《大行》瑞銀降和黃醫藥(00013.HK)目標價至36.9元 評級「買入」
瑞銀髮表研究報告,和黃醫藥(00013.HK)中期收入按年跌9.2%至2.78億美元,遜於該行預期,其中腫瘤/免疫學收入爲1.435億美元,低於該行預期,淨利潤爲4.55億美元,主要是完成SHPL處置,低於該行預期。研發費按年減少24.4%至7,200萬美元。由於行銷團隊重組,銷售費用按年減49.3%至1,390萬美元。該行表示,留意到截至今年上半年爲止,公司現金儲備強勁,達14億美元,去年底爲8.36億美元。
該行指,公司下調今年腫瘤類藥品收入指引至介乎2.7億美元至3.5億美元。該行指,將下調公司2025年至2027年收入預測,其H股目標價由37.7港元下調至36.9港元,維持其評級爲「買入」。
瑞銀提及公司未來或迎來數個催化劑,包括(1)公司就多個候選產品潛在納入國家報銷藥品目錄(NDRL)的談判作積極準備;(口夫)(口奎)替尼(Fruquintinib)獲內地批準用於二期腎細胞癌(料明年中);索樂匹尼布(sovleplenib)再度提交(料明年次季)等。
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