和黄医药(0013.HK):2024年再次实现盈利 SAVANNAH注册队列数据优异 维持买入评级

交银国际
20 Mar

2024 全年再度实现盈利,超预期:肿瘤/免疫综合业务收入3.63 亿美元,符合公司此前的指引和我们的预期。肿瘤产品收入同比+65%至2.72 亿美元,得益于呋喹替尼海外市场的销售放量(市场销售额增长近20 倍),我们预计2025 年海外销售将增长至4.6 亿美元,主要由以下因素驱动:1)美国市场进一步提升保险覆盖率;2)日本、欧盟等新市场商业化启动。内地市场上,呋喹替尼和索凡替尼销售额按固定汇率...

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