Slides
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Innovent 2026 Interim Results August 2026 Transforming from Regional Leader to Global Premier: A Strategic Path for Growth and Globalization
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Agenda and Speakers Business Review and Outlook Dr. Michael Yu Founder, Chairman of the Board, CEO R&D Highlight Updates Dr. Hui Zhou Dr. Lei Qian Chief R&D Officer (Oncology) Financials and Summary Ms. Rachel You Chief Financial Officer Q&A Management Team Chief R&D Officer (General Biomedicine) Confidential Copyright © 2026 Innovent
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3 Copyright© 2026 Innovent Confidential Three Transformations, One Vision: Building a Global Premier Biopharmaceutical Company Commercialization Profitability 2026-2030 Globalization Founding • To empower patients worldwide with affordable, high-quality biopharmaceuticals • Aspired to become the best antibody company in China From R&D-driven biotech to full- value-chain pharmaceutical company • Launch of Tyvyt®(sintilimab) • 4 approved products by 2020 • Built initial commercialization and manufacturing capabilities From full-value-chain pharmaceutical company to scaled and profitable business • 18 approved products by 2025; the largest portfolio of antibody drugs in China • Transitioned to dual-engine growth • Revenue RMB 13bn in seventh years of commercialization • Achieved first full-year profit in 2025 From regional leader to global premier biopharma • Regional Leadership: maintain rapid high- quality growth in revenue and profit • Global Presence: achieve global launch, ≥5 pipeline assets in MRCT Ph3 • Globalization: build global infrastructure and business operating capabilities
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Total Revenue RMB 8.6Bn 2026H1: Rapid Growth in Revenue and Profit, Setting a New Paradigm for High-quality Development YoY Growth 45% Net Profit (IFRS) RMB 1.3Bn C&CE RMB 30Bn 3 Leading assets entering global MRCT Ph3 20+ Programs in strategic partnerships $60+Bn Total addressable markets* $34Bn >30% of China’s Innovative Biopharma Deals** End-to-end Portfolio Management Across Original Innovation Research, Clinical, Commercialization and Financial Across Oncology, Cardiovascular & Metabolism, Autoimmune and Ophthalmology As of 2026/7/31 * TAM estimates from partners Takeda and Ollin ** source: next pharma 5 Global Co-Co assets
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5 Copyright© 2026 Innovent Confidential 2026H1: Product Revenue RMB 8.2bn with 57% YoY Strong Growth Momentum Product Revenue Growth: More Visibility in RMB 20bn Target in 2027 Oncology + general biomedicine dual-engine growth Evolving commercial models and channels
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6 2026H1: Delivering Profitable Growth Through Operational Excellence Solid foundation and investment for future Strong operating leverage from scale and cost discipline RMB 1.3bn YoY +50.2% | 14.5% of total revenue Net Profit (Non-IFRS) RMB 1.7bn YoY +40.5% EBITDA (Non-IFRS) RMB 2.1bn YoY +47.1% Gross Profit Of Total Revenue | SG&A Expenses Of Total Revenue R&D Investment In 2026H1 Cash Positions As of 2026/7/31 85.0% 43.3% RMB 1.7bn RMB 30.2bn / USD 4.5Bn Minor fluctuation by product mix Productivity and efficiency enhancements Solid foundation to invest for future | Systematic portfolio planning and globalization efforts |
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7 Copyright© 2026 Innovent Confidential Innovent 2030 Growing to a Global Premier Biopharma Alignment in Scale, Profitability and Global Capabilities Total Revenue RMB35-40Bn Continued fast growth mainly powered by organic expansion Benchmarking top-tier pharma profitability levels Profitability Top-tier Global innovation in oncology and general biomedicine Supported by 3 late-stage global assets and 20+ clinical stage pipeline Global Launch US & EU MRCT Ph3 Assets ≥ 5
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8 Copyright© 2026 Innovent Confidential Hematologic Cancer Lung Cancer Breast Cancer Gastrointestinal (GI) Cancer Metabolism Autoimmune Diseases Cardiovascular Diseases Ophthalmology Preclinical Research Clinical Development Finance Business Development Commercialization Evolution from Product-led Growth to Portfolio-driven Value Creation Building an End-to-End Portfolio Management Engine CMC
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9 Copyright© 2026 Innovent Confidential Strategic Expanded Franchise Non-AGA & EGFR mut NSCLC Other driver-gene mut NSCLC HCC & GC & ESCC & CRC Oncology Portfolio: Strengthening Leadership and Synergistic Value in Major Cancer Franchise and Strategically Expanding into Breast Cancer MM & Lymphoma No.1 BC is the most common cancer diagnosed in woman globally1 ~70% HR+/HER2- BC as most common BC subtype2 • CDK4/6i market leader • Full indication and NRDL coverage for eBC & mBC ET combo therapy • Mature OS benefit and good compliance ~10 PoC/Ph1 assets as pipeline reserve IBI363 (PD-1/IL-2α-biased) Melanoma, NSCLC, CRC IBI343 (CLDN18.2 ADC) GC, PDAC IBI3003 (GPRC5D/BCMA/CD3) MM IBI354 (HER2 ADC) PROC, BC Lung GI Hema BC Strengthen Leadership & Synergy Strategic Expanded Franchise 1. GLOBOCAN 2024 2. National Cancer Institue, SEER 21 2019–2023
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10 Copyright© 2026 Innovent Confidential First & only IGF-1R Thyroid eye disease (TED) 3 new launches ~10 PoC/Ph1 assets moving to late-stage And more…IBI128 (XOI) Hyperuricemia IBI324 (VEGF/ANG2) DME & nAMD IBI302 (VEGF/C） nAMD 2025-2027 2028-2030 General Biomedicine Portfolio: Multiple Blockbusters Driving Significant Mid-Term Growth Underpinning Huge Unmet Medical Needs in Chronic Disease Areas Move into first-line 1L HLD More clinical evidence Inactive TED & 1L TED First domestic PCSK9 Hyperlipidemia (HLD) Top 3 Brand in China Scaling Blockbusters: Building commercial platform and securing leadership Portfolio Expansion: Sustaining growth through a diversified portfolio Innovative Model Full Channel Coverage IBI3016 (AGT siRNA) Hypertension IBI3032 (oral GLP-1 QD) Obesity/T2D IBI3011 (IL-1RAP) Acute Gouty Arthritis IBI3002 (TSLP/IL-4Rα) AD/SAR/PAR/CRSwNP IBI3042 (oral GLP-1 QW) Obesity/T2D 4 anchor assets extensive indication expansion under life cycle management More flexible dose options Multi-dose pen (24mg) Obesity (9mg) First & only GCG/GLP-1 Obesity Type 2 diabetes (T2D) First long-acting IL-23p19 Psoriasis Advantage vs. IL-17 class Switch of IL-17 suboptimal responders IBI3030 (PCSK9-GGG) Obesity/T2D with HLD
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11 Copyright© 2026 Innovent Confidential 3L G/GEJA CN: NDA in 2026H1 as 1st globally; JP: Target filing by Takeda in FY2027 Entering Global Markets: Three Global MRCT Phase 3 Assets Unlocking $60B+ Potential, with Continued Significant Progress in 1H 2026 IBI343 (CLDN18.2 ADC) IBI363 (PD-1/IL-2α-bias) IBI324 (VEGF/ANG2) IO-resistant NSCLC SqNSCLC: MRCT Ph3 ongoing NsqNSCLC: MRCT Ph3 expansion in preparation DME & nAMD Global 1st to demonstrate superiority over faricimab in the Ph1b JADE study $40+Bn$8Bn $15Bn 1L PDAC & 1L G/GEJA PoC Readouts in 2026-2027 1L NSCLC, 1L CRC PoC Readouts in 2026-2027 1L GC, 1L SCLC & Other Tumor Types PoC in exploration DME & nAMD MRCT Ph3 initiation in 2H 2026 ≥5 MRCT assets in 2030 in support of global launches and significant growth beyond 2030 * Global TAM estimates from partners Takeda and Ollin Biosciences
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12 Copyright© 2026 Innovent Confidential 20+ Early-clinical-stage Pipeline Powered by Innovent Academy for Global Innovation IBI3003 (GPRC5D/BCMA/CD3) R/R MM IBI3032 (Oral GLP-1) Obesity / T2D IBI3002 (TSLP/IL-4Rα) AD/SAR/PAR/CRSwNP IBI3009 (DLL3 ADC) SCLC IBI3016 (AGT siRNA) Hypertension IBI355 (CD40L) SjD / IgG4-RD IBI3001 (EGFR/B7H3 ADC) Multiple solid tumors IBI3040 (Amylin) Obesity / T2D IBI3011 (IL-1RAP) Acute gouty arthritis IBI3014 (PD-L1/TROP2 ADC) Multiple solid tumors IBI3042 (Oral GLP-1, weekly) Obesity / T2D IBI3013 (IL-15) Vitiligo / alopecia areata IBI3020 (CEACAM5 dp ADC) Multiple solid tumors IBI3030 (PCSK9-GGG, monthly) Obesity / T2D w. HLD IBI3034 (TACI/BCMA) IgAN IBI3005 (EGFR/HER3 ADC) Multiple solid tumors IBI3012 (GGG, monthly) Obesity / T2D IBI3055 (CD19/BCMA/CD3) Autoimmune diseases IBI3026 (PD-1/IL-12) Multiple solid tumors IBI3046 (INHBE siRNA) Obesity IBI3031 (TSHR/IGF-1R) TED IBI3028 (EGFR/c-Met dp ADC) Multiple solid tumors IBI3035 (Icodec) T2D IBI3038 (IL-6/IGF-1R) TED / Anti-fibrosis Oncology CVM Autoimmune Ophthalmology New Molecular Entity (NME) T-cell engager (TCE) OptiKine®InnoBody® VHH BsAb ScFv Engineering Topo1i ADC Dual-payload ADC Ab-peptide conjugate （APC） siRNA Ab-oligonucleotide conjugate （AOC） 20+ Early-stage Pipeline aiming for First-in-class /Best-in-disease Position Proprietary Technology Platforms Deliver ~10 NME to IND-enabling Each Year SAR/PAR=Seasonal/persistant allergic rhinitis; CRSwNP=Chronic rhinosinusitis with nasal polyps AD=Atopic dermatitis; AA=Alopecia areata
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13 Copyright© 2026 Innovent Confidential ~20 3 MRCT Ph3 100+ Preclinical Projects 20+ Ph1/PoC Early Stage • 12 early-stage and de novo cancer projects incl. 4 Co-Co in U.S. and Europe • Multiple de novo oncology and immunology assets • IBI3009 (DLL3 ADC) MRCT Ph1 for SCLC • IBI3001 (EGFR/B7H3 ADC) ex-China option rights • IBI355 (CD40L) Ph2- ready for SjD & IgG4-RD • IBI363(PD-1/IL-2α-biased) Co-Co model & IBI343(CLDN18.2 ADC) • IBI324(VEGF/ANG2) advancing into Global MRCT Ph3 20+ Programs In partnerships 5 Co-Co Global assets $34bn Total deal value US & Europe Direct presence and profit sharing 3 3 Innovent’s Globalization Blueprint is Taking Shape 20+ Partnered Assets Building a Global Expansion Opportunities Innovent’s In-house Innovation Global Collaboration Programs
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Transforming from Regional Leader to a Global Premier Biopharmaceutical Company Innovent’s Vision
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Confidential Copyright © 2025 Innovent Clinical Update—Oncology Dr. Hui Zhou, Chief R&D Officer (Oncology)
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16 Copyright© 2026 Innovent Confidential BCHemaGI Anchor Assets Encouraging Progress in the Next Wave Oncology Innovation in IO and ADC IBI343 (CLDN18.2 ADC) IBI363 (PD-1/IL-2α-biased) IBI3003 (GPRC5D/BCMA/CD3) IBI354 (HER2 ADC) MRCT Ph3 Expansion IO-resistant nsqNSCLC PoC in 1L NSCLC & New Ph1 data World’s First NDA 3L GC Ph3 in 3L GC China’s First Ph3 2-5L MM PoC in 4L+ MM New Ph3 initiation 1L HER2+ BC Ph2 data in 1L HER2+ BC Data Publication Clinical Milestone Lung
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17 Copyright© 2026 Innovent Confidential 2025 2026 and forward for Illustration; not an exact timeline China Pivotal Trials IO-naï ve Melanoma (mucosal/acral) Later-line CRC First Wave of Global Development IO-resistant sqNSCLC IO-resistant nsqNSCLC 1L NSCLC 1L CRC Second Wave of More PoC Trials Other IO validated/“warm/cold” tumors, neoadj. settings, novel agent combos IBI363/TAK-928 (PD-1/IL-2α-biased): 1L NSCLC ongoing PoC as First Wave of Global CDP to Validate its Potential as Next-gen IO Backbone Therapy Pivotal Ph2 readout in 2026 year-end Ph1b PoC Ph3 initiated in 2026-mid ✓ Global Ph3 studies Ph1 PoC ongoing or expanding *Pending on PoC results Ph1b PoC Global Ph3 study *Pending on PoC results Note: Innovent and Takeda jointly develop IBI363 globally. Ph1b PoC ✓ Ph1b PoC ✓ Global Ph3 study (MarsLight-11) ongoing *Potentially support an NDA submission Global Ph3 study (MarsLight-11) expansion in plan
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18 Copyright© 2026 Innovent Confidential IBI363/TAK-928 (PD-1/IL-2α-biased): 2L/IO-Resistant NSCLC Data Update Remarkable Long-Tail Benefit with Nearly Half of Patients Survive Beyond 24 Months IO-resistant Squamous NSCLC IO-resistant EGFRwt Adeno. NSCLC References： 2024 WCLC for TROPION-Lung01 14.8% Docetaxel (n=71) 29.9% IBI363 1/1.5mg (n=28) 47.8% IBI363 3mg (n=31) 24-month OS rate,% 24-month OS rate,% 21.7% Docetaxel (n=234) 40.2% IBI363 0.6/1/1.5mg (n=30) 42.7% IBI363 3mg (n=25) #2618: First-in-class PD-1/IL-2α-bias bispecific antibody IBI363 (TAK-928) in patients with advanced immunotherapy- resistant non-small cell lung cancer (NSCLC): Updated results from a phase I study
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19 Copyright© 2026 Innovent Confidential IBI363/TAK-928 (PD-1/IL-2α-biased): 1L NSCLC Preliminary PoC Readout Excellent Response Rate in PD-L1 Negative and Low-expression NSCLC (PD-L1 TPS<50%) 81.8 76.9 87.5 78.6 87.5 62.2 60.7 67.4 54.5 48.3 41.6 33.1 50.0 IBI363 3→1.5 mg/kg (n=22) PD-L1 <1%(n=13) PD-L1 1-49%(n=8) sqNSCLC (n=14) nsqNSCLC (n=8) KEYNOTE- 407(N=278) KEYNOTE-407 PD-L1<50%* (N=198) PD-L1<1% (N=95) PD-L1 1-49% (N=103) KEYNOTE- 189(N=410) KEYNOTE-189 PD-L1<50%* (N=255) PD-L1<1% (N=127) PD-L1 1-49% (N=128) References： KEYNOTE-407 study: Novello S, Kowalski DM, Luft A, et al. J Clin Oncol. 2023;41(11):1999-2006. KEYNOTE-189 study: Garassino MC, Gadgeel S, Speranza G, et al. J Clin Oncol. 2023;41(11):1992-1998. * PD-L1<50% data is calculated based on subgroups of PD-L1<1% and PD-L1 1-49% SoC in 1L sqNSCLC KEYNOTE-407 SoC in 1L nsqNSCLC KEYNOTE-189 IBI363 3→1.5mg in 1L NSCLC (TPS<50%) • The preliminary efficacy of IBI363 is independent of PD-L1 expression status, further supporting the potent immune-activating effect of IL-2. cORR （%） #8586: IBI363 (TAK-928) plus chemotherapy as first-line (1L) treatment for advanced non-small cell lung cancer (NSCLC)
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20 Copyright© 2026 Innovent Confidential Initial encouraging data @2025ASH • In heavily-pretreated and difficult-to-treat R/R MM (64.1% mSMART high-risk, 46.2% ≥1 EMD） • Encouragingly high ORR, deep response within only 3-month follow-up (83.3% at doses ≥120 μg/kg; 80% in EMD pts) • Data update at upcoming medical conferences for longer follow-up & larger sample size IBI3003 (GPRC5D/BCMA/CD3): Potential BIC Tri-specific Antibody as Backbone Product for Multiple Myeloma ⚫ Proprietary Sanobody® platform derived, addressing “antigen escape” to extend clinical durability ⚫ Superior efficacy observed in tumors with low BCMA and GPRC5D expression ⚫ Comparable tolerability vs. bispecific antibodies Anti-BCMA Anti-CD3 Anti- GPRC5D IBI3003 (GPRC5D/BCMA/CD3) IBI3003 with BIC Tri-specific Design 4L+ 2-5L 1L Ph1 (CN+AU) ongoing Ph1 (U.S.) initiating Pivotal study (CN) TriadicMM-1 ✓ initiated in mid-2026 PoC (CN) ✓ initiated in mid-2026 *FDA FTD & ODD Granted ✓ Full-line Coverage CDP to Build MM Backbone • China first and global second GPRC5D/BCMA/CD3 tri-specific to enter pivotal Ph3 study for MM • In combination with a quadruplet regimen incl. anti- CD38 mAb to potentially provide optimal management in first-line setting
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21 Copyright© 2026 Innovent Confidential Highly Potent, Low-Toxicity, and Diversified ADC Platforms for Broad Coverage Phase I Phase II NDAPhase III Rapid development with front-runner advantage Potent and low toxicity for front- line combination Overcome drug resistance and enhance efficacy SyntecanE® (Topo1i) SoloTx® (Topo1i) DuetTx® (dual-payloads) IND GI GI BC Lung Lung/BC Multiple solid tumors Multiple solid tumors IBI343 (CLDN18.2) IBI3001 (EGFR/B7H3) IBI354 (HER2) IBI3005 (EGFR/HER3) IBI3014 (PD-L1/TROP2) IBI3020 (CEACAM5 dp) IBI3028 (EGFR/c-met dp) IBI3009 (DLL3) GC , PDAC ESCC, HNSCC BC, PROC Target TA NSCLC NSCLC, BC Lung SCLC
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22 Copyright© 2026 Innovent Confidential 2025 2026 and forward Illustration only; not an exact timeline CLDN18.2+ G/GEJA 3L+ G/GEJA 1L G/GEJA CLDN18.2+ PDAC 3L+ PDAC 1L PDAC China NDA accepted in 2026H1✓ Japan Target filing in 2027* Arcotatug Tavetecan (IBI343/TAK-921): Next-generation Fc-silenced CLDN18.2 ADC to Address High Unmet Need in Pancreatic and Gastric Cancers Note: Takeda has licensed the ex-China rights of IBI343 and is responsible for the global development of IBI343 outside of China . Ph1 PoC Global Ph3 study* China Ph3 ongoing Ph1 PoC China Ph3 study in preparation & Global Ph3 study* #Pending on PoC results #Pending on PoC results IBI343/TAK-921 (CLDN18.2 ADC) Globally First CLDN18.2 ADC in NDA stage for 3L+ GC • Fc-silence with no ADCC-mediated GI toxicity • Site-specific glycan conjugation with excellent in vivo stability, homogenous DAR4 • High-potency payload (exatecan) with strong bystander killing effect
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23 Copyright© 2026 Innovent Confidential Ph1/2 data @2025ASCO • Excellent safety profile: ILD incidence was 1.9%, no G3; ≥G3 TRAEs were 27.4% and TRAEs leading to discontinuation were 1.6% • 1L HER2+BC data publication in plan @ 2026ESMO IBI354 (HER2 ADC): Highly Potent and Less Toxic HER2 ADC as Potential Cornerstone for Breast Cancer and More Cancer Types Comprehensive CDP to Build BC Backbone PROC 1L HER2+ BC Neoadj. BC Adj. BC PoC (CN) initiated in 1H 2026 ✓ & readout in 2H 2026 Ph3 (CN) readout & NDA submission in 2026H2 Ph3 (CN) since 1H 2026 ✓ IBI354 (HER2 ADC) • Significantly lower free payload concentration (12% and 15% of DS-8201 per AUC and Cmax calculation) • Better safety profile with extremely low ILD incidence (1.9% vs 13.6% DS-8201) Ph3 (CN) FPI in 2H 2026 In Her2+ BC (median prior treatment line=4) PROC (median prior treatment line=3) 9mg/kg Q3W subgroup (n=29) 12mg/kg Q3W subgroup (n=40) • ORR: 72.4% • DCR: 89.7% • mPFS: 14.1m (48.3% events) • mOS: 3.4% events • cORR: 55.0% • DCR: 90.0% • mPFS: 7.1m • 12m OS: 63.9%
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24 Copyright© 2026 Innovent Confidential Global First-in-class Bispecific ADCs in Phase 1 Dose Expansion with Encouraging Efficacy and Safety Signals Observed (Selected) IBI3001（EGFR/B7H3 ADC） IBI3014 (PD-L1/TROP2 ADC) • Potentially superior potency over a spectrum of EGFR- driven and B7H3-driven cancers (HNSCC, ESCC, PDAC, EGFRm NSCLC, SCLC, etc.) • Optimized safety to attenuate the potential EGFR on- target toxicity • Dose optimization PoC study ongoing; preliminary Ph1 data accepted as 2026 ESMO oral presentation • Unique “ADC+IO in one molecule” combining stronger PD- L1 blockage, potent ADC cytotoxicity and improved internalization • Potentially positioned for broad tumor types (TNBC, NSCLC etc.) • Dose optimization PoC study ongoing Baseline After treatment (2 cycles) • A 70-year-old patient with non- small cell lung cancer, harboring EGFR exon19del mutation, with lung, liver and lymph nodes metastases, progressed after previous EGFR-TKI treatment (gefitinib → osimertinib). • The patient achieved PR after 2 cycles of IBI3001 treatment during dose escalation based on imaging evaluation；duration of treatment over 10m 6-9x dosing vs. competing PD-L1 ADCs, leading to stronger PD-L1 blockade No DLT occurred High efficacy & low toxicity, only mild to moderate hema toxicity and irAEs PD-L1 blocking activity Comparable to PD-1/PD-L1 mAb in in vitro assays Dual TAA targeting Superior activity compared to Trop2 ADCs or PD-L1 ADCs alone in preclinical models
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25 Copyright© 2026 Innovent Confidential New PoCPoC Readout FIHRP2DNew Ph3NDA/Pivotal Readout IBI363 (PD-1/IL-2 α-biased ） IO naï ve melanoma IBI343 (CLDN18.2 ADC) 3L+ PDAC IBI354 (HER2 ADC) PROC TYVYT® (PD-1) 2L RCC TYVYT® (PD-1) Perioperative NSCLC, CRC IBI363 (PD-1/IL-2 α-biased ） Later-line CRC (CN) IBI354 (HER2 ADC) 1L HER2+ BC IBI363 (PD-1/IL-2α-biased） IO-resistant nsqNSCLC IBI3003(GPRC5D/BCMA/CD3) 2-5L MM IBI354 (HER2 ADC) Neoadj. BC IBI363 (PD-1/IL-2 α-biased ） IO-resistant nsqNSCLC IBI343 (CLDN18.2 ADC) 1L PDAC IBI363 (PD-1/IL-2 α-biased ） 1L NSCLC IBI3001 (EGFR/B7H3 ADC) Selected tumor types IBI3003 (GPRC5D/BCMA/CD3) 1L MM IBI3009 (DLL3 ADC) IBI3001 (EGFR/B7H3 ADC) IBI3020 (CEACAM5 dp ADC) IBI3014 (PD-L1/TROP2 ADC) IBI3005 (EGFR/HER3 ADC) Tri-specific Target undisclosed IBI3026 (PD-1/IL-12) T-cell engager Target undisclosed IBI3028(EGFR/c-met dp ADC)26H1 26H2- Early27 Ph3 ongoing IBI363 (PD-1/IL-2 α-biased ） IO-resistant sqNSCLC IBI343 (CLDN18.2 ADC) 1L GC PoC ongoing Key R&D Achievements and Upcoming Newsflow in 2026 to Early 2027— Oncology IBI343 (CLDN18.2 ADC) 3L GC *Part 1 dose optimization preliminary results IBI363 (PD-1/IL-2 α-biased ） 1L NSCLC IBI354 (HER2 ADC) Neoadj. BC IBI3014 (PD-L1/TROP2 ADC) Selected tumor types IBI3005 (EGFR/HER3 ADC) Selected tumor types IBI115 (DLL3/CD3) IBI363 (PD-1/IL-2α-biased） Multiple solid tumors DUPERT ®(KRAS G12C) 1L NSCLC IBI354 (HER2 ADC) Adj. BC IBI343 (CLDN18.2 ADC) 1L PDAC (CN) *Global Ph3 Marslight-11 expansion
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Confidential Copyright © 2025 Innovent Clinical Update—General Biomedicine Dr. Lei Qian, Chief R&D Officer (General Biomedicine)
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27 Copyright© 2026 Innovent Confidential Anchor Assets Extensive Lifecycle Management (LCM) to Maximize Key Products Value and Invest in Tomorrow’s Blockbusters 1 NDA + 4 Ph3 + more PoC 24mg multi-dose pen IBI3032 (oral GLP-1 QD) IBI3042 (oral GLP-1 QW) IBI3040 (Amylin) IBI3046 (INHBE siRNA) IBI3030 (PCSK9-GGG) IBI3012 (GGG) 1L hypercholesterolemia Label update IBI3016 (AGT siRNA) Mazdutide (GCG/GLP-1) -Reducing CV risk in ASCVD -Obesity/overweight with hypertension -Obesity with HFpEF IL-17 poor responders Label update IBI3002 (TSLP/IL-4α) IBI355 (CD40L) IBI3011 (IL-1RAP) IBI3013 (IL-15) IBI3034 (TACI/BCMA) IBI3055 (CD19/BCMA/CD3) Inactive TED & 1L TED More Clinical Evidence IBI3031 (TSHR/IGF-1R) IBI3038 (IL-6/IGF-1R) Next-gen Innovation LCM SYCUME® （Teprotumumab N01 Injection, IGF-1R） PECONDLE® （Picankibart Injection, IL23p19） SINTBILO® (Tafolecimab Injection, PCSK9)Mazdutide Injection (GCG/GLP-1)
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28 Copyright© 2026 Innovent Confidential Target patient population (mn, in China) Indications 2025 2026 2027 Obesity/overweight T2D T2D with obesity vs. sema 1.0mg Obesity 9mg vs. placebo Obesity/overweight with MAFLD vs. sema 2.4mg Obesity with OSA Adolescent obesity/overweight Obesity/overweight with Hypertension MASH Obesity with HFpEF Reducing CV risk in ASCVD More LCM e.g. Maz 15mg vs. TZP 15mg • Studies ongoing/in plan • Ph2 readout Mazdutide (GCG/GLP-1): Lifecycle Management to Strengthen Competitive Position DREAMS-3 Readout GLORY-2 • Approval GLORY-1 • Ph2 ongoing DREAMS-1&2 •Pivotal ReadoutGLORY-3 GLROY-YOUNG • Pivotal Readout & NDA Approval GLORY-OSA • Pivotal Readout & NDA Approval GLROY-H • Pivotal Readout & NDA 140 30 15 290 65 38 146 60 4 35 560 CVM • Ph3 FPI
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29 Copyright© 2026 Innovent Confidential Global FIC weekly small-molecule oral GLP-1 aiming to reshape treatment paradigm Potential BIC daily small-molecule oral GLP-1 with low-dose & high-efficacy Quarterly to semi-annual INHBE siRNA for combo therapy to reduce weight regain Next-gen amylin analog with high solubility & stability at physiological pH Global FIC monthly PCSK9+GGG APC for cardiometabolic benefits Next-gen Obesity Portfolio Showcase in 2026 ADA and Aim to Generate FIH Data for Differentiated Positioning IBI3032 IBI3042 IBI3030 IBI3040 IBI3046 • Ph1 in US/China • Ph2 initiation by end-2026 • Clinic entry by end-2026 • Clinic entry by end-2026 • Clinic entry by end-2026 • Clinic entry by 2027H1 CVM • 5-10× oral exposure vs orfo • Effective at lower dose than orfo in clinics • >10% body weight loss at wk4 with low vomiting • Single dose sustained glucose lowering for 7 days in mice • 7 mg/kg QW matched orfo QD efficacy in monkeys • Additive weight reduction combo with semaglutide: 14.7% body weight loss in mice • Better PK/stability vs cagrilintide • High quality weight reduction-in mice: –20%/ –80% body weight/fat loss with GLP-1RA combo • GGG triple agonist enhances fatty acid oxidation & glucose tolerance; • Demonstrated LDL-c/Lp(a) reduction in NHP
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30 Copyright© 2026 Innovent Confidential Anti-VEGF-A scFv Anti-Ang2 VHH IBI324/OLN324: a Higher Potency, Smaller Format, Higher Molar Dose VEGF/Ang2 Bispecific to Enter Global Ph3 Clinical Studies in 2H 2026 *IBI324 was discovered by Innovent, out-licensed and being developed in collaboration with Ollin Biosciences (Ollin R&D code: OLN324). ✓ Higher Potency Ang2 Inhibition • 30-60x greater Ang2 potency compared to Vabysmo • Potency drives improved efficacy in deep tissue layers ✓ Smaller Format • ~41 kDa (~1/4 size of Vabysmo) • Enables better tissue penetration and access to sites of disease activity ✓ Higher Molar Dose • Higher molar dose versus Vabysmo Eylea and Eylea HD • Enables greater target coverage and potentially extended durability Ophthalmology DME Mean Change in Central Subfield Thickness (CST) at Weeks 1 & 12 (µm, OCT measured) -79 -180 -45 -121 Week 1 Week 12 +76% +49% IBI324 4mg Faricimab 6mg First Globally to Demonstrate Superiority Outcomes vs. Faricimab in a Randomized H2H Ph1b Study The global Ph3 clinical studies will be initiated in 2H 2026 in nAMD and DME*; Innovent will join patient enrollment in China and South Korea. DME nAMD wAMD Mean Change in Pigment Epithelial Detachment (PED) at Weeks 12 (µm, OCT measured) -62 -41+50% IBI324 4mg Faricimab 6mg
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31 Copyright© 2026 Innovent Confidential Dual Pathway Blockade of Fibrosis • Validated targets for TED: Potently and synergistically inhibits IGF-1R and IL-6 signaling, two validated pathways for TED • Synergistic mechanism: Demonstrates both significant anti-inflammation and antifibrotic activities in preclinical models • Unique design to simultaneously intervenes in fibrosis and break the inflammation-fibrosis amplification loop • Potential to address urgent unmet needs in fibrosis-related autoimmune diseases Broad Clinical Potential Ophthalmology Innovative Bispecific Antibodies Offering Potentially Next-gen Therapy for TED Balanced Dual-Targeting Design • Anti-IGF-1R arm: Engineered for superior activity, supporting potential for low clinical dosing compared to IGF-1R mAb • Anti-TSHR arm: Thoughtfully designed to balance efficacy and tolerability for broader safety margin • Dual blockade synergistically inhibits orbital fibroblast activation and tissue expansion • Favorable NHP PK/PD supports extended dosing Enhanced Therapeutic Benefits Anti-IL-6 Anti-IGF-1R Anti-TSHRAnti-IGF-1R TED FPI completed in 2026H1 TED/ Anti-fibrosis FIH in plan in 2026H2 Anti-IL-6 IBI3031 IBI3038
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32 Copyright© 2026 Innovent Confidential IBI355/SP001 is a Third-Generation, Fully Humanized, Fc-silent CD40L mAb Autoimmune *IBI355 was discovered by Innovent, being developed in collaboration with Spero Therapeutics (Spero R&D code: SP001) Fc Silence Upstream CD40L signal: T-cell—B-cell Costimulatory signals IBI355/SP001: Fc silenced CD40L mAb No detectible Fc receptor and complement binding → Eliminates platelet activation （vs. 1st gen CD40L thrombosis risks） ✓Normal FcRn interactions are preserved → IgG-like half-life (vs. 2nd gen CD40L lack of mAbs drug properties) IgG1 mAb ➢ Inhibits germinal center formation and pathogenic plasma cell differentiation ➢ Functional modulation instead of B cells depletion
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33 Copyright© 2026 Innovent Confidential IBI355/SP001 Development Plan: CD40L Mechanism Provides Multiple Development Opportunities SjD: Complex Disorder with Limited Treatments Available IgG4-RD: Chronic, Immune-Mediated Fibroinflammatory Condition ➢ Transplant rejection ~50K-80K addressable patients in US1 ~20K-40K diagnosed patients in US1 Potential Expansion Opportunities2 Unmet Needs • Substantial treatment burden with high relapse rates • Approved therapy and agents in development only target B-cells Biological Rationale for CD40L • CD40L blockade affects both B and T cells • Potential to be a chronic disease-modifying therapy US Ph2 initiation in Q2 2027 by Spero Unmet Needs • In need of a safe, long-term treatment plan enabling chronic treatment • Need to address both systemic disease and patient reported symptoms Biological Rationale for CD40L • The signaling activates both antigen presenting cells and gland cells • Promotes local production of destructive autoantibodies from B cells China Ph2 initiation by early 2027 by Innovent ➢ Type 1 diabetes ➢ Multiple sclerosis ➢ Systemic Lupus Erythematosus ➢ Thyroid eye disease 1. Estimation from Spero Therapeutics Investor Presentation; 2.Initiated by other industry sponsors developing CD40L targeting agents. Autoimmune
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34 Copyright© 2026 Innovent Confidential Next-gen Autoimmune Franchise: Novel Target Combination and Prolonged Dosing Intervals to Address Huge Unmet Needs IBI3013 (IL-15): BIC Design with Half-life Extention ─ Specifically targets memory T cells, offering potential for durable remission ─ Extended half-life: YTE engineering prolongs half- life to ~40 days, supporting infrequent dosing (every 4–12 weeks) IBI3002 (TSLP/IL-4Rα): FIC with Pipeline-in-a-product Potential ─ Encouraging lung function improvement and anti-inflammatory effects (FeNO, TARC) IBI3002 single dose (1200mg) induced ~40 ppb FeNO reduction that lasted for 5 weeks, with a over 0.3L improvement in pre-BD FEV1 (placebo-adjusted). ─ Rapid and lasting symptom control (especially cough) regardless of blood eosinophil levels Asthma Ph1 data at ATS & ERS AD Ph2 PoC ongoing SAR/PAR Ph2 PoC in plan CRSwNP Ph2 PoC in plan Vitiligo & Alopecia AreataFIH completed in 2026H1 Autoimmune IBI3034 (TACI/BCMA): BIC Design with Deeper Clinical Benefit ─ Prolonged effects: Balanced dual inhibition of BAFF and APRIL; robustly and durably suppresses pathogenic B cells and plasma cells ─ Extended half-life: YTE engineering enables longer half-life than Povetacicept (TACI vTD-Fc, Q4W) IgANFIH in 2026H2
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35 Copyright© 2026 Innovent Confidential IBI302 (VEGF/C) nAMD NDA submission Mazdutide (GCG/GLP-1) Multiple Indications Mazdutide (GCG/GLP-1) Reducing CV Risk in ASCVD SYCUME® (IGF-1R) Inactive TED Ph3 readout Tigulixostat (XOI) Hyperuricemia IBI324 (VEGF/ANG2) nAMD & DME IBI302 (VEGF/C) nAMD Ph3 readout IBI3002 (TSLP/IL-4Rα) AD IBI3002 (TSLP/IL-4Rα) SAR/PAR/CRSwNP IBI3011 (IL-1RAP) Acute Gouty Arthritis IBI3013 (IL-15) Vitiligo / Alopecia Areata IBI3031 (IGF-1R/TSHR) TED IBI3038 (IGF-1R/IL-6) TED/Anti-fibrosis Ph3 Ongoing PECONDLE® (IL-23p19) Psoriatic arthritisPoC Ongoing Key R&D Achievements and Upcoming Newsflow in 2026 — General Biomedicine SINTBILO® (PCSK9) 1L Hyperlipidemia IBI3016 (AGT siRNA） Hypertension IBI324 (VEGF/ANG2) nAMD & DME IBI3032 (GLP-1 oral QD) Obesity SINTBILO® (PCSK9) 1L Hyperlipidemia Ph3 readout & NDA submission Mazdutide (GCG/GLP-1) Obesity/Overweight wt. Hypertension PECONDLE® (IL23-p19) Biologics Switching Ph3 readout IBI3046 (INHBE siRNA) Obesity IBI3040 (Amylin) Obesity/T2D IBI3042 (GLP-1 oral QW) Obesity/T2D IBI355 (CD40L) SjD Mazdutide (GCG/GLP-1) Multiple Indications Mazdutide (GCG/GLP-1) 15mg vs TRZ 15mg *Ph1b readout IBI3035 (Icodec) T2D IBI3027 (IL-4Rα) ADIBI302 (VEGF/C) DME IBI355 (CD40L) SjD & IgG4-RD SYCUME® (IGF-1R) 1L TED (H2H glucocorticoids) New PoCPoC Readout FIHRP2DNew Ph3NDA/Ph3 Readout IBI3027 (IL-4Rα) AD PECONDLE® (IL23-p19) Adolescent PsO 26H1 26H2- Early27 IBI3032 (GLP-1 oral QD) Obesity IBI3034 (TACI/BCMA) IgAN IBI3030 (PCSK9-GGG) Obesity / T2D w. HLD Mazdutide (GCG/GLP-1) 9mg approval & GLORY-3 readout
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Confidential Copyright © 2025 Innovent Financial Highlights & Conclusion Ms. Rachel You, Chief Financial Officer
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37 Copyright© 2026 Innovent Confidential Revenue Hit New Heights — 2026H1 Product Sales Increased by 57% 2025H1 2026H1 5,234 8,201 +57% 5,234 8,201 2025H1 2026H1 5,953 8,618 +45% Total Revenue Product Revenue RMB in millions RMB in millions Q2 Q1
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38 Copyright© 2026 Innovent Confidential Delivering Profitable Growth Through Operational Excellence • Key reconciliation of Non-IFRS profit: share-based compensation expenses and net foreign exchange losses Net Profit (IFRS) Net Profit (Non-IFRS) 834 814 1,253 2025H1 2026H12025FY +50% 1,213 1,723 1,704 2025H1 2026H12025FY +41% Cash Positions 1,684 As of 2026/07/31 2026H1 R&D Investment 30,222 ~US$4.5Bn RMB in millions RMB in millions RMB in millions
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39 Copyright© 2026 Innovent Confidential Achieving Robust Growth Trajectory through High Certainty of Revenue Streams 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Product revenue 20Bn Total Revenue 35-40Bn Revenue RMB Bn For illustration only Next-gen oncology IO+ADC secure leading position General Biomedicine flagship products accelerate growth International revenue emerging via global launch Potential new collaborations as revenue upside 4Bn Product Revenue
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40 Copyright© 2026 Innovent Confidential From Regional Leader to Global Premier: a Clear Value Growth Trajectory For illustration purpose only Innovent Value Growth Trajectory $20+Bn 2026 Regional Market Leadership Globalization Progress 2030/Future Significant Value Upside • Continued rapid revenue growth • High-quality profit improvement • Milestones of late-stage global pipeline (IBI363/IBI343/IBI324) • New assets into global MRCT Ph3 • 20+ partnered programs
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41 Conclusion: Well-positioned for Growth and Global Breakthrough Revenue Growth Sustainable Profit Global Innovation Global Ecosystem China’s Biopharma Leader with High Certainty and Growth Entering Profitable Era with High-quality Margin Expansion Significant Value Upside from Global Pipeline Advancement World-class Partnership Ecosystem with Global Pharma Confidential Copyright@2026 Innovent
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42 Copyright© 2026 Innovent Confidential IFRS measures* RMB'million 2026H1 % 2025H1 % Total Revenue 8,617.8 100.0% 5,953.1 100.0% Cost of sales (1,296.0) -15.0% (833.5) -14.0% Gross profit 7,321.8 85.0% 5,119.6 86.0% Research and development expenses (1,683.7) -19.5% (1,008.8) -16.9% Administrative and other expenses (493.9) -5.7% (442.1) -7.4% Selling and marketing expenses (3,235.9) -37.5% (2,375.1) -39.9% Royalties and other related payments (805.8) -9.3% (551.6) -9.3% IFRS Profit for the period 1,253.1 14.5% 834.3 14.0% Non- IFRS Profit for the period* 1,703.9 19.8% 1,213.2 20.4% EBITDA for the period** 2,078.8 24.1% 1,412.8 23.7% Key Income Statement of 2026H1 Revenue & Gross Profit • For the period ended 30 June 2026, total revenue increased by 44.8% to RMB8,617.8 million. • Gross profit increased by 43.0% to RMB7,321.8 million. Expenses • SG&A ratio decreased by 4.0pp, benefiting from the revenue ramp-up and productivity enhancements. • R&D expenses reached RMB1,683.7 million; the increased investment reflecting the systematic portfolio planning and growing globalization efforts of the company. Profit for the period • IFRS Profit was RMB1,253.1 million for the period ended 30 June 2026, increased by 50.2% as compared with RMB834.3 million for the period ended 30 June 2025. *Adjustments to Non-IFRS measures include share-based compensation expenses and net foreign exchange gains/ (losses); **EBITDA was Earnings Before Interest, Taxes, Depreciation and Amortization; ***Numbers may not add due to rounding.
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43 Copyright© 2026 Innovent Confidential Balance Sheet at 30 June 2026 Cash and cash equivalents • Cash and cash equivalents amounted to RMB26.9 billion (US$3.9 billion) as at 30 June 2026, and increased to RMB30.2 billion (US$4.5 billion) as at 31 July 2026. RMB'million 30 Jun 2026 31 Dec 2025 Current assets 25,005.5 22,013.3 Non-current assets 16,611.1 15,334.5 Total assets 41,616.7 37,347.8 Inc. Cash and cash equivalents 26,871.1 24,346.1 Current liabilities 9,324.7 8,386.6 Non-current Liabilities 11,546.2 9,605.0 Total liabilities 20,870.8 17,991.6 Equity (Net assets) 20,745.8 19,356.2 *Numbers may not add due to rounding.
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Confidential Copyright © 2025 Innovent Company Introduction Appendix
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信达生物版权所有©2026 Confidential Our Purpose Company Mission To empower patients worldwide with affordable, high-quality biopharmaceuticals Company Vision To be a premier global biopharmaceutical company Development Strategy To discover new medicines through innovation and deliver them through our global platforms Copyright© 2026 Innovent Confidential
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46 Copyright© 2026 Innovent Confidential In its First 15 Years, Innovent Became a Leading Fully-integrated Biopharmaceutical Company in China 20 commercial products 19 clinical stage candidates 140,000L capacity in operation 30+ global partnerships 9,000 experienced talents Continue strong business growth with robust late-stage pipeline in oncology, CVM, autoimmune and ophthalmology. Achieve global innovation by leveraging in-house platforms for antibody and protein engineering, ADC, etc. and expertise in cancer biology, immunology, CVM and other fields. Strategy for the company’s second decade of development
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47 Copyright© 2026 Innovent Confidential China-Beijing China-Suzhou China-Shanghai China-Hongkong UK London U.S. California China-Hangzhou Innovent Organization & Global Footprints 9000+ employees R&D Centers Manufacturing Sites Business Development Commercial 4800 R&D 2300 CMC 1400 Administration 500 Fully fledged team in sales, medical affairs, strategy planning and operations High -quality R&D platform spans entire cycle of innovative biologics development across China, U.S. and Europe Industry -leading expertise in process and product development, CMC and supply chain management Professional teams facilitate organizational development, system building, branding, service support and talent strategy Commercial coverage of 300+cities in China
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48 信达生物版权所有©2026 机密 Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 Pivotal Phase 2/3 NDA Launched TYVYT® (sintilimab) PD-1 Monoclonal antibody Oncology Worldwide Approved : 1L nsqNSCLC, 1L sqNSCLC, 1L HCC, 1L GC, 1L ESCC, 2L EGFRm nsqNSCLC, cHL, EMC, neoadj. Colon cancer; RCC BYVASDA® (bevacizumab) VEGF-A Monoclonal antibody Oncology Worldwide Approved: NSCLC, mCRC, HCC, rGBM, r/r CC, OC, 2L EGFRm nsqNSCLC HALPRYZA® (rituximab) CD20 Monoclonal antibody Oncology Worldwide Approved: nHL, CLL Pemazyre® (pemigatinib) FGFR1/2/3 Small molecule Oncology Mainland China, HK, Taiwan, Macau Approved: 2L CCA Olverembatinib (BCR-ABL TKI) BCR/ABL Small molecule Oncology Mainland China, HK, Taiwan, Macau Approved: 2L TKI-resistant CML Cyramza®(ramucirumab) VEGFR-2 Monoclonal antibody Oncology Mainland China Approved: 2L GC, 2L HCC Retsevmo® (selpercatinib) RET Small molecule Oncology Mainland China Approved: RETm NSCLC / TC/MTC FUCASO® (equecabtagene autoleucel) BCMA Cell therapy Oncology Worldwide Approved: r/r MM DUPERT® (fulzerasib） KRAS G12C Small molecule Oncology Mainland China, HK, Taiwan, Macau Approved: KRAS+ NSCLC Jaypirca® (pirtobrutinib) BTK Small molecule Oncology Mainland China Approved: MCL; CLL/SLL DOVBLERON® (taletrectinib adipate) ROS1 Small molecule Oncology Mainland China, HK, Taiwan, Macau Approved: 1L ROS1+ NSCLC; 2L ROS1+ NSCLC Limertinib EGFR Small molecule Oncology Mainland China Approved: 1L EGFR 19DEL/L858R NSCLC; 2L EGFR T790M+ NSCLC TABOSUN®（lpilimumab N01） CTLA-4 Monoclonal antibody Oncology Worldwide Approved: Neoadjuvant colon cancer Verzenios® (abemaciclib) CDK4/6 Small molecule Oncology Mainland China Approved: 1L/2L HR+ HER2- ABC/MBC; 2L+ ESR1mut ER+/HER2- MBC Vanflyta® (quizartinib) FLT3 Small molecule Oncology Mainland China Approved: FLT3-ITD+ AML IBI363 PD-1/IL-2α-biased Bispecific antibody Oncology Worldwide IO Naï ve melanoma IO-resistant sqNSCLC IO-resistant nsqNSCLC 3L CRC 1L CRC, 1L NSCLC etc. IBI343 CLDN18.2 Antibody drug conjugate Oncology Worldwide 3L GC 3L PDAC 1L GC; 1L PDAC IBI354 HER2 Antibody drug conjugate Oncology Worldwide 2L PROC; 1L BC Neoadj. BC; adj.BC IBI3003 GPRC5D/BCMA/CD3 Tri-specific antibody Oncology Worldwide 2-5L MM 1L MM; 4L+ MM IBI3005 EGFR/HER3 Antibody drug conjugate Oncology Worldwide Advanced malignancies IBI3009 DLL3 Antibody drug conjugate Oncology Worldwide Advanced malignancies IBI3001 EGFR/B7H3 Antibody drug conjugate Oncology Worldwide Advanced malignancies IBI3014 PD-L1/TROP2 Antibody drug conjugate Oncology Worldwide Advanced malignancies IBI3020 CEACAM5 Antibody drug conjugate Oncology Worldwide Advanced malignancies IBI3026 PD-1/IL-12 Bispecific antibody Oncology Worldwide Advanced malignancies IBI3028 EGFR/c-Met Antibody drug conjugate Oncology Worldwide Advanced malignancies Early stage trialsPivotal/Registrational trialsApproved drugs NSCLC: non small cell lung cancer; HCC: hepatocellular carcinoma; GC: gastric cancer; ESCC: esophageal squamous cell carcino ma; GBM: glioblastoma; CC: cervical cancer; OC: ovarian cancer; cHL: classic Hodgkin lymphoma; CML: chronic myeloid leukemia; CLL: chronic lymphocytic leukemia; SLL: Small Lymphocytic Lymphoma；CCA: cholangiocarcinoma; TC: thyroid cancer ; MTC: medullary thyroid cancer; CRC: colorectal cancer; MDS: myelodysplastic syndrome; MM: multiple myeloma; PDAC: pancreatic duct al adenocarcinoma Oncology Pipeline
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49 信达生物版权所有©2026 机密 Products/Drug Candidates Target (s) Modality Therapeutic Area Rights Pre-clinical IND Phase 1 Phase 1b/2 Pivotal Phase 2 / 3 NDA Launched Mazdutide GCG/GLP-1 Polypeptide Cardiovascular & Metabolic Mainland China, HK, Taiwan, Macau Approved: Obesity (4/6mg) Approved: T2D (4/6mg) Moderate-to-severe Obesity (9mg) T2DM with obesity ( head-to-head Semaglutide) Obesity with OSA Obesity with MAFLD (head-to-head Semaglutide) Adolescent obesity Obesity with hypertension MASH HFpEF Obesity (higher dose) SINTBILO® (tafolecimab) PCSK9 Monoclonal antibody Cardiovascular & Metabolic Worldwide Approved: Primary hypercholesterolemia and mixed dyslipidemia SYCUME®(teprotumumab N01) IGF-1R Monoclonal antibody Ophthalmology Worldwide Approved: TED Inactive TED, 1L TED SULINNO® (adalimumab) TNF-α Monoclonal antibody Autoimmune Worldwide Approved: RA, AS, Pso, Pediatric plaque Pso, PJIA, Uveitis , CD, Pediatric CD PECONDLE®(pincankibart) IL-23p19 Monoclonal antibody Autoimmune Worldwide PsO PsO (Randomized withdrawal) PsO (Biologic switching, IL-17 inadequately responded) , adolescent PsO，PsA IBI302 (efdamrofusp alfa) VEGF/Complement Fusion protein Ophthalmology Worldwide nAMD DME IBI128 (tigulixostat) XOI Small molecule Cardiovascular & Metabolic Mainland China, HK, Taiwan, Macau Gout with Hyperuricemia IBI324 VEGF-A/ANG-2 Fusion protein Ophthalmology Worldwide DME nAMD IBI3002 TSLP/IL-4Rα Fusion protein Autoimmune Worldwide AD; SAR/PAR/CWSwNP IBI3016 AGT siRNA Cardiovascular & Metabolic Asia Hypertension IBI355 CD40L Monoclonal antibody Autoimmune Worldwide SjD IgG4-RD IBI3032 Oral GLP-1R (daily) Small molecule Metabolism Worldwide Obesity; T2DM IBI3011 IL-1RAP Monoclonal antibody Autoimmune Worldwide Acute Gouty Arthritis IBI3013 IL-15 Monoclonal antibody Autoimmune Worldwide Vitiligo; AA IBI3031 TSHR/IGF-1R Bispecific antibody Ophthalmology Worldwide TED IBI3038 IL-6/IGF-1R Bispecific antibody Ophthalmology Worldwide TED; Fibrotic Diseases IBI3042 Oral GLP-1R (weekly) Small molecule Metabolism Worldwide Obesity; T2DM IBI3040 Amylin Polypeptide Cardiovascular & Metabolic Worldwide Obesity; T2DM IBI3046 INHBE siRNA siRNA Cardiovascular & Metabolic Worldwide Obesity; T2DM Early stage trialsPivotal/Registrational trialsApproved drugs MAFLD: metabolic associated fatty liver disease; MASH: Metabolic associated steatohepatitis; HFpEF: heart failure with preserved ejection fraction; TED: thyroid eye disease; AS: ankylosing spondylitis; RA: rheumatoid arthritis; PsA: psoriatic arthritis; PsO: psoriasis; CD: Crohn’s disease; PIJA: polyarticular juvenile idiopathic arthritis; HeFH: heterozygous familial hypercholesterolemia; Non-FH:non-familial hypercholesterolemia; TED: thyroid eye disease; DME: diabetic macular edema; nAMD: Neovascular age-related macular degeneration; AD: atopic dermatitis; SjD：Sjögren's disease; IgG4-RD:IgG4-related disease; AA: Alopecia Areata General Biomedicine Pipeline
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50 Copyright© 2026 Innovent Confidential Hang Seng Index Inclusion Marks China's Innovative Drug Industry Entry into Global Capital Markets December 8, 2025: Innovent Biologics (1801.HK) Officially Included in 3 Major Indices Hang Seng Index Hang Seng China Enterprises Index Hang Seng ESG Enhanced Index Innovent is the first Chinese pharma company to evolve from a biotech start-up to a full- fledged biopharma and secure its place among the country’s top innovators in medicine. This is not only a milestone for Innovent Biologics but also a landmark achievement reflecting decades of progress in China’s biotech sector. It marks a key step for the industry, signaling that China’s innovative pharmaceutical sector has entered the global capital stage and earned worldwide recognition. • China’s biopharma has reached industry maturity recognized by global investors; • Strengths in product development, clinical research, and commercialization can create stable, long-term value, not just short-term growth; • China’s innovative drug industry is transitioning from local to global competition, set to reshape the landscape of drug innovation over the next decade.
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Copyright© 2026 Innovent Confidential Innovent Biologics is committed to providing patients with affordable, high-quality treatment options, earning their lasting trust. • With 20 products currently on the market, Innovent is the Chinese pharmaceutical company with the largest portfolio of marketed monoclonal antibody therapies. • 13 products have been included in China's NRDL. Our innovative products have benefited over 10 million patients. • We have provided free medication to over 200,000 in need, with total drug donations valued at RMB 4 billion.
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信达生物版权所有©2026 Confidential Innovent Biologics Has Harnessed Two of the Most Transformative Global Drug Targets of Recent Decades PD-1 GLP-1 TYVYT® (Sintilimab Injection) Mazdutide Injection The Lancet Journal of the American Medical Association The New England Journal of Medicine 52 Nature Journal of the American Medical Association
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53Copyright© 2026 Innovent Confidential State-of-the-art Manufacturing Facilities Engineered to International Standards (20% of China's biopharmaceutical production capacity） ⚫ Full CMC capability across process development, manufacturing, quality, supply chain and engineering, with talented management that has MNC or overseas subject expertise ⚫ Advanced CMC development capability including perfusion, ADC and high concentration DP platform ⚫ End-to-end quality control system across product lifecycle per international GMP requirements Hangzhou Manufacturing Site 170,000L of antibody production capacity, serving in - house and CDMO operations Shanghai Global R&D Center Suzhou Manufacturing Site 60,000L of antibody and ADC production capacity ⚫ It has achieved the world's largest single-batch antibody production scale, with a total of 140,000 liters of manufacturing capacity currently in operation — the highest among private pharmaceutical companies in China — resulting in competitive production costs for our products, and an additional90,000 liters of capacity under construction.
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54 Copyright© 2026 Innovent Confidential Disclaimer This presentation has been prepared by Innovent Biologics, Inc. (the “Company”, “Innovent” “we,” “us” or “our” and together with its subsidiaries, the “Group”) solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment or investment decision whatsoever. This document, any information therein and any oral information provided in connection with this presentation is highly confidential and has been prepared by the Company solely for use at this presentation. This presentation includes forward-looking statements, and the information contained in this presentation has not been independently verified and cannot be guarantee. All statements contained in this presentation other than statements of historical facts, including statements regarding estimated future results of operations and financial position of Innovent, our business strategy and plans, the clinical development of our product candidates and our objectives for future operations, are forward-looking statements. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, clinical development, short-term and long-term business operations and objectives and financial needs on the date hereof. These forward-looking statements are not guarantees of future performance and are subject to a number of risks, uncertainties, assumptions, and subsequent developments, which may affect the information contained in this presentation. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We, our subsidiaries, affiliates, advisors or representatives are under no duty to update, revise or affirm any of these forward-looking statements (including but not limited to estimated figures) after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views, or the fairness, accuracy, completeness or correctness of the information or the opinions contained herein, as of any date subsequent to the date of this presentation. This presentation also contains certain figures which are estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. Such estimated figures and data have been prepared based on assumptions and preliminary information and involve a number of assumptions and limitations, which have not been audited or reviewed by the Company’s auditors or audit committee and are subject to revision and may differ materially from final amounts or actual results and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to affirm such data and to update or revise such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This presentation may not be all inclusive and may not contain all of the information that you may consider material. Neither Innovent nor any of its subsidiaries, affiliates, shareholders, directors, officers, employees, agents and advisors makes any expressed or implied representation or warranty as to the completeness, accuracy, fairness, correctness and reasonableness of the information (including but not limited to estimated figures) contained herein, and none of them shall accept any responsibility or liability (in negligence or otherwise) for any loss or damage, whether or not arising from any error or omission in compiling such information or as a result of any party's reliance or use of such information or the use of this presentation or its contents or otherwise arising from or in connection with this presentation. By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of our business, the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation is intended solely for investors that are qualified institutional buyers or institutional accredited investors solely for the purposes of familiarizing such investors with Innovent and determining whether such investors might have an interest in a securities offering contemplated by Innovent . Any such offering of securities will only be made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended, or by means of a registration statement (including a prospectus) filed with the SEC, after such registration statement becomes effective. No such registration statement has been filed, or become effective, as of the date of this presentation. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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55 Copyright© 2026 Innovent Confidential