Innovent Announces 2026 Interim Results and Business Updates

Transforming from Regional Leader to Global Premier:

A Clear Strategic Path for Growth and Globalization

SAN FRANCISCO and SUZHOU, China, Aug. 25, 2026 /PRNewswire/ -- Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of oncologic, autoimmune, cardiovascular and metabolic, ophthalmologic, and other major diseases, announces its 2026 interim results and 2030 strategic vision.

Dr. Michael Yu, Founder, Chairman of the Board and CEO of Innovent, stated: "Looking back over the past fifteen years, Innovent has completed two key transformations: from 2016 to 2020, we transformed from an R&D-driven biotech company into a biopharmaceutical company with full-value-chain capabilities spanning R&D, manufacturing, and commercialization; from 2021 to 2025, we progressed from a long-term investment phase into a biopharmaceutical company that achieved revenue over RMB 10 billion and full-scale profitability. 2026 marks Innovent's best strategic window to date, and it is against this backdrop that we have set forth our new strategic goals for 2030. We have both the resolve and the confidence to drive our third critical transformation: evolving from a regional leading biopharmaceutical company into a global premier biopharma with global business operational capabilities.

In the first half of 2026, Innovent delivered strong growth in both revenue and profit, further reinforcing our leading position in China's biopharmaceutical industry and highlighting our scarce value in both certainty and growth potential. At the same time, over the past ten months, we have reached multiple strategic collaborations with global multinational pharmaceutical leaders including Takeda, Eli Lilly, and Pfizer, while also partnering with biotechs such as Ollin and Spero to advance the global development of our differentiated pipeline. Our partnered pipeline now spans more than 20 assets, including 5 co-development and co-commercialization ("Co-Co") programs, with an aggregate deal value reaching USD 34 billion, representing more than 30% of the total out-licensing value among Chinese pharmaceutical companies over the same period¹. Innovent stands at the most favorable strategic window in its development. We will continue to pursue high-quality growth in revenue and profit, guided by clear strategy and disciplined execution — strengthening and amplifying our 'dual-engine' advantage across oncology and general biomedicine, accelerating our global expansion, and advancing toward our 2030 strategic goals, so as to continue creating long-term value for our shareholders and society."

 A Visible Growth Path: Scale and Profitability Advancing in Parallel

In the first half of 2026, Innovent reached RMB 8.6 billion in total revenue, representing 45% year-over-year growth, while product revenue reached RMB 8.2 billion, up 57% year over year. Building on the RMB 10 billion-plus revenue scale, Innovent maintained strong growth momentum, with its dual-engine strategy of oncology and general biomedicine continuing to deliver.

Rapid revenue growth, coupled with continued improvements in operational efficiency, further drove improvements in profitability. IFRS net profit for the first half of the year was approximately RMB 1.3 billion, representing approximately 50% year-over-year growth, while Non-IFRS net profit reached RMB 1.7 billion, up 41% year over year. Innovent has entered a new stage characterized by simultaneous expansion in scale and improvement in earnings quality, setting a new paradigm for high-quality growth among biopharmaceutical companies.

As of July 31, 2026, Innovent held RMB 30.2 billion in cash reserves, equivalent to approximately US$4.5 billion. In addition, we continued to generate positive cash flow, providing a strong financial foundation for long-term growth.

Vision 2030: From China Leader to Global Premier Biopharma

Building on high-quality growth and systematic portfolio development, the Company has underpinned its 2030 development goals.

• Revenue Scale: By 2030, we target to achieve total revenue of RMB 35–40 billion, largely driven by organic expansion from the existing business and pipeline.
• Sustainable Profitability: By 2030, we aim to benchmark our profit margin to top-tier pharmaceutical companies, through continued revenue expansion and efficiency improvements.
• Global Innovation: By 2030, we aim to advance at least five molecules into global MRCT Phase 3 development, achieve product launches in key markets, i.e. U.S. and Europe with international revenue emerging.
• Globalization: building global infrastructure and business operating capabilities, truly transforming into a global premier biopharmaceutical company.

From "Product-led Growth" to "Portfolio-Driven Growth," with Dual Growth Engines Unleashing New Momentum

China's Leading Oncology Franchise: Strengthening Core Oncology Leadership While Expanding Strategically into Key Growth Areas

In oncology, Innovent has established a strong product portfolio and brand presence across core indications including lung cancer, gastrointestinal cancers and hematological malignancies. Focusing on the next-generation "IO + ADC" innovation strategy, the Company is advancing next-generation assets including IBI363 (PD-1/IL-2^α-biased), IBI343 (CLDN18.2 ADC), and IBI3003 (GPRC5D/BCMA/CD3) into late-stage clinical development, establishing long-term growth drivers and competitive advantages across multiple strategic areas.

Meanwhile, through its collaboration with Lilly on Verzenio® (abemaciclib) in breast cancer, we have strategically gained an important entry point into this major high-incidence tumor type. This asset lays the foundation for upcoming in-house pipeline programs such as IBI354(HER2 ADC) and IBI3014(PD-L1/TROP2 ADC), and paves the way for a more systematic presence in breast cancer.

General Biomedicine Franchise Emerged as a New Growth Engine

In general biomedicine, Innovent has established a clear framework across four major chronic disease areas—metabolic, cardiovascular, ophthalmology and autoimmune—and this franchise has become another core pillar of Innovent.

SYCUME® (Teprotumumab, IGF-1R antibody), China's first innovative therapy for thyroid eye disease in 70 years; Mazdutide, the world's first and only approved GCG/GLP-1 dual-receptor agonist for obesity and type 2 diabetes; and SINTBILO® (tafolecimab injection), the first China-domestic PCSK9 inhibitor included in the NRDL—all exhibited robust performance. PECONDLE® (picankibart injection, IL-23p19 antibody), the anchor asset in autoimmune diseases, was also approved at the end of 2025.

At the same time, our next‑generation metabolic and obesity pipeline – including IBI3032 (once‑daily oral GLP‑1), IBI3042 (once‑weekly oral GLP‑1), IBI3040 (Amylin), IBI3046 (INHBE siRNA) and IBI3030 (monthly PCSK9‑GGG) – provides deep, long‑term growth reserves in global obesity and metabolic disease. In cardiovascular & metabolism, autoimmune and ophthalmology, we are following a "flagship products life cycle management + next‑generation innovation" strategy to build focused product clusters and durable competitive positions in each area.

Three Late-Stage Global Assets Unlocking More Than US$60 Billion Total Addressable Market (TAM), and 20+ Partnered Programs Accelerating Global Innovation

Innovent is advancing global development of its core assets through multiple collaboration models. Three key assets have entered, or are about to enter, global multi-regional Phase 3 trials, with a combined addressable market estimated at over US$60 billion, and are expected to be major value drivers in the coming years:

IBI363 (PD-1/IL-2^α-biased, Takeda R&D Code: TAK-928): Next-gen IO cornerstone, potential TAM over US$40 billion for first wave of indications, global co-development with Takeda

• A global multi-regional Phase 3 study (MarsLight-11) in IO-resistant squamous non-small cell lung cancer (NSCLC) is ongoing, and with expansion into IO-resistant non-squamous NSCLC in preparation.
• A pivotal Phase 2 study of IBI363 in melanoma in China is expected to read out in the second half of 2026, potentially supporting the first NDA submission for IBI363.
• IBI363 has demonstrated preliminary positive PoC results in first-line NSCLC. PoC studies in first-line NSCLC and first-line colorectal cancer are ongoing, with additional PoC studies being advanced across other tumor types, further supporting its potential as a next-generation IO backbone therapy.

Arcotatug Tavetecan (CLDN18.2 ADC, Innovent/Takeda R&D Code: IBI343/TAK-921): Globally First NDA stage Next-Generation Fc-Silenced CLDN18.2 ADC, potential TAM over US$8 billion

• The China-Japan multicenter Phase 3 study completed its first interim analysis and achieved primary endpoint. The NDA submission has been accepted by NMPA for the treatment of CLDN18.2-positive advanced gastric cancer in later-line settings.
• A Phase 3 study in first-line pancreatic cancer is planned to initiate in China.
• International multicenter Phase 1 and PoC studies in first-line pancreatic cancer and first-line gastric cancer are ongoing.

IBI324 (VEGF/ANG2, Ollin R&D Code: OLN324): Potential best-in-disease retinal therapy, potential TAM US$15 billion

• Our partner Ollin Biosciences reported positive results from the Phase 1b JADE head-to-head study against faricimab in nAMD and DME patients in the U.S.
• Ollin plans to initiate global multi-regional Phase 3 studies in DME and nAMD in the second half of 2026, and through collaboration with Innovent, to conduct patient enrollment in China and South Korea.

Diversified Partnerships to Accelerate Global Innovation

• Over the past 10 months, Innovent has entered into strategic multi-product collaborations with global multi-national pharmaceutical companies including Takeda, Lilly and Pfizer, while partnering with biotech companies such as Ollin and Spero to rapidly validate differentiated pipeline programs in selected disease areas. The aggregate deal value reaching US$34 billion, covering more than 20 pipeline programs, among which five are "Co-Co" assets.
• Leveraging diversified partnership models, the Company will progressively build overseas R&D and commercialization capabilities and evolve into a truly world-class biopharmaceutical company with global business operating capabilities.

High-Quality Manufacturing Standards

• Innovent operates advanced manufacturing facilities built to international standards and our Suzhou manufacturing site has recently undergone and successfully passed a Good Manufacturing Practice (GMP) inspection conducted by the European Medicines Agency (EMA), and has obtained the corresponding GMP certificate.
• Total operational capacity of 140,000 liters, accounting for 20% of China's total biologic manufacturing capacity. Suzhou site houses 60,000 liters of antibody capacity and ADC commercial lines; Hangzhou site has 80,000 liters of antibody capacity, supporting global supply and CDMO services.

Sustainable Development and ESG Commitment

• 9,000 employees worldwide, with global R&D centers in San Francisco Bay Area, Shanghai and Suzhou.
• Over 3,000 new cancer patients initiate Innovent therapies daily; more than 10 million patients have benefited to date.
• Maintained MSCI ESG AAA rating, leading China's biopharmaceutical industry.
• First innovative biopharma constituent of the Hang Seng Index ("blue-chip" status).
• Launched community health initiatives including the MV 'Weight Management Made Easy' and documentary 'Down in Weight, Up in Life' to promote science-based healthy weight management.
• Published patient education materials on thyroid eye disease and weight management to enhance public health awareness.
• Implemented multiple patient assistance programs, benefiting over 200,000 patients with drug donations valued at over RMB 4 billion.
• Received honors including "Healthcare Public Welfare Pioneer" and "China Public Welfare Enterprise".
• Created over 2,700 jobs for new graduates.
• Cumulative taxes and contributions exceeding RMB 9 billion.

Note:

1. Data source: Next Pharma database.

About Innovent Biologics

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 20 products in the market. It has 1 asset in NMPA NDA review, 5 assets in Phase 3 or pivotal clinical trials and 14 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Lilly, Takeda, Pfizer, Roche, Sanofi, Incyte, LG Chem and MD Anderson Cancer Center.

Guided by the motto, "Start with Integrity, Succeed through Action" Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement:

1) Innovent does not recommend the use of any unapproved drug (s)/indication (s).
2) Ramucirumab (Cyramza) and Selpercatinib (Retsevmo), Pirtobrutinib (Jaypirca) and abemaciclib (Verzenios) were developed by Eli Lilly and Company.
Disclaimer: Innovent does not recommend any off-label usage.

Forward-Looking Statements of Innovent Biologics

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Innovent, are intended to identify certain of such forward-looking statements. Innovent does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of Innovent with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond Innovent's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, Innovent's competitive environment and political, economic, legal and social conditions.

SOURCE Innovent Biologics