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《大行报告》瑞银上调信达生物(01801.HK)目标价至39元 评级「买入」
阿思达克 04-01 14:20
瑞银在研究报告中指出,信达生物(01801.HK)的创新肿瘤PD-1单抗药物达伯舒(Tyvyt)去年度销售额为10亿元人民币,超出该行预期的8亿元人民币,相信今年销售将进一步提高,加上在研药物进度良好,对信达生物持乐观态度。

该行指出,信达生物去年度调整後的净亏损为16亿元人民币,与2018年相若,研发和销售费用的持续增长有部分被Tyvyt的销售所抵消。管理层预期,今年疫情影响下Tyvyt仍可持续强劲增长,估计首季销量将较去年第四季进一步提升。

信达生物计划在2020年将销售团队从700人扩展到900人,料将加深产品市场渗透率;此外将推出2-3种生物仿制药,又计划今、明年提交另外5个Tyvyt适应症提交新药申请。该行预期,PD-1单抗药物被纳入国家医保目录(NDRL),有助提升Tyvyt覆盖率,将巩固信达生物的行业领先地位,维持「买入」评级,目标价由37.73元上调至39元。

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