金吾财讯 | 交银国际发研报指，传奇生物(LEGN)4Q24 Carvykti销售略超预期：Carvykti 销售额同比大幅增长110%至3.34亿美元，略超该行此前预期的3.22亿美元，环比3Q24亦有17%的涨幅。4Q24 销售额的同比增速相比3Q24的88%有进一步提高，强生表示主要由产能扩张和2L+治疗市场渗透驱动。Carvytki 2024全年销售达到9.6亿美元、4Q24销售已超3亿美元，和百济神州之泽布替尼等出海创新药的放量节奏相比，在上市后第二个自然年达成这一优异业绩，充分体现传奇生物和强生在产能落地和商业化合作上的高效推进。维持目标价和买入评级：该行预计2025年销售额将进一步翻倍至19亿美元。该行继续给予公司买入评级和目标价76美元。公司股价近期回撤幅度较大，市场对竞品数据依旧存在过度担忧。该行认为，患者基线差异、不良事件管理改进等因素使得竞品与CARTITUDE-1数据不直接可比。公司当前股价仍被明显低估，该行继续将其选为医药行业重点推荐标的之一。
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