智通财经APP获悉，交银国际发布研报称，上调翰森制药(03692)目标价至24.6港元，重申“买入”评级。该行上调对该公司2025-2026年收入预测4-5%，净利润预测3-5%。
该行指，2024年业绩超市场预期，阿美乐表现亮眼：收入及净利分别增长21.3%/33.4%，至123亿/43.7亿元人民币(下同)，阿美乐全年销售额同比增29%。管理阶层对于2025年的指引包括：1)全年收入录得双位数增速，其中创新药产品收入100亿元，同比增25%以上;2)阿美乐销售达60亿元;3)派息比率与2024年相似水平。
创新管线蓄势待发，长期高成长能见度强：1)两款已出海ADC：GSK计划于2025年第四季度启动B7H3 ADC的注册研究，B7H4 ADC今年读出I期数据，2026年进入注册临床;2)GLP-1系列管线：GIP/GLP-1双标靶激动剂 HS-20094 减重适应症已进入III期，预计2027年上市;3)自免：TYK2银屑病处于III期、IL23p19单抗2025年下半年展开III期，分别预计于2028/2029年上市。
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