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《大行》大摩:美國對藥企對外授權合作徵收關稅可能性低
摩根士丹利研究報告指出,美國表示將對進口半導體晶片徵收約100%關稅。市場視此為對即將公布的醫藥關稅的負面連帶影響。恆生醫療保健指數今晨交易時段下跌3%(相較恆指持平),具有資產授權潛力的公司表現尤為疲軟。除獲利回吐外,此次回落可能因市場擔憂即將公布的美國醫藥關稅及半導體關稅連帶的負面影響。 大摩持續認為,對外授權合作(BD)交易付款徵收關稅的可能性較低。目前,美國關稅主要針對有形商品,聚焦生產回流,而服務相關收入(包括知識產權轉讓)較少受關注,特別是美國對中國保持服務貿易順差情況下。此外,大多數BD交易協議包含向全球授權方授予「開發」及「製造」權,部分授權方表示,計劃在美國獲批後,於當地生產這些獲批的授權藥品(例如輝瑞(PFE.US)對三生製藥(01530.HK)的SSGJ-707)。 大摩預期,2025年下半年及未來將有更多BD交易,特別是擁有深厚產品線的關鍵醫藥公司,如恆瑞醫藥(01276.HK)、翰森製藥(03692.HK)、中生製藥(01177.HK)、石藥集團(01093.HK)。最後,中國醫藥公司在美國現有成品藥銷售份額較低,因此任何關稅都可能只會產生有限的影響。
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