Jefferies released a research report stating that INNOVENT BIO (01801) is expanding its commercialization capabilities beyond the oncology field, covering diversified channels. The company's self-developed PD-1/IL-2α-bias bispecific antibody fusion protein IBI363 will independently initiate a global Phase III clinical trial for squamous non-small cell lung cancer. The firm believes it shows potential for melanoma (mucosal and acral types) at low doses (1mg/kg). The firm maintains a "buy" rating on the stock with a target price raised to HK$105.

The firm estimates that INNOVENT BIO's sales for fiscal years 2025 and 2026 will be RMB 500 million and RMB 1.2 billion respectively, with a monthly average cost of RMB 1,200, comparable to semaglutide and 30% cheaper than tirzepatide. The new drug application for IBI112 (IL-23p19) for psoriasis is under review, with approval in China expected in the second half of 2025.

Additionally, the firm has raised its revenue forecasts for INNOVENT BIO for fiscal years 2025 to 2027 to RMB 13 billion, RMB 15 billion, and RMB 20 billion respectively.