Citigroup: Sinopharm (01801.HK) recorded strong product revenue growth in the first half of the year and reaffirms "Buy" rating.

According to the Zhitong Finance APP, Citibank has released a research report stating that Innovent Biologics (01801.HK) announced that 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 alone, product revenue exceeded 4.3 billion RMB, with a year-on-year increase of approximately 60%, outperforming market expectations. The growth momentum comes from the "dual-engine" strategy, with a comprehensive product line maintaining strong growth. Core products, such as Elunate (surufatinib injection), Tyvyt (toripalimab injection), and Xinfu (abatacept N01 injection) have performed excellently and have become significant drivers of revenue growth. In the oncology field, the market penetration rate of five newly included tyrosine kinase inhibitors in the national medical insurance catalog continues to rise. Additionally, the company successfully expands the use of (abemaciclib tablets) to the breast cancer treatment domain in collaboration with Eli Lilly. Citibank believes Innovent Biologics is one of the top picks in China's biotech sector, reaffirming a "Buy" rating with a target price of 115 HKD.