《大行》大和上調百濟神州(06160.HK)目標價至180元 百悅澤銷售增長勝競爭對手
大和發表報告,上調對百濟神州(06160.HK)目標價,由171元上調至180元,評級「買入」。該行上調對公司今明兩年收入預測3%及4%,主要受百悅澤(Brukinsa)及安進(AMGN.US)授權產品推動,同時上調今明兩年毛利率預測各0.4個百分點,今明兩年淨利潤預測分別為9,400萬及5.77億美元(原先料今年錄淨虧損,明年扭虧轉賺3.65億美元)。
該行指,公司首季收入按年升49%至11億美元,主要由百悅澤推動。季內實現公認會計準則盈利130萬美元,相較去年同期淨虧損2.51億美元,主要受惠營運槓桿,毛利率按年升1.8個百分點至85.2%,以及研發費用和銷售、一般及行政費用各錄5%及7%的適度按年增長。
該行又指,百悅澤季度收入按年升62%至7.92億美元,繼續超越同類競爭對手,包括阿斯利康(AZN.US)Calquence按年升6%至7.62億美元、強生(JNJ.US)與艾伯維(ABBV.US)Imbruvica的按年跌11%至10億美元,以及禮萊(LLY.US)Jaypirca季度收入9,200萬美元,估計百悅澤在全球BTK市場市佔於今年第一季度達到約30%。
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