【交银国际：升百济神州目标价至208.8港元 维持买入评级】金十数据3月4日讯，交银国际发表报告，上调百济神州(06160.HK)目标价至208.8港元，维持“买入”评级。该行上调2025/26年收入预测至51亿及62亿美元、泽布替尼全球峰值销售预测至69亿美元。该行表示，血液瘤领域关注：1)sonrotoclaxII期数据读出及潜在加速上市申请递交；2)BTKCDAC年内启动两项III期。实体瘤领域关注：1)PD-1一线多适应症在欧美/日本等市场获批；2)HER2双抗、DLL3单抗、TIGIT等品种III期数据读出。报告指，2024年第四季销售收入11.18亿美元，按年增77%；全年经调整经营利润转正至4536万美元。公司指引2025全年收入49-53亿美元，GAAP经营费用41-44亿美元，毛利率在80-90%的中位区间，GAAP经营利润和经营活动现金流为正。
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