建银国际发表研究报告指，药明生物(02269.HK) 作价5亿美元向默沙东(MSD)出售爱尔兰疫苗设施。由于高昂的海外劳工成本及严格的制造要求，该厂房的投资报酬率一直偏低。该行估计，撤资将令药明康德的长远毛利率提升约100个基点。
建银国际认为，药明康德出售爱尔兰疫苗设施的决定是利好因素，因为可以降低产品和客户集中风险，同时不会造成重大的财务损失。
不过，药明康德与MSD签订的疫苗生产合约将因出售事项而作废，因此，药明康德将寻找新项目，以弥补每年1.5亿美元的收入缺口。对此，该行下调集团2025财年的销售预测1.9%，而目标价由20元调升至21.5元，续予“跑赢大市”评级。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-01-07 16:25。)
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