Citi: INNOVENT BIO (01801) reported strong revenue growth in the first half of the year, reiterating a Buy rating.
Citi considers Innovent Biologics to be one of the top picks in China's biotechnology sector, reiterating a "Buy" rating with a price target of HKD 115.
Citigroup released a research report stating that INNOVENT BIO (01801) announced its product revenue for the first half of 2026 exceeded 8.2 billion RMB, a year-on-year increase of over 55%. In the second quarter, product revenue exceeded 4.3 billion RMB, representing an approximate 60% year-on-year growth, outperforming market expectations. The growth momentum comes from the "dual-engine" strategy, with a comprehensive product line maintaining strong growth. Core products, such as Xinermet (Marsutide injection), Xinbilu (Tolezumab injection), and Xinbimin (Tezobulimab N01 injection), have performed exceptionally well, becoming significant drivers of revenue growth. In the oncology sector, the market penetration of five newly listed tyrosine kinase inhibitors in the national medical insurance catalog continues to rise. At the same time, the company has successfully expanded its collaboration with Eli Lilly for Verzenio (Abemaciclib tablets) into the breast cancer treatment area. Citigroup believes that INNOVENT BIO is one of the top picks in China's biotech sector, reiterating a "buy" rating with a target price of HKD 115.
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