PD-1在美國獲批符預期
里昂發表研究報告指,百濟神州(06160.HK)(BGNE.US)的核心產品PD-1替雷利珠單抗(商品名「百澤安」)新藥上市申請近日獲美國FDA批准,可用於治療2L級食管鱗狀細胞癌(ESCC)的成人患者,符合該行預期及公司指引。 該行認為,雖然海外市場已相當發展成熟,但相信此次申請獲批對公司而言是一個漸進的利好消息,將2024至2026年營收預測上調1.3%、0.9%及0.9%,淨虧損預期收窄2.8%、3.6%及10%,相應將H股目標價從136.7元上調至138.5元,重申「買入」評級。 里昂認為,FDA批准申請意味著近月在藥品外包行業出現的地緣政治緊張情況,並不會波及到下游藥廠,預期市場將重新關注具有海外產品上市記錄或具潛力的優質生物科技公司。該行覆蓋的股份中,百濟神州及和黃醫藥(00013.HK)均擁有良好的產品海外上市記錄,而康方生物(09926.HK)及科倫生物-B(06990.HK)則較具潛力。
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