高盛上调百时美施贵宝(BMY.US)目标价至57美元,强调其风险回报平衡

智通财经
Dec 31, 2025

智通财经APP获悉,高盛把百时美施贵宝(BMY.US)目标价从 51 美元上调至 57 美元,评级维持“中性”。该行表示,百时美施贵宝在风险与回报之间展现出一种审慎权衡的平衡:股息率 4.6%,派息率约 85%,即便压力增大,仍留有一定空间支撑股息。

当前,专利悬崖风险已成市场共识。为应对挑战,管理层通过系列收购强化研发管线,并将风险分散至更多靶点市场——此策略虽非“万能解药”,却在关键节点夯实了企业抗风险能力,通过多元化布局提升战略纵深,为穿越行业周期提供了更坚实的支撑。

百时美施贵宝专注于心血管、免疫与肿瘤药物的研发与商业化,其产品线被划分为两类:

- “增长”药物仍有数年专利护航;

- “传统”产品则濒临或已失去专利独占。

两大阵营均有重磅品种坐镇:增长阵营由抗癌药Opdivo领衔,传统阵营则由Eliquis撑盘,尽管后者面临日益激烈的竞争压力。近期,增量重任主要落在增长类药物肩上——第三季度该板块销售额同比增长18%,达69亿美元,不仅抵消了传统产品12%的同比下滑,更推动公司总收入增长3%至122亿美元。

据了解,百时美施贵宝继续定位为一家全球性生物制药公司,致力于发现、开发和交付创新药物,服务重症患者。

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