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研報掘金丨國泰君安:維持百濟神州“增持”評級,2025年預計迎來扭虧
格隆匯 03-03 15:09

國泰君安研報指出,百濟神州(6160.HK)運營持續提效,2025年預計迎來扭虧。澤布替尼高速放量,美國新患份額躍居第一。研發管線步入加速收穫期,有望迎來密集催化。維持“增持”評級。公司2024年實現產品收入37.8億美元,同比+72.6%;其中2024Q4實現產品收入11.2億美元,同比+77.3%,呈高速增長態勢。隨着公司運營效率持續提高,產品收入增長超過經營費用增長,非GAAP準則下2024年實現經營利潤4500萬美元,扭虧爲盈;GAAP準則下經營虧損持續收窄,全年淨虧損5.68億美元(2023年爲12.08億美元)。考慮到公司產品放量持續提速,扭虧節點臨近,上調2025/2026年歸母淨利潤預測爲1.06/6.12億美元(原0.52/2.96億美元),新增2027年歸母淨利潤預測11.54億美元。

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