智通财经APP获悉，摩根大通发布研报称，首次覆盖翰森制药(03692)H股予“增持”评级，以现金流折现率计，目标价43港元。小摩表示，翰森近年已转型为创新驱动的领导者，创新产品销售贡献从2020年的18%激增至2024年的77%，年均复合成长率达57%; 认为翰森是中国生物制药公司中最具优势的企业之一，可受益于授权合作趋势。
小摩表示，翰森制药的支撑因素包括：坚定的研发承诺，依托其强大的商业化产品组合; 涵盖肿瘤学、免疫学、心血管代谢和神经学的多元化产品线; 与跨国公司成功合作的往绩。 小摩预期，翰森制药创新药销售及授权收入，将推动至2030年收入及净利年均复合成长率分别达12%及15%。
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