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《大行》交銀國際降和黃醫藥(00013.HK)目標價至37.6元 維持「買入」評級
交銀國際發表報告指,和黃醫藥(00013.HK)上半年承壓,內地銷售受競爭影響較大。總收入按年下降9%,腫瘤/免疫業務收入下降15%,不及該行和市場的預期。管理層將2025全年腫瘤/免疫收入指引從3.5億至4.5億美元,下調至2.7億3.5億美元。公司上半年經營虧損顯着收窄,該行預計下半年起有望實現經營層面盈虧平衡。 交銀國際維持和黃醫藥「買入」評級,關注差異化ATTC平臺。同時下調公司三大商業化品種的銷售預測,下調2025年至2027年收入預測11-14%,下調目標價至37.6元。公司差異化ATTC平臺的首款候選藥物HMPL-A251有望於下半年在中美啓動針對實體瘤的I期研究,2026年還將有兩款ATTC分子進入臨牀,潛在BD交易機會可期。
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