Innovent Biologics, Inc. · HKEX:1801

Innovent Biologics — H1 2025 Earnings Presentation

52 slides from Innovent Biologics's earnings presentation, August 2025

Slide 1: Innovent Biologics 2025 Interim Results
Innovent Biologics 2025 Interim Results Advancing toward a New Era of Growth and Global Innovation August 2025
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 Conf
Slide 3: 2025H1: Continued Exceptional Execution on a Clear Roadmap of Dual-driven Growth and Global Innovation
2025H1: Continued Exceptional Execution on a Clear Roadmap of Dual-driven Growth and Global Innovation 1 Operational Excellence 2 Dual-driven Growth 3 Global Innovation • Robust revenue growth: Total revenue • Commercial portfolio expanded to 16 products • 10+ pipeline assets with global potential r
Slide 4: 2025H1: Dual-driven Revenue Growth with Execution Excellence
2025H1: Dual-driven Revenue Growth with Execution Excellence RMB 5.95 bn RMB 5.23 bn 16 5 Total Revenue Product Revenue Marketed Products New Launches 50.6% yoy growth fueled by 37.3% yoy growth dual-driven China’s largest portfolio of Accelerated ramp-up fueling robust product sales and by oncology
Slide 5: Sustainable Business Model Secures Consecutive Positive Profit and EBITDA
Sustainable Business Model Secures Consecutive Positive Profit and EBITDA Gross Profit Margin EBITDA C&CE 86.8% RMB 1.4bn RMB 14.6bn +2.7pp yoy ＞ USD 2bn as of July 31, 2025 SG&A Expenses Ratio Net Profit MSCI ESG 44.2% RMB 1.2bn AAA -7.9pp yoy Strong revenue growth, operational excellence, and cash
Slide 6: China Top One Oncology Brand
China Top One Oncology Brand Every day, over 3,000 new cancer patients receive treatments with Innovent drugs To date, over 3 million cancer patients have benefited from our drugs New Launches with Synergy Leadership Momentum Sustained First and only 9th and 10th NDAs in review Non-covalent BTK inhi
Slide 7: Poised to be an Innovative Leader in General Biomedicine
Blockbusters Portfolio Scalable Commercial Team Full Channel Coverage • 1000pp in CVM commercial team with full function Four channels coverage to secure awareness and accessibility capabilities • Public Hospital • Chain Pharmacy • Strong execution on successful product launch • Online Platform • Pr
Slide 8: Ongoing New Launches and Pivotal-stage Progress to Support Dual-driven Sustainable Growth
Ongoing New Launches and Pivotal-stage Progress to Support Dual-driven Sustainable Growth Oncology Dual-driven General Biomedicine Sustainable Growth • T2D • 2L RCC • Obesity w. NAFLD • Neoadj. Colon Cancer TYVYT®(PD-1) • Moderate-to-severe obesity • Perioperative NSCLC • OSA • …… Mazdutide (GCG/GLP
Slide 9: Innovent Biologics: Embark on a New Era of Global Innovation
Innovent Biologics: Embark on a New Era of Global Innovation Technology Platforms High Potential Pipeline Strengthened ADC and antibody platforms Advance 6-8 molecules into global Strategically expanded into siRNA and XDC development annually Confidential Copyright© 2025 Innovent 8
Slide 10: Emerging Value from Globalization Strategy, Prioritizing Novel Pipeline's Global R&D
Emerging Value from Globalization Strategy, Prioritizing Novel Pipeline’s Global R&D IND-enabling Ph1 Ongoing / in Plan Ph1/2 Ongoing MRCT Ph3 Initiated IBI3028 IBI3013 IBI3001 IBI3003 IBI3009 IBI363 IBI363 (Bs dp ADC) (Immunology) (EGFR/B7H3 ADC) (GPRC5D/BCMA/CD3) (DLL3 ADC) (PD-1/IL-2α-bias) (PD-1
Slide 11: 8 Oral Presentations at ASCO; Initiating First Global Phase 3 for IBI363 in sqNSCLC
8 Oral Presentations at ASCO; Initiating First Global Phase 3 for IBI363 in sqNSCLC IBI363 (PD-1/IL-2α-bias) starred in 3 oral presentations with unprecedented OS benefits First MRCT Ph3 “Immune-resistant” • Impressive ORR, PFS and OS trend IO-resistant sqNSCLC Wild-type NSCLC • Efficacy across PD-L
Slide 12: Expand Global Footprint and Accelerate Overseas R&D
Expand Global Footprint and Accelerate Overseas R&D China International Overseas R&D Progress in 2025 R&D Team R&D Team Clinical Strategy Analysis Clinical Operations Clinical Operations Biostatistics 1 Suzhou Manufacturing Site Biostatistics and New FDA FTD received Clinical Development Clinical De
Slide 13: Accelerate Global Presence through Collaborations and Broader Market Access
Accelerate Global Presence through Collaborations and Broader Market Access Strategic Collaboration on Accelerating Registrational Launching Commercial Novel Pipeline Actions for Greater China Market Products in ex-China Regions • Bevacizumab IBI3009 (Indonesia) (DLL3 ADC) − US$80mn upfront received
Slide 14: Continued Growth and Innovation through Remainder of the Year
Continued Growth and Innovation through Remainder of the Year 2025 as a pivotal year for Innovent’s long-term strategic moves Sustain Revenue Growth Prioritize Global Innovation • Sustained leadership in oncology including • Advance registrational studies for IBI363 Tyvyt® continued indication expan
Slide 15: Innovent's Today, Tomorrow and Future (2025, 2027 & 2030)
Innovent’s Today, Tomorrow and Future（2025, 2027 & 2030） 2030 2027 Vision and Mission 2025 • ≥5 Pipeline Assets in Global Three-year Plan MRCT Phase 3 • Building a global premier Annual Target • 20 commercical products biopharmaceutical leader • Dual growth strategy and new • RMB20bn Product Revenue
Slide 17: Oncology R&D Strategy: Dual Innovation, Unlocking the Future of Cancer Treatment
Oncology R&D Strategy: Dual Innovation, Unlocking the Future of Cancer Treatment Next-generation IO Next-generation ADC IO+ADC Dual Innovation In-depth comprehension of cancer Unique and differentiated linker-payload Broader-spectrum, highly-potent, less toxic, biology and clinical practice technolo
Slide 18: IBI363 (PD-1/IL-2α-bias): Unique Molecular Design to Unlock IL-2 Value
IBI363 (PD-1/IL-2α-bias): Unique Molecular Design to Unlock IL-2 Value Nat Cancer. 2023 Sep;4(9):1309-1325 Preferential binding to TST, avoiding Bifunctional molecular the impact of Treg within tumor tissue design microenvironment Breaks through upper limit of Expand therapeutic traditional IL-2 dos
Slide 19: IBI363: Breakthrough Data Reflects Strong Immune Activation and Tailing Effect of IO Therapy
IBI363 (PD-1/IL-2α-bias): Breakthrough Data Reflects Strong Immune Activation and Tailing Effect of IO Therapy IO-resistant IO-resistant IO-resistant Later-line sqNSCLC adeno. NSCLC melanoma MSS colorectal cancer ORR 2.4x 37% PFS 1.6x 2x 26% 24% 23% 2x 13% 13% 13% 15% 7% 5% 9.3 7.4 5.5 5.6 5.7 4.7 3
Slide 20: A Clear, Stepwise Development Strategy to Unlock IBI363's Promise as Next-Gen IO Foundation
A Clear, Stepwise Development Strategy to Unlock IBI363’s Promise as Next-Gen IO Foundation Potential New IO Cornerstone Unlocked Quick Win Explore combinations and Exploring IBI363’s superiority in expand indications Expand into immunotherapy first-line major cancers market gaps 1L NSCLC Ph1b/2 stu
Slide 21: First Global Phase 3 of IBI363 in IO-resistant sqNSCLC to Start in 2025H2
First Global Phase 3 of IBI363 in IO-resistant sqNSCLC to Start in 2025H2 A Randomized, Open-Label, Multi-Center, Phase 3 Study Evaluating the Efficacy and Safety of IBI363 Versus Docetaxel in Participants with Unresectable Locally Advanced or Metastatic Squamous Non-Small Cell Lung Cancer with Dise
Slide 22: IBI343 (CLDN18.2 ADC): First ADC Entered Ph3 for PDAC; GC Ph3 Ongoing
IBI343 (CLDN18.2 ADC): First ADC Entered Ph 3 for PDAC; GC Ph3 Ongoing GC: publication in Nature Medicine PDAC: oral presentation at ASCO 2025 Favorable safety profile among OS benefits PFS Benefits OS benefits drugs of the same target （IBI343 v.s. SoC） (IBI343 vs. Chemotherapy ) (IBI343 vs. Chemoth
Slide 23: IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC for PROC and Others
IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC for PROC and Others Preclinical ASCO 2025 ASCO 2025 Her2+ BC • ORR: 72.4% Cmax Incidence of Grade ≥ Incidence of Any AUC • DCR: 89.7% (ng/ml) 3 TRAE Grade ILD (ng.day/ml) 9mg/kg Q3W • mPFS: 14.1m -43% subgroup (48.3% events) -88% • mOS: 3.4% e
Slide 24: IBI3001: Global First EGFR/B7H3 ADC Entering Clinical Phase
IBI3001: Global First EGFR/B7H3 ADC Entering Clinical Phase with Dual Targets Synergistically Covering Multiple Potential Indications EGFR/B7H3 expression in different tumor MRCT Phase 1 dose escalation ongoing types (Australia + China + US) B7H3 EGFR • A 70-year-old patient with non-small cell lung
Slide 25: IBI3020: Global First Dual-payload ADC Entering Clinical Phase Powered by the DuetTx Platform
IBI3020: Global First Dual-payload ADC Entering Clinical Phase Powered by the DuetTx® Platform CEACAM5 expression in different tumor IBI3020 exhibited high anti-tumor activity in types colorectal cancer mouse model CEACAM5 Indication (Positivity rate) Colorectal ~90 Non-squamous non-small ~60 cell l
Slide 26: IBI3003: Global Potential BIC Tri-specific Antibody Developed from Proprietary Sanbody Platform
IBI3003: Global Potential BIC Tri-specific Antibody Developed from Proprietary Sanbody® Platform Anti-BCMA Multi-regional Phase 1 clinical study in China and Australia Dose-escalation ongoing Anti-GPRC5D Case 1 Case 2 • A 53-year-old patient with IgG lambda MM, with a • A 50-year-old patient with Ig
Slide 27: Key R&D Achievements and Upcoming Newsflow in 2025 - Oncology
Key R&D Achievements and Upcoming Newsflow in 2025 - Oncology Pipeline Major Development Progress Pipeline Major Development Progress Lifecycle management and TYVYT® strengthened Neoadj. 2L position in 2025 Perioperative 3L+ GC 2L+ PDAC Colon Cancer RCC NSCLC (PD-1) IBI343 Ph3 ongoing Ph3 preparatio
Slide 29: General Biomedicine Franchise: "Matrix-Style Development" Strategy
General Biomedicine Franchise: "Matrix-Style Development" Strategy Cardiovascular and Endocrine Dermatology and Rheumatology Ophthalmology Centered on most prevalent cardiovascular diseases FIC/BIC pipeline-in-a-product developed Bispecific molecules with differentiated (Hyperlipidemia, Hypertension
Slide 30: Mazdutide (GCG/GLP-1): Develop CVM Cornerstone Asset as Pipeline-in-a-Product
Mazdutide (GCG/GLP-1): Develop CVM Cornerstone Asset as Pipeline-in-a-Product Continuing to explore further indications with progress well underway Indications Initiation Ph1/2 Ph3 NDA Approval Obesity/overweight GLORY-1 (Ph3) 2025.06 • Fast-launch of key indications to secure first-mover advantage
Slide 31: Tigulixostat (IBI128): Best-in-class XOI for Gout Patients with Hyperuricemia
Tigulixostat (IBI128): Best-in-class XOI for Gout Patients with Hyperuricemia Xanthine oxidase inhibitors prevent the production of uric acid URAT inhibitors enhance renal uric acid excretion XO Inhibitors Febuxostat URAT1 inhibitors Tigulixostat (IBI128) Xanthine xidase URAT1 Purines Uric acid Uric
Slide 32: IBI3032 (Oral GLP-1): cAMP-biased Small-molecule GLP-1R Agonist
IBI3032 (Oral GLP-1): cAMP-biased Small-molecule GLP-1R Agonist with Superior PK/PD and Potentially Better Efficacy Self-discovered with BIC Potential Improved Efficacy in Obese Monkey Model Study Schedule Days 0 7 14 21 28 • Better PK & physicochemical profile: ─ 5-10 × oral exposure vs. orfo 1 mg
Slide 33: Picankibart (IL-23p19): Best-in-class Profiles with Rapid On-set and Quarterly Dosing
Picankibart (IL-23p19): Best-in-class Profiles with Rapid on-set, Compelling Efficacy and Convenient Quarterly Dosing Comprehensive CDP to Maximize Asset Value BIC Profiles for Psoriasis Patients Risankizumab Guselkumab Secukimab Indication Target population Phase1/2 Ph3 NDA Approval Picankibart (IL
Slide 34: Next-gen Autoimmune Molecules with Preliminary Signals Observed
Next-gen Autoimmune Molecules with Preliminary Signals Observed Global tier-1 development pace First-in-class molecular design ─ Dual blockade of both upstream and effectors in ─ China Ph1 ongoing and preliminary data type 2 inflammation readout in 2H2025 ─ Ph1 in China and Australia is ongoing with
Slide 35: Key R&D Achievements and Upcoming Newsflow in 2025 - General Biomedicine
Key R&D Achievements and Upcoming Newsflow in 2025 - General Biomedicine Pipeline Major Development Progress Pipeline Major Development Progress SYCUME® Inactive TED H2H Steroid Therapy in TED Tigulixostat Hyperuricemia in Gout (IGF-1R) Ph3 in Plan in 25H2 Ph3 in Plan in 25H2 (XOI) Ph3 to initiate i
Slide 37: 2025H1: Robust Revenue Growth Momentum and Substantial Profit Improvement
2025H1: Robust Revenue Growth Momentum and Substantial Profit Improvement Revenue Continues Strong Momentum Consecutive Net Profit and EBITDA RMBm RMBm 5,953.1 Total revenue EBITDA Loss EBITDA Net Loss Net Profit 1,412.8 50.6% 1,213.2 5,233.8 Product revenue 3,952.3 37.3% 3,811.4 572.4 491.8 -160.8
Slide 38: Continued Financial and Operational Improvements
Continued Financial and Operational Improvements Gross Profit Margin SG&A Ratio Financial Position RMBm RMBm USD 86.8% 8,000 100% 8,000 100% 6,000 6,000 84.1% 52.0% 4,000 50% 4,000 44.2% 50% 2bn 5,167.4 2,000 2,000 3,324.4 2,628.4 2,056.7 300-400m 0 0% 0 0% 2024H1 2025H1 2024H1 2025H1 Cash and Cash
Slide 39: Statement of Profit or Loss
Statement of Profit or Loss Non-IFRS measure* RMB'million 2025 % 2024 % Total Revenue & Gross Profit Total Revenue 5,953.1 100.0% 3,952.3 100.0% • For the six months ended 30 June 2025, total revenue increased by Cost of sales (785.7) (13.2%) (627.9) (15.9%) 50.6% to RMB 5,953.1 million. Gross profi
Slide 40: Statement of Financial Position
Statement of Financial Position RMB'million At 31 June 2025 At 31 December 2024 Non-current Assets Property, plant and equipment 5,244.1 5,279.6 Right-of-use assets 357.7 367.6 Intangible assets 1,388.3 1,282.6 Long term investment 835.4 859.0 Deposits for acquisition of property,plant and equipment
Slide 41: Summary: Continue Execution and Validation of Dual-engine Growth and Global Innovation Strategies
Summary: Continue Execution and Validation of Dual-engine Growth and Global Innovation Strategies Sustainable Dual-driven Global Growth Leadership Innovation Building a healthy business model Building on our oncology leadership, Shifting from China-centric operations that ensures financial stability
Slide 43: Innovent Biologics: Established in 2011, Grew into a China-leading Biopharmaceutical Company
Innovent Biologics: Established in 2011, Grew into a China-leading Biopharmaceutical Company 16 21 140 KL 30+ 7500 Commercial Clinical Production Global Products Pipeline Capacity Employees Partnerships To empower patients worldwide with affordable, high-quality biopharmaceuticals Confidential Copyr
Slide 44: Innovent's Mission: To Empower Patients Worldwide with Affordable, High-quality Biopharmaceuticals
Innovent’s Mission: To Empower Patients Worldwide with Affordable, High- quality Biopharmaceuticals • 16 marketed products with 14 yrs – China’s largest commercial portfolio of antibody medicines • 5M + patients benefited from Innovent’s therapies • RMB 3.6B + in drug donations, supporting 200K + pa
Slide 45: Robust pipeline across novel therapeutics – Oncology
Robust pipeline across novel therapeutics – Oncology 12 approved, 1 NDA under NMPA review, 3 in Ph3/pivotal trials and 7 assets in clinical stage Pivotal Phase 2 / Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 NDA Launched Phase 3 TYVYT® (si
Slide 46: Robust pipeline across novel therapeutics – General Biomedicine
Robust pipeline across novel therapeutics – General Biomedicine 4 approved, 1 NDA under review, 1 in pivotal stage, 8 assets in clinical stage Pivotal Phase 2 / Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 NDA Launched Phase 3 Approved: Obe
Slide 47: Innovent Organization & Global Footprints
Innovent Organization & Global Footprints 7500 employees Commercial R&D CMC Administration 4000 1800 1200 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: State-of-the-art Manufacturing Facilities Engineered to International Standards
State-of-the-art Manufacturing Facilities Engineered to International Standards ® Suzhou Manufacturing Site 60,000L Hangzhou Manufacturing Site 170,000L* * Total planned capacity. Currently 80,000L in operation serving in-house and CDMO operations • A total of 140,000L manufacturing facilities in op
Slide 49: Partner of Choice for Enhanced R&D and International Growth
Partner XX of Choice for Enhanced R&D and International Growth （30+ international collaborations） Pioneering MNC Untapping BIC Building Platforms Launching Products Partnerships Portfolio Potentials for the Future in ex-China Regions • 6 collaborations with Lilly: ✓ PD-1 (2015, 2020) ✓ PD-1 Bispecif
Slide 50: Innovent's Today, Tomorrow and Future (2025, 2027 & 2030)
Innovent’s Today, Tomorrow and Future（2025, 2027 & 2030） 2030 2027 Vision and Mission 2025 • ≥5 Pipeline Assets in Global Three-year Plan MRCT Phase 3 Annual Target • 20 commercical products • Building a global premier biopharmaceutical leader • Dual growth strategy and new • RMB20bn Product Revenue
Slide 51: Disclaimer
Disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and financial position of Innovent Biologics (“Innovent” “we,” “us” or “our”), our bu

Innovent Biologics — H1 2025 Earnings Presentation on 6ix

Innovent Biologics — H1 2025 Earnings Presentation

Slide 1: Innovent Biologics 2025 Interim Results

Slide 2: Agenda and Speakers

Slide 3: 2025H1: Continued Exceptional Execution on a Clear Roadmap of Dual-driven Growth and Global Innovation

Slide 4: 2025H1: Dual-driven Revenue Growth with Execution Excellence

Slide 5: Sustainable Business Model Secures Consecutive Positive Profit and EBITDA

Slide 6: China Top One Oncology Brand

Slide 7: Poised to be an Innovative Leader in General Biomedicine

Slide 8: Ongoing New Launches and Pivotal-stage Progress to Support Dual-driven Sustainable Growth

Slide 9: Innovent Biologics: Embark on a New Era of Global Innovation

Slide 10: Emerging Value from Globalization Strategy, Prioritizing Novel Pipeline's Global R&D

Slide 11: 8 Oral Presentations at ASCO; Initiating First Global Phase 3 for IBI363 in sqNSCLC

Slide 12: Expand Global Footprint and Accelerate Overseas R&D

Slide 13: Accelerate Global Presence through Collaborations and Broader Market Access

Slide 14: Continued Growth and Innovation through Remainder of the Year

Slide 15: Innovent's Today, Tomorrow and Future (2025, 2027 & 2030)

Slide 16: R&D Highlights - Oncology

Slide 17: Oncology R&D Strategy: Dual Innovation, Unlocking the Future of Cancer Treatment

Slide 18: IBI363 (PD-1/IL-2α-bias): Unique Molecular Design to Unlock IL-2 Value

Slide 19: IBI363: Breakthrough Data Reflects Strong Immune Activation and Tailing Effect of IO Therapy

Slide 20: A Clear, Stepwise Development Strategy to Unlock IBI363's Promise as Next-Gen IO Foundation

Slide 21: First Global Phase 3 of IBI363 in IO-resistant sqNSCLC to Start in 2025H2

Slide 22: IBI343 (CLDN18.2 ADC): First ADC Entered Ph3 for PDAC; GC Ph3 Ongoing

Slide 23: IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC for PROC and Others

Slide 24: IBI3001: Global First EGFR/B7H3 ADC Entering Clinical Phase

Slide 25: IBI3020: Global First Dual-payload ADC Entering Clinical Phase Powered by the DuetTx Platform

Slide 26: IBI3003: Global Potential BIC Tri-specific Antibody Developed from Proprietary Sanbody Platform

Slide 27: Key R&D Achievements and Upcoming Newsflow in 2025 - Oncology

Slide 28: R&D Highlights - General Biomedicine

Slide 29: General Biomedicine Franchise: "Matrix-Style Development" Strategy

Slide 30: Mazdutide (GCG/GLP-1): Develop CVM Cornerstone Asset as Pipeline-in-a-Product

Slide 31: Tigulixostat (IBI128): Best-in-class XOI for Gout Patients with Hyperuricemia

Slide 32: IBI3032 (Oral GLP-1): cAMP-biased Small-molecule GLP-1R Agonist

Slide 33: Picankibart (IL-23p19): Best-in-class Profiles with Rapid On-set and Quarterly Dosing

Slide 34: Next-gen Autoimmune Molecules with Preliminary Signals Observed

Slide 35: Key R&D Achievements and Upcoming Newsflow in 2025 - General Biomedicine

Slide 36: Financials and Summary

Slide 37: 2025H1: Robust Revenue Growth Momentum and Substantial Profit Improvement

Slide 38: Continued Financial and Operational Improvements

Slide 39: Statement of Profit or Loss

Slide 40: Statement of Financial Position

Slide 41: Summary: Continue Execution and Validation of Dual-engine Growth and Global Innovation Strategies

Slide 42: Company Overview

Slide 43: Innovent Biologics: Established in 2011, Grew into a China-leading Biopharmaceutical Company

Slide 44: Innovent's Mission: To Empower Patients Worldwide with Affordable, High-quality Biopharmaceuticals

Slide 45: Robust pipeline across novel therapeutics – Oncology

Slide 46: Robust pipeline across novel therapeutics – General Biomedicine

Slide 47: Innovent Organization & Global Footprints

Slide 48: State-of-the-art Manufacturing Facilities Engineered to International Standards

Slide 49: Partner of Choice for Enhanced R&D and International Growth

Slide 50: Innovent's Today, Tomorrow and Future (2025, 2027 & 2030)

Slide 51: Disclaimer

Slide 52: Confidential