《大行》高盛升信達生物(01801.HK)目標價至74.95港元 予「買入」評級
高盛研究報告指出,信達生物(01801.HK)於ASCO年會上口頭報告IBI363在非小細胞肺癌(NSCLC)、結腸癌(CRC)和黑色素瘤的最新一期臨床數據,該行認為與摘要相比,研究數據對於客觀緩解率(ORR)及無進展生存期(PFS)數據更為正面,特別是在免疫療法治療的鱗狀細胞/腺癌型NSCLC中顯示出令人鼓舞的總生存期(OS)。
該行認為,信達生物當前股價被低估,未能完全體現其強勁的收入和產品線價值,予其「買入」評級,主要風險包括中國PD-1/L1市場競爭加劇;關鍵候選藥物的審批時間表不確定;研發項目失敗等。
此外,該行將信達生物的目標價由65.58元上調至74.95元,同時對IBI363的2035年風險調整銷售預測,由原預期的14億美元提高至32億美元,考慮到該產品預期將於2028年上市,將公司2025至2027年每股盈利預測維持0.44、1.48和2.41元人民幣不變。
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