Goldman Sachs Slightly Raises Innocare Target to HK$19.93 on Strong Q4 Sales of Orelabrutinib

Stock News03-30

Goldman Sachs has issued a research report noting that INNOCARE (09969) reported sales of Orelabrutinib reaching RMB 390 million in the fourth quarter of last year, a 27% year-on-year increase. Full-year 2025 sales grew 41% annually, aligning with the company's previous guidance. Due to recognized collaboration revenue of approximately RMB 837 million in the fourth quarter, the company achieved profitability in 2025, two years ahead of projections. The firm maintains a "Buy" rating on INNOCARE's H-shares and has slightly increased the target price from HK$19.91 to HK$19.93. The report cited management as stating that even without new business development deals, the company remains confident in sustaining profitability for 2026-2027. They emphasized that after reaching the breakeven milestone in 2025, operational leverage has improved and the profit structure has become more robust. Based on INNOCARE's latest results, Goldman Sachs has lowered its net profit forecasts for fiscal years 2026 to 2028 by RMB 29 million, RMB 63 million, and RMB 70 million, respectively, reflecting increased R&D expenses due to the expansion of technology platforms.

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