信达生物制药与辉瑞达成105亿美元合作，维持买入评级并上调目标价

Innovent Biologics(1801 HK) Buy:Going global 3.0: a USD10.5bn collaborationwith Pfizer China ◆Innovent reachedaUSD10.5bnbusinessdevelopment(BD)agreementwithPfizer, including USD650m upfront MAINTAIN BUY TARGET PRICE(HKD)PREVIOUS TARGET(HKD)127.00125.00SHARE PRICE(HKD)UPSIDE/DOWNSIDE80.90+57.0%(as of01 Jun 2026) ◆IBI363 reportedasolid response in 1L NSCLC;awaitslong-term updateon safety and survival indicators in 2H26e ◆Maintain Buy,increaseTPtoHKD127 (fromHKD125) USD10.5bn co-development with Pfizer.On29May,Innovent reachedabusinessdevelopment (BD)agreementwith Pfizerfor12 early-stage oncologydrugs, includingADCsandthosewith novel payloads, antibodies and immune-engaging features andunique designs.These12 assets includeeightInnovent-originated pipelinesand fourPfizer-proposed discoverydrugs.Thecollaboration includesdiverse terms: 1)Innoventand Pfizer will co-developfourpipelinesglobally, withInnovent co-commercialisinginboththeUS and Europe,and retainingChina rights. 2) Innovent will out-licensefourpipelines’ex-China rights to Pfizer;and 3)the remaining fourpipeline global rightswillgoto Pfizer.The deal valueis USD10.5bn, including USD650m upfront,anddouble- MARKET DATA IBI363 (PD1/IL2)’s ASCOupdate.In 1L NSCLC treatment, IBI363’s 3-1.5 mg/kg cohortachieved 86.4% uORR (or 81.8% cORR ) and showedresponse among both PDL1 +/-and nsq/nsq subgroups. Innovent thinksa3-1.5 mg/kg dose isbetterthan 3/1.5mginefficacy,and itsmosttreatment-emergent adverse events (TEAE)arehematology-related andmanageable. WeawaitanupdatefromESMO in 2H26onsafety and Source: LSEG IBES, HSBC Qianhai Securities estimates Linda Shu*, PhD (Reg. No. S1700522120001)Head of China Healthcare ResearchHSBC Qianhai Securities Limitedlinda.y.l.shu@hsbcqh.com.cn+86 755 88983246 Cindy Chai* (Reg. No. S1700523040001)Analyst, China Healthcare ResearchHSBC Qianhai Securities Limitedcindy.x.r.chai@hsbcqh.com.cn+86 21 5066 2005 Estimate changes.We raiseour2027-28revenue estimatesby9%each yearafterincorporatingpotentialBD income.We forecast GLP1 to reach RMB1.9/4.0/5.0bn in2026-28.Cost-wise, we raisesalesand R&D expensesover the same periodtosupportongoing globalinvestment. We thereforeincrease our2027-28net profit * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations Maintain Buyand raise TPtoHKD127 (from HKD125).We continue to use DCF tovalue the stock,deriving anew TP of HKD127.00 (previously HKD125.00).Our targetprice implies c57% upside from the current share price; accordingly, we maintain ourBuy rating on the stock.Seepage4for valuation, share price catalysts and downsiderisks. Disclosures & Disclaimer Issuer of report:HSBC Qianhai Securities Limited This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBCQianhai Securitiesat:https://www.research.hsbc.com Financials & valuation:Innovent Biologics Source: HSBCQianhai SecuritiesNote:Priced at close of 01 Jun 2026 Estimate changes.Weraise 2027-28 revenue estimatesby9%each yearafter incorporatingpotentialBD income. We also raise selling and R&D expenseoverthe same period to support Maintain our Buy rating and raise our TP to HKD127.00(from HKD125).We continue to useDCF to value the stock. We derive new TP of HKD127.00 (previously HKD125.00), based onour newforecasts，a WACC of 9.0% (unchanged), derived from a risk-free rate of 4.25%, anequity risk premium of 4.75%(unchanged), a terminal growth rate of 3.6% (unchanged), and Exhibit4. DCF valuation Potential share price catalysts ◆New drug launches and ramp-up of CLDN18.2 ADC, IL2/PD1 ◆BD of early-stage assets ◆Sales ramp-up of both oncology and non-oncology marketed products ◆Promising readout for early-stage new modalities, such as bi-specific antibodies and ADC drugs Downside risks ◆Slower-than-expected R&D progress for Innovent’s key pipeline candidates◆Faster-than-expected nationwide volume-based procurement (VBP) for biosimilars, whichcould hurt top-line growth potential Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for this report, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), andany other Important disclosures Equities: Stockratings and basis for financial analysis HSBC and its affiliates, including the issuer of this report (“HSBC”) believes an investor's decision to buy or sell a stockshoulddepend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations