《大行》富瑞維持聯邦制藥(03933.HK)「買入」評級 目標價升至20元
富瑞發表研究報告指,聯邦制藥(03933.HK)今年上半年收入按年增長5%,淨利潤按年增長27%,剔除業務發展收入則跌50%,期內中間體及原料藥銷售分別按年下跌23%及27%,主要受到產品價格下跌所拖累。
聯邦制藥GLP-1/GIP/GCG三靶點受體激動劑UBT251今年4月完成肥胖二期患者招募及5月完成糖尿病招募,並開始招募代謝相關脂肪性肝病及慢性腎病二期試驗患者,進展順利。另外,管理層指一類創新藥UBT48128目標於2026年上半年提交臨床試驗申請。
同時管理層透露,上半年高欄原料藥新產能及內蒙古原料藥產能將於今年10月投產。富瑞表示,考慮到公司的中間體及原料藥業務已拓展至全球80個地區,因應中間體及原料藥最新收入預測,以及諾和諾德里程碑付款帶來的影響,維持「買入」評級,目標價從17元上調至20元。
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