Core Insights - The report from JPMorgan highlights that external licensing has become one of the most significant driving forces in the domestic biopharmaceutical industry this year [1] - The firm identifies Innovent Biologics as the most capable company to benefit from this trend among those covered by the bank [1] Company Summary - Innovent Biologics has a strong product pipeline that includes assets in oncology, cardiovascular, autoimmune, and ophthalmology, creating a diversified portfolio of early and late-stage assets [1] - The company is expected to continue achieving external licensing deals in the coming years [1] - JPMorgan has raised its forecast for potential licensing revenue as a percentage of total revenue to 5% to 7%, which is anticipated to positively impact gross margin expansion [1] - The valuation of early-stage assets has been increased by 43% due to growing market recognition of the company's R&D capabilities [1] - The target price for Innovent Biologics has been raised from HKD 90 to HKD 109, with a rating of "Overweight" and classified as a top pick in the industry [1]
大行评级｜摩根大通：上调信达生物目标价至109港元 列为行业首选