Goldman Sachs: INNOVENT BIO (01801) had strong product sales last year, with a target price of HKD 102.85.

Goldman Sachs released a research report stating that it has raised its earnings per share forecast for INNOVENT BIO (01801) for the years 2025 to 2027 from 0.54 yuan, 1.43 yuan, 2.49 yuan to 0.62 yuan, 1.74 yuan, and 2.54 yuan respectively. The target price is set at HK$102.85 (originally HK$107.96), with a "buy" rating. INNOVENT BIO's product revenue in the fourth quarter of last year was approximately 3.3 billion RMB, in line with the bank's expectations, with a year-on-year growth of 60% on a relatively low base, remaining flat quarter-on-quarter. This includes the negative impact of channel rebates due to the price reductions in the 2026 National Medical Insurance Drug Catalog. The company's new product portfolio is maintaining growth momentum, with a quarterly growth of 13%, offsetting the weak performance of Tyvyt. Full-year product sales performance in 2025 remains strong, with a year-on-year growth of 45% to 11.9 billion RMB, surpassing the one hundred billion milestone for the first time, with the primary growth engine being the biopharmaceutical business.