Innovent Biologics Inc

01801: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 53.10	Nlf	Bwhjgwdxw

Innovent’s Interim Results in Line, Expecting Sentiment to Improve Despite Declining PD-1 Sales

Jay Lee

Aug 27, 2021

Narrow-moat Innovent’s results were in line with our expectations. Despite price cuts for other PD-1 drugmakers starting in March, we estimate Tyvyt sales were CNY 1.4 billion in the six months, which is admirable. We estimate biosimilar sales were CNY 463 million (25% of product sales), compared with only CNY 77 million in the second half of last year (5% of product sales).

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