金吾财讯 | 野村发报告指，预计百济神州(06160)2024年第4季表现强劲，2025年实现管理层指引的营运盈亏平衡。该行表示，由于Zanubrutinib（BTK 抑制剂）销售预测上调，野村亦上调2024及2025年收入预测分别至37亿美元及47亿美元。考虑到加速折旧导致毛利率下降，上调2024年净亏损，但又因销售预估上调带来更大的规模经济效益，故下调2025年净亏损。该行预计，百济神州在第4季录得销售额10.22亿美元及净亏损6300万美元。该行基于DFC估值，上调目标价7.8%，由174.91港元升至188.53港元，仍有32%的股价上升空间。维持“买入”评级。
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