Innovent Biologics (1801) H1 2026 earnings summary

Executive summary

• Achieved total revenue of RMB 8.6bn in 2026H1, up 44.8% YoY, and IFRS net profit of RMB 1.3bn, up 50.2% YoY, with product revenue at RMB 8.2bn, up 56.7% YoY.

• Transitioned from regional leadership to a global premier biopharma, with 18 approved products by 2025 and 20 marketed products by 2026, 13 of which are listed on the NRDL.

• Strategic focus on dual-engine growth in oncology and general biomedicine, with significant investments in R&D and global expansion.

• Maintained robust cash position (RMB 30.2bn as of July 31, 2026) and advanced global collaborations.

• Expanded global partnerships and collaborations, including deals with Takeda, Pfizer, and Eli Lilly, with a total deal value of US$34bn.

Financial highlights

• Gross profit margin remained high at 85%, with gross profit reaching RMB 7.3bn, up 43% YoY.

• IFRS net profit was RMB 1.3bn (14.5% of revenue), up 50.2% YoY; non-IFRS net profit was RMB 1.7bn, up 40.5% YoY.

• EBITDA (non-IFRS) reached RMB 2.1bn, up 47.1% YoY.

• R&D expenses increased to RMB 1.7bn in 2026H1, supporting systematic portfolio planning and globalization.

• Earnings per share: Basic RMB 0.73, Diluted RMB 0.70.

Outlook and guidance

• Targeting RMB 20bn product revenue in 2027 and RMB 35–40bn total revenue by 2030.

• At least five assets expected in global Phase 3 trials by 2030.

• Continued focus on organic growth, global launches, and expanding the late-stage pipeline, aiming for top-tier pharma profitability.