On July 10, Innovent Biologics rose 3.13% in regular trading, trading at HK$89.05/share, with turnover of HK$251 million.

On the news front, Zhongtai International published a research report on July 9 reaffirming a \"Buy\" rating on Innovent Biologics with a target price of HK$134.50, implying approximately 51% upside from the current share price. The broker raised its pharmaceutical product sales revenue forecasts, projecting year-over-year growth of 34.6%, 24.5%, and 24.9% for the periods through 2028 respectively. The firm noted that milestone payments from collaborations with global pharmaceutical giants including Eli Lilly, Takeda, and Pfizer are expected to be recognized in stages going forward.

Additionally, the company recently signed a commercialization agreement with Eli Lilly for Verzenios (abemaciclib) in mainland China, and its diabetes drug mazdutide passed preliminary review for inclusion in China's national medical insurance catalog, providing further revenue growth visibility.

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