交银国际发表研报指，先声药业2025年收入和经调整净利润分别按年增长16.5%和27.1%，分别达77.3亿和12.8亿元，剔除授权许可收入后的产品收入增速为9.5%。管理层预计，2026年将有IL-4R和流感药两款新品获批上市、叠加与BI的合作4200万欧元首付款确认收入，驱动收入和经调整净利润达到100亿和16亿元左右，对应约30%的增速。公司围绕新毒素ADC、TCE、下一代I/O、自免PROTAC、长效抗体、透脑药物等前沿领域快速拓展管线，未来每年将推进9至12项新IND和I期临床，并有机会产生更多商务拓展(BD)出海机会。该行将其目标价上调至17.7港元，维持“买入”评级及行业重点推荐。
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