Goldman Sachs: INNOVENT BIO had strong product sales last year, target price 102.85 yuan, recommends buying

AASTOCKS
2026.02.05 08:35

Goldman Sachs research report indicates that INNOVENT BIO (01801.HK) had product revenue of approximately RMB 3.3 billion in the fourth quarter of last year, in line with the bank's expectations, representing a year-on-year growth of 60% on a relatively low base, and flat quarter-on-quarter, which includes the negative impact of channel rebates due to price reductions in the national medical insurance drug list in 2026.

The company's new product portfolio continues to maintain growth momentum, with a quarter-on-quarter increase of 13%, offsetting the weak performance of Tyvyt. The product sales performance for the full year of 2025 is strong, with a year-on-year growth of 45% to RMB 11.9 billion, breaking the RMB 10 billion milestone for the first time, with the general biopharmaceutical business being the main growth engine.

The bank raised its earnings per share forecasts for 2025 to 2027 from RMB 0.54, RMB 1.43, and RMB 2.49 to RMB 0.62, RMB 1.74, and RMB 2.54; target price is HKD 102.85 (originally HKD 107.96), with a "Buy" rating

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