高盛发表研报指，信达生物宣布与礼来达成战略合作，推进肿瘤及免疫领域创新药物的全球研发。合作 条款包括3.5亿美元首付款；最高可达85亿美元的里程碑付款；及基于中国以外地区净销售额的分级销 售特许权使用费。高盛相信，信达生物将继续保持其在中国生物技术领域的领先地位，主要得益于拥有 大量针对下一代免疫肿瘤靶点的新型分子，并已获得令人鼓舞的初步数据(如IBI363(PD-1/IL-2α偏向性 双特异性抗体)，在免疫治疗/冷肿瘤中具有差异化的药物特性；强大的商业化能力及与全球合作伙伴， 特别是礼来公司的深度合作等。高盛考虑到当前市场隐含的加权平均资本成本(12%)较高，认为其目前 股价被低估；予该股"买入"评级及目标价102.85港元。 ...

Core Viewpoint - The strategic collaboration between Innovent Biologics and Eli Lilly aims to advance global research and development of innovative drugs in oncology and immunology, with Innovent leading the development in China and retaining rights in the Greater China region while granting Eli Lilly exclusive rights outside this area [1][3]. Group 1: Collaboration Details - Innovent Biologics will receive an upfront payment of $350 million and is eligible for up to $8.5 billion in milestone payments related to research, regulatory, and commercialization achievements [1]. - The collaboration structure is designed to accelerate Innovent's global development pipeline, marking a new model for cooperation in the industry [1]. - This partnership is the seventh collaboration between Innovent and Eli Lilly, highlighting a long-standing relationship that has included significant financial and developmental support [5]. Group 2: Financial Impact - Following the announcement of the collaboration, Innovent's stock surged nearly 7%, reaching HKD 85 per share, with a market capitalization of HKD 147.6 billion [1]. - Innovent's revenue for 2025 is projected to reach approximately CNY 11.9 billion, a 45% increase year-on-year, marking the first time product revenue exceeds CNY 10 billion [10]. - The company aims to achieve CNY 20 billion in product revenue by 2027 and plans to advance five core pipelines into global Phase III clinical trials by 2030 [10]. Group 3: Market Position and Future Outlook - The collaboration reflects a broader trend where multinational pharmaceutical companies are increasingly recognizing the value of Chinese innovative drug assets, shifting from high-risk acquisitions to strategic partnerships [3]. - Innovent's growth strategy includes reducing reliance on external collaborations while enhancing its own research and development capabilities [13]. - The company is positioned to leverage its partnerships to enhance its competitive edge in the global market, as evidenced by its recent collaborations and product approvals [12][13].

Core Viewpoint - CICC has raised the revenue forecast for Innovent Biologics (01801) for 2025 by 5.0% to 12.6 billion yuan, and the net profit forecast for 2026 by 274% to 6.68 billion yuan due to the impact of the Takeda collaboration, while introducing a net profit forecast of 4.14 billion yuan for 2027 [1] Group 1 - The company forecasts a product revenue of approximately 11.9 billion yuan for 2025, representing a year-on-year growth of about 45%, with Q4 product revenue expected to be around 3.3 billion yuan, showing over 60% growth year-on-year, aligning with CICC's expectations [2] - The company's product revenue has surpassed 10 billion yuan for the first time, driven by innovative products, with the oncology product portfolio expanding to 13 products by 2025 [3] - The company’s innovative product, Sintilimab, is expected to generate a revenue of 551 million USD in 2025, reflecting a year-on-year growth of about 5% [3] Group 2 - Seven products have been newly included in the national medical insurance catalog, which will be implemented starting in 2026, indicating clear performance drivers for 2026 [4] - The company expects the synergistic effects of its products to further manifest in 2026, with strong commercial momentum anticipated [4] - The company has reached a 10 billion USD collaboration with Takeda regarding IBI363 and is expected to see significant profit increases in 2026 due to upfront payments [5]

作者 丨韩利明 编辑丨季媛媛 2月8日晚间，信达生物（01801.HK）宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领 域创新药物的全球研发。 根据合作协议，信达生物依托自身成熟的抗体技术平台及高效的临床能力，将主导相关项目从 药物发现至中国临床概念验证（二期临床试验完成）的研发工作；礼来获得相关项目在大中华 区以外的全球独家开发与商业化许可，信达生物保留相关项目在大中华区的全部权利。 条款显示，信达生物将获得3.5亿美元首付款；在达成后续特定里程碑事件后，信达生物还有 资格获得总额最高约85亿美元的研发、监管及商业化里程碑付款。 此外，信达生物有权就各 产品在大中华区以外的净销售额获得梯度的销售分成。 信达生物方面表示，"这一独特的合作 架构为信达生物打造了全新的合作模式，加速公司创新研发管线的全球化开发进程。" 2月9日，港股信达生物大涨，截至发稿报85港元/股，日内上涨近7%，市值达到1476亿港元。 有医药分析师向21世纪经济报道记者指出，"随着跨国药企对中国创新药资产认可度的提升， 中国创新药出海已进入新发展阶段。相较于直接收购管线所伴随的高风险，跨国药企更倾向于 系统借助中国创新药研发'低成本、 ...

根据合作协议，双方将发挥互补优势，加快推进创新药物的全球研发工作。信达生物依托自身成熟的抗 体技术平台及高效的临床能力，将主导相关项目从药物发现至中国临床概念验证（二期临床试验完成） 的研发工作。根据协议，礼来获得相关项目在大中华区以外的全球独家开发与商业化许可，信达生物保 留相关项目在大中华区的全部权利。 根据协议条款，信达生物将获得3.5亿美元首付款；在达成后续特定里程碑事件后，信达生物还有资格 获得总额最高约85亿美元的研发、监管及商业化里程碑付款。此外，信达生物有权就各产品在大中华区 以外的净销售额获得梯度的销售分成。 近日，信达生物制药集团宣布与礼来制药达成战略合作，携手推进肿瘤及免疫领域创新药物的全球研 发。本次协议为双方第七次合作，进一步深化了双方长期且富有成效的合作伙伴关系，携手为全球患者 带来创新药物。 ...

中金发表研报指，信达生物预告去年全年产品收入约119亿元，年增约45%，其中第四季度产品收入约 33亿元，年增超过60%，符合中金预期。由于四季度公司计提了六款首次纳入2026年医保目录新产品的 库存补差，预计剔除该影响，公司四季度实际收入将体现更明显增长，略超中金预期，主要得益于新品 放量。考虑到2026武田合作款影响，上调2026年归母净利润预测274%至66.8亿元，并引入2027年归母 净利润预测41.4亿元。该行维持对其"跑赢行业"评级，基于DCF模型维持目标价118.3港元不变。 ...

Core Viewpoint - The company has entered into a strategic collaboration with Eli Lilly, a U.S. pharmaceutical firm, to advance the global research and development of innovative drugs in oncology and immunology [1] Group 1: Financial Terms - The agreement includes an upfront payment of $350 million (approximately HKD 2.73 billion) to the company [1] - The company is eligible for additional milestone payments totaling up to $8.5 billion (approximately HKD 66.3 billion) upon achieving specific subsequent milestones [1] - The company will also have the right to receive a tiered sales share based on the net sales of each product outside Greater China [1]

美银证券发表报告指，信达生物2025年营收达119亿元，按年增长45%，基本符合该行预期。报告指， 在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1 dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib (EGFR TKI)，预期将在未来数年占据 显著市场份额。美银证券维持信达生物"买入"评级，目标价113.5港元。 ...

美银证券指，信达生物2025年第四季表现强劲，2025年营收达119亿元人民币，同比增长45%，基本符 合该行预期。2025年第四季营收达33亿元人民币，同比增逾60%。两项重点值得关注，包括六款产品获 列入2026年国家医保目录，预期将面临降价压力；及先前按原价销售的产品进行库存价格调整，暂时拖 累第四季增长。 智通财经APP获悉，美银证券发布研报称，维持信达生物(01801)"买入"评级，目标价113.5港元。 报告指，在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1 dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib (EGFR TKI)，预期将在未来数年占据 显著市场份额。 ...

美银证券发布研报称，维持信达生物(01801)"买入"评级，目标价113.5港元。 美银证券指，信达生物2025年第四季表现强劲，2025年营收达119亿元人民币，同比增长45%，基本符 合该行预期。2025年第四季营收达33亿元人民币，同比增逾60%。两项重点值得关注，包括六款产品获 列入2026年国家医保目录，预期将面临降价压力；及先前按原价销售的产品进行库存价格调整，暂时拖 累第四季增长。 报告指，在与信达生物的电话会议中，管理层重申对达成2027年销售目标具信心，因为成熟产品线包括 sintilimab(PD-1)持续展现强劲竞争力，市场份额保持韧性。高增长产品例如mazdutide(GCG/GLP-1dual agonist)、tafolesimab(PCSK9)、teprotumumab(IGF-1R)及limertinib(EGFR TKI)，预期将在未来数年占据 显著市场份额。 ...