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大行評級|摩根大通:輝瑞首季核心產品銷售符合預期 維持“中性”評級

摩根大通發表研報指,輝瑞首季核心產品Paxlovid銷售表現符合預期,毛利率更超出預期達到近80%,對比該公司全年指引為約70%。雖然輝瑞管理層今次未有調整產品銷售額及毛利率全年指引,但摩通相信投資者不會對輝瑞今年業績表現持續增長或調整指引感到驚訝,將今明兩年經調整每股盈利預測上調至2.45及2.57美元,對比今年度公司指引為介乎2.15至2.35美元。

目前該行的2024年銷售額預測為609億美元,處於公司業績指引585億至615億美元的近上限區間,主要來自於核心產品Paxlovid銷售增長及去年收購癌症藥物生產商Seagen的貢獻,全年毛利率亦提升至72.7%。考慮到輝瑞的股價在短期內或會波動,該行維持“中性”評級,認為要有更強勁的新藥銷售表現或管線的進一步進展,市場才會明顯改變現有看法,目標價為30美元。

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