汇丰:首予再生元制药(REGN.US)“买入”评级 看好Eylea HD放量及肿瘤管线多点催化

智通财经
Nov 25, 2025

智通财经APP获悉,汇丰银行发表研报,首次覆盖再生元制药(REGN.US),并给予 “买入” 评级,目标价为890美元,核心依据包括其药物Eylea HD(aflibercept)明年销售额的增长潜力,以及研发管线中多项癌症疗法的积极催化。

分析师Yifeng Liu指出,尽管Eylea HD目前的市场渗透速度未达预期,但“与Eylea HD相关的监管风险有望在短期内得到解决,这将为2026年药物加速普及和渗透率提升奠定基础”。

在肿瘤研发管线方面,该分析师重点提及了2026年上半年将公布的双免疫疗法LAG-3抗体fianlimab与PD-1抑制剂Libtayo(cemiplimab)的临床数据,该方案将以默沙东(MRK.US)的明星药物Keytruda作为对照参照。

此外,该联合疗法用于黑色素瘤辅助治疗的III期临床数据可能于明年公布。而针对一线转移性黑色素瘤的固定剂量组合III期试验预计将于2027年完成,其对照药物为施贵宝(BMY.US)的Opdualag(nivolumab与relatlimab组合)。

财务预测方面,汇丰预计再生元2026年调整后摊薄每股收益(EPS)为43.48美元,高于市场普遍预期的42.98美元。

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