【券商聚焦】招银国际维持百济神州(06160)美股“买入”评级指其盈利能力持续改善

金吾财讯

Nov 10, 2025

金吾财讯 | 招银国际研报指，百济神州(06160)凭借强劲的销售增长趋势和不断优化的成本效率，持续提升盈利能力。该机构认为，泽布替尼（Zanu）在全球120亿美元的CLL市场中，凭借新患者处方驱动，具备显著的市场份额提升空间。Zanu 与Sonrotoclax组合的一线CLL固定疗程方案，以及在BTK耐药CLL中的BTK CDAC方案的持续推进，有望进一步巩固百济神州在血液肿瘤领域的领先地位。该机构维持对百济神州的“买入”评级，目标价上调至392.43美元。

该机构提到，公司盈利能力持续改善，运营杠杆带动利润扩张。继1Q25实现公司历史上首个GAAP净利润（100万美元）后，百济神州在3Q25净利润增长至1.25亿美元，得益于强劲的收入增长和GAAP层面的运营杠杆改善。运营效率持续提升，销售与管理费用（SG&A）占产品销售比重降至37.9%（2Q25为41.3%，FY24为48.5%），研发费用占比也下降至37.5%（2Q25为40.3%，FY24为51.7%）。公司维持2025财年收入指引上限为53亿美元不变，而我们预计将超出预期，对FY25收入预测为54.4亿美元，全年净利润预期为3.72亿美元。

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