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大行評級|中銀國際:上調康方生物目標價至87港元 預計今年實現盈虧平衡
格隆匯 04-01 12:10
中銀國際發表報吿指,康方生物去年扣除分銷成本後的商業銷售額為20億元,按年增長24.9%,基本符合市場預期。淨虧損為5.011億元,好於該行預期,表明康方生物的執行能力和成本控制工作。今年值得關注的關鍵是年中的AK112在 1LPD-L1+非小細胞肺癌中的上市批准和在 HARMONi 海外數據公佈。業績公佈後,該行下調2025-26年收入預測,主要是因為AK104(納入國家醫保目錄後降價)和 AK105(合作伙伴商業化戰略變化)的銷售貢獻下降。該行下調了核心產品降價後的毛利率,預計將在今年實現盈虧平衡,目標價上調至87港元,重申“買入”評級。
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