First Read: InnoCare Pharma "Healthcare virtual tour takeaways: Q226 could..."

研报英文原文证据摘录

First Read: InnoCare Pharma "Healthcare virtual tour takeaways: Q226 could..."

Global Research

30 June 2026ab

First Read

EquitiesInnoCare Pharma

Healthcare virtual tour takeaways: Q226 could China

be another beat Biotechnology

12-month rating Buy

12m price target HK$21.40

Mgmt confident on Q2 sales despite in a tightening policy environment

We hosted InnoCare management at our healthcare virtual tour (register here for

the meetings on 2-3 July). With Q226 results to be released on 24 August, the Price (30 Jun 2026) HK$11.86

company is confident that product sales will deliver another beat versus its previous RIC: 9969.HK BBG: 9969 HK

2026 guidance (orelabrutinib sales up 30% YoY and total product sales up 35% YoY).

Trading data and key metrics

The company noted that tightening promotion policies in China have not had an impact

on InnoCare, given strong patient demand, and that sales growth is mainly driven by 52-wk range HK$20.00-10.02

orelabrutinib’s MZL and 1L CLL/SLL indications, followed by the commercialization of Market cap. HK$20.9b/US$2.67b

tafasitamab and zurletrectinib. With the intention of negotiating zurletrectinib for the Shares o/s 1,765m (ORD)

upcoming NRDL 2026, InnoCare has so far kept tafasitamab sales in the out-of-pocket Free float 35%

market and is exploring localisation of its production. With the company’s oral IL-17 Avg. daily volume ('000) 8,759

program having enrolled its first patient, mgmt expects cUS$20m licensing milestone Avg. daily value (m) HK$113.6

income in Q2, with full-year BD income of about US$80m-90m. Common s/h equity (12/26E) Rmb9.11b

P/BV (12/26E) 2.0x

BCL-2 is a focus; management positive on potential partnership Net debt to EBITDA (12/26E) NM

We note that mesutoclax (BCL-2) is the current market focus, and management is