研報掘金|天風證券:維持信達生物“買入”評級 管線梯隊合理並有望持續兑現
天風證券發佈研究報吿稱,維持信達生物“買入”評級。2024H1公司總收入為39.5億元,同比增長46.3%;產品收入38.1億元,同比增長55.1%。公司產品連續多個季度同比高速增長,2023Q4、2024Q1和2024Q2的產品收入分別同比增長超65%、超60%和約50%。同時,公司銷售規模化效應體現,多項費用率下降。考慮到公司已上市產品持續放量,多條研發管線即將進入產品收穫期,該行將2024和2025年的收入預期分別從72.25、91.93億元上調至79.70、102.35億元,預計2026年收入將達到131.43億元。研報指,公司多領域有突破,管線梯隊合理,有望持續兑現。其中,2024年2月,瑪仕度肽首個減重適應症新藥上市申請獲CDE正式受理,預計有望於2025年H1獲批上市;2024年8月第二項用於成人2型糖尿病患者(T2D)的血糖控制的新藥上市申請也獲CDE受理。此外,具備季度給藥間隔優勢的匹康奇拜單抗(IL-23p19)預計於2024年下半年遞交上市申請,用於治療銀屑病患者。匹康奇拜單抗有望成為首款擁有自主知識產權的國產靶向IL-23p19的抗體藥物。
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