智通财经APP获悉，交银国际发布研究报告称，上调百济神州(06160)目标价至159港元，基于3Q业绩以及持续强劲的产品放量趋势，上调2024-26年收入预测6-7%，同时上调泽布替尼峰值销售预测4%至54亿。
该行表示，未来12个月重点关注：1)替雷利珠1LESCC、1LGC等更多适应症在欧美等核心发达国家市场获批、I/O组合疗法(替雷利珠联合OX40、LAG3等)数据读出;2)Bcl-2抑制剂sonrotoclax 1H25启动两项III期研究(R/RCLL和R/RMCL)、更多适应症初步数据读出;3)BTK降解剂1H25启动首个III期临床(R/RCLL);4)更多实体瘤候选药物分子进入临床阶段：今年已有8个进入临床，预计年底前还将有4个。
报告中称，公司总收入同比增长28.2%至10.02亿(美元，下同)，其中产品收入9.93亿(同比+66.9%)，主要包括：1)泽布替尼全球销售额6.90亿(环比+8.3%/同比+93.0%);泽布替尼在美国1/2LCLL新患中的份额不断提升，当前已超过阿卡替尼，位居领先。2)替雷利珠单抗继续稳步爬坡，3Q销售达到1.63亿(环比+3.2%/同比+13.2%)。3Q公司经调整non-GAAP经营利润为6,563万，连续两个季度实现non-GAAP经营利润转正。3Q24公司整体毛利率为83.0%。
经营费用方面，公司研发费用率和销售管理费用率分别49.5%/45.4%，环比分别-4.9/-6.4个百分点，同比分别-8.5/-1.2个百分点，展现出公司逐步提高的运营效率。
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