Goldman Sachs has issued a research report updating its earnings per share forecast for INNOVENT BIO (01801). The bank raised its projections for 2025 to 2027 from RMB 0.54, RMB 1.43, and RMB 2.49 to RMB 0.62, RMB 1.74, and RMB 2.54, respectively. The target price was set at HK$102.85, down from HK$107.96 previously, while maintaining a "Buy" rating. INNOVENT BIO reported fourth-quarter product revenue of approximately RMB 3.3 billion, meeting expectations. This represented a 60% year-over-year increase from a relatively low base, with sequential performance remaining flat. The results were affected by channel rebates linked to price reductions in the 2026 National Reimbursement Drug List. The company's new product portfolio maintained growth momentum, increasing 13% quarter-over-quarter and offsetting weaker performance from Tyvyt. Full-year 2025 product sales were strong, rising 45% year-over-year to RMB 11.9 billion, marking the first time the company surpassed the RMB 10 billion milestone. The conventional biologics business served as the primary growth driver.