Core Viewpoint - The report from Jefferies indicates that Innovent Biologics (01801) is expanding its commercialization capabilities beyond oncology, with a focus on diverse channels and the initiation of a global Phase III clinical trial for its self-developed PD-1/IL-2α-bias bispecific antibody fusion protein IBI363 targeting squamous non-small cell lung cancer [1] Group 1: Company Developments - Innovent Biologics is set to independently launch a global Phase III clinical trial for IBI363, which shows potential at a low dose of 1mg/kg for melanoma (mucosal and acral types) [1] - The company is undergoing a new drug application review for IBI112 (IL-23p19) for psoriasis, with expectations for approval in China in the second half of 2025 [1] Group 2: Financial Projections - Jefferies estimates Innovent Biologics' sales for the fiscal years 2025 and 2026 to be RMB 5 billion and RMB 12 billion, respectively, with a monthly average cost of RMB 1,200, comparable to semaglutide and 30% cheaper than tirzepatide [1] - The revenue forecasts for Innovent Biologics have been raised to RMB 13 billion, RMB 15 billion, and RMB 20 billion for the fiscal years 2025 to 2027 [1] Group 3: Investment Rating - Jefferies maintains a "Buy" rating for Innovent Biologics, raising the target price to HKD 105 [1]
富瑞：升信达生物目标价至105港元 维持“买入”评级