First Read: Innovent Biologics Inc "2026 ADA Take Two: Promising..."

研报英文原文证据摘录

First Read: Innovent Biologics Inc "2026 ADA Take Two: Promising..."

Global Research

9 June 2026ab

First Read

EquitiesInnovent Biologics Inc

2026 ADA Take Two: Promising preclinical data China

for weekly oral GLP-1 and INHBE siRNA; to enter Biotechnology

12-month rating Buy

clinical trials in 2026

12m price target HK$124.00

Mazdutide sales on track amid concerns over tightening policies Price (09 Jun 2026) HK$73.15

Following our recent update on mazdutide (GLP-1/GCG) clinical data, daily oral GLP- RIC: 1801.HK BBG: 1801 HK

1RA (IBI3032) preclinical and first-in-human data, as well as next-gen amylin analogue

(IBI3040), preclinical data in our Take One report, we also highlight the encouraging Trading data and key metrics

preclinical data at the 2026 ADA for two more next-gen metabolic candidates including 52-wk range HK$107.00-73.15

a weekly oral GLP-1 (IBI3042) and an INHBE siRNA (IBI3046). Recall that at our 2026 AIC, Market cap. HK$121b/US$15.4b

to address recent investor concerns on the tightening of GLP-1 prescription controls, Shares o/s 1,652m (ORD)

Innovent noted this is not a new policy, but rather a reiteration of off-label use Free float 73%

management. Mgmt stressed there is no impact on mazdutide sales and reiterated its Avg. daily volume ('000) 12,966

2027 sales target of Rmb5bn. Avg. daily value (m) HK$1,093

Common s/h equity (12/25E) Rmb19.4b

Weekly oral GLP-1 (IBI3042): potent weight-loss efficacy in preclinical models P/BV (12/25E) 5.9x

IBI3042 is a potential global first-in-class, once-weekly oral small-molecule GLP-1 Net debt to EBITDA (12/25E) NM

receptor agonist that is scheduled to enter first-in-human clinical trials in 2026. In diet-

induced obese (DIO) mice with humanized GLP-1 receptor knock-in, weekly oral GLP-1 EPS (UBS, diluted) (Rmb)