Bank of America Securities: Reiterates "Buy" rating on INNOVENT BIO (01801) and HANSOH PHARMA (03692), with target prices raised.

Bank of America Securities has released a research report stating that INNOVENT BIO (01801) recently reached a commercialization agreement in mainland China with Eli Lilly (LLY.US) for the latter's non-covalent (reversible) BTK inhibitor "Reparixin." After calculating the sales forecast for this product, the company's revenue forecast for 2025 and 2026 has been revised up by 1.9% and 3.4% respectively. The target price has been raised from HK$54.1 to HK$56.4, with a reiterated "buy" rating. The report also mentions that HANSOH PHARMA (03692) previously entered into an agreement with Merck & Co., Inc. to grant global exclusive license for the development, production, and commercialization of the preclinical oral small molecule GLP-1 receptor agonist HS-10535. Bank of America has raised its revenue and earnings per share forecasts for 2025 by 6.9% and 19.2% respectively. The target price has been raised from HK$23.9 to HK$24, with a reiterated "buy" rating.