Nomura released a research report stating that it maintains a 'Buy' rating on Innovent Bio (01801) and looks forward to the company's healthy sales growth in the first half of the year. The target price has been raised from HKD 55.31 to HKD 55.87.
The bank stated that it has adjusted Innovent Bio's sales forecasts for the next two years by 1% and 5%, respectively, to reflect the decrease in sales of the BCMA multiple myeloma CAR-T therapy Fucaso, a collaborative project with Deerfield, and the decrease in sales forecasts for the diabetes drug Mazdutide, researched and developed with Eli Lilly, from CNY 2.1 billion to CNY 1.8 billion, in response to market competition.
On the other hand, Nomura raised its sales forecast for Innovent Bio's core product PD-1 antibody Sintilimab (Tyvyt) for lung cancer for the next two years, from CNY 2.9 billion and 3.0 billion to CNY 3.2 billion and 3.4 billion, respectively, and correspondingly narrowed this year's net loss forecast to CNY 511 million. It is expected that the company will turn a profit in 2025, with the net profit forecast for next year raised by 12% to CNY 202 million.