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<Research> UBS Lowers TP for INNOVENT BIOLOGICS (09969.HK) to HKD19.8; This Year's Guidance Slightly Below Expectations
UBS published a research report indicating that INNOVENT BIOLOGICS (09969.HK) recorded revenue and net profit of RMB16 billion and RMB6.73 billion, respectively, in the second half...
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<Research> UBS Lowers TP for INNOVENT BIOLOGICS (09969.HK) to HKD19.8; This Year's Guidance Slightly Below Expectations
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UBS published a research report indicating that INNOVENT BIOLOGICS (09969.HK)  +0.710 (+5.726%)    Short selling $7.09M; Ratio 6.761%   recorded revenue and net profit of RMB16 billion and RMB6.73 billion, respectively, in the second half of last year, largely in line with preliminary results. The full-year revenue for 2025 is expected to grow by 135.3% year-on-year to RMB23.7 billion, with a net profit of RMB6.43 billion, compared to a loss of RMB4.41 billion in 2024. The product sales gross margin increased by 0.5 percentage points year-on-year to 86.8%, and along with upfront payments, the overall gross margin rose by 5.7 percentage points year-on-year to 92%. R&D expenses grew by 16.9% year-on-year to RMB9.52 billion, with the proportion of product sales dropping from 81% to 66%. Sales expenses increased by 38.1% year-on-year to RMB5.8 billion, with the proportion of product sales decreasing by 1.6 percentage points year-on-year to 40.2%. As of the end of last year, the company held cash of RMB78 billion, maintaining strong liquidity.

The firm stated that INNOVENT BIOLOGICS' guidance for this year is slightly below expectations. Management expects sales of Orelabrutinib to grow by no less than 30% year-on-year in 2026, benefiting from the penetration of marginal zone lymphoma and the inclusion of first-line chronic lymphocytic leukemia/small lymphocytic lymphoma in medical insurance. Along with the growth of newly launched Zurletrectinib and tafasitamab, product sales in 2026 are expected to grow by more than 35% year-on-year, slightly below the previous target of 35% to 40%. Regarding R&D expenses, due to several key clinical trials underway, an annual growth of about 20% is expected.

Related News INNOCARE PHARMA (09969.HK) Achieves RMB642 Million Net Profit for Full Year, Turns Loss into Profit
Based on the performance in the second half of last year, UBS lowered its sales forecasts for INNOVENT BIOLOGICS for 2026 and 2027 and raised its expense forecasts, resulting in a downward revision of EPS forecasts for 2026 and 2027 from HKD0.06 and HKD0.22 to HKD0.04 and HKD0.20, respectively. The target price was lowered from HKD21.1 to HKD19.8, maintaining a "Buy" rating. (ec/da)

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