昨日(8日)信达生物股价下跌约7%，对比同日恒生医疗保健指数(HSHCI)跌幅为约1.5%，该行相信是与 上周末公布的国家医保药品目录谈判结果有关，投资者感到担忧的包括礼来(LLY.US) 替尔泊肽 (Tirzepatide)糖尿病适应症获纳入医保目录，或对信达生物旗下的玛仕度肽(Mazdutide)销售潜力构成压 力;亦有投资者担心信达生物会否为使小分子抑制剂药物纳入医保目录而进行超出预期的降价。 智通财经APP获悉，摩根大通发布研报称，对礼来替尔帕肽获纳入医保目录并不完全感到意外，相信信 达生物(01801)的玛仕度肽能采取灵活的定价策略来应对，又指中国减重药物市场空间庞大，足够数款 重磅药物的发展，对信达生物给予"增持"评级，看好其产品管线涵盖肿瘤、自体免疫、代谢疾病及眼科 等多个领域，认为短中期投资者或关注资产对外授权的能力。小摩预测于2027年信达将在市面上有十多 款产品，销售额可达170亿元人民币，给予目标价110港元。 ...

Core Viewpoint - UBS reports that Innovent Biologics (01801) has six new products and a new indication for sintilimab included in the latest National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] - Innovent Biologics has officially been included in the Hang Seng Index as of today [1] - UBS maintains a "Buy" rating with a target price of HKD 137.4 [1] Group 1 - The new products targeting IGF-1R, EGFR, BTK, ROS1, KRAS G12C, and RET are expected to see rapid sales growth by 2026 [1] - The inclusion of teriparatide for diabetes in the insurance list positively impacts the upcoming launch of masitinib, expected in 2026, although price adjustments need to be monitored [1] - Inclusion in the Hang Seng Index is anticipated to enhance stock liquidity [1]

Core Viewpoint - UBS reports that Innovent Biologics (01801) has six new products and a new indication for sintilimab included in the latest National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] - Innovent Biologics has been officially included in the Hang Seng Index as of today [1] - UBS maintains a "Buy" rating with a target price of HKD 137.4 [1] Group 1 - The new products targeting IGF-1R, EGFR, BTK, ROS1, KRAS G12C, and RET are expected to see rapid sales growth by 2026 [1] - The inclusion of teriparatide for diabetes in the insurance list positively impacts the expected launch of masitinib in 2026, although price adjustments need to be monitored [1] - Inclusion in the Hang Seng Index is anticipated to further enhance liquidity for the company's stock [1]

摩根大通发表研究报告指，对礼来替尔帕肽获纳入医保目录并不完全感到意外，相信信达生物的玛仕度 肽能采取灵活的定价策略来应对，又指中国减重药物市场空间庞大，足够数款重磅药物的发展。该行对 信达生物给予"增持"评级，给予目标价110港元，看好其产品管线涵盖肿瘤、自体免疫、代谢疾病及眼 科等多个领域，认为短中期投资者或关注资产对外授权的能力。该行预测于2027年信达生物将在市面上 有十多款产品，销售额可达170亿元。 ...

Core Viewpoint - UBS reports that six new products from Innovent Biologics and the new indications for Sintilimab have been included in the updated National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025) [1] Group 1: Product Impact - UBS predicts that sales of the new products (IGF-1R, EGFR, BTK, ROS1, KRAS G12C, RET) will experience rapid growth by 2026 [1] - The inclusion of Teriparatide for diabetes indications in the insurance scheme positively impacts the market outlook for Masitinib, which is expected to launch in 2026 [1] Group 2: Market Position - Being included in the Hang Seng Index is expected to enhance the liquidity of the stock [1] - UBS sets a target price of HKD 137.4 for Innovent Biologics, maintaining a "Buy" rating [1]

Core Insights - Innovent Biologics announced that PECONDLE® (picankibart injection) achieved both primary and key secondary efficacy endpoints in the Phase 3 CLEAR-2 study for moderate-to-severe plaque psoriasis, marking it as the first China-developed IL-23p19 monoclonal antibody to receive market approval from the NMPA in November 2025 [1][11]. Study Design and Results - The CLEAR-2 study was a multicenter, randomized, double-blind, placebo-controlled Phase 3 trial involving 566 participants, focusing on the efficacy of picankibart during maintenance treatment and after withdrawal [2]. - At Week 56, 89.3% of participants in the 100 mg group and 90.1% in the 200 mg group maintained a PASI 90 response, significantly higher than the withdrawal groups [3]. - All key secondary endpoints were met, showing significant improvements in skin clearance and quality of life for participants receiving picankibart compared to those in withdrawal [4]. Efficacy and Safety - Picankibart demonstrated durable efficacy post-withdrawal, with maintenance treatment significantly reducing the risk of losing PASI 90 response compared to withdrawal groups [5]. - The safety profile of picankibart remained favorable throughout the study, with no new safety signals identified [6]. Clinical Implications - The results of the CLEAR-2 study provide critical insights into the necessity of maintenance therapy and the durability of post-withdrawal responses, offering assurance for chronic psoriasis patients [7]. - The successful Phase 3 results validate picankibart's advantages as a next-generation IL-23p19 inhibitor, emphasizing its potential for deep, durable remission and improved quality of life for patients [8]. Background on Psoriasis and Treatment - Psoriasis is a chronic inflammatory disease affecting a significant portion of the population, with moderate-to-severe cases representing nearly 30% of patients [9]. - Current systemic treatments in China include various agents, with biologics, particularly IL-23 inhibitors, gaining prominence due to their efficacy and safety [9]. About PECONDLE® - PECONDLE® is a monoclonal antibody developed by Innovent that targets the IL-23p19 subunit, offering a potential treatment option for psoriasis and other autoimmune diseases [10]. - The product has received approval for treating moderate-to-severe plaque psoriasis in adult patients who are candidates for systemic therapy, with ongoing studies exploring additional indications [11]. Company Overview - Innovent Biologics, founded in 2011, focuses on developing high-quality biopharmaceuticals for various diseases, including cancer and autoimmune disorders, and has launched 17 products to date [12][13].

每经AI快讯，信达生物(01801.HK)跌逾5%，截至发稿跌5.43%，报87港元，成交额18.6亿港元。 ...

Core Viewpoint - The stock of Innovent Biologics (01801) has experienced a significant decline of over 6%, currently trading at 87 HKD with a transaction volume of 1.86 billion HKD, despite the inclusion of seven innovative products in the new medical insurance directory [1] Group 1: Product Developments - Innovent Biologics has successfully included seven innovative products, including the PD-1 inhibitor Tyvyt (sintilimab injection), in the new medical insurance directory, expanding the indications for mature products [1] - With the recent addition of indications, Tyvyt now has all eight approved indications covered by medical insurance [1] - The new drugs included in the directory target areas such as oncology and chronic diseases [1] Group 2: Financial Transactions - Innovent Biologics has completed a share issuance to Takeda Pharmaceutical, issuing 6.9138 million shares, which accounts for approximately 0.4% of the total issued share capital, raising nearly 780 million HKD in net proceeds [1] - There have been significant large transactions in the market, involving approximately 13.0734 million shares at an average price of 92 HKD per share, totaling over 1.2 billion HKD [1]

Core Viewpoint - The stock of Innovent Biologics (01801) has experienced a significant decline of over 6%, currently trading at 87 HKD with a transaction volume of 1.86 billion HKD, despite the inclusion of seven innovative products in the new medical insurance directory [1] Group 1: Product Developments - Innovent Biologics has successfully included seven innovative products, including the PD-1 inhibitor Tyvyt (sintilimab injection), in the new medical insurance directory, expanding the indications for mature products [1] - With the recent additions, all eight approved indications for Tyvyt are now covered by medical insurance, which may enhance market access and patient affordability [1] Group 2: Financial Transactions - The company has completed a share issuance to Takeda Pharmaceutical, issuing 6.9138 million shares, which represents approximately 0.4% of the total issued share capital, raising nearly 780 million HKD in net proceeds [1] - There have been significant large transactions in the market, involving approximately 13.0734 million shares at an average price of 92 HKD per share, totaling over 1.2 billion HKD [1]

Core Viewpoint - The company, Innovent Biologics (01801), has successfully included seven innovative products in the new National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List (2025), enhancing patient accessibility and affordability for critical diseases in China [1] Group 1: Product Inclusion - Seven innovative drugs have been added to the updated National Medical Insurance Drug List, effective January 1, 2026 [1] - The included products are: - Daboshu (Sintilimab injection, anti-PD-1 monoclonal antibody) with new indications - Xinbimin (Tremelimumab N01 injection, anti-IGF-1R monoclonal antibody) - Aoyixin (Leratinib tablets, EGFR TKI) - Dabotai (Fuzuloparib tablets, KRAS G12C inhibitor) - Dabolet (Entrectinib capsules, ROS1 TKI) - Ruituo (Sepantronium capsules, RET inhibitor) - Jiepalin (Pirtobrutinib tablets, BTK inhibitor) [1] Group 2: Impact on Patients - The inclusion of these drugs covers significant diseases such as lung cancer, liver cancer, gastric cancer, esophageal cancer, gynecological tumors, hematological tumors, as well as cardiovascular and metabolic diseases [1] - The company aims to enhance the accessibility and affordability of medications for patients, aligning with its mission to develop high-quality biologics that are affordable for the public [1] Group 3: Commitment to Patients - The company is committed to a patient-centered approach and will actively cooperate with medical insurance policies to ensure the effective implementation of these drugs across various regions [1] - The goal is to expedite the availability of high-quality medications to more patients and families [1]