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《大行報告》招銀國際降百濟神州(BGNE.US)目標價至268.2美元 評級「買入」
招銀國際發表報告指出,百濟神州(06160.HK)去年第四季產品總銷售6.31億美元,按季增長6%,按年增長86%。公司旗下BTK抑制劑澤布替尼(Zanubrutinib)維持強勁銷售勢頭,收入按年增長1.35倍至4.13億美元,按季增長15%,主要受在美國的市場份額增長推動。澤布替尼上季於美國的銷售按季增長16%至3.13億美元,貢獻該藥物全球銷售額約76%。去年澤布替尼總銷售達12.9億美元,按年增長1.29倍,符合該行原預期的12.7億美元水平。 該行估算,去年第四季澤布替尼佔全球BTK的市場份額約18%,較第三季的16%明顯上升,另預期澤布替尼將保持其市場份額增長勢頭,料其今年全年銷售高達19億美元,按年增長46%。此外,該行估計百濟神州BCL-2抑制劑sonrotoclax和BTK降解劑BGB-16673將為公司帶來下一波重磅催化。 截至去年底,百濟神州手頭淨現金高達23億美元,去年錄得淨現金流出19億美元,主要來自即將完成的美國設廠的一次性資本開支。該行預期公司今年淨虧損11億美元,明年淨虧損收窄至2.25億美元,並於2026年扭虧為盈。對百濟神州(BGNE.US)目標價由295.67美元下調至268.2美元,維持「買入」評級。
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