《大行報告》建銀國際微升百濟神州(06160.HK)目標價至150.8元 全球銷售前景更光明
建銀國際發表報告指出,百濟神州(06160.HK)第三季列賬純利2.15億美元,勝預期。如剔除一次性與百時美施貴寶(BMS)仲裁解決相關的非經營收入3.63億美元等,公司期內經調整淨虧損由去年同期的3.54億美元收窄至2,500萬美元,該行預測為虧損3.94億美元,主要由於海外產品收入增加;合作收入提高;營運開支比率降低。
該行認為,百濟神州第三季全球產品收入按年增長70%至5.95億美元,超過該行預期的4.24億美元,有助於季內總收入按年增長1.02倍至7.81億美元,超過該行預期的4.48億美元。然而,季內公司百澤安及布魯頓氏酪氨酸激(酉每)(BTK)藥物的中國銷售僅按年增長13%及21%,至1.44億及4,700萬美元,主要由於行業期內藥品採購延誤。
此外,該行考慮到百濟神州更光明的銷售前景,特別是在海外方面,將公司2023至2025年各年總產品收入預測上調18%、16%及3%,至22億、29億及38億元人民幣。對其第四季總產品收入增長預測為按季基本持平。另預期公司全年經調整虧損預測由13億美元修訂至9.19億美元,明年經調整虧損預測由8.62億美元修訂至8.3億美元,2025年經調整淨虧損預測由8.27億美元修訂至3.58億美元。對其H股目標價由150元微升至150.8元,維持「跑贏大市」評級。
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