First Read: Innovent Biologics Inc "Healthcare virtual tour takeaways:..."

研报英文原文证据摘录

First Read: Innovent Biologics Inc "Healthcare virtual tour takeaways:..."

Global Research

2 July 2026ab

First Read

EquitiesInnovent Biologics Inc

Healthcare virtual tour takeaways: Intact Q2 China

sales momentum with R&D well on track Biotechnology

12-month rating Buy

12m price target HK$124.10

Q2 sales momentum intact; mazdutide sales constructive

Prior : HK$124.00

We hosted Innovent at our Healthcare Virtual Tour (register for the meetings on 3

July). Following strong Q1 product sales, management indicated that Q2 momentum Price (02 Jul 2026) HK$85.35

remained solid. The company has not observed meaningful sales disruption from anti- RIC: 1801.HK BBG: 1801 HK

corruption activity, framing it as the new normal rather than a new shock, supported by

Trading data and key metrics

high unmet demand of its innovative portfolio. On GLP-1, Innovent sounded

comfortable with online channel tightening, noting that the recent 618 campaign 52-wk range HK$107.00-72.95

showed healthy demand across the class. While low pricing from peer GLP-1/GIP could Market cap. HK$148b/US$18.9b

pressure semaglutide generics, mazdutide saw a chance if NRDL inclusion proceeds, Shares o/s 1,738m (ORD)

given that the market remains at an early stage, most patients are treatment-naïve, and Free float 73%

category growth should matter more than share shifts. Mgmt believes 2027 presents an Avg. daily volume ('000) 13,083

opportunity, as most dual-target followers are likely to remain outside the NRDL. Avg. daily value (m) HK$1,077.7

Common s/h equity (12/26E) Rmb21.3b

R&D progress broadly on track for key candidates P/BV (12/26E) 6.0x

Innovent highlighted three late-stage assets as important value drivers, with IBI363 (PD- Net debt to EBITDA (12/26E) NM

1/IL-2a) remaining the most watched.