Core Viewpoint - Haitong International has adjusted its revenue forecasts and valuation model for Innovent Biologics (01801), expecting total revenues of 11.86 billion, 14.34 billion, and 18.09 billion RMB for 2025-2027, representing year-on-year growth of 31%, 20%, and 26% respectively [1] Group 1: Financial Performance - The company reported Q1 2025 product revenue exceeding 2.4 billion RMB, a year-on-year increase of 41% and a quarter-on-quarter increase of 13% [2] - The company is expected to turn profitable in 2025, achieving a net profit of 380 million RMB, slightly up from the previous estimate of 370 million RMB [1] Group 2: Product Development and Pipeline - The product portfolio has expanded to 15 commercialized products, with four new drugs launched in 2025: Daberanib (ROS1), Aotinib (EGFRTKI), Jebatuzumab (BTK), and Tizotumab (IGF-1R) [2] - The company anticipates the approval of additional products such as Marsduotide (GCG/GLP-1) and IBI112 (IL-23p19) within 2025, which will support revenue growth [2] Group 3: Revenue Growth Drivers - The growth in revenue is attributed to three main factors: continued growth of mature products like Daberanib (PD-1), rapid volume increase of PCSK9 monoclonal antibodies due to inclusion in the 2024 medical insurance negotiation drug list, and new products like Fluorazepine (KRASG12C), Daberanib (ROS1), and Tizotumab (IGF-1R) contributing to revenue [3] Group 4: R&D and Innovation - The company expects at least five new assets to enter global MRCT before 2030, including PD-1/IL-2α-bias and CDLN18.2ADC [4] - The company has made significant progress in its ADC platform, with IBI3020 being the first dual-load ADC targeting CEACAM5 to complete patient dosing in Phase I clinical trials, showing good anti-tumor activity and manageable safety profiles [4] Group 5: Upcoming Research Catalysts - The company has a rich pipeline of upcoming research catalysts, including updates on PD-1/IL-2 at the ASCO conference and clinical data for various ADCs and other molecules [5]
海通国际：维持信达生物“优于大市”评级 目标价62.5港元