HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

2024 High Conviction Update: Innovent (1801.HK) - Recent Promising Business Updates and 2024 Outlook

Hutchmed China Ltd (13.HK/​​HCM.US) 24H1 - Fruquintinib's US Sales Beat; Break-Even Is Within Reach

2024 High Conviction Update: Innovent (1801.HK) - Breakeven Is Still on Track Despite Soaring Costs

Hutchmed China Ltd (13.HK/​​HCM.US) - Time to Reassess Valuation Prospects Despite the Pain Points

WuXi AppTec (2359.HK/603259.CH) - The Pain of 2024 Has Just Begun

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent’s 24H1 product revenue exceeded RMB3.7 billion.Due to anti-corruption campaign, newly marketed PD-1s are unable to be admitted to the hospitals normally, which indirectly promotes the sales performance of sintilimab.</li>
<li>2024 full-year product revenue is estimated to reach RMB7.7 billion. IBI363 has the potential to be blockbuster variety in global markets, which may put Innovent’s valuation on a new level.</li>
<li>Innovent is undervalued if market value is below RMB38.5 billion.If mazdutide is able to contribute RMB10 billion sales, Innovent’s market value would reach about RMB90-100 billion (based on 5 P/S).</li>
</ul>


Innovent’s 24H1 product revenue exceeded RMB3.7 billion.Due to anti-corruption campaign, newly marketed PD-1s are unable to be admitted to the hospitals normally, which indirectly promotes the sales performance of sintilimab.
2024 full-year product revenue is estimated to reach RMB7.7 billion. IBI363 has the potential to be blockbuster variety in global markets, which may put Innovent’s valuation on a new level.
Innovent is undervalued if market value is below RMB38.5 billion.If mazdutide is able to contribute RMB10 billion sales, Innovent’s market value would reach about RMB90-100 billion (based on 5 P/S).


2024 High Conviction Update: Innovent (1801.HK) 24Q2 - Valuation Upside Will Be Further Opened Up