Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, marking the seventh partnership between the two companies [1][2] Group 1: Partnership Details - The collaboration involves Innovent Biologics and its subsidiaries, including Fortvita Biologics, and Eli Lilly, focusing on the global development of innovative drugs [1] - Innovent will lead the projects from drug discovery to clinical concept verification in China, while Eli Lilly will have exclusive development and commercialization rights outside Greater China [1] Group 2: Financial Aspects - Innovent will receive an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future achievements [2] - The company will also earn a tiered sales share from net sales of each product outside Greater China [2] Group 3: Innovation Ecosystem - This partnership breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates Innovent's drug discovery and early development capabilities with Eli Lilly's extensive global presence [2] - The collaboration reinforces Innovent's core R&D capabilities and aims to accelerate the translation of scientific discoveries into impactful medical solutions for global patients [2]

Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly to advance the global development of innovative drugs in the oncology and immunology fields, which includes significant financial incentives and revenue-sharing opportunities [1] Group 1: Strategic Collaboration - The company, along with its subsidiaries, has formed a partnership with Eli Lilly to enhance drug development in oncology and immunology [1] - The agreement includes an upfront payment of $350 million to the company [1] - The company is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1] Group 2: Revenue Sharing - The company will have the right to receive a tiered sales share from net sales outside of Greater China for each product developed under this collaboration [1]

Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly to advance global research and development of innovative drugs in the oncology and immunology fields, which includes significant financial incentives and revenue-sharing opportunities [1] Group 1: Financial Terms - The company will receive an upfront payment of $350 million as part of the agreement [1] - The company is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1] - The company will also have the right to receive a tiered sales share based on net sales outside of Greater China for each product [1]

Core Viewpoint - The collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, marking their seventh partnership and enhancing their long-term relationship [1][2]. Group 1: Strategic Collaboration - Innovent Biologics, along with its subsidiaries, has entered into a strategic collaboration with Eli Lilly to promote global R&D of innovative drugs in oncology and immunology [1]. - The agreement allows Innovent to leverage its mature antibody technology platform and efficient clinical capabilities to lead projects from drug discovery to clinical concept validation in China [1][2]. - Eli Lilly will obtain exclusive global development and commercialization rights for the projects outside Greater China, while Innovent retains all rights within Greater China [1]. Group 2: Financial Terms - Innovent will receive an upfront payment of $350 million, with the potential to earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [2]. - The company will also be entitled to a tiered sales share based on net sales of each product outside Greater China [2]. Group 3: Innovation Ecosystem - This collaboration breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates Innovent's flexible drug discovery and early development capabilities with Eli Lilly's extensive global presence [2]. - The partnership underscores Innovent's core R&D strength and aims to accelerate the translation of scientific discoveries into impactful medical solutions for global patients [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1801） 內幕消息公告 與禮來製藥達成全球戰略合作 推進腫瘤及免疫領域的新藥開發 信達生物製藥 INNOVENT BIOLOGICS, INC. 本公告由信達生物製藥（「本公司」及「信達」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部作 出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司連同其附屬公司信達生物 製藥（蘇州）有限公司、Fortvita Biologics (Singapore) Pte. Ltd, Fortvita Biologics Inc.及Fortvita Biologics (USA), Inc.與禮來公司（「禮來」）達成戰略合作，攜手推 進腫瘤及免疫領域創新藥物的全球研發。本次協議為雙方第七次合作，進一步深 化了雙方長期且富有成效的合作夥伴關係，攜手為 ...

Core Insights - Innovent Biologics has announced a strategic collaboration with Eli Lilly to advance novel medicines in oncology and immunology, marking their seventh partnership and enhancing their long-term relationship [1][2] Collaboration Details - The collaboration will leverage the complementary strengths of both companies to accelerate the global development of new medicines, with Innovent leading the development in China and Lilly obtaining exclusive rights outside Greater China [2] - Innovent will receive a $350 million upfront payment and could earn up to approximately $8.5 billion in milestone payments based on future achievements, along with tiered royalties on net sales outside Greater China [3] Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, having launched 16 products and currently having multiple assets in different stages of clinical trials [4] - The company partners with over 30 global healthcare firms, including Eli Lilly, to enhance its research and development capabilities [4]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1.233667 million shares at a price of 78.6975 HKD per share, totaling approximately 97.0865 million HKD [1][3] - After the increase, Morgan Stanley's total shareholding in Innovent Biologics is approximately 87.9149 million shares, representing a stake of 5.06% [1][3]

Core Viewpoint - The company is expected to achieve a product revenue of approximately 11.9 billion yuan in 2025, maintaining a strong year-on-year growth rate of about 45% [1] - In Q4, the company achieved a product revenue of around 3.3 billion yuan, with a year-on-year increase of over 60%, validating its strong product competitiveness and commercialization system [1] - The growth is driven by the sustained performance of existing products and rapid market entry of new products, with significant contributions from non-oncology areas [1] Event Summary - On February 4, the company announced its product revenue for 2025, projecting around 11.9 billion yuan for the year and approximately 3.3 billion yuan for Q4 [1] - The Q4 revenue was influenced by the inclusion of six new drugs in the national medical insurance catalog, which led to a one-time inventory adjustment [1] Business Performance - The company has expanded its oncology pipeline to 13 products, demonstrating increasing synergy effects [2] - The successful expansion into chronic disease areas has resulted in outstanding achievements, showcasing strong growth potential across its product line [2] - Key growth drivers include products like Sintilimab, Orelabrutinib, and Lembozole, along with rapid market entry of new products such as Masitinib and Tolebrutinib [1][2] Future Outlook - The company is expected to continue leveraging its core advantages and strategic foresight to drive development across multiple disease areas, aiming to become a leading global biopharmaceutical company [2] - The company has 17 commercialized drugs, with one product under NMPA review and four new drug candidates in Phase III or critical clinical studies, alongside 15 other candidates in clinical research [2] Financial Projections - The company is projected to achieve revenues of 11.968 billion yuan, 22.804 billion yuan, and 26.572 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 0.886 billion yuan, 6.679 billion yuan, and 8.004 billion yuan [2] - Following a significant global strategic partnership with Takeda, the company retains 40% rights in the U.S. for IBI363, which is expected to enhance its internationalization efforts [2]

Core Viewpoint - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 revenue expected to reach around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with expectations [1] Group 1: Revenue Growth and Product Expansion - The company's product revenue is set to surpass 10 billion yuan for the first time, driven by innovative products [1] - By 2025, the company's oncology product portfolio has expanded to 13 products, with the revenue from the drug Sintilimab expected to be 551 million USD, reflecting a year-on-year growth of approximately 5% [1] - Several potential blockbuster products are anticipated to be approved for market launch in 2025, including Masitinib, Tislelizumab, and Pidilizumab, which are expected to contribute significantly to the company's revenue growth [1] Group 2: New Products and Future Performance - Seven products, including Sintilimab and Tislelizumab, have been added to the national medical insurance directory for 2025, effective from 2026, indicating clear performance drivers for 2026 [2] - The company is expected to focus on the continuous development of innovative molecules like IBI363 and its internationalization process in 2026, with a significant collaboration with Takeda worth 10 billion USD announced in October 2025 [2] - The completion of the collaboration and share transfer with Takeda is anticipated to significantly enhance profits in 2026 [2] Group 3: Profit Forecast and Valuation - The revenue forecast for 2025 has been raised by 5.0% to 12.6 billion yuan, while the net profit forecast for 2026 has been increased by 274% to 6.68 billion yuan, with a new forecast for 2027 net profit set at 4.14 billion yuan [2] - The company maintains an outperform rating, with a target price of 118.3 HKD, indicating a potential upside of 48.06% from the current stock price [2]

Group 1 - Morgan Stanley increased its stake in Innovent Biologics (01801) by 1,233,667 shares at a price of HKD 78.6975 per share, totaling approximately HKD 97.0865 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 87,914,900, representing a holding percentage of 5.06% [1]