金吾财讯 | 交银国际发研报指，11月27日，翰森制药(03692)创新药阿美乐适应症sNDA获CDE受理，预计该适应症为靶化联合治疗EGFR+ NSCLC（竞品泰瑞沙已获批）。该行预计在2025年底前后，阿美乐上述三项sNDA均有望获批，驱动产品2024-25年每年销售增长20%以上、2026年销售额达到公司指引的60亿元（人民币，下同）目标。该行指，近期阿斯利康在泰瑞沙的医保支付报销上接受合规调查。该行认为销售活动和医保报销的合规化将利好翰森等本身注重销售合规的企业，阿美乐有望在短期内获取泰瑞沙在一/二线治疗上的部分市场份额。另外，公司2025-26年有望上市HS-10366、几丁糖等创新药械品种。公司预计2025-30年上市十多款肿瘤新产品，包括BD出海的B7H3和B7H4 ADC。公司账上现金超210亿元，未来将持续投入BD（包括收并购）、研发和分红。该行上调2025-26年收入预测0.5-1.5%、净利润预测0.31.4%、阿美乐峰值销售预测3%至82亿元，上调DCF目标价至24.0港元(原20.4港元)，对应2025年32倍市盈率、2025年1.5倍 PEG和未来12个月潜在股价升幅27%，上调评级至买入。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.