Company Coverage
Innovent Biologics Inc (1801 HK): 1H26: Results Beat; Set New Revenue Target Of Rmb35b-40b By 2030
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$100.10
HK$132.00
31.9%
HK$112.00
Analyst
Carol Dou carol.dou@uobkh.com + 852 22366749
Carol Dou carol.dou@uobkh.com + 852 22366749Carol Dou carol.dou@uobkh.com + 852 22366749
Analyst
Highlights
- Innovent’s 1H26 results beat estimates with total revenue rising 44.8% yoy to Rmb8.62b and product revenue surging 56.7% yoy to Rmb8.20b, and adjusted net profit surged by 40.5% yoy to Rmb1.70b, nearly matching the entire 2025 total.
- With sustained fast growth ahead, Innovent is on track to hit its Rmb20b 2027 revenue target and has raised its 2030 goal to Rmb35b-40b. It aims to become a global premier pharmaceutical company in the next 5-10 years.
- Maintain BUY, raise target price to HK$132.00.

Analysis
- Strong 1H26 results, with revenue up 44.8% yoy and adjusted net profit up 40.5% yoy. Innovent Biologics Inc’s (Innovent) 1H26 total revenue rose
44.8% yoy to Rmb8.62b and product revenue 56.7% yoy to Rmb8.20b. Net profit rose 50.2% yoy to Rmb1.25b and adjusted net profit surged 40.5% yoy to Rmb1.70b, nearly matching the entire 2025 total.

Highlights
- Innovent’s 1H26 results beat estimates with total revenue rising 44.8% yoy to Rmb8.62b and product revenue surging 56.7% yoy to Rmb8.20b, and adjusted net profit surged by 40.5% yoy to Rmb1.70b, nearly matching the entire 2025 total.
- With sustained fast growth ahead, Innovent is on track to hit its Rmb20b 2027 revenue target and has raised its 2030 goal to Rmb35b-40b. It aims to become a global premier pharmaceutical company in the next 5-10 years.
- Maintain BUY, raise target price to HK$132.00.

Analysis
- Strong 1H26 results, with revenue up 44.8% yoy and adjusted net profit up 40.5% yoy. Innovent Biologics Inc’s (Innovent) 1H26 total revenue rose
44.8% yoy to Rmb8.62b and product revenue 56.7% yoy to Rmb8.20b. Net profit rose 50.2% yoy to Rmb1.25b and adjusted net profit surged 40.5% yoy to Rmb1.70b, nearly matching the entire 2025 total.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$100.10
HK$132.00
31.9%
HK$112.00
Analyst
Carol Dou carol.dou@uobkh.com + 852 22366749
Carol Dou carol.dou@uobkh.com + 852 22366749Carol Dou carol.dou@uobkh.com + 852 22366749
Analyst
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