智通财经APP获悉，中信里昂发布研报称，翰森制药$(03692)$2025年下半年业绩强劲，高于市场预期。基于估值基准置换，维持翰森制药“优于大市”评级，但将目标价由43.1港元下调至40港元，减幅7.2%。
该行指出，公司预计产品销售及合作项目收入均将实现双位数增长。展望未来，预计创新药增长及授权收入将继续成为公司2026年的主要增长动力。该行认为，今年将是公司“丰收年”，多个临床试验将有重要数据公布，而多个新药申请有望加快从管线价值向盈利前景转化。
该行将公司2026至28年纯利预测下调6%至12%，以反映授权收入趋于稳定及研发支出增加，因公司将于同期启动更多三期临床试验。该行预测，公司于2026、27、28年收入增长分别为14%、10%、14%，净利润增长分别为9%、12%、16%。
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