【招银国际】Entering sustainable profitability with a global innovation engine-250331（5页）.pdf

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1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 31 Mar 2025 CMB International Global Markets|Equity Research|Company Update Innovent Biologics(1801 HK)Entering sustainable profitability with a global innovation eng

2、ine To achieve sustainable profitability.Innovent achieved profitability ahead of schedule in FY24,realizing full-year non-IFRS net profit of RMB332mn and non-IFRS EBITDA profit of RMB412mn.We think the better-than-expected profitability was mainly due to 1)strong product revenue growth and 2)one-of

3、f license fee income,especially the RMB690mn income from the transaction with IASO Bio.Total revenue reached RMB9.42bn(+52%YoY),including RMB8.23bn in product sales(+44%YoY).Sintilimabs sales grew by 34%YoY to US$526mn,according to Eli Lilly.Looking ahead to FY25,mgmt projects continued non-IFRS EBI

4、TDA profitability,even excluding the US$80mn upfront payment from the DLL3 ADC out-licensing deal with Roche.Non-IFRS GPM expanded to 84.9%in FY24 from 82.8%in FY23,while the SG&A expense ratio decreased to 50.9%in FY24 from 58.0%in FY23,demonstrating improved operational efficiency.As of end 2024,I

5、nnovent held a robust cash balance of RMB10.2bn to support its long-term development.Next-generation IO plus ADC,advancing toward global leadership in oncology.We see significant synergies between the Companys next-generation IO(IBI363)and its expanding ADC portfolio(Claudin18.2ADC,DLL3 ADC,bispecif

6、ic ADCs,dual-payload ADCs and APCs).Innovent already has over 10 ADC clinical programs,with combination trials with IBI363 being a key focus moving forward.We think IBI363(PD-1/IL-2)has the potential to become a blockbuster next-generation IO therapy,targeting IO-treated and cold tumors.Data updates