药明生物(02269.HK) 作价5亿美元向默沙东出售爱尔兰疫苗设施，价格接近其4.8亿美元的总建设成本，公司指出，投资回报率是今次交易背后的主要考虑因素。
摩根士丹利发表报告表示，由于该资产对于药明生物的投资回报率低于目标，根据药明康德管理层的说法，交易对双方而言似乎是双赢。而公司的其他爱尔兰设施的营运维持不变，稳定阶段的毛利率约为40%。关于现金收益的使用，药明康德将进一步作回购股份，并进行回报更高的投资。由于投资回报率表现良好，目前并无其他资产需要出售。
大摩指，尽管出售资产将牺牲药明生物的短期收入，但认为今次交易将对公司的盈利能力、投资回报率和现金使用效率产生正面影响，因此重申药明生物“增持”评级，目标价31.6元。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-07 12:25。)
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