Core Viewpoint - CICC has raised the revenue forecast for Innovent Biologics (01801) for 2025 by 5.0% to 12.6 billion yuan, and the net profit forecast for 2026 by 274% to 6.68 billion yuan due to the impact of the Takeda collaboration, while introducing a net profit forecast of 4.14 billion yuan for 2027 [1] Group 1 - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 product revenue expected to be around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with CICC's expectations [2] - The company's product revenue has surpassed 10 billion yuan for the first time, driven by innovative products, with the oncology product portfolio expanding to 13 products by 2025 [3] - The company’s innovative product, Sintilimab, is expected to generate a revenue of 551 million USD in 2025, reflecting a year-on-year growth of about 5% [3] Group 2 - Seven products have been newly included in the national medical insurance catalog, which will be implemented starting in 2026, indicating clear performance drivers for 2026 [4] - The company expects the synergistic effects of its products to further manifest in 2026, with strong commercial momentum anticipated [4] - The company has reached a 10 billion USD collaboration with Takeda regarding IBI363 and is expected to see significant profit increases in 2026 due to upfront payments [5]
中金：维持信达生物跑赢行业评级 目标价118.3港元