Innovent Biologics (1801) H1 2026 earnings summary

Executive summary

• Achieved total revenue of RMB8,617.8 million for H1 2026, up 44.8% year-over-year, with product revenue of RMB8,201.5 million, up 56.7% year-over-year, driven by dual-engine growth strategy and new NRDL oncology products.

• IFRS net profit rose 50.2% to RMB1,253.1 million; Non-IFRS net profit increased 40.5% to RMB1,703.9 million; Non-IFRS EBITDA up 47.1% to RMB2,078.8 million.

• Expanded commercial portfolio to 20 marketed products, 13 included in NRDL; advanced global collaborations and pipeline assets.

• Maintained strong cash position with RMB30.2 billion as of July 2026, supporting long-term strategic goals.

• Transitioned from regional leadership to a global premier biopharma, with 18 approved products by 2025 and a robust late-stage pipeline.

Financial highlights

• Gross profit reached RMB7,321.8 million, up 43.0% year-over-year; gross margin was 85.0%.

• R&D expenses increased to RMB1,683.7 million, reflecting expanded pipeline and globalization efforts.

• Selling and marketing expenses were RMB3,235.9 million, with improved expense ratios due to revenue ramp-up and efficiency.

• Cash and cash equivalents stood at RMB30.2 billion (USD4.5 billion) as of July 31, 2026.

• Earnings per share: Basic RMB0.73, Diluted RMB0.70 for H1 2026.

Outlook and guidance

• Targeting RMB35–40 billion total revenue by 2030, with ambitions to approach peer-leading margin profiles and launch innovative products in major overseas markets.

• Confident in further enhancing profitability and maintaining solid revenue expansion as core products ramp up and new indications are approved.

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