Innovent Biologics (HK:1801)
:1801
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Innovent Biologics
(1801)
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Rating:64Neutral
Price Target:
HK$86.00
▼(-6.01% Downside)
Action:Reiterated
Date:05/02/26
The score is driven primarily by a strong 2025 financial turnaround (profitability and cash flow) and a reasonably constructive technical setup. These positives are meaningfully offset by a very high P/E and only moderate momentum signals.
Positive Factors
2025 Financial Inflection
The 2025 inflection — revenue up to 12.7B and a positive net income (0.79B) — indicates the company has transitioned from development losses toward commercial scale. Sustained revenue and recurring product sales can fund R&D, support pipeline progression, and reduce reliance on external financing over the medium term.
Negative Factors
Uneven historical cash generation
Although 2025 cash flow is strong, multi-year negative operating and free cash flow through 2024 shows volatility in cash generation. This uneven track record raises the risk that 2025's cadence may include timing effects or one-off items, so sustained FCF must be proven across multiple quarters to be durable.
Read all positive and negative factors
Positive Factors
Negative Factors
2025 Financial Inflection
The 2025 inflection — revenue up to 12.7B and a positive net income (0.79B) — indicates the company has transitioned from development losses toward commercial scale. Sustained revenue and recurring product sales can fund R&D, support pipeline progression, and reduce reliance on external financing over the medium term.
Read all positive factors
Innovent Biologics (1801) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$138.02B
Dividend YieldN/A
Average Volume (3M)16.11M
Price to Earnings (P/E)145.7
Beta (1Y)0.67
Revenue Growth38.55%
EPS GrowthN/A
CountryHK
Employees5,659
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.50
Shares Outstanding1,738,237,200
10 Day Avg. Volume15,175,046
30 Day Avg. Volume16,110,837
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)6.12
Price to Sales (P/S)9.09
P/FCF Ratio12.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$118.69Price Target Upside29.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)1.39
Revenue Forecast (FY)HK$18.27B
Innovent Biologics Business Overview & Revenue Model
Company Description
Innovent Biologics, Inc. operates as a biopharmaceutical company in China. The company operates a platform for the discovery, development, and manufacture of antibody drug candidates in the fields of oncology, ophthalmology, immunology, and metabo...
How the Company Makes Money
Innovent primarily makes money by selling prescription biologic drugs in China through its commercialization platform. Revenue is generated from product sales of its marketed medicines to hospitals and other healthcare channels, with performance d...
Innovent Biologics Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
76
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.04B | 9.42B | 6.21B | 4.56B | 4.27B |
| Gross Profit | 10.00B | 7.91B | 4.40B | 3.63B | 3.70B |
| EBITDA | 1.31B | -480.28M | -660.68M | -1.75B | -2.37B |
| Net Income | 813.57M | -94.63M | -1.03B | -2.18B | -2.73B |
Balance Sheet | |||||
| Total Assets | 37.36B | 21.60B | 20.63B | 17.59B | 16.24B |
| Cash, Cash Equivalents and Short-Term Investments | 18.24B | 7.88B | 10.97B | 9.17B | 9.02B |
| Total Debt | 2.82B | 2.83B | 3.62B | 3.23B | 2.50B |
| Total Liabilities | 17.20B | 8.48B | 8.10B | 6.86B | 5.91B |
| Stockholders Equity | 19.36B | 13.12B | 12.53B | 10.73B | 10.33B |
Cash Flow | |||||
| Free Cash Flow | 9.32B | -418.39M | -1.24B | -3.30B | -3.87B |
| Operating Cash Flow | 10.00B | 1.29B | 147.81M | -1.92B | -2.02B |
| Investing Cash Flow | -6.51B | -1.17B | -998.66M | -1.44B | -2.70B |
| Financing Cash Flow | 4.73B | -606.63M | 2.59B | 2.89B | 5.00B |
Innovent Biologics Technical Analysis
Negative
91.50
Price Trends
85.90
Negative
85.04
Negative
88.88
Negative
Market Momentum
-1.48
Positive
35.29
Neutral
7.99
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1801, the sentiment is Negative. The current price of 91.5 is above the 20-day moving average (MA) of 86.33, above the 50-day MA of 85.90, and above the 200-day MA of 88.88, indicating a bearish trend. The MACD of -1.48 indicates Positive momentum. The RSI at 35.29 is Neutral, neither overbought nor oversold. The STOCH value of 7.99 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1801.
Innovent Biologics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$48.93B | 6.33 | 38.96% | 0.95% | 95.27% | 304.20% | |
73 Outperform | HK$38.67B | ― | 23.99% | ― | 16.65% | 0.87% | |
64 Neutral | HK$138.02B | 145.72 | 4.82% | ― | 38.55% | ― | |
56 Neutral | HK$65.25B | 36.25 | 32.32% | ― | 80.08% | ― | |
53 Neutral | HK$105.93B | -43.30 | -14.26% | ― | 44.03% | -108.83% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | HK$39.90B | -256.36 | -10.78% | ― | 34.19% | 47.97% |
* Healthcare Sector Average
HK:1801
Innovent Biologics
79.40
23.15
41.16%
HK:1530
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-0.54
-2.72%
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Akeso, Inc.
115.00
29.00
33.72%
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RemeGen Co. Ltd. Class H
85.80
36.35
73.51%
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Shanghai Junshi Biosciences Co., Ltd. Class H
23.16
6.18
36.40%
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Shanghai Henlius Biotech, Inc. Class H
71.15
28.95
68.60%
Innovent Biologics Corporate Events
Innovent Biologics Posts 50% Revenue Surge and Advances Global Pipeline in Q1 2026
Apr 29, 2026
Innovent Biologics reported that its product revenue exceeded RMB3.8 billion in the first quarter of 2026, marking year-on-year growth of more than 50% and highlighting the success of its dual-engine strategy across oncology and general biomedicin...
Innovent Biologics Grants New Share Options and Restricted Shares Under 2024 Scheme
Mar 31, 2026
Innovent Biologics has granted 1,935,642 share options to 66 grantees, including directors and senior management, and 10,241,272 restricted shares to 1,308 grantees under its 2024 Share Scheme, with options exercisable at HK$86.10 per share over a...
Innovent Biologics Hits Record Revenue and Turns Profitable in 2025
Mar 26, 2026
Innovent Biologics reported a sharp rise in 2025 revenue to RMB13.04 billion, a 38.4% year-on-year increase that set a new scale benchmark in China’s biopharmaceutical sector. The performance was underpinned by its dual-engine portfolio stra...
Innovent Confirms Lilly Collaboration Effective, Denies Acquisition Rumors
Mar 24, 2026
Innovent Biologics has confirmed that its previously announced strategic collaboration agreement with Eli Lilly to advance novel oncology and immunology medicines has become effective as of March 24, 2026, after receiving early clearance from the ...
Innovent Biologics Sets March Board Meeting to Approve 2025 Results and Mull Dividend
Mar 12, 2026
Innovent Biologics has scheduled a board meeting for March 26, 2026 to review and approve the annual results for the year ended December 31, 2025, and to authorize their publication. The board will also consider recommending a final dividend, a de...
Innovent Wins China Approval for New Jaypirca Leukemia Indication
Feb 27, 2026
Innovent Biologics announced that Jaypirca (pirtobrutinib), a highly selective non-covalent Bruton’s tyrosine kinase inhibitor developed by Eli Lilly and commercialized by Innovent in China, has been approved by the National Medical Products...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.