Goldman Sachs has released a report indicating that INNOVENT BIO (01801) achieved product revenue exceeding RMB 8.2 billion in the first half of the year, representing a 55% year-on-year increase. In the second quarter, product revenue surpassed RMB 4.3 billion, up approximately 60% year-on-year, outperforming the bank's forecast of RMB 4.1 billion, which reflects accelerating commercial momentum.

Based on a discounted cash flow model, the target price has been raised from HKD 107.04 to HKD 111.68, with a "Buy" rating maintained. Goldman Sachs believes INNOVENT BIO is steadily progressing toward its 2027 sales target of RMB 20 billion. The firm currently projects revenues of RMB 17.7 billion and RMB 23.1 billion for this year and next, respectively. It estimates that sales of the core product, Mazdutide, will exceed RMB 700 million, accounting for about 16% of total product sales. The bank views this year as a critical additional sales window for Mazdutide, following the delayed approval of generic drugs in China, and expects sales to grow to between RMB 4 billion and RMB 5 billion next year.

In the near term, Goldman Sachs anticipates that biosimilar centralized procurement, sales expense trends, overseas R&D investment, and business development revenue will be key drivers of earnings performance. Due to upward adjustments in sales and administrative expense forecasts, updated sales projections, and potential year-end National Reimbursement Drug List channel rebates, the bank has lowered its earnings per share estimates for 2026 through 2028 to RMB 1.38, RMB 3.17, and RMB 4.3, respectively.