Core Viewpoint - Out-licensing has become one of the most important driving forces in the domestic biopharmaceutical industry this year, with Innovent Biologics (01801) being identified as the most capable beneficiary among the companies covered by Morgan Stanley [1] Group 1: Company Analysis - Morgan Stanley raised the target price for Innovent Biologics from HKD 90 to HKD 109 and assigned an "Overweight" rating, designating it as an industry favorite [1] - Innovent Biologics has a strong product pipeline covering oncology, cardiovascular, autoimmune, and ophthalmology, creating a diversified portfolio of early and late-stage assets [1] - The firm has increased its forecast for potential licensing revenue as a percentage of total revenue to 5% to 7%, which is expected to enhance gross margin due to favorable sales mix [1] Group 2: Market Outlook - The valuation of early-stage assets has been raised by 43% due to increasing market recognition of the company's R&D capabilities [1]
小摩：料对外授权推动增长 升信达生物目标价至109港元