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<Research>G Sachs Slightly Trims TP for INNOVENT BIO (01801.HK) to HKD102.84, Rating Buy
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Goldman Sachs published a research report on INNOVENT BIO (01801.HK), which achieved revenue of RMB7.09 billion in 2H25, representing a YoY growth of 30%, beating the broker's expectation of RMB6.83 billion, mainly driven by license income. The management reiterated their confidence in manifesting the target of RMB20 billion in product sales revenue by 2027.

The broker trimmed its EPS forecasts for INNOVENT BIO for 2026 and 2027 from the original expectations of RMB1.74 and RMB2.54 to RMB0.99 and RMB2.46, respectively, and introduced an EPS forecast of RMB3.17 for 2028. The target price was slightly moved down from HKD102.85 to HKD102.84, with a Buy rating.

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