大行評級|招商證券國際:近期投資者對創新藥物資產出海興趣活躍 看好信達生物、訊飛醫療科技等
招商證券國際發表報吿指,針對分析過往全球銷售排名前50大的重磅炸彈藥物的溯源,看到其中分別有16/12款產品來自於兼併收購/商業合作,另外22款藥物來自於企業自研。該行將13家全球大型藥企過去二十多年所做的兼併收購進行梳理,部分依賴外部併購的企業並未通過其收購活動形成價值再造。該行指,觀察到近期投資者對中國創新藥物資產出海興趣活躍,目前核心推薦標的分別為禮來製藥、諾華製藥、翰森製藥、信達生物、基石藥業、和黃醫藥、訊飛醫療科技。該行指,在針對全球未滿足的需求當中,看好腫瘤領域當中的“冷腫瘤” 、針對肥胖代謝中能對肌肉保護和心臟獲益長期有效的資產,以及免疫炎症領域中,諸多靶點的聯合使用和雙抗技術。大型藥企的競爭愈發激烈,該行在最近ASCO已經看到TNBC和SCLC等領域,藥企的正向追蹤,而如何選擇最為合適的潛在人羣,以及實現最高效的資金營運效率,是未來這類大型藥企競爭成功的關鍵。
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