和黄医药(0013.HK):产品适应症持续扩展 ATTC平台未来可期

平安证券
Aug 18, 2025

2025 年上半年公司实现收入2.78 亿美元,其中肿瘤业务收入1.44 亿美元(其中肿瘤产品收入9900 万美元;首付款、里程碑款、研发投入及其他收入4400万美元),研发开支7200 万美元(中国以外项目精简后降至800 万美元)。2025 年最新肿瘤业务指引为2.7-3.5 亿美元(之前:3.5-4.5 亿美元),修订主要由于:1)来自合作伙伴的里程碑收入延迟至2026 年及以后;2)...

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