尽管面临竞争,康悦达有望凭借多适应症获批、快速覆盖核心市场、优于竞品的临床数据抢占市场份额,公司维持上市首年5 亿元销售指引。我们下调目标价至57 港元,维持买入评级,更多早期管线出海有望催化估值修复。现金储备充裕,司普奇拜单抗开始贡献收入:2024 年公司收入4.28 亿元(人民币,下同),同比增长21%,主要得益于:1)合作收入3.92 亿元,主要来自CM512、CM536 和CM336 对外...
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