Investment Rating - The report indicates a positive outlook for the pharmaceutical sector, particularly for innovative drugs and companies expected to reach profitability in 2025 [1][9][15]. Core Insights - The innovative drug sector is anticipated to see significant growth due to the commercialization of core products and contributions from business development (BD) revenues, with companies like BeiGene, Innovent Biologics, and others expected to achieve profitability [1][9]. - The Pharma sub-sector is projected to experience a revenue growth rate of 15-20% in 2025, with notable companies such as Hansoh Pharmaceutical and China Biologic Products leading this growth [2][10]. - The CXO sector is also expected to report strong performance, with companies like WuXi AppTec forecasting substantial revenue and profit increases [3][11]. - The medical services sector is currently valued at historical lows, with a projected revenue growth of 13% for Genscript Biotech, highlighting the importance of monitoring industry changes [4][12]. Summary by Sections Innovative Drugs - Companies expected to achieve profitability in 2025 include BeiGene, Innovent Biologics, and others, driven by increased commercialization and BD revenues [1][9]. Pharma - Revenue growth of 15-20% is expected for leading companies such as Hansoh Pharmaceutical and China Biologic Products, with a significant boost anticipated for 3SBio due to a major BD deal with Pfizer [2][10]. CXO - WuXi AppTec is projected to achieve approximately 454.56 billion RMB in revenue, reflecting a year-on-year growth of about 15.84%, with adjusted net profits expected to rise significantly [3][11]. Medical Services - Genscript Biotech is expected to see a revenue increase of 13% in 2025, emphasizing the need to focus on overseas business expansion and AI integration in traditional medicine [4][12].

每经AI快讯，2月8日，信达生物在港交所发布公告，公司连同其附属公司信达生物制药(苏州)有限公 司、Fortvita Biologics (Singapore) Pte. Ltd, Fortvita Biologics Inc.及Fortvita Biologics (USA), Inc.与礼来公 司达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研发。本次协议为双方第七次合作，进一步 深化了双方长期且富有成效的合作伙伴关系，携手为全球患者带来创新药物。这一独特的合作架构也为 公司打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。 ...

Core Insights - Company has entered into a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology, marking the seventh partnership between the two entities [1] - The collaboration aims to leverage complementary strengths to accelerate the global development of innovative drugs, with the company leading projects from drug discovery to clinical concept validation in China [1] - Eli Lilly will obtain exclusive global development and commercialization rights outside Greater China, while the company retains all rights within Greater China [1] Financial Terms - The agreement includes an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future milestones [2] - The company is entitled to a tiered sales share from net sales of each product outside Greater China [2] Collaboration Model - This partnership breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates the company's flexible drug discovery and early development capabilities with Eli Lilly's extensive global presence [2] - The collaboration underscores the company's core R&D capabilities and aims to expedite the translation of scientific discoveries into globally impactful medical solutions [2]

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, marking the seventh partnership between the two companies [1][2] Group 1: Partnership Details - The collaboration involves Innovent Biologics and its subsidiaries, including Fortvita Biologics, and Eli Lilly, focusing on the global development of innovative drugs [1] - Innovent will lead the projects from drug discovery to clinical concept verification in China, while Eli Lilly will have exclusive development and commercialization rights outside Greater China [1] Group 2: Financial Aspects - Innovent will receive an upfront payment of $350 million, with potential milestone payments totaling up to approximately $8.5 billion based on specific future achievements [2] - The company will also earn a tiered sales share from net sales of each product outside Greater China [2] Group 3: Innovation Ecosystem - This partnership breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates Innovent's drug discovery and early development capabilities with Eli Lilly's extensive global presence [2] - The collaboration reinforces Innovent's core R&D capabilities and aims to accelerate the translation of scientific discoveries into impactful medical solutions for global patients [2]

Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly to advance the global development of innovative drugs in the oncology and immunology fields, which includes significant financial incentives and revenue-sharing opportunities [1] Group 1: Strategic Collaboration - The company, along with its subsidiaries, has formed a partnership with Eli Lilly to enhance drug development in oncology and immunology [1] - The agreement includes an upfront payment of $350 million to the company [1] - The company is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1] Group 2: Revenue Sharing - The company will have the right to receive a tiered sales share from net sales outside of Greater China for each product developed under this collaboration [1]

Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly to advance global research and development of innovative drugs in the oncology and immunology fields, which includes significant financial incentives and revenue-sharing opportunities [1] Group 1: Financial Terms - The company will receive an upfront payment of $350 million as part of the agreement [1] - The company is eligible for up to approximately $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1] - The company will also have the right to receive a tiered sales share based on net sales outside of Greater China for each product [1]

Core Viewpoint - The collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, marking their seventh partnership and enhancing their long-term relationship [1][2]. Group 1: Strategic Collaboration - Innovent Biologics, along with its subsidiaries, has entered into a strategic collaboration with Eli Lilly to promote global R&D of innovative drugs in oncology and immunology [1]. - The agreement allows Innovent to leverage its mature antibody technology platform and efficient clinical capabilities to lead projects from drug discovery to clinical concept validation in China [1][2]. - Eli Lilly will obtain exclusive global development and commercialization rights for the projects outside Greater China, while Innovent retains all rights within Greater China [1]. Group 2: Financial Terms - Innovent will receive an upfront payment of $350 million, with the potential to earn up to approximately $8.5 billion in milestone payments related to R&D, regulatory, and commercialization achievements [2]. - The company will also be entitled to a tiered sales share based on net sales of each product outside Greater China [2]. Group 3: Innovation Ecosystem - This collaboration breaks traditional licensing models, creating a seamless end-to-end innovation ecosystem that integrates Innovent's flexible drug discovery and early development capabilities with Eli Lilly's extensive global presence [2]. - The partnership underscores Innovent's core R&D strength and aims to accelerate the translation of scientific discoveries into impactful medical solutions for global patients [2].

Group 1 - The core point of the article is that Sinopharm has announced a strategic collaboration with Eli Lilly to develop new drugs in oncology and immunology on a global scale [1] Group 2 - The partnership aims to leverage both companies' strengths in research and development to accelerate the discovery and commercialization of innovative therapies [1] - This collaboration signifies a growing trend in the pharmaceutical industry where companies are increasingly forming alliances to enhance their drug development capabilities [1] - The focus on oncology and immunology reflects the rising demand for advanced treatments in these therapeutic areas, which are critical for addressing significant health challenges [1]

证券研究报告 行业周报 礼来替尔泊肽全线爆发，2025年合计贡献365亿美元 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 张梦鸽投资咨询资格编号:S1060525070003邮箱：ZHANGMENGGE752@PINGA ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1801） 內幕消息公告 與禮來製藥達成全球戰略合作 推進腫瘤及免疫領域的新藥開發 信達生物製藥 INNOVENT BIOLOGICS, INC. 本公告由信達生物製藥（「本公司」及「信達」）根據香港聯合交易所有限公司證券上 市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例第XIVA部作 出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司連同其附屬公司信達生物 製藥（蘇州）有限公司、Fortvita Biologics (Singapore) Pte. Ltd, Fortvita Biologics Inc.及Fortvita Biologics (USA), Inc.與禮來公司（「禮來」）達成戰略合作，攜手推 進腫瘤及免疫領域創新藥物的全球研發。本次協議為雙方第七次合作，進一步深 化了雙方長期且富有成效的合作夥伴關係，攜手為 ...