Innovent Announces Financial Results for Six Months Ended June 30, 2020 and Corporate Progress

August 27,2020

Innovent Biologics, Inc. (Innovent) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, announced its financial results for the six months ended June 30, 2020 and the corporate progress.

First Half 2020 Highlights and After Period Development

• Total revenue was RMB984.2 million for the six months ended 30 June 2020, representing an increase of 184.9% from 345.5 million for the six months ended 30 June 2019.

• Product revenue of TYVYT^® (sintilimab injection) was RMB 920.9 million for the six months ended 30 June 2020, representing an increase of 177.7% from RMB331.6 million for the six months ended 30 June 2019.

• BYVASDA^® (bevacizumab injection) was officially approved by the NMPA of China in June 2020, becoming the second commercial product of the Company.

• The supplemental New Drug Application ("sNDA") of TYVYT^® for first-line non-squamous non-small cell lung cancer ("nsqNSCLC") and sNDA for first-line squamous non-small cell lung cancer ("sqNSCLC") were accepted by NMPA of China.

• Interim Phase 3 result of TYVYT^® in first-line nsqNSCLC was presented at WCLC virtual meeting in an oral presentation. On the same day, the data was published online by the Journal of Thoracic Oncology.

• Entered into registrational trials for four assets, including IBI-310 (CTLA-4 antibody), IBI-306 (PCSK9 antibody), IBI-376 (parsaclisib, PI3Kδ inhibitor), and IBI-375 (pemigatinib, FGFR inhibitor).

• Entered into a strategic collaboration with Roche Group ("Roche") that enables the Company to access certain Roche technologies in the discovery and development of specific 2:1 T-cell bispecific antibodies (TCB) as well as its universal CAR-T platform.

• Entered into an over US$1 billion strategic agreement to license out the exclusive rights of TYVYT^® in ex-China market to Eli Lilly and Company ("Lilly"), which plans to pursue registration of TYVYT^® in the U.S. and other markets.

"Although 2020 saw an unanticipated beginning with the pandemic of COVID-19, our footstep never stops. In the first half of 2020, we have brought TYVYT^® to a lot more patients in medical need and achieved strong revenue growth by leveraging its unique advantage as the only PD-1 inhibitor in NRDL, and we successfully launched our second commercial product BYVASDA^®. We have also made significant progress in registration and clinical advancement, manufacturing capability improvement, and cross-company global collaborations. In particular, we are excited that by out-licensing the ex-China rights of TYVYT^® to Lilly, we took the solid first step toward bringing our innovative portfolio to the global market." said Dr. Michael Yu, Founder, Chairman and CEO of Innovent.

"Our journey continues. We have submitted two and plan to submit two more sNDAs for TYVYT^® for major cancer indications by the end of 2020 or early 2021. We also expect to receive approval for two more biosimilars by the end of 2020 or early 2021, which will extend our portfolio to four products, covering both oncology and non-oncology by then. We will also continue to grow our rich pipeline of innovative and complementary therapies, and advance our more than 50 clinical studies, including those for the prioritized assets with meaningful market potential in China and global market."

"The commercial success of TYVYT^® and the launch of our second commercial product BYVASDA^® have further proven Innovent has successfully transformed ourselves from a pure biotech R&D company into a biopharmaceutical with a solid platform of R&D, CMC, clinical development as well as sustainable commercialization capabilities. We firmly believe with the joint efforts of our talented team across all departments, our company will sustain its rapid growth and deliver tremendous value for our patients and shareholders."