大行評級|招銀國際:上調百濟神州目標價至288.93美元 維持“買入”評級 仍列為首選股
招銀國際的研究報吿指,百濟神州次季產品銷售按年升66%至9.21億美元,上半年銷售額16.7億美元,勝過該行預期(相當於該行全年預測51.4%)。其中, 澤布替尼(Zanubrutinib)維持強勁銷售,按年升107%,按季升30%至6.37億美元,主要因為在美國治療慢性淋巴細胞白血病(CLL)的市場份額持續提升。該行料澤布替尼市佔率在2024財年提升,銷售額達到26億美元,並在2031年達到銷售高峯56億美元。該行指,公司受惠於產品收入的快速增長,其經營溢利持續改善。其毛利率次季升至85%,主要是因為澤布替尼為高毛利產品及規模經濟。在強勁的銷售走勢及經營溢利改善下,料公司會在2025財年達收支平衡。考慮到公司的近期盈利、強勁的產品銷售、未來產品的潛力,以及豐富的早期研發產品線,該行仍視百濟神州為首選股,將目標價升269.73美元升至288.93美元,維持“買入”評級。
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