Key Takeaways:
JPMorgan Chase & Co. raised its price target on Innovent Bio (01801.HK) to HKD 113 after the company’s first-quarter sales grew more than 50 percent year-over-year, significantly exceeding analyst expectations.
The bank continues to regard Innovent Bio as one of its top picks in China’s biotechnology sector, according to its latest research report, which maintained an Overweight rating on the shares.
The upgrade was driven by first-quarter product sales revenue of over RMB 3.8 billion, a figure JPMorgan said was well ahead of its own and market consensus forecasts. In response, the bank raised its 2026 revenue forecast by 6 percent to RMB 16.1 billion and lifted its 2026 earnings-per-share forecast by 11.3 percent.
The strong performance highlights momentum from key products including Mazdutide, Tolebrutinib, and IBI-351. JPMorgan now forecasts Innovent’s revenue to reach RMB 19 billion in 2027 and RMB 21 billion by 2028, based on a discounted cash flow model.
The revised forecasts suggest growing confidence in Innovent's commercial execution and pipeline maturity. Investors will be watching for continued sales growth in the company's next quarterly report to see if the high growth trajectory is sustained.
This article is for informational purposes only and does not constitute investment advice.
