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中金:首次覆蓋百濟神州(6160.HK/BGNE.O),美股及港股均給予跑贏行業評級
格隆匯 10-18 15:58

格隆匯10月16日丨中金今日發佈研報稱,首次覆蓋百濟神州(6160.HK/BGNE.O)給予跑贏行業評級,給予H股目標價94.48港元,美股目標價157.47美元,對比當前港股/美股股價分別有23.2%/24.5%的上行空間。

中金給出的理由是:

癌症創新藥探索、開發和商業化領域的生物技術公司龍頭。公司目前處於研發階段的藥品包括創新型口服小分子藥物以及單抗藥物,同時有三款處於臨牀後期階段的在研藥品以及三款在國內市場已上市產品。公司核心品種BTK藥物、PD-單抗在國內企業中進度領先,且PD-1單抗在肺癌、肝癌等大適應症上研發進展排名前列。考慮到公司的全球化研發平台、高標準產品質量以及大規模生產能力,預計百濟神州未來有望成為癌症治療領域的全球龍頭企業。

公司目前有三款處於內部研發階段後期的藥物有望成為同類最佳產品,預計市場前景廣闊。1)澤布替尼:公司的澤布替尼有望成為同類最佳的布魯頓酪氨酸激酶(BTK)抑制劑,公司已經在中國遞交了用於治療復發難治性(R/R)套細胞淋巴瘤(MCL)、復發難治性慢性淋巴細胞白血病(CLL)以及復發難治性小淋巴細胞性淋巴瘤的新藥上市申請(NDA);

2019年8月,澤布替尼提交MCL的NDA申請獲得美國FDA受理且授予優先審查資格。

2)替雷利珠單抗:公司PD-1單抗目前已經在中國遞交用於治療經典型霍奇金淋巴瘤以及尿路上皮癌的新藥上市申請,預計公司的替雷利珠單抗有望在2032年實現18.4億美元的峯值銷售額。因此,看好在中國市場上替雷利珠單抗在非小細胞肺癌、尿路上皮細胞癌治療方面的領先進度,以及海外市場潛在空間。

潛在催化劑:替雷利珠單抗(最快2019年底)和澤布替尼(2020年)國內上市;澤布替尼和替雷利珠單抗的關鍵臨牀數據披露。

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