金吾财讯 | 交银国际发研报指，百济神州(06160)3Q24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%），其中美国5.04亿（环比-12.2%/同比+62.3%），环比增速放缓主因3Q欧美假期出游带来的季节性波动，叠加2Q末1,500万的一次性购药带来高基数影响。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。该行上调公司美股/港股/A股DCF目标价至265.00美元/159.00港元/179.52元人民币。未来12个月重点关注：1）替雷利珠1L ESCC、1L GC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/R CLL 和 R/R MCL）、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/R CLL）；4）更多实体瘤候选药物分子进入临床阶段。
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