$INNOVENT BIO(01801.HK)

1. Innovent Biologics' bispecific antibody data shines, with stock price surging over 119% this year.

Innovent Biologics (01801.HK) disclosed clinical data for the PD-1/IL-2 bispecific antibody IBI363 at the 2025 ASCO annual meeting, showing outstanding performance in safety, efficacy, and long-term survival benefits, driving the stock price to a maximum increase of 119% this year, with market capitalization exceeding HKD 130 billion.

As a leader in China's biopharmaceutical innovation, Innovent Biologics secured 8 oral presentations at the ASCO conference in the first half of the year, accounting for 2% of the global total, setting a record for domestic pharmaceutical companies.

After three years of a capital winter for innovative drugs, Innovent Biologics has reached a turning point in profitability: 2024 revenue reached RMB 9.422 billion, with losses narrowing by 90% to RMB 94.63 million; Q1 2025 revenue was RMB 2.4 billion, maintaining a 41% year-on-year growth rate.

The core product Sintilimab (Tyvyt) has expanded to 8 indications, with 2024 sales reaching RMB 3.8 billion; the bevacizumab biosimilar Byvasda achieved hospital sales of RMB 1.622 billion in 2023, maintaining growth despite centralized procurement pressures.

In the non-oncology field, the PCSK9 inhibitor IBI306 was included in the national reimbursement drug list in 2024, with sales potential being favored by institutions. Institutions predict that non-oncology product revenue will surge from RMB 540 million in 2024 to RMB 3.27 billion in 2026.