《大行報告》瑞信下調三葉草生物-B(02197.HK)目標價至11元 評級「跑贏大市」
瑞信發表研報指,三葉草生物(02197.HK)去年未有錄得任何產品銷售收入,撇除可轉換可贖回優先股公允價值變動及以股份作支付開支,經調整年內虧損符合預期。
瑞信指,公司核心產品COVID-19候選疫苗SCB-2019研發時間表未變,管理層預期將於年中向國家藥品監督管理局提交申請,並預期於第三季向歐洲藥物管理局(EMA)及世界衛生組織(WHO)提交申請。
考慮到有數據證實SCB-2019對Omicron 變種病毒有效,瑞信仍然相信三葉草生物可於下半年取得批準,但指出公司預期於第三季向EMA及WHO提交監管文件,假設審查過程需時1至2個月,即今年僅剩下大約一個季度用於商業生產,同時全球新冠疫苗競爭激烈,將帶來進一步的壓力。該行預計三葉草生物今明兩年疫苗供應量將達到約1.2億及4億劑,預期2023年後長期加強劑量供應將降低至每年約1億劑。
瑞信指,三葉草生物有足夠現金支持SCB-2019商業化, 維持「跑贏大市」評級,但下調目標價至11元,假設大量訂單推遲至2023年,將今年每股盈利預測下調91%。
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