INNOVENT BIO (01801.HK) reported first-half 2026 product revenue exceeding RMB 8.2 billion, representing a year-on-year increase of more than 55%, with second-quarter product revenue alone surpassing RMB 4.3 billion, a rise of approximately 60% over the same period last year, according to a research note from Citigroup. The results outperformed market expectations.

The growth momentum is driven by the company's "dual-engine" strategy, with its comprehensive product pipeline maintaining strong performance. Key products, including Mazdutide injection, Tafolecimab injection, and Pertuzumab biosimilar, have stood out and become significant contributors to revenue growth. In the oncology segment, five tyrosine kinase inhibitors newly included in the National Reimbursement Drug List continue to see increased market penetration. Additionally, the company has partnered with Eli Lilly to successfully expand Verzenio (abemaciclib) into the breast cancer treatment field.

Citigroup views INNOVENT BIO as one of the top picks in the Chinese biotech sector, reaffirming its "Buy" rating with a target price of HK$115.