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《大行報告》瑞銀下調康寧傑瑞製藥-B(09966.HK)目標價至13.89元 評級「買入」
瑞銀髮表研究報告指,考慮到美國FDA對只有中國臨牀數據的創新藥物申請態度較爲保守,下調對康寧傑瑞製藥(09966.HK)核心資產價值預測,認爲產品海外獲批準的可見度降低,海外敞口從21%降至16%。但該行表示,康寧傑瑞爲中國領先的雙特異性抗體市場領導者,擁有強大的研發能力,認爲股份目前被低估。 該行下調康寧傑瑞KN046及 KN035兩款產品在中國以外的成功率,令經風險調整的峯值總銷售額預測下降11%,KN046專利費用預估下降50%,KN035國內高峯年收入預測亦下調15%。 瑞銀表示,該公司今年有不少產品都將取得進展,例如KN046用於2L胰腺癌和 1L HCC中的ASCO數據將公佈,以及KN046 1L 胰腺癌治療臨牀研究的患者完成入組等,維持對其「買入」評級。 瑞銀基於風險調整,將康寧傑瑞的峯值銷售額由76億下調至68億元人民幣,目標價從30.3元下調至13.89元。
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