Goldman Sachs has raised its earnings per share forecasts for Innovent Bio (01801) for 2026 to 2028 to 1.42 yuan, 3.11 yuan, and 4.19 yuan respectively, reflecting stronger-than-expected first-quarter sales. The bank has also lifted its target price slightly from HK$104.61 to HK$105.94, while reiterating a Buy rating. In the first quarter of this year, Innovent Bio reported product revenue exceeding 3.8 billion yuan, representing a year-on-year increase of over 50%, surpassing the bank's estimate of approximately 3.5 billion yuan. This robust growth was primarily driven by the expansion of its product portfolio, including treatments such as mazdutide, as well as products newly included in the National Reimbursement Drug List. The report highlighted that two key data releases in June are expected to draw significant market attention. These include more detailed early-stage clinical data for the oral small-molecule GLP-1 drug IBI3032, which is anticipated to be presented at the ADA conference. Management has previously indicated that this molecule achieved a 10% weight reduction within four weeks, suggesting best-in-class potential. Additionally, data for IBI363, a PD-1/IL-2b biased bispecific antibody, will be a focus at the American Society of Clinical Oncology (ASCO) meeting, particularly the first presentation of Phase II clinical data for first-line non-small cell lung cancer.
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