金吾财讯 | 交银国际研报指，剔除BD收入后，石药集团(01093)1Q25收入同比下降30%，其中成药业务板块下降37%：1）CNS同比降30%，主因恩必普针剂院内销售下滑严重；2）肿瘤线核心品种1Q25销售额同比下降66%；3）抗感染、呼吸、心血管等领域出现不同程度的下滑。随着恩必普院外患者推广力度加大、多美素集采和渠道去库存影响企稳、明复乐等新产品医保准入后快速放量、以及更多BD收入确认，2Q25起公司业绩有望逐步环比改善。该机构指，管理层预计，2025年公司有望达成三项大型海外授权交易，每项总金额超50亿美元。对于EGFR ADC，公司正在开展一项治疗二线EGFR+ NSCLC的中国III期研究，海外三线EGFR经典突变NSCLC研究已开始推进，6月将和FDA进一步讨论针对二线EGFR野生型NSCLC研究的具体方案。该机构上调公司DCF目标价至7.2港元（原5.8港元），维持中性评级。
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