麦格理研究报告指，药明康德(2359.HK)上半年业绩好过市场预期，收入达208亿元，按年增长20.6%；净利润按年增长1.02倍至86亿元。若剔除出售药明合联股权所获33亿元一次性收益，经常性净利润则按年增长26.5%至59亿元。管理层将全年收入指引上调2%至425亿至435亿元，自由现金流指引上调22%至50亿至60亿元，资本支出预算维持70亿至80亿元不变。该行指，TIDES业务收入按年增1.42倍至50亿元，可能受GLP-1原料药推动，远超全年增长60%的目标。次季毛利率亦创46.9%新高，主要得益于化学业务生产效率提升及后期项目增加。然而，上半年仅新增8个商业化及三期项目，中国业务亦按年下滑5%。该行重申跑赢大市评级及目标价116港元。
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