【招银国际】Autoimmune pipeline holds potential for global markets-250515（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 15 May 2025 CMB International Global Markets|Equity Research|Company Update InnoCare Pharma(9969 HK)Autoimmune pipeline holds potential for global markets InnoCare de

2、livered solid 1Q25 results,with revenue reaching RMB381mn.Sales of orelabrutinib rose 89%YoY and 1%QoQ to RMB311mn,primarily supported by sustained uptake in MZL.Notably,orelabrutinib remains the only BTK inhibitor approved and included in the NRDL for MZL in Chinathe second-largest subtype of NHL.M

3、anagement expects MZL to account for approximately 50%of orelabrutinib sales by year-end 2025.Looking ahead,we expect orelabrutinib to maintain robust growth throughout FY25,supported by expanded hospital coverage in lower-tier cities and the recent label expansion into first-line CLL,approved in Ap

4、ril 2025.Management has raised the FY25 sales growth target for orelabrutinib from 30%to over 35%.InnoCare also reported net income of RMB14mn in 1Q25,underpinned by orelabrutinibs strong sales and a US$8.75mn upfront payment from out-licensing its CD3/CD20 asset to Prolium.InnoCares product gross m

5、argin improved to 88.4%(vs 86.2%in FY24),reflecting enhanced manufacturing efficiency.Meanwhile,SG&A ratio declined to 50%,down from 60%in FY24,indicating better cost discipline.As of 1Q25,InnoCare maintained a robust cash position of RMB7.8bn,providing ample capital for R&D initiatives.Autoimmune p

6、ipeline offers broad long-term upside.We view InnoCares autoimmune pipeline as a key pillar of its future growth,offering meaningful upside alongside its oncology franchise.Orelabrutinib has demonstrated strong potential in multiple sclerosis(MS),supported by its superior plasma exposure and CNS pen