Innovent Biologics, Inc. · HKEX:1801
Innovent Biologics — H1 2026 Earnings Presentation
55 slides from Innovent Biologics's earnings presentation, August 2026
Slide 1: Innovent 2026 Interim Results
Innovent 2026 Interim Results Transforming from Regional Leader to Global Premier: A Strategic Path for Growth and Globalization August 2026
Slide 2: Agenda and Speakers
Agenda and Speakers Business Review and Outlook Dr. Michael Yu Founder, Chairman of the Board, CEO Dr. Hui Zhou Chief R&D Officer (Oncology) R&D Highlight Updates Dr. Lei Qian Chief R&D Officer (General Biomedicine) Financials and Summary Ms. Rachel You Chief Financial Officer Q&A Management Team Co
Slide 3: Three Transformations, One Vision: Building a Global Premier Biopharmaceutical Company
Three Transformations, One Vision: Building a Global Premier Biopharmaceutical Company 2026-2030 Globalization From regional leader to global premier biopharma Profitability • Regional Leadership: maintain rapid high- quality growth in revenue and profit From full-value-chain pharmaceutical company
Slide 4: 2026H1: Rapid Growth in Revenue and Profit
2026H1: Rapid Growth in Revenue and Profit, Setting a New Paradigm for High-quality Development Total Revenue YoY Growth Net Profit (IFRS) C&CE RMB 8.6Bn 45% RMB 1.3Bn RMB 30Bn As of 2026/7/31 3 $60+Bn 20+ 5 $34Bn Leading assets entering Total >30% of China’s Programs in Global global MRCT Ph3 addre
Slide 5: 2026H1: Product Revenue RMB 8.2bn with 57% YoY Strong Growth Momentum
2026H1: Product Revenue RMB 8.2bn with 57% YoY Strong Growth Momentum Product Revenue Growth: More Visibility in RMB 20bn Target in 2027 Oncology + general biomedicine dual-engine growth Evolving commercial models and channels Confidential Copyright© 2026 Innovent 5
Slide 6: 2026H1: Delivering Profitable Growth Through Operational Excellence
2026H1: Delivering Profitable Growth Through Operational Excellence Gross Profit Of Total Revenue 85.0 | % Minor fluctuation by product mix RMB 1.3bn YoY +50.2% | 14.5% of total revenue Productivity and SG&A Expenses Of Total Revenue 43.3 | % efficiency enhancements Net Profit (Non-IFRS) RMB 1.7bn S
Slide 7: Innovent 2030: Growing to a Global Premier Biopharma
Innovent 2030 Growing to a Global Premier Biopharma Total Revenue Profitability MRCT Ph3 Assets Global Launch RMB 35-40Bn Top-tier ≥ 5 US & EU Continued fast growth mainly Benchmarking top-tier Global innovation in oncology Supported by 3 late-stage global powered by organic expansion pharma profita
Slide 8: Evolution from Product-led Growth to Portfolio-driven Value Creation
Evolution from Product-led Growth to Portfolio-driven Value Creation Gastrointestinal (GI) Cardiovascular Lung Cancer Metabolism Cancer Diseases Autoimmune Hematologic Cancer Breast Cancer Ophthalmology Diseases Building an End-to-End Portfolio Management Engine Preclinical Research Business Develop
Slide 9: Oncology Portfolio: Strengthening Leadership and Synergistic Value
Oncology Portfolio: Strengthening Leadership and Synergistic Value in Major Cancer Franchise and Strategically Expanding into Breast Cancer Non-AGA & EGFR mut NSCLC Other driver-gene mut NSCLC IBI363 (PD-1/IL-2α-biased) Lung Melanoma, NSCLC, CRC HCC & GC & ESCC & CRC Strengthen Leadership & IBI343 (
Slide 10: General Biomedicine Portfolio: Multiple Blockbusters Driving Mid-Term Growth
General Biomedicine Portfolio: Multiple Blockbusters Driving Significant Mid-Term Growth Underpinning Huge Unmet Medical Needs in Chronic Disease Areas ~10 First domestic PCSK9 Move into first-line PoC/Ph1 assets Hyperlipidemia (HLD) 1L HLD 4 moving to late-stage anchor assets extensive indication e
Slide 11: Entering Global Markets: Three Global MRCT Phase Assets Unlocking $60B+ Potential
Entering Global Markets: Three Global MRCT Phase 3 Assets Unlocking $60B+ Potential, with Continued Significant Progress in 1H 2026 $8Bn + $40 Bn $15Bn IBI343 (CLDN18.2 ADC) IBI363 (PD-1/IL-2α-bias) IBI324 (VEGF/ANG2) 3L G/GEJA IO-resistant NSCLC DME & nAMD CN: NDA in 2026H1 as 1st globally; SqNSCLC
Slide 12: 20+ Early-clinical-stage Pipeline Powered by Innovent Academy
20+ Early-clinical-stage Pipeline Powered by Innovent Academy for Global Innovation 20+ Early-stage Pipeline aiming for First-in-class /Best-in-disease Position IBI3003 (GPRC5D/BCMA/CD3) R/R MM IBI3032 (Oral GLP-1) Obesity / T2D IBI3002 (TSLP/IL-4Rα) AD/SAR/PAR/CRSwNP IBI3009 (DLL3 ADC) SCLC IBI3016
Slide 13: Innovent's Globalization Blueprint is Taking Shape
Innovent’s Globalization Blueprint is Taking Shape 20+ Partnered Assets Building a Global Expansion Opportunities Innovent’s In-house Innovation Global Collaboration Programs 100+ Preclinical Projects ~20 • Multiple de novo oncology • 12 early-stage and de novo 20+ Programs In partnerships and immun
Slide 14: Innovent's Vision: Transforming from Regional Leader to a Global Premier Biopharmaceutical Company
Transforming from Regional Leader to Innovent’s Vision a Global Premier Biopharmaceutical Company
Slide 15: Clinical Update—Oncology
Clinical Update—Oncology Dr. Hui Zhou, Chief R&D Officer (Oncology) Confidential Copyright© 2025 Innovent
Slide 16: Encouraging Progress in the Next Wave Oncology Innovation in IO and ADC
Encouraging Progress in the Next Wave Oncology Innovation in IO and ADC Lung GI Hema BC Anchor Assets IBI363 IBI343 IBI3003 IBI354 (PD-1/IL-2α-biased) (CLDN18.2 ADC) (GPRC5D/BCMA/CD3) (HER2 ADC) Clinical MRCT Ph3 Expansion World’s First NDA China’s First Ph3 New Ph3 initiation Milestone IO-resistant
Slide 17: IBI363/TAK-928: 1L NSCLC Ongoing PoC as First Wave of Global CDP
IBI363/TAK-928 (PD-1/IL-2α-biased): 1L NSCLC ongoing PoC as First Wave of Global CDP to Validate its Potential as Next-gen IO Backbone Therapy 2025 2026 and forward for Illustration; not an exact timeline IO-naïve Melanoma Pivotal Ph2 readout in 2026 year-end (mucosal/acral) *Potentially support a
Slide 18: IBI363/TAK-928: 2L/IO-Resistant NSCLC Data Update
IBI363/TAK-928 (PD-1/IL-2α-biased): 2L/IO-Resistant NSCLC Data Update Remarkable Long-Tail Benefit with Nearly Half of Patients Survive Beyond 24 Months #2618: First-in-class PD-1/IL-2α-bias bispecific antibody IBI363 (TAK-928) in patients with advanced immunotherapy- resistant non-small cell lung c
Slide 19: IBI363/TAK-928: 1L NSCLC Preliminary PoC Readout
IBI363/TAK-928 (PD-1/IL-2α-biased): 1L NSCLC Preliminary PoC Readout Excellent Response Rate in PD-L1 Negative and Low-expression NSCLC (PD-L1 TPS<50%) #8586: IBI363 (TAK-928) plus chemotherapy as first-line (1L) treatment for advanced non-small cell lung cancer (NSCLC) IBI363 3→1.5mg SoC in 1L sqNS
Slide 20: IBI3003 (GPRC5D/BCMA/CD3): Potential BIC Tri-specific Antibody for Multiple Myeloma
IBI3003 (GPRC5D/BCMA/CD3): Potential BIC Tri-specific Antibody as Backbone Product for Multiple Myeloma IBI3003 with BIC Tri-specific Design Full-line Coverage CDP to Build MM Backbone Anti-BCMA Initial encouraging data @2025ASH Ph1 (CN+AU) ongoing • In heavily-pretreated and difficult-to-treat R/R
Slide 21: Highly Potent, Low-Toxicity, and Diversified ADC Platforms
Highly Potent, Low-Toxicity, and Diversified ADC Platforms for Broad Coverage IND Phase I Phase II Phase III NDA Target TA SyntecanE® (Topo1i) IBI343 (CLDN18.2) GI GC , PDAC Rapid development with front-runner IBI3001 (EGFR/B7H3) GI ESCC, HNSCC advantage IBI354 (HER2) BC BC, PROC SoloTx® (Topo1i) IB
Slide 22: Arcotatug Tavetecan (IBI343/TAK-921): Next-generation CLDN18.2 ADC
Arcotatug Tavetecan (IBI343/TAK-921): Next-generation Fc-silenced CLDN18.2 ADC to Address High Unmet Need in Pancreatic and Gastric Cancers IBI343/TAK-921 (CLDN18.2 ADC) Globally First CLDN18.2 ADC in NDA stage for 3L+ GC 2025 2026 and forward Illustration only; not an exact timeline China NDA accep
Slide 23: IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC
IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC as Potential Cornerstone for Breast Cancer and More Cancer Types IBI354 (HER2 ADC) Comprehensive CDP to Build BC Backbone Ph3 (CN) readout PROC Ph1/2 data @2025ASCO & NDA submission in 2026H2 • Excellent safety profile: ILD incidence was 1.9
Slide 24: Global First-in-class Bispecific ADCs in Phase 1 Dose Expansion
Global First-in-class Bispecific ADCs in Phase 1 Dose Expansion with Encouraging Efficacy and Safety Signals Observed (Selected) IBI3001（EGFR/B7H3 ADC） IBI3014 (PD-L1/TROP2 ADC) • Potentially superior potency over a spectrum of EGFR- driven and B7H3-driven cancers (HNSCC, ESCC, PDAC, • Unique “ADC+I
Slide 25: Key R&D Achievements and Upcoming Newsflow in 2026 to Early 2027—Oncology
Key R&D Achievements and Upcoming Newsflow in 2026 to Early 2027— Oncology NDA/Pivotal Readout New Ph3 PoC Readout New PoC RP2D FIH IBI343 (CLDN18.2 ADC) IBI354 (HER2 ADC) IBI363 (PD-1/IL-2 α-biased ） IBI3003 (GPRC5D/BCMA/CD3) 1L MM IBI3001 (EGFR/B7H3 ADC) IBI3026 (PD-1/IL-12) 3L GC 1L HER2+ BC IO-r
Slide 26: Clinical Update—General Biomedicine
Clinical Update—General Biomedicine Dr. Lei Qian, Chief R&D Officer (General Biomedicine) Confidential Copyright© 2025 Innovent
Slide 27: Extensive Lifecycle Management to Maximize Key Products Value
Extensive Lifecycle Management (LCM) to Maximize Key Products Value and Invest in Tomorrow’s Blockbusters Anchor Assets SINTBILO® PECONDLE® SYCUME® Mazdutide Injection (Tafolecimab Injection, PCSK9) （Picankibart Injection, IL23p19） （Teprotumumab N01 Injection, IGF-1R） (GCG/GLP-1) 1 NDA + 4 Ph3 + mor
Slide 28: Mazdutide (GCG/GLP-1): Lifecycle Management to Strengthen Competitive Position
CVM Mazdutide (GCG/GLP-1): Lifecycle Management to Strengthen Competitive Position Target patient population (mn, in China) Indications 2025 2026 2027 560 Obesity/overweight GLORY-1 Approval 140 T2D DREAMS-1&2 Approval 30 T2D with obesity vs. sema 1.0mg DREAMS-3 Readout 15 Obesity 9mg vs. placebo GL
Slide 29: Next-gen Obesity Portfolio Showcase in 2026 ADA
CVM Next-gen Obesity Portfolio Showcase in 2026 ADA and Aim to Generate FIH Data for Differentiated Positioning • 5-10× oral exposure vs orfo IBI3032 Potential BIC daily small-molecule oral GLP-1 • Ph1 in US/China • Effective at lower dose than orfo in clinics with low-dose & high-efficacy • >10% bo
Slide 30: IBI324/OLN324: VEGF/Ang2 Bispecific to Enter Global Ph3 Studies
Ophthalmology IBI324/OLN324: a Higher Potency, Smaller Format, Higher Molar Dose VEGF/Ang2 Bispecific to Enter Global Ph3 Clinical Studies in 2H 2026 First Globally to Demonstrate Superiority Outcomes vs. Faricimab in a Randomized H2H Ph1b Study Anti-Ang2 VHH DME Mean Change in Central Subfield Thic
Slide 31: Innovative Bispecific Antibodies Offering Potentially Next-gen Therapy for TED
Ophthalmology Innovative Bispecific Antibodies Offering Potentially Next-gen Therapy for TED Balanced Dual-Targeting Design Dual Pathway Blockade of Fibrosis • Anti-IGF-1R arm: Engineered for superior • Validated targets for TED: Potently and IBI3031 IBI3038 activity, supporting potential for low sy
Slide 32: IBI355/SP001 is a Third-Generation, Fully Humanized, Fc-silent CD40L mAb
Autoimmune IBI355/SP001 is a Third-Generation, Fully Humanized, Fc-silent CD40L mAb Upstream CD40L signal: T-cell—B-cell Costimulatory signals IBI355/SP001: Fc silenced CD40L mAb IgG1 mAb Fc Silence No detectible Fc receptor and complement binding → Eliminates platelet activation （vs. 1st gen CD40L
Slide 33: IBI355/SP001 Development Plan: CD40L Mechanism Provides Multiple Opportunities
Autoimmune IBI355/SP001 Development Plan: CD40L Mechanism Provides Multiple Development Opportunities IgG4-RD: Chronic, Immune-Mediated SjD: Complex Disorder with Potential Expansion Fibroinflammatory Condition Limited Treatments Available Opportunities2 ~20K-40K ~50K-80K ➢ Type 1 diabetes diagnosed
Slide 34: Next-gen Autoimmune Franchise: Novel Target Combination and Prolonged Dosing Intervals
Autoimmune Next-gen Autoimmune Franchise: Novel Target Combination and Prolonged Dosing Intervals to Address Huge Unmet Needs IBI3002 (TSLP/IL-4Rα): FIC with Pipeline-in-a-product Potential IBI3013 (IL-15): BIC Design with Half-life Extention ─ Encouraging lung function improvement and ─ Specificall
Slide 35: Key R&D Achievements and Upcoming Newsflow in 2026—General Biomedicine
Key R&D Achievements and Upcoming Newsflow in 2026 — General Biomedicine NDA/Ph3 Readout New Ph3 PoC Readout New PoC RP2D FIH IBI302 (VEGF/C) IBI3031 (IGF-1R/TSHR) Tigulixostat (XOI) IBI324 (VEGF/ANG2) IBI3002 (TSLP/IL-4Rα) IBI355 (CD40L) nAMD AD TED Hyperuricemia nAMD & DME SjD Ph3 readout IBI3027
Slide 36: Financial Highlights & Conclusion
Financial Highlights & Conclusion Ms. Rachel You, Chief Financial Officer Confidential Copyright© 2025 Innovent
Slide 37: Revenue Hit New Heights — 2026H1 Product Sales Increased by 57%
Revenue Hit New Heights — 2026H1 Product Sales Increased by 57% Total Revenue Product Revenue RMB in millions RMB in millions +45% +57% 8,618 8,201 5,953 5,234 8,201 5,234 Q2 Q1 2025H1 2026H1 2025H1 2026H1 Confidential Copyright© 2026 Innovent 37
Slide 38: Delivering Profitable Growth Through Operational Excellence
Delivering Profitable Growth Through Operational Excellence Net Profit (IFRS) Net Profit (Non-IFRS) Cash Positions RMB in millions RMB in millions RMB in millions ~US$4.5Bn 30,222 +41% 1,723 1,704 +50% 1,253 1,213 834 814 1,684 2025H1 2025FY 2026H1 2025H1 2025FY 2026H1 As of 2026/07/31 2026H1 R&D In
Slide 39: Achieving Robust Growth Trajectory through High Certainty of Revenue Streams
Achieving Robust Growth Trajectory through High Certainty of Revenue Streams Revenue RMB Bn Next-gen oncology IO+ADC secure leading position Total Revenue For illustration only 35-40Bn General Biomedicine flagship products accelerate growth Product revenue 20Bn International revenue emerging via glo
Slide 40: From Regional Leader to Global Premier: a Clear Value Growth Trajectory
From Regional Leader to Global Premier: a Clear Value Growth Trajectory Innovent Value Growth Trajectory For illustration purpose only Significant Value Upside Globalization Progress Regional Market • Milestones of late-stage global Leadership pipeline (IBI363/IBI343/IBI324) • New assets into global
Slide 41: Conclusion: Well-positioned for Growth and Global Breakthrough
Conclusion: Well-positioned for Growth and Global Breakthrough China’s Biopharma Leader with High Certainty and Growth Revenue Growth Entering Profitable Era with High-quality Margin Expansion Sustainable Profit Significant Value Upside from Global Pipeline Advancement Global Innovation World-class
Slide 42: Key Income Statement of 2026H1
Key Income Statement of 2026H1 IFRS measures* Revenue & Gross Profit RMB'million 2026H1 % 2025H1 % • For the period ended 30 June 2026, total revenue increased by 44.8% to RMB8,617.8 million. Total Revenue 8,617.8 100.0% 5,953.1 100.0% • Gross profit increased by 43.0% to RMB7,321.8 Cost of sales (1
Slide 43: Balance Sheet at 30 June 2026
Balance Sheet at 30 June 2026 RMB'million 30 Jun 2026 31 Dec 2025 Current assets 25,005.5 22,013.3 Non-current assets 16,611.1 15,334.5 Total assets 41,616.7 37,347.8 Cash and cash equivalents Inc. Cash and cash equivalents 26,871.1 24,346.1 • Cash and cash equivalents amounted to RMB26.9 billion (U
Slide 44: Company Introduction
Company Introduction Appendix Confidential Copyright© 2025 Innovent
Slide 45: Our Purpose
Our Purpose Company Company Development Mission Vision Strategy To empower patients To be a premier global To discover new medicines worldwide with biopharmaceutical through innovation and affordable, high-quality company deliver them through our biopharmaceuticals global platforms Confidential Conf
Slide 46: In its First 15 Years, Innovent Became a Leading Fully-integrated Biopharmaceutical Company
In its First 15 Years, Innovent Became a Leading Fully-integrated Biopharmaceutical Company in China 20 19 140,000L 30+ 9,000 commercial clinical stage capacity in global experienced products candidates operation partnerships talents Continue strong business growth Achieve global innovation Strategy
Slide 47: Innovent Organization & Global Footprints
Innovent Organization & Global Footprints 9000+ employees Commercial R&D CMC Administration 4800 2300 1400 500 Fully fledged team in sales, medical High-quality R&D platform spans entire Industry-leading expertise in process and Professional teams facilitate organizational affairs, strategy planning
Slide 48: Oncology Pipeline
Oncology Pipeline Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 Pivotal Phase 2/3 NDA Launched TYVYT® (sintilimab) PD-1 Monoclonal antibody Oncology Worldwide Approved : 1L nsqNSCLC, 1L sqNSCLC, 1L HCC, 1L GC, 1L ESCC, 2L EGFRm nsqNSCLC, cHL
Slide 49: General Biomedicine Pipeline
General Biomedicine Pipeline Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 Pivotal Phase 2 / 3 NDA Launched Approved: Obesity (4/6mg) Approved: T2D (4/6mg) Moderate-to-severe Obesity (9mg) T2DM with obesity ( head-to-head Semaglutide) Obesit
Slide 50: Hang Seng Index Inclusion Marks China's Innovative Drug Industry Entry into Global Capital Markets
Hang Seng Index Inclusion Marks China's Innovative Drug Industry Entry into Global Capital Markets Innovent is the first Chinese pharma company to evolve from a biotech start-up to a full- fledged biopharma and secure its place among the country’s top innovators in medicine. December 8, 2025: Innove
Slide 51: Innovent Biologics is committed to providing patients with affordable, high-quality treatment options
Innovent Biologics is committed to providing patients with affordable, high-quality treatment options, earning their lasting trust. • With 20 products currently on the market, Innovent is the Chinese pharmaceutical company with the largest portfolio of marketed monoclonal antibody therapies. • 13 pr
Slide 52: Innovent Has Harnessed Two of the Most Transformative Global Drug Targets
2 Innovent Biologics Has Harnessed Two of the Most Transformative Global Drug Targets of Recent Decades PD-1 GLP-1 TYVYT® (Sintilimab Injection) Mazdutide Injection The Lancet Journal of the American The New England Journal of the American Nature Medical Association Confidential Journal of Medicine
Slide 53: State-of-the-art Manufacturing Facilities Engineered to International Standards
State-of-the-art Manufacturing Facilities Engineered to International Standards (20% of China's biopharmaceutical production capacity） Hangzhou Manufacturing Site Suzhou Manufacturing Site 170,000L of antibody production 60,000L of antibody and ADC capacity, serving in-house and production capacity
Slide 54: Disclaimer
Disclaimer This presentation has been prepared by Innovent Biologics, Inc. (the “Company”, “Innovent” “we,” “us” or “our” and together with its subsidiaries, the “Group”) solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sel
Slide 55: Confidential
Confidential Copyright© 2026 Innovent 55