Goldman Sachs: INNOVENT BIO's quarterly revenue beats expectations, raising target price to HKD 66.03

Innovent Biologics achieved total product revenue of over 2.3 billion yuan in the third quarter, a year-on-year increase of more than 40%. Goldman Sachs published a report stating that Innovent Biologics' third-quarter revenue exceeded the bank's expectations, raising the 12-month target price from the previous HKD 65.81 to HKD 66.03, maintaining a "Buy" rating. Goldman Sachs noted that Innovent Biologics maintained strong sales performance over the past few quarters amid ongoing anti-corruption efforts across the industry. With accelerated growth quarter-on-quarter, Daberhu became the main growth driver in the third quarter, further solidifying its strong market leadership position. With the new launch of Dupert®, the approved product group expanded to 11, and Goldman Sachs expects this wave of new approvals to continue driving product sales. The report also mentioned that Innovent's stock price experienced high volatility following the news of its subsidiary Fortvita's early trading. Management positioned Fortvita as a platform for future global expansion, with the aim of demonstrating senior management's commitment to early-stage assets. While going global remains a key theme for investors, the bank observed that investors' primary focus is on the limited visibility of Fortvita within the current portfolio