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Innovent Biologics, Inc (1801) Fair Value & Analysis

Healthcare · HK · Market cap HK$148B

IB Innovent Biologics, Inc 1801 · HK
PriceHK$95.15
Fair ValueHK$19.68
Upside-79.3%
Quality50/100
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Healthy Growth
Thin margins · 6.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Narrow moat 23/100
Evidence: High Range HK$16.43 – HK$22.23 Share as image

Fair value as of: Aug 13, 2026

From 23 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from HK$19.66 to HK$19.68 (+0.1%) since Aug 5, 2026. Share price +5.7% over the past month.

A solid business, but screening 79% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (HK$22.23). The favourable scenario is already priced in.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

HK$107.00 HK$18.64 Fair Value HK$19.68 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range HK$18.64 – HK$107.00 · fair‑value band HK$16.43 – HK$22.23 · the HK$95.15 price screens above the HK$19.68 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Innovent Biologics, Inc (1801) currently trades at HK$95.15, while our model-based Fair Value estimate is HK$19.68, implying the stock looks roughly 79.3% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Innovent Biologics, Inc generated revenue of HK$13.0B at a net margin of 6.2%. Revenue grew 29.6% year over year. It earns a return on equity of 5.0%. The balance sheet holds a net cash position of HK$14.5B. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$16.43 (bear case) to HK$22.23 (bull case); at HK$95.15, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 13% below its 52-week high and 37% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -47% fair-value upside, at -79%, 1801 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (HK$7.48 to HK$177.64). Read the values as a conservative anchor, not as a price target.
Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$93.89 HK$177.64 HK$314.87 80
ROIC Compounder HK$13.77 HK$16.20 HK$18.03 72
Growth-Adj P/E HK$15.25 HK$21.79 HK$28.33 68
All 23 models by family
DCF Models
FCF DCF HK$99.26 HK$151.12 HK$316.23 38
Owner Earnings HK$15.48 HK$23.92 HK$41.65 31
5Y Revenue Exit HK$36.72 HK$44.31 HK$59.14 39
5Y EBITDA Exit HK$39.71 HK$50.36 HK$70.74 41
5Y P/E Exit HK$39.45 HK$57.71 HK$79.25 38
10Y Revenue Exit HK$55.15 HK$80.88 HK$87.96 36
10Y EBITDA Exit HK$57.51 HK$87.32 HK$129.69 37
10Y P/E Exit HK$57.32 HK$86.76 HK$127.41 35
Earnings-Based
Graham-Dodd HK$3.19 HK$22.24 HK$31.21 54
Lynch FV HK$11.49 HK$16.42 HK$21.34 50
PEG = 1.0 HK$11.49 HK$16.42 HK$21.34 46
EPV HK$12.48 HK$13.09 HK$13.61 59
Multiples
P/E Multiple HK$7.74 HK$10.32 HK$12.90 63
P/S Multiple HK$5.98 HK$7.97 HK$9.97 58
P/B Multiple HK$5.98 HK$7.97 HK$9.97 55
EV/EBIT HK$14.25 HK$16.05 HK$17.84 53
EV/EBITDA HK$16.94 HK$19.63 HK$22.32 54
EV/Revenue HK$12.71 HK$14.35 HK$16.00 43
Asset-Based
NCAV (Graham) HK$5.58 HK$7.48 HK$11.16 50
Growth DCF
Growth DCF HK$93.89 HK$177.64 HK$314.87 80
Economic Profit
Residual Income HK$8.37 HK$8.32 HK$7.59 61
ROIC Compounder HK$13.77 HK$16.20 HK$18.03 72
Growth Earnings
Growth-Adj P/E HK$15.25 HK$21.79 HK$28.33 68

Widest divergence: Growth DCF (HK$177.64) versus Asset-Based (HK$7.48). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$13.0B
Revenue growth (YoY) +29.6%
Net margin 6.2%
Return on equity 5.0%
Free cash flow HK$9.3B FY2025
P/E ratio 158.4 as of Jul 2, 2026
More key figures
Operating margin -0.6%
EPS (TTM) HK$0.4900
Net cash HK$14.5B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 58 · Market factors (momentum, volatility) 55

Profitability 31
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 99
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 50
Distance to the 52-week high (market factor)
Net Issuance 19
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Innovent Biologics, Inc., a biopharmaceutical company, engages in the research and development of antibody and protein medicine products in the People's Republic of China, the United States, Europe, and internationally.

Full company description

Innovent Biologics, Inc., a biopharmaceutical company, engages in the research and development of antibody and protein medicine products in the People's Republic of China, the United States, Europe, and internationally. The company discovers, develops, manufactures, and commercializes monoclonal antibodies and other drugs for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and metabolic diseases. Its commercial stage product portfolio includes TYVYT (sintilimab injection), BYVASDA (bevacizumab injection), SULINNO (adalimumab injection), HALPRYZA (rituximab injection), PEMAZYRE (pemigatinib), olverembatinib, Cyramza (ramucirumab), Retsevmo (selpercatinib), FUCASO (Equecabtagene Autoleucel), SINTBILO (tafolecimab injection), DUPERT (fulzerasib), DOVBLERON (taletrectinib adipate), Jaypirca (pirtobrutinib), limertinib, SYCUME (teprotumumab N01 injection), mazdutide, PECONDLE (picankibart injection), and TABOSUN(Ipilimumab N01 injection). In addition, it sells and distributes pharmaceutical products; and offers consultation and research and development services. The company was incorporated in 2011 and is headquartered in Suzhou, the People's Republic of China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Innovent Biologics, Inc reported revenue of HK$13.0B in FY2025 versus HK$4.3B in FY2021, a compound +32.2%/yr. Reported net income was HK$814M in FY2025.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$13.0B
Latest YoY
+38.4%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+42.0%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+27.7%
Avg. growth/yr (9Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+94.9%
Revenue +32.2%/yr
FY21 HK$4.3B
FY22 HK$4.6B
FY23 HK$6.2B
FY24 HK$9.4B
FY25 HK$13.0B
Net income
FY21 −HK$3.1B
FY22 −HK$2.2B
FY23 −HK$1.0B
FY24 −HK$94.6M
FY25 HK$814M

1801 screens 79% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Innovent Biologics, Inc · Fair Value
HK$19.68 −79%Fair Value
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Cite: Fair Value Calculator (2026). "Innovent Biologics, Inc Fair Value". https://www.fairvalue-calculator.com/stock/1801

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Biotechnology · 600 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Above median
Fair Value upside −79% · Bottom 25%
Return on equity (TTM) 5% · Above median
Return on assets 2% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) -1% · Below median
Revenue growth 30% · Top 25%
Debt / equity 0.10× · Higher than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 158.4× · Pricier than 75% of peers
P/B 7.66× · Pricier than 75% of peers
P/S (TTM) 11.38× · Pricier than 75% of peers
P/FCF 2.0× · Cheaper than median
PEG 1.78× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 100 · sector 0
PAST 20 · sector 0
HEALTH 95 · sector 97
DIVIDEND 0 · sector 23

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $525.73 $278.78 -47%
Regeneron Pharmaceuticals, Inc REGN $797.99 $594.40 -26%
Samsung Biologics Co 207940 1,549,000 KRW 1,055,793 KRW -32%
Celltrion, Inc 068270 202,000 KRW 74,519 KRW -63%
WuXi Biologics (Cayman) Inc 2269 HK$45.70 HK$30.58 -33%
Genmab A/S GMAB kr 2,037 kr 250.07 -88%
Sino Biopharmaceutical Limited 1177 HK$4.87 HK$3.37 -31%
RemeGen Co 688331 ¥131.87 ¥23.19 -82%
ALTEOGEN Inc 196170 317,500 KRW 39,476 KRW -88%
Biocon Limited BIOCON ₹427.40 ₹52.10 -88%

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Frequently asked questions

Is Innovent Biologics, Inc (1801) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$19.68 versus a price of HK$95.15, about −79% (overvalued).
What is the fair value of 1801?
Our model-based fair value for Innovent Biologics, Inc is HK$19.68 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$95.15.
What is the quality score of 1801?
Innovent Biologics, Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Innovent Biologics, Inc (1801)?
Innovent Biologics, Inc reported trailing-twelve-month revenue of about HK$13.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 1801?
The net profit margin of Innovent Biologics, Inc is about 6.2%, meaning it keeps roughly 6.2% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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