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Chinese biotech developing oncology and immunology biologic drugs, with multiple licensing deals with Western pharma.
Chinese biotech developing oncology and immunology biologic drugs, with multiple licensing deals with Western pharma.
Sells its medicines mainly to Chinese hospitals, where inclusion on the national reimbursement list trades lower prices for much higher volumes, with its PD-1 cancer drug sintilimab (Tyvyt) the long-time core. It added a second leg in 2025 with mazdutide, a weight-loss drug licensed from Eli Lilly for China and approved there.
In one line: A Chinese biologics-focused biotech with Eli Lilly and other global partnerships.
Moat: narrow (IP / patents, process know-how). In-house biologics manufacturing and a broad, partnered pipeline of patented drug candidates.
Headquarters: Suzhou, China · Founded: 2011 · Employees: 7,502
Size Innovent Biologics (1801.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $19.2B, the 95th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$86.35 on 6 Nov 2026.
Performance Over six months the shares fell 5.2%, against +5.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 42.6% over the last twelve months (peer median +24.9%); the operating margin is 16.9% (peer median 20.8%).
Valuation It trades at 53.3× forward earnings against a peer median of 23.5× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 62.0 points above its cost of capital (8.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$17.6B | HK$14.1B | HK$10.2B | HK$6.86B | HK$5.30B |
| Revenue growth | — | +38% | +49% | +29% | — |
| Gross profit | HK$15.1B | HK$12.2B | HK$8.58B | HK$5.60B | HK$4.22B |
| EBITDA | HK$3.72B | HK$2.84B | HK$613M | -HK$689M | -HK$2.74B |
| Net income | HK$1.41B | HK$882M | -HK$103M | -HK$1.14B | -HK$2.53B |
| Free cash flow | HK$14.6B | HK$10.8B | HK$863M | -HK$878M | -HK$3.27B |
| Capital expenditure | HK$703M | HK$741M | HK$1.85B | HK$1.53B | HK$1.59B |
| Total debt | n/a | HK$3.14B | HK$3.01B | HK$3.99B | HK$3.62B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% |
| BeOne Medicines 688235.SS | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% |
| Akeso 9926.HK | $10.2B | -38% | +42% | -25% | n/a | n/a |
| Shanghai Junshi Biosciences 1877.HK | $4.08B | -39% | +36% | -14% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1801.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.4% | +10.3% | 2nd lowest of 21 |
| 6-month return | -5.2% | +5.8% | 5th lowest of 21 |
| Distance from 52-week high | -23.4% | -9.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +42.6% | +24.9% | 8th highest of 21 |
| Operating margin | 16.9% | 20.8% | 10th lowest of 21 |
| Forward P/E | 53.3× | 23.5× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 11.7% | 8.9% | 9th most demanding of 18 |
| Growth delivered (Del g) | +26.8% | +12.5% | 5th highest of 18 |
| Hurdle (Req g minus delivered) | -15.1 pp | -11.6 pp | 7th least demanding of 18 |
| ROIC minus cost of capital | +62.0 pp | +4.4 pp | 3rd highest of 21 |
| EV / EBITDA | 35.1× | 17.9× | 3rd most expensive of 15 |
| Net debt / EBITDA | -5.5× | -0.0× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 22.2× | 0.9% | +49.8% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 37.1× | 28.2% | +26.1% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 7.5× | 12.5% | +3.7% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 15.4× | 14.2% | +14.0% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | n/a | n/a | n/a |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 27.5× | 8.9% | +10.8% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | n/a | n/a | n/a |