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大行評級|高盛:中國生物醫藥產品出海授權趨勢屬結構性轉變,而非短暫反彈

高盛發表中國醫藥產行業報告,中國生物科技企業的產品出海授權趨勢推動上半年股價表現強勁,近期市場對交易持續性及估值可持續性的討論開始浮現。該行認爲經過對授權交易及中國創新藥管線在全球背景下的深入分析,該行認爲這是一場結構性轉變,而非短暫反彈。

該行指,產品授權、併購及新公司設立的成熟路徑將進一步釋放上行潛力:1)截至2025年中期,中國約佔全球臨牀試驗管線的三分之一,及上半年進入人體研究的創新藥候選物約佔50%;2)在可能定義未來標準治療的新型療法中,中國企業在ADC(抗體藥物複合體)、BsAb/TCE等領域主導管線,或在siRNA(小分子幹擾核糖核酸)、PROTAC(蛋白降解靶向嵌合體)等領域成爲重要新興參與者;3)全球社羣對中國數據的關注度增加,中國至全球數據的轉化性也在改善。

高盛調整中資醫藥股目標價,維持中生製藥“買入”評級,目標價由3.92港元上調至6.19港元;維持信達生物“買入”評級,目標價由74.95港元上調至96.22港元;基石藥業評級由“中性”升至“買入”,目標價由2.77港元上調至6.25港元。

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