INNOVENT BIO has delivered another period of strong financial performance, with total revenue for the first half of 2026 reaching RMB 8.618 billion, a year-on-year increase of 44.8%. Product revenue contributed RMB 8.201 billion, up 56.7% from the prior corresponding period, while IFRS net profit climbed 50.2% to RMB 1.253 billion, reflecting sustained operational efficiency gains across the business.
Revenue growth during the period was driven jointly by the oncology franchise and the broader integrated product portfolio. Over the past ten months, the company has entered into multiple strategic collaborations with Takeda, Eli Lilly, and Pfizer, covering more than 20 pipeline assets with a combined potential value of approximately USD 34 billion. Research and development expenses for 2026H1 stood at RMB 1.684 billion, representing an R&D expense ratio of 19.54%, up 2.59 percentage points year-on-year. Selling and marketing expenses reached RMB 3.236 billion, corresponding to a sales expense ratio of 37.55%, down 2.35 percentage points, while administrative and other expenses totalled RMB 494 million, bringing the administrative expense ratio to 5.73%, a reduction of 1.70 percentage points.
As of June 30, 2026, the company's commercial portfolio has expanded to 20 marketed products, with 13 included in the National Reimbursement Drug List. In the oncology segment, two additional commercial products were launched, while seven innovative products or new indications, including those for Tyvyt, were successfully added to the updated NRDL. Updated data presented at ASCO 2026 for IBI363, a PD-1/IL-2 alpha-bias bispecific antibody being developed with Takeda, demonstrated meaningful long-tail benefit in second-line or IO-resistant non-small cell lung cancer patients, with nearly half of patients surviving beyond 24 months. The global multi-center Phase III study, MarsLight-11, is ongoing for IO-resistant squamous NSCLC, with plans to extend into non-squamous disease. A Phase III study in late-line colorectal cancer has been initiated in China, and a pivotal Phase II study in IO-naive melanoma is expected to support an NDA submission between late 2026 and early 2027.
Within the broader oncology pipeline, the NDA for IBI343, a CLDN 18.2 ADC, in third-line gastric cancer has been accepted and granted priority review. The China pivotal study of IBI3003, a GPRC5D/BCMA/CD3 trispecific antibody, for second-to-fifth-line relapsed or refractory multiple myeloma has completed first-patient dosing, while a proof-of-concept study in first-line MM has also commenced. Two pivotal Phase III studies for IBI354, a HER2 ADC, are progressing in platinum-resistant ovarian cancer and first-line HER2-positive breast cancer.
The integrated product line is accelerating its commercial ramp-up, with Mazdutide, Tafolecimab, Teprotumumab, and Pikankimab emerging as new revenue growth drivers. For the oral small-molecule GLP-1 receptor agonist once-daily formulation IBI3032, average weight loss of 10.11% was observed at four weeks, with a Phase II study planned before the end of 2026. The once-weekly oral small-molecule GLP-1 IBI3042 and the INHBE siRNA candidate IBI3046 are expected to enter clinical development by year-end. IBI324, a VEGF-A/ANG-2 bispecific, has demonstrated superiority over Faricimab in a head-to-head study in patients with diabetic macular edema and neovascular age-related macular degeneration, with global registration trials expected to start in the second half of 2026.
Risk factors include the potential for weaker-than-expected product sales, delays in R&D or regulatory approval timelines, setbacks in global partnership execution, and adverse changes in industry policy or intensifying market competition.
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