Innovent Biologics (01801) saw its shares decline by nearly 4% in today's trading session. As of the time of writing, the stock was down 3.72%, trading at HK$77.65, with a turnover of HK$519 million.

The movement follows the company's announcement of its full-year 2025 results. For the full year of 2025, the company achieved total product revenue of approximately RMB 11.9 billion, marking a significant 45% year-on-year increase and surpassing the RMB 10 billion milestone for the first time.

In the fourth quarter alone, Innovent reported total product revenue of around RMB 3.3 billion, representing a robust growth of over 60% compared to the same period last year, thereby continuing its strong growth momentum.

Notably, during the fourth quarter of 2025, the company made a one-time provision for inventory price adjustments. This provision was related to products distributed through its channels at original prices, following the inclusion of six new drugs into the 2026 National Reimbursement Drug List (NRDL).

Haitong International commented that, after accounting for the impact of this one-time channel inventory provision, the company's fourth-quarter performance is considered to be in line with their expectations. The institution expressed optimism regarding the accelerated sales volume growth expected from the six new drugs following their inclusion in the NRDL.