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.

BeiGene (6160.HK/BGNE.US) - Miracles Don't Always Happen

China's 2023 Government Work Report in 14th NPC - The Highlights and the Outlook

China Healthcare Weekly (Mar.10)- Three Conditions to Be Biopharma, Anticipate the Collapse, DS-8201

Innovent Biologics Inc (1801.HK) - The Concerns and the Outlook

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) - Start to Enter a Vicious Circle

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>There’s no need to imagine that biotech can cover each hospital department/each field comprehensively just like Innovent/BeiGene has done in PD-1 era, which is the dividend of a special era.</li>
<li>When PD-1 sales are gradually approaching the ceiling, the extra or fewer several hundred million yuan of PD-1 sold by Innovent wouldn’t have a fundamental impact on its market value.</li>
<li>IBI362 would be a product at billions level,which means revenue would be doubled. It takes time for Innovent to turn losses into profits,but sales forecast of RMB10 billion is achievable.</li>
</ul>


There’s no need to imagine that biotech can cover each hospital department/each field comprehensively just like Innovent/BeiGene has done in PD-1 era, which is the dividend of a special era.
When PD-1 sales are gradually approaching the ceiling, the extra or fewer several hundred million yuan of PD-1 sold by Innovent wouldn’t have a fundamental impact on its market value.
IBI362 would be a product at billions level,which means revenue would be doubled. It takes time for Innovent to turn losses into profits,but sales forecast of RMB10 billion is achievable.


Innovent Biologics (1801.HK) - Time to Enter the Next Stage After the Dividend of Special Era Ends