Obtains China rights of abemaciclib (CDK4/6i) Quick Note

研报英文原文证据摘录

Obtains China rights of abemaciclib (CDK4/6i) Quick Note

Global Markets Research

Innovent 1801.HK 1801 HK 1 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingObtains China rights of abemaciclib (CDK4/6i) Remains Buy

Target price HKD 114.64 RemainsQuick Note

Closing price

30 June 2026 HKD 79.60What is new? Obtained China commercial rights of the CDK4/6 drug from Eli Lilly

(LLY US, not rated)

On 30 June, Innovent announced that it has entered into a collaboration agreement with

Eli Lilly, and the former would obtain the China commercial rights of abemaciclib (唯泽, Research Analysts

Verzenio) from the latter. China Health Care &

Abemaciclib is a CDK4/6 inhibitor that indicates for several breast cancer forms. According Pharmaceuticals

to Eli Lilly, this drug generated global sales of USD5.7bn/1.3bn in FY25/1Q26, up 8%/12% Jialin Zhang, CFA, CPA - NIHK

y-y. According to Pharmacube, a data provider, sales of this drug from sample hospitals in jialin.zhang@nomura.com

+852 2252 6134China were worth CNY984mn/279mn for the same period, up 3%/11% y-y, equivalent to

41%/37% market share of the CDK inhibitors category.

Our take: a mature drug that enriches Innovent’s product matrix and would help it

achieve its CNY20bn of product sales target in FY27E

This is also the eighth collaboration deal between these two companies. Innovent will be

responsible for import, commercialization and distribution while Eli Lilly will maintain

manufacturing and supply of the drug. No other details were provided, but we think

Innovent would recognize the sales of this drug fully into its P/L while record a lower

margin of this drug (compared to its own drugs) due to the profit sharing with Eli Lilly.

On one hand, we think this collaboration suggests Eli Lilly would prioritize its new drugs