研報掘金丨申萬宏源研究:百濟神州開始進入盈利拐點,維持”買入“評級
申萬宏源研究指出,百濟神州(688235.SH)2025年Q1實現收入80.48 億元,同比+50.2%,產品收入爲79.85億元,同比+49.9%,實現歸母淨利潤-0.95 億元,上年同期爲-19.08億元,虧損大幅收窄,若按照美國公認會計原則(GAAP),公司首次實現季度盈利,業績符合預期。產品收入的增長主要得益於自研產品澤布替尼,以及替雷利珠單抗和安進授權產品的銷售增長。根據公司公告,百濟神州2025 年全年總收入指引仍爲49 億至53 億美元,強勁增長的預期受益於澤布替尼在美國的領先地位以及在歐洲和全球其他重要市場的持續擴張。公司是市場上稀缺的同時具有全球化研發和銷售能力的創新藥公司,核心產品持續放量,公司開始進入盈利拐點,維持”買入“評級。
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