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研報掘金丨天風證券:維持百濟神州“買入”評級,澤布替尼放量穩定
格隆匯 05-29 14:20
天風證券研報指出,百濟神州(688235.SH)2025年第一季度總收入11.17 億美元,同比增長49%;GAAP經營利潤為1110萬美元,首次轉正;經調整經營利潤為1.39億美元,同比增長195%;GAAP淨利潤為127萬美元,首次轉正。澤布替尼美國正常季度波動,看好全年銷售放量2025Q1澤布替尼的總收入為7.92億美元,同比增長62%,環比下滑4.3%。預計將有多個概念驗證里程碑讀出,核心管線研發進程順利2025年將進入富有催化意義的重要時期,預計有10餘個概念驗證里程碑讀出。此外,Sonrotoclax的III期CELESTIAL-TNCLL臨牀試驗已完成入組,已在中國提交R/R CLL加速批准申請,預計將於2025年下半年提交R/R MCL全球申報。維持“買入”評級。
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