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《大行》高盛升中生製藥(01177.HK)目標價至8.05元續籲「買入」 引入GSK乙肝藥
高盛發表研究報告,指中國生物製藥(01177.HK)與葛蘭素史克(GSK)簽訂協議,獲得潛在首創功能性治癒慢性乙肝的反義寡核苷酸(ASO)療法bepirovirsen在中國的獨家商業化權利。GSK已於今年3月在中國提交新藥上市申請(NDA),預計2027年獲批。根據協議,中生製藥將利用其領先的肝炎基礎設施,全面負責進口、分銷、醫院准入及推廣,並將全數錄入be...
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《大行》高盛升中生製藥(01177.HK)目標價至8.05元續籲「買入」 引入GSK乙肝藥
Recommend
19
Positive
25
Negative
9
 
 

高盛發表研究報告,指中國生物製藥(01177.HK)  +0.120 (+2.120%)    Short selling $119.25M; Ratio 61.790%   與葛蘭素史克(GSK)簽訂協議,獲得潛在首創功能性治癒慢性乙肝的反義寡核苷酸(ASO)療法bepirovirsen在中國的獨家商業化權利。GSK已於今年3月在中國提交新藥上市申請(NDA),預計2027年獲批。根據協議,中生製藥將利用其領先的肝炎基礎設施,全面負責進口、分銷、醫院准入及推廣,並將全數錄入bepirovirsen在中國的銷售。

該行指出,bepirovirsen作為針對慢性乙肝功能性治癒的同類首創療法,策略上契合中國7,500萬慢性乙肝患者的治療重點,有望升級中生製藥的肝炎產品組合。

高盛認為,中生製藥憑藉近四十年在中國肝炎市場的經驗與洞察、約2,000名銷售人員及超過5,000家醫療中心的龐大網絡,以及過往打造潤眾/天晴甘美等肝炎重磅藥物的往績,中生製藥是bepirovirsen理想的商業合作夥伴。該行估計bepirovirsen的潛在銷售額高峰約為50億元人民幣。

高盛上調集團2027年及2028年盈利預測1.1%及1.7%,以反映bepirovirsen的潛在銷售貢獻,並將該藥的長期銷售納入創新藥的現金流折現(DCF)估值。因此,12個月目標價由7.43港元上調至8.05港元,維持「買入」評級。該行預期集團在未來兩年盈利增長具韌性,且擁有強勁現金餘額,可能進行更多業務發展交易。(da/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-12 16:25.)

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