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《大行》野村升翰森製藥(03692.HK)目標價至35.47元 上半年收入勝預期
阿思達克 08-19 11:09
野村研究報告指,翰森製藥(03692.HK)上半年收入按年增14.3%至74億元人民幣(下同),盈利按年升15%至31億元,均較該行預期高。該行指,收入好過預期主要因協作收入達16億元,來自於早前與葛蘭素史克(GSK)合作的里程碑付款。該行推算,若剔除以上項目,實際藥物收入為58億元,按年升13%,基本符合預期。 該行提到,翰森製藥管理層將藥物銷售增長目標由「雙位數」升至「高十位數」,預期全年創新藥銷售額達100億元;阿美樂(Ameile)全年銷售目標維持60億元,管理層又預期該藥物的新適應症在國家醫保目錄談判中,不會有大幅降價。 基於協作收入好過預期,該行將翰森製藥2025年收入及盈利預測分別上調9%及4%,目標價由31.82港元升至35.47港元,維持「中性」評級。
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