JPMorgan: Innovent Biologics (01801.HK) Share Price Volatility Likely Linked to NRDL Outcome; Maintains 'Overweight' Rating

JPMorgan Chase released a research report stating,Innovent Bio(01801) Stock Price Fell About 7% on Monday. The bank believes this may be related to the National Reimbursement Drug List (NRDL) announced over the weekend. The stock rating remains at "Overweight".

The bank learned that investors have the following concerns: 1) The inclusion of Eli Lilly's (LLY.US) tirzepatide in the NRDL for diabetes treatment may put pressure on the sales potential of the group’s mazdutide; 2) Whether Innovent Bio will significantly lower the price of its small molecule inhibitor drugs to gain NRDL coverage, which could exacerbate sales pressure. Additionally, the bank believes that the preliminary data of the group’s trispecific antibody drug IBI3003, presented at ASH'25, is encouraging, and its efficacy may be comparable to Johnson & Johnson's (JNJ.US) trispecific antibody drug JNJ-5322.