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　　百济神州（06160）午前股价上涨2.85%，现报137.30港元，成交额3.31亿港元。

　　申万宏源发布研报称，百济神州发布公告，2025年Q1实现收入80.48亿元，同比+50.2%，产品收入为79.85亿元，同比+49.9%，实现归母净利润-0.95亿元，上年同期为-19.08亿元，亏损大幅收窄，若按照美国公认会计原则（GAAP），公司首次实现季度盈利，业绩符合预期。

　　2025年第一季度替雷利珠单抗的销售额总计12.45亿元（+19.3%）。根据公司公告，百济神州2025年全年总收入指引仍为49亿至53亿美元，强劲增长的预期受益于泽布替尼在美国的领先地位以及在欧洲和全球其他重要市场的持续扩张。

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