BofA Securities: Maintains "Buy" rating on INNOVENT BIO (01801) with a target price of HK$113.5.

Bank of America Securities released a research report stating that it maintains a "buy" rating on INNOVENT BIO (01801) with a target price of 113.5 Hong Kong dollars. Bank of America Securities pointed out that INNOVENT BIO's performance in the fourth quarter of 2025 was strong, with revenue reaching 11.9 billion RMB, a year-on-year increase of 45%, which is basically in line with the bank's expectations. Revenue in the fourth quarter of 2025 reached 3.3 billion RMB, a year-on-year increase of over 60%. Two key points of concern include the inclusion of six products in the 2026 national medical insurance catalog, which is expected to face pricing pressure; and temporary drag on fourth quarter growth due to inventory price adjustments on previously sold products at the original price. The report stated that during a conference call with INNOVENT BIO, management reiterated confidence in achieving sales targets for 2027, as mature product lines including sintilimab (PD-1) continue to show strong competitiveness and market share resilience. High-growth products such as mazdutide (GCG/GLP-1 dual agonist), tafolesimab (PCSK9), teprotumumab (IGF-1R), and limertinib (EGFR TKI) are expected to capture significant market share in the coming years.