Jinwu Finance | China Securities Co.,Ltd. reported that INNOVENT BIO (01801) updated data on IBI343 (CLDN18.2ADC) for pancreatic cancer at the latest ESMO Asia conference, showing an ORR of 32.6% among 43 patients with second-line or higher pancreatic cancer (60.5% of patients were third-line or higher), a cORR of 23.6%, a cDCR of 81.4%, and an mPFS of 5.3 months. The mPFS exceeds the mPFS of existing third-line therapies (approximately 2 months) and also surpasses the mPFS of current second-line therapies (2-3.5 months). The firm believes that IBI343 demonstrates excellent efficacy and good gastrointestinal safety in pancreatic cancer patients, and the product is expected to begin enrolling patients for phase I clinical trials in the USA soon, with promising prospects ahead.

The firm indicated that the company's extensive layout in the oncology sector has begun to take shape, with high-value clinical products expected to further enhance the company's oncology revenue and allow marginal costs to continue decreasing; in the non-oncology sector, the company has conducted extensive layouts in metabolic, autoimmune, and ophthalmic fields, with both marketed and in-research products boasting strong competitiveness and advanced progress. The firm forecasts that INNOVENT BIO's revenue for 2024-2026 will be 8.25 billion yuan, 10.732 billion yuan, and 15.383 billion yuan. Using DCF valuation, the company's reasonable Market Cap is 116.7 billion HKD, raising the Target Price to 71.92 HKD. Maintains a "Buy" rating.