Goldman Sachs: raises target price of INNOVENT BIO (01801) to HK$105.94, rating "Buy"

Goldman Sachs released a research report, stating that it raised the earnings per share forecasts for Innovent Bio (01801) for the years 2026 to 2028 to 1.42 yuan, 3.11 yuan, and 4.19 yuan respectively, to reflect better-than-expected first quarter sales; the target price has been raised slightly from 104.61 Hong Kong dollars to 105.94 Hong Kong dollars; and the rating is "buy". In the first quarter of this year, the product revenue exceeded 3.8 billion yuan, an increase of more than 50% year-on-year, surpassing the bank's forecast of about 3.5 billion yuan. The strong growth is mainly driven by the expansion of products such as Margitide and products newly included in the national medical insurance directory. The bank pointed out that two key data points will be the focus of the market in June this year, including the expected more detailed early clinical data on the oral small molecule GLP-1 drug IBI3032 that the company will announce at the ADA conference. Management had previously briefed on the achievement of a 10% weight loss within 4 weeks with this molecule, showing the best potential in the class. At the American Society of Clinical Oncology (ASCO) conference, the focus will be on the two data points of IBI363 (PD-1/IL-2b biased dual-specific antibody), especially the phase II clinical data for first-line non-small cell lung cancer making its first appearance.