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研報掘金丨天風證券:維持百濟神州“買入”評級,預計2025年GAAP經營利潤爲正
格隆匯 03-17 14:04
天風證券研報指出,百濟神州(688235.SH)2024年全年和第四季度經調整營業利潤分別爲4536萬和7860萬美元,實現首次全年非GAAP經營利潤盈利。且公司重申預計2025年GAAP經營利潤爲正。銷售管理費用率逐季降低,實現首次全年NON-GAAP經營利潤盈利。2024全年澤布替尼全球銷售收入26.4億美元,同比增長105%;2024Q4收入8.28億美元,同比增長100%,環比增長20%。分地區來看,美國地區銷量持續高增長,其在歐洲所有主要市場的市場份額增加。此外,2024Q4,替雷利珠單抗在美國新增獲批胃癌一線治療適應症,在EMA新增獲批胃癌和食管鱗癌的一線治療適應症。Sonrotoclax用於R/R CLL和R/R MCL的II期臨牀數據將讀出,並有望於2025年下半年基於這兩項適應症提交加速批準申請,同時這兩項適應症的III期臨牀預計將在2025年上半年完成首批患者入組。考慮到公司收入增長超預期,維持“買入”評級。
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