研報掘金丨中金:維持百濟神州“跑贏行業”評級 專有聯合療法”即將進入兌現期
中金公司研報指出,百濟神州日前展示了獨特的研發戰略、領先的血液瘤佈局、以及廣泛的實體瘤管線。在未來3-6 年,公司計劃繼續在血液瘤和實體瘤領域將8-10 個高度差異化新分子推向臨牀階段。在公司全球臨牀開發能力的助力下,相信公司一系列創新戰略“快速概念驗證”、“去CRO化”、“專有聯合療法”即將進入兌現期。公司首款細胞產品CD19-CAR iγδT有望解決與同種異體CAR-T細胞相關的持久性問題,公司預計將於2026年進入臨牀。該行維持2025年和2026年盈利預測不變。維持“跑贏行業”評級,基於DCF模型,維持A/H/US股目標價280元/198港幣/332美元。
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