innovent investor presentation

To develop and commercialize high quality biopharmaceuticals that are affordable to ordinary people

March 2021

Innovent Investor Presentation

2Copyright© 2021 Innovent BiologicsConfidential

Disclaimer

This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and

financial position of Innovent Biologics (“Innovent” “we,” “us” or “our”), 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. These forward-looking statements are subject to a number of risks, uncertainties and

assumptions. 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 are under no duty to update any of these forward-looking statements 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 as of any date subsequent to the date of this

presentation.

This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number

of assumptions and limitations, 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 update 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 affiliates, shareholders, directors, officers, employees,

agents and advisors makes any expressed or implied representation or warranty as to the completeness, fairness, reasonableness of the information contained herein, and none of them shall accept any

responsibility or liability 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. 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.


Agenda

Business Updates1

Pipeline Review2

Core Strategy3

Financial Review4

Outlook5

Section 1

Business Update


Innovent: Established Leadership in China with Unique Position to Become a Global Premier Biopharmaceutical Company

1Leading biopharmaceutical company in China

• Four commercialized products

• Leading brand in China PD(L)-1

market; First included in NRDL

• 3,600+ total employees

• Robust pipeline of 23 assets across diversified clinical stages

Core strategy of global innovation

• Global R&D platform with 1,000+ talents in China, US and Europe

• Innovent Academy as a powerful discovery engine to

nourish global FIC and BIC

• Expand collaborations with global partners

2Fully-integrated, multi-function platform

• World-class discovery, development, manufacturing and commercialization capabilities

• 24,000L current production capacity with additional

36,000L to be completed, one of the largest in China

3

nagnag

nagDiscovery

Development

CMC(manufacturing &

quality)Commercialization


Strong Execution and Major Accomplishments in 2020 and YTD 2021

3.84bn1 → 4

Commercialportfolio

4

Overseas out-licensing

deals

6

NDA accepted

7

New molecules into IND

4

Pivotal trial data release

5

Late-stage assets

6

Assets under global

development• 2020 total revenue:

RMB 3.84bn (product revenue RMB 2.37bn)

• 4 products- TYVYT®- BYVASDA®- SULINNO®- HALPRYZA®

• TYVYT® - (1L nsqNSCLC)- (1L sqNSCLC)- (1L HCC)1

- (2L sqNSCLC)

• IBI-375 (FGFR)- (2L mCCA, Taiwan)

• BYVASDA - (1L HCC)1

• TYVYT®- (1L nsqNSCLC)- (1L sqNSCLC)- (2L ESCC)

• TYVYT®+BYVASDA®- (1L HCC)

• IBI-310 (CTLA-4)

• IBI-306 (PCSK9)

• IBI-376 (PI3Kδ)

• IBI-375 (FGFR)

• IBI-326 (BCMA-CART)

• IBI-322 (PD-L1/CD47)

• IBI-939 (TIGIT)

• IBI-362 (OXM3)

• IBI-112 (IL-23)

• IBI-319 (PD-1/4-1BB)

• IBI-323 (PD-L1/LAG3)

• IBI-102 (GITR)

• Eli Lilly(TYVYT®)

• Coherus(BYVASDA®)

• Roche(Bispecific, Cell therapy)

• PT Etana1

(BYVASDA®)

• TYVYT® (PD-1)

• BYVASDA® (VEGF)

• IBI-188 (CD47)

• IBI-322 (PD-L1/CD47)

• IBI-939 (TIGIT)

• IBI-110 (LAG-3)

Organization Capacity• Innovent Academy • Dr. Yong Jun Liu joined as President

• US Lab in setup • Over 3,600 employees

• Production line in operation expanded from 5,000L to 24,000L

• Additional 36,000L stainless production line in construction

Note: 1. 1L nsqNSCLC of TYVYT was approved in Feb 2021. 1L HCC’s and 2L sqNSCLC’s NDA acceptance in Jan 2021; Collaboration with PT Etana in Jan 2021

4

NDA approvals

• TYVYT® - (1L nsqNSCLC1)

• BYVASDA®

• SULINNO®

• HALPRYZA®


Anticipated Milestones in 2021 (to Early 2022)

5

Commercialportfolio

• TYVYT®

• BYVASDA®

• SULINNO®

• HALPRYZA®

• IBI-375 (Taiwan)

5

Potential NDA approvals

• TYVYT® - (1L sqNSCLC)- (1L HCC)- (2L sqNSCLC)

• BYVASDA - (1L HCC)

• IBI-375- (2L mCCA, Taiwan)

9

Potential NDA acceptance

• TYVYT® - (1L ESCC)- (2L EGFR+NSCLC)- (1L GC)- (NSCLC, US BLA)

• IBI-375 (FGFR)- (2L mCCA, mainland

China)

• IBI-375 (FGFR)- (2L mCCA, Hong Kong)

• IBI-376 (PI3Kδ)- (r/r FL)

• BYVASDA® - (Indonesia NDA)

• IBI-326 (BCMA CART)- (r/r MM)

7

Pivotal trial data release

/ readout• TYVYT®

- (2L sqNSCLC)- (1L ESCC)- (1L GC)1

- (2L EGFR+ NSCLC)

• IBI-375 (FGFR)- 2L mCCA

• IBI-376 (PI3Kδ)- r/r FL

• IBI-306 (PCSK9)- HeFH1

Multiple

Early data readout

• IBI-310 (CTLA-4)

• IBI-362 (OXM3)

• IBI-302 (VEGF/compliment)

• IBI-318 (PD-1/PD-L1)

• IBI-322 (PD-L1/CD47)

• IBI-110 (LAG-3)

• IBI-939 (TIGIT)

• IBI-315 (PD-1/HER2)

Capacity

Capacity expansion

• Complete construction of 36,000L production lines

• Increase total production capacity from 24,000L to 60,000L

By end of 2021, we expect to have five commercial products and diverse clinical stage assets that drive long-term upside potentials.

Multiple

Prioritized clinical assets

• Phase 3 ongoing- IBI-310 (CTLA-4)- IBI-306 (PCSK9)

• Plan to start Phase 3 - IBI-375 (FGFR)- IBI-376 (PI3Kδ)- IBI-188 (CD47)

• Plan to start Phase 2 - IBI-362 (OXM3)- IBI-302

(VEGF/compliment)

• Phase 1 ongoing- IBI-322 (PD-L1/CD47)- IBI-110 (LAG-3)- IBI-939 (TIGIT)

Note: 1) Expect data read out for TYVYT in 1L GC and for IBI-306 in HeFH in 2021


Leverage Unique Commercialization Capability to Capture Rapid Growth in China Market

Diversified portfolio

• Competitiveness in large indications (NSCLC, HCC, GC, ESCC etc)

• Advanced line treatments with excellent clinical data (e.g. 1L nsq/sq NSCLC, 1L HCC etc)

Indication advantages

• Expanded experienced sales and marketing team to ~1,600 employees

Commercialization team

• Expanded coverage to about 4,000 hospitals and 900 DTP/pharmacies across 300+ cities at the end of 2020

• Early mover in market penetration to lower tier cities in 2020

Network coverage

• 4 commercialized products• 23 assets in pipeline covering Oncology, Autoimmune, Ophthalmology, Metabolism

• 2020 world new cancer incidents: 19.3m

• China new cancer incidents: 4.6m, 24% (Vs US 2.3m, 12%)

• 2020 world cancer moral cases: 10m

• China cancer moral cases: 3m, 30% (Vs US 0.6m, 6%)

China new cancer

incidents

Note: Cancer data source IARC 2020 report

Lung18%

Colorectum12%

Stomach10%Breast

9%Liver9%

Oesophagus7%

Thyroid5%

Pancreas3%

Prostate3%

Cervix uteri2%

Others22%


TYVYT® as Leading PD-1 brand in China Market with Unveiled Huge Potentials in Global Markets

Innovent is confident to maintain TYVYT® as the leading PD-1 brand in China market and is best positioned to capture the much larger potential in global markets.

0

500

1,000

1,500

2,000

2,500

2018 2019 2020

RMB mnStrong sales growth since launch

RMB 1,016mn

RMB 2,290mn

NMPA approval in Dec 2018

First-mover Advantage

• First PD-1 included in NRDL in

2019

• Strong revenue growth and

leading market share

• Extensive network and

experienced marketing and

sales team (>1500 ppl)

• Manufacturing capacity:

24,000L in operation and

additional 36,000L in

construction

Maintain strong leadership position in

China market

Comprehensive Development Strategy

• New indication approvals on

large cancers upcoming: 1L nsq

NSCLC(approved in Feb 2021),

1L sqNSCLC, 1L HCC, 2L sqNSCLC

• Expand to external new combos

• Combo/Bispecific with internal

pipeline (CTLA-4, TIGIT, FGFR,

LAG-3, VEGF etc)

• Achieve the breakthrough and

focus on 4 key tumor types

(Lung, Liver, Gastric, Esophagus)

Backbone role for oncology TA

Out-license Partnership with Eli Lilly

• The first marketed China PD-1

out-licensed to global MNC

pharmaceutical company

• Eli Lilly plans to file BLA (NSCLC)

in 2021

• Global PD-1 market size and

valuation multiple times larger

than that in China market

Best positioned to explore huge potential in

global markets


State-of-the-art Manufacturing Facilities Designed to, Built with, and Operating at International Standards

36,000L

24,000L

Total capacity in the future: 60,000 L

M1b Facility

®

Manufacturing facilities (a total of 24,000L bioreactors) received cGMP certification from the NMPA for manufacturing TYVYT® (sintilimab) as well as three biosimilar products

Additional 36,000L capacity expected to complete construction and validation in 2021

Facilities were designed to meet FDA, EMA,

PMDA and NMPA standards, and support

the full process from DS to DP. DS, DP and

GMP were successfully audited

Facilities have undergone ordinary course,

comprehensive annual audits to evaluate

compliance with industry cGMP and

quality compliance standards

Manufacturing team has extensive experience

at multi-national bio-pharmaceutical

companies


Comprehensive Global Partnership Enhances Our Overall Development from R&D to Commercialization

• Total deal value exceeds US$2.5bn1

• Including upfront payment of US$256m1

• Access to Roche’s bispecific antibody and Universal CART technologies

• Out-license ex-China global rights of up to US$ 2.1bn payments and royalties

• Licensed in 3 clinical-stage molecules

• Demonstrated our capability to help global partners bring their innovative therapies into China

Note: 1. Including both 2015 and 2020 strategic deals with Eli Lilly, not including royalties

Continued solid collaborations with global

pharmaceutical and biotech companies

As integrated platform with validated capabilities,

Striving to be the best choice for our partners

• R&D: 1000+ in-house R&D team with top expertise and execution capability in clinicaloperation, quality control, registration experience to accelerate the R&D progress forour partners

• CMC: World-class CMC with best quality system validated by long MNC partnerships tosupport potential production needs of our partners

• Commercial: 1600+ commercial team with strong presence in oncology proven byTYVYT’s leading position in China PD-1 market within 2 years of launch, and richexperienced professional team in non-oncology.


Executives with a Proven Track Record of Success

• Over 30 years of academic and biopharma experience

• Former Head of Research, Global R&D at Sanofi and Global Head of Research, CSO at MedImmune, AZ

• Former member of Roche Global Oncology Franchise Leadership Team

• Vice President of one of two Oncology Business Units at Roche Pharma China, leading marketing & sales efforts for products in lung, GI, and hematology cancers

Visionary Founder, CEO and Chairman Supported by Experienced Management Team

Dr. Michael Yu

Dr. Yong Jun Liu

PresidentMin Liu

Chief Commercial Officer

• Responsible for Human Resources, Administration, Legal, PR, GA as well as the operations of the Presidential Office

Vivian Zhang

Chief People Officer

• Former CFO of Mindray Medical International Ltd. Responsible for Finance, Investor Relation, North America Operations, and Internal Audits

• Former CFO of Biosensors International Ltd.

Ronnie Ede

Chief Financial Officer

Founder, CEO & Chairman

Ph.D. in Genetics, Chinese Academy of Sciences

Inventor of Oncorine®, Co-inventor of Conbercept and TYVYT®, three innovative biologics in China

Inventor of 60+ issued patents & patent applications

Authorship of 50+ SCI scientific articles & book chapters

24 years of industry experience

1997 - 2001: Vice President of R&D, Calydon 2001 - 2005: Principal Scientist, Cell Genesys 2005: Vice President of R&D, Applied Genetics 2006 - 2010: Founding President and CEO, Chengdu Kanghong Biotech 2011 to date: Founding CEO and Chairman, Innovent Biologics

Section 2

Pipeline Review


Robust Pipeline Across Novel Therapeutics4 commercialized assets, 5 assets in pivotal trials and 14 assets in clinical stage

Clinical progress in the U.S.Biologics Small moleculesListed drugs

Status

Products Target (s) Therapeutic Area Commercial Rights Pre-clinical IND Approved Phase 1 Phase 2Pivotal Phase 2 /

Phase 3NDA Launched

TYVYT® (sintilimab injection） PD-1 Oncology Worldwide

BYVASDA® (bevacizumab injection) VEGF-A Oncology Worldwide

SULINNO® (adalimumab injection) TNF-alpha Autoimmune Worldwide

HALPRYZA® (rituximab injection) CD20 Oncology Worldwide

IBI-375 (Pemigatinib) FGFR1/2/3 Oncology Mainland China, HK, Taiwan, Macau2L mCCA (pivotal Phase 2 in mainland China); 2L mCCA (NDA accepted in Taiwan market)1L CCA (joined Incyte’s global Phase 3 trial)

IBI-306 PCSK9 Metabolic Mainland China, HK, Taiwan, MacauHoFH (China)HeFH (China)nFH (China)

IBI-310 CTLA-4 Oncology WorldwideAdjuvant melanoma (China)1L HCC (China)2L cervical cancer (China)

IBI-376 (Parsaclisib) PI3Kδ Oncology Mainland China, HK, Taiwan, Macaur/r FL and MZL (China)Myelofibrosis (Incyte’s global Phase 3)

IBI-326 BCMA-CART Oncology Worldwide r/r MM (China)

IBI-362 OXM3 Metabolic Mainland China, HK, Taiwan, MacauObesity (China)Diabetes (China)

IBI-188 CD47 Oncology WorldwideMDS (China)MDS (US)r/r AML (China)

IBI-318 PD-1/PD-L1 Oncology Mainland China, HK, Macau

SCLC (China)NK/T-cell lymphoma (China)CSCC (China)Neo-adjuvant/adjuvant HCC (China)

IBI-302 VEGF/Complement proteins Ophthalmology Worldwide wAMD (China)

IBI-110 LAG-3 Oncology Worldwide Advanced malignancies (China)

IBI-315 PD-1/HER2 Oncology Worldwide Advanced malignancies (China)

IBI-939 TIGIT Oncology WorldwideAdvanced malignancies (China)IND approved (US)

IBI-322 PD-L1/CD47 Oncology WorldwideAdvanced malignancies (China)Advanced malignancies (US)

IBI-112 IL-23 p19 Autoimmune Worldwide Inflammatory enteritis and other autoimmune diseases (China)

IBI-101 OX40 Oncology Worldwide Solid tumor (China)

IBI-323 LAG-3/PD-L1 Oncology Worldwide IND approved (China)

IBI-102 GITR Oncology Worldwide IND approved (China)

IBI-319 PD-1/4-1BB Oncology Mainland China, HK, Macau IND approved (China)

IBI-321 PD-1/TIGIT Oncology Mainland China, HK, Macau IND accepted (China)


Oncology Pipeline Summary: 18 Assets in Pipeline under Development(3 products launched, 15 assets in clinical trials)

IBI-308 (PD-1)

IBI-301 (CD20)

IBI-305 (VEGF-A)

IBI-310 (CTLA-4)

IBI-102 (GITR)

IBI-188 (CD47)

IBI-101 (OX40)

IBI-110 (LAG-3)

IBI-939 (TIGIT)

IBI-375 (FGFR1/2/3)

IBI-376 (PI3Kδ)

IBI-326 (fully human BCMA CAR-T)

Roche partnership

Oncology Pipeline

IBI-318 (PD-1/PD-L1)

IBI-315（PD-1/HER2）

IBI-322 (PD-L1/CD47)

IBI-323 (LAG-3/PD-L1)

IBI-319 (PD-1/4-1BB)

IBI-321 (PD-1/TIGIT)

Roche partnership


Non-oncology Pipeline Summary: 5 Assets in Pipeline under Development(1 product launched, 4 assets in clinical trials)

Non-oncology Pipeline

IBI-362 (GLP1/GCGR)IBI-302

(VEGF/Complement)

IBI-306 (PCSK9)IBI-303 (TNF-α)

IBI-112 (IL-23 p19)


Clinical Development Programs for Sintilimab2 indications approved, 3 sNDAs accepted, over 20 clinical trials ongoing globally

Symbols: = completed; = completed patient enrollment; = in progress; = to be initiated within next quarter.

STATUS

INDICATION MONO-/COMBO-THERAPY (OTHER COMPONENTS)PHASE 1

PHASE 2 PHASE 3 NDA FILED NDA APPROVED1A 1B

China

r/r Classical Hodgkin’s Lymphoma Mono

1L Non-squamous NSCLC Combo (pemetrexed and cisplatin)

1L Squamous NSCLC Combo (gemcitabine and platinum)

2L Squamous NSCLC Mono

1L Hepatocellular Carcinoma Combo (IBI-305 /biosimilar to bevacizumab)

EGFR+ TKI Failure NCSLC (MRCT) Combo (IBI-305 /biosimilar to bavecizumab)

1L Gastric Cancer Combo (capecitabine and oxaliplatin)

1L Gastric Cancer (CPS ≥10) Combo (Ramucizumab)

1L Esophageal Carcinoma (MRCT) Combo (paclitaxel and cisplatin/5-FU and cisplatin)

2L Classical Hodgkin’s Lymphoma Combo (ICE)

Melanoma (adjuvant) Combo (IBI-310/CTLA-4 mAb )

1L Hepatocellular Carcinoma Combo (IBI-310/CTLA-4 mAb )

2L Hepatocellular Carcinoma Combo (IBI-310/CTLA-4 mAb )

2L/+ Cervical cancer Combo (IBI-310/CTLA-4 mAb )

2L ESCC Mono

r/r NK/T-cell Lymphoma Mono

3L CRC Combo (IBI-310/CTLA-4 mAb )

Refractory Gastrointestinal Cancer Mono

1L Gastric Cancer Combo (capecitabine and oxaliplatin)

2L NSCLC Mono

1L/2L Melanoma Mono

1L Squamous NSCLC Combo (gemcitabine and cisplatin)

1L/2L Neuroendocrine Tumor Combo (EP/IP)

Solid Tumors/colorectal cancer Combo (Fruquintinib)

Solid Tumors/cholangiocarcinoma Combo (Surufatinib)

3L colorectal cancer Combo (Chidamide)

2L Hepatocellular Carcinoma Combo (siRNA)

U.S.

1L Esophageal Carcinoma (MRCT) Combo (paclitaxel and cisplatin/5-FU and cisplatin)

Solid Tumors Mono

Late Stage Endometrial Carcinoma Mono

sNDAs accepted by the NMPA


ORIENT-11 (1L nsqNSCLC): Sintilimab Combination Achieved Significant Improvement in both PFS and OS

Number at Risk

Sint+Chemo 266 231 202 143 63 25 3 3 0

PL+Chemo 131 106 77 42 19 4 1 0 0

Events HR (95% CI) P

Sint+chemo 42.1% 0.482（0.362, 0.643）

<0.00001PL+chemo 65.6%

Pro

gres

sio

n-f

ree

surv

ival

Number at Risk

Sint+Chemo 266 262 248 206 134 72 18 3 0

PL+Chemo 131 128 113 92 61 33 8 1 0

Events 6-mo OS rate HR (95% CI) P

Sint+chemo 19.2% 89.6% 0.609（0.400,0.926）

0.01921PL+chemo 29.8% 80.4%

PFS (by IRRC)

OS

[1] Zhang L, et al. WCLC 2020[2] Gandhi L, et al. NEJM 2018. DOI: 10.1056/NEJMoa1801005

[3] Lu S, et al. ESMO 2020[4] Zhou CC, et al. WCLC 2019

ORIENT-11[1] KEYNOTE-189[2] NCT03663205[3] NCT03134872[4]

Product Sintilimab Pembrolizumab Tislelizumab Camrelizumab

Design Double-blind Double-blind Open label Open label

PFS (by IRRC)

Median (95%CI), months

8.9 (7.1, 11.3) vs 5.0 (4.8, 6.2)

8.8 (7.6, 9.2) vs 4.9 (4.7, 5.5)

9.7 (7.7, 11.5) vs 7.6 (5.6, 8.0)

11.3 (9.5, NR) vs 8.3 (6.0, 9.7)

HR (95%CI) 0.48 (0.36, 0.64) 0.52 (0.43, 0.64) 0.65 (0.46, 0.90) 0.61 (0.46, 0.80)

P <0.00001 <0.001 0.0044 0.0002

OS

Median (95%CI), months

NR vs NR NR vs 11.3 (8.7, 15.1)

Not reported NR (17.1, NR) vs 20.9 (14.2, NR)

HR (95%CI) 0.61 (0.40, 0.93) 0.49 (0.38, 0.64) 0.72 (0.52, 1.01)

P 0.01921 <0.001 0.0272

Sintilimab in combination with chemo demonstrated larger decrease of progression and death hazard as 1L therapy for non-squamous NSCLC


ORIENT-32 (1L HCC): Global First PD-1 Combination Study that Met Primary Endpoints

Proffered Paper presentationat the ESMO Asia Virtual Congress 2020

PFS (by IRRC)OS

Sintilimab in combination with BYVASDA® (bevacizumab biosimilar): the global first PD-1 combo study that met primary endpoints with significant improvement in both OS and PFS for 1L HCC


IBI-310 (CTLA-4) Development Plan Overview

Part A (1a): IBI-310N=10

Part B+C (1b): IBI-310 + sintilimab

N=17

DLT No DLT No DLT

AE ≥ grade 3 No AEs of ≥ grade 3One AE of ≥ grade 3: AST

increased

Melanoma subtypesPart A (1a): IBI-310

N=10

Part B+C (1b):IBI-310 + sintilimab

N=17

Mucosal 6 (60%) 5 (31.3%)

Acral 3 (30%) 2 (12.5%)

Non-chronic sun damaged

1 (10%) 9 (56.3%)

chronic sun damaged 0 1 (5.9%)

Disclosed at ASCO 2020 Abstract

IBI-310 has shown good safety profile in Phase 1a/1b studies and progressed into registrational trials for multiple indications.

Phase 1a/1b Safety Data (N=27) IBI-310 + Sintilimab Development Program Overview

Clinical

progress

2021 plan

• Melanoma

- Phase 3 trial in adjuvant setting (First patient dosed in China in Apr 2020)

• Cervical

- Phase 2 trial in 2nd line and above (First patient dosed in China in Dec 2020)

• HCC

- Phase 3 trial in 1st line (First patient dosed in China in Feb 2021)

• Plan to complete patient enrolment for Cervical in 2021

• Plan to present the Phase 1b study data of IBI-310 in HCC


IBI-375 (FGFR1/2/3) Development Plan Overview

PFS OS

Fight202 study: IBI-375 in Patients with Previously TreatedCholangiocarcinoma outside China

IBI-375 exhibits a Best-in-Class profile with excellent potency for FGFR 1, 2, and 3. Fast progressing IBI-375 with pivotal Phase 2 ongoing in China and several more indication development in plan.

Abou-Alfa GK, et al. Lancet Oncol. 2020 May;21(5):671-684.

Cellular potency

Desired target activity

Off-target activity

IBI-375

1. Guagnano et al (2011) J. Med. Chem; 2. Babina & Turner (2017), Nature Reviews Cancer; 3. Hall et al (2016) PLoS ONE 11(9); 4. Lorenzi et al (2017) Molecular Cancer Therapeutics

Enzyme Inhibitory Activity of IBI-375 IBI-375 (pemigatinib) Development Program Overview

Clinical

progress

2021 plan

• mCCA

- Submitted NDA application and accepted in Taiwan market for IBI-375 for 2L mCCA in 1H 2020

- Completed patient enrolment of Phase 2 of IBI-375 for 2L mCCA in mainland China in 2020

- Joined Incyte-sponsored global Phase 3 trial (FIGHT-302) for IBI-375 for 1L mCCA

• Global updates from Incyte

- In Mar 2021, PMDA validated Incyte’s marketing authorization application for pemigatinib for mCCA

- In Apr 2020, FDA approved pemigatinib for mCCA

• Expect to receive NDA approval for IBI-375 from Taiwan FDA for 2L mCCA in 1H 2021

• Plan to file NDA for IBI-375 for 2L mCCA in both mainland China and Hong Kong around the mid of 2021


IBI-376 (PI3Kδ) Development Plan Overview

IBI-376 demonstrated a high rate of rapid and durable response in r/r FL and r/r MZL

IBI-376 (PI3Kδ) is a highly selective, potent and differentiated PI3Kδ inhibitor designed to reduce hepatotoxicity.IBI-376 shows the Best-in-Class potential in multiple B cell malignancies; pivotal Phase 2 trial is ongoing in China.

Phase 2 Study Evaluating the Efficacy and Safety of Parsaclisib in Patients with Relapsed or Refractory Follicular Lymphoma (CITADEL-203) (ASH 2020)

WG：20mg，qd，8 weeks; 20mg，qw afterward; DG： 20mg, qd, 8 weeks; 2.5mg，qd afterward;

Phase 2 Study Evaluating the Efficacy and Safety of Parsaclisib in Patients with Relapsed or Refractory Marginal Zone Lymphoma (CITADEL-204) (ASH 2020)

Efficacy Compared within Different PI3K Inhibitors

IBI-376 (parsaclisib) Development Program Overview

Clinical

progress

2021 plan

• r/r FL and MZL

- Started patient enrolment of pivotal Phase 2 trial for IBI-376 for r/r FL and MZL in China in Apr 2020

• Myselofibrosis

- Filed IND application for IBI-376 in China for Incyte-sponsored global Phase 3 trial for 2L myselofibrosis in end 2020

• Plan to start patient enrolment of IBI-376 in China for Incyte-sponsored global Phase 3 trial for 2L myelofibrosis in 2021

• Plan to complete patient enrolment of IBI-376 for pivotal Phase 2 trial for r/r FL and MZL in China

• Plan to submit NDA to NMPA for IBI-376 for r/r FL between late 2021 to early 2022


IBI-306 (PCSK9) Development Plan Overview

IBI-306Innovent

Imported PCSK9iAmgen, Sanofi

Other Domestic PCSK9i

Status Ph3 On market Ph1/Ph2/Ph3

IndicationsHoFHHeFH

Non-HF

HoFHHeFH

Non-FH

HoFHMixed Dyslipidema

Duration Q4W or Q6W Q2W or Q4W Q2W or Q4W

Efficacy 50-70% LDL-C decreased 50-70% LDL-C decreased Not disclosed

Safety Comparable with each other Not disclosed

Patient Size in China 1200 300-500 600-900

Compared with other PCSK9 inhibitors, IBI-306 has long-acting potential, good efficacy comparable to imported brands, and fastest clinical progress among domestic PCSK9 in China.

IBI-306 Development Program Overview

The point estimate and 95% confidence interval for the difference in percent reduction from baseline in LDL-C at 12 weeks for each dose group compared with placebo are as follows:

• 75 mg Q2W: -58.91% (-76.54%, -41.28%)

• 140 mg Q2W: -51.89% (-70.09%, -33.68%)

• 300 mg Q4W: -57.73% (-72.89%, -42.57%)

• 420 mg Q4W: -69.85% (-84.43%, -55.26%)

• 450 mg Q6W: -59.95% (-78.81%, -41.10%)

• 600 mg Q6W: -54.11% (-73.78%, -34.44%)

The safety profile of IBI-306 in MAD is consistent with that in SAD

• Incidence of TEAE between IBI-306 and placebo group is similar.

• No SAE is reported.

Data of SAD and MAD was disclosed in ESC, Aug 2020

Phase 1: Percentage Change from Baseline in LDL-C Levels

Phase 2: Percentage Change from Baseline in LDL-C Levels

In SAD/MAD studies, IBI-306 demonstrated good efficacy/ safety profile, and the potential to be developed as long-acting PCSK9 inhibitor.

Comparison with other PCSK9 in China

Clinical

progress

2021 plan

• HeFH

- Completed patient enrolment for Phase 3 trial for HeFH in 2020

• HoFH

- Kept patient enrolment for pivotal Phase 2 trial during 2020

• In Jan 2021, completed patient enrolment for Phase 3 in China for Non-FH

• Plan to have data read out for Phase 3 study of IBI-306 in HeFHin 2021


IBI-188 (Letaplimab): Potential Best-in-Class anti-CD47 Monoclonal Antibody

• Optimized affinity for balanced toxicity and efficacy

• Stronger efficacy than hu5F9 and comparable tolerability in NHPs

Phase 1a data published on SITC 2020:

- Well tolerated. Completed all pre-specified seven dosage without any DLT (maximum dose 30mg/kg QW).

- Good safety profile. TRAE mostly grade 1-2. 15% Anemia at controllable level.

- Anti-tumor activity observed in 1a.

IBI-188 Differentiated Advantages

Pre-clinical Highlights

Clinical Highlights


Clinical

progress

2021 plan

• China

- Completed Phase 1a dosage escalation and finalizing Phase 1a, started Phase 1b for both MDS and AML in 2H 2020

• US

- Completed Phase 1a dosage escalation and started Phase 1b in MDS in 1H 2020

- Published Phase 1a data in SITC in Nov 2020

• Plan to start Phase 3 or pivotal trial in China in MDS in 2021

Proven well tolerability and good safety in 63 pts dosed in Phase 1a. Proven efficacy in 30 pts in 1L MDS study. Global development ongoing; China to enter Phase 3 or pivotal trial for 1L MDS in 2021.

IBI188 in Raji on NOD/SCID model

Days post tumor implantation

Tu

mo

r vo

lum

e (m

m3)

8 11 13 16 20 23 27 30 340

250

500

750

1000

1250

1500

1750vehicle

h-IgG, 0.5 mg/kg

IBI188, 0.02mg/kg

IBI188, 0.1mg/kg

IBI188, 0.5mg/kg


IBI-322 (PD-L1/CD47): A First-in-Class Anti-PD-L1/CD47Bispecific Antibody



Clinical Highlights


Clinical

progress

2021 plan

• Manageable safety profiles with reduced CD47 binding on RBC to mitigate anemia AE and decreased RBC phagocytosis due to weak CD47 blockade activity

• Improved DMPK profiles with reduced peripheral CD47 mediated sink effect and Optimized biodistribution and enhanced PD-L1+ tumor uptake

• Modified Fibonacci method was used in the dose escalation design of all studies at present for the ongoing Phase 1 trial.

• DLT were not observed in all dose groups

• Incidence and degree of anemia were low.

• Preliminary antitumor activity has been observed.

• China

- Started patient enrolment in Phase 1a/1b in advanced malignancies in 2H 2020

• US

- Started patient enrolment in Phase 1a in advanced malignancies in Feb 2021

• Plan to publish preliminary Phase 1a study for advanced malignancies at academic conference

• Plan to enter Phase 1b trial in China and get preliminary PoC data

First clinical stage PD-L1/CD47 bispecific under global development; Phase 1 trials ongoing in China and US. Preliminary promising tolerability, safety and anti-tumor activity observed.

After 24h of scanning, IBI322 was found to be highly distributed in CD47+ PD-L1+ subcutaneous tumor tissues, which proved IBI322 had a strong targeting ability

1. CD47+, PD-L1+ tumor cells were subcutaneously implanted in MC38 tumor-bearing mice with CD47 knock-in

2. 89Zr-labeled IBI322, anti-CD47 mAband anti-PD-L1 mAb were administrated intravenously at 0.5mg/kg


LAG-3 Cluster: IBI-110 (LAG-3 mAb) and IBI-323 (PD-L1/LAG-3 Bispecific Antibody)

IBI-110 Clinical Highlights


IBI-323 Preclinical Highlights


Clinical

progress

2021 plan

• Dual blockade of LAG-3 and PD-L1. Blocking LAG-3 can also inhibit thenegative regulatory effect of Treg's, with a stronger and longer-lasting T-cell activity potential than single target.

• With bridging effect as bispecific antibody, tumor cells expressing PD-L1can be closer to T cells expressing LAG-3, thus forming a stable TCR:MHCimmune synapse that further activates T cells.

• Plan to start the patient enrolment of Phase 1 clinical study of IBI-323 in 2021.

Leading and highly differentiated position in LAG-3 with IBI-110 (LAG-3 mAb) moving fast to get PoC in 2021, and IBI-323 (PD-L1/LAG-3) in Phase 1 with novel biological mechanism and potential strong synergy.

Promising preliminary results in Phase 1a and 1b

- Well tolerated. No DLT observed

- Good safety profile. TRAE mostly grade 1-2.

- Anti-tumor activity observed in both monotherapy and combo therapy in Phase 1

- Plan to release data in 2021

Clinical

progress

2021 plan

• Completed patient enrolment for Phase 1a trial in 2020

• Completed patient enrolment for Phase 1b trial in Jan 2021

• Continue the development of IBI-110 in 2021

• Get PoC data in 2021

• Publish the Phase 1 data of IBI-110 at medical conference in 2021

• IND application approved for IBI-323 in advanced cancer in the second half of 2020.


TIGIT Cluster: IBI-939 (TIGIT mAb) and IBI-321 (PD-1/TIGIT Bispecific Antibody)





Clinical

progress

2021 plan

• Combining PD-1 and TIGIT inhibition to release PD-1/PD-L1 as well asTIGIT/PVR inhibition of intratumoral T/NK cells, to enhance T/NK-cellmediated anti-tumor efficacy

• Bridge PD-1 and TIGIT on the same cell (T cells, NK cells) to maximalactivation of CD226/PVR and relieve tumor immunosuppression

• Plan to receive IND approval for IBI-321 in 2021

• Plan to start Phase 1 clinical study for IBI-321 in 2021

Leading and highly differentiated position in TIGIT area: IBI-939 as domestic leading TIGIT mAb under development, and IBI-321 (PD-1/TIGIT) heading into clinical stage with novel biological mechanism and potential strong synergy.

Clinical

progress

2021 plan

• Started Phase 1a study for IBI-939 in 2020

• Started Phase 1b for IBI-939 in combination with sintilimab for advanced lung cancer in early 2021

• Plan to complete the Phase 1b study in 2021

• Plan to publish the preliminary Phase 1 study result of IBI-939 in 2021

• Global development plan ongoing

• IND application for IBI-321 accepted by NMPA in early 2021

• IBI-939 is fully human antibody with high TIGIT binding affinity andstrong ligand blocking activity

• IBI-939 exhibited strong anti-tumor activities as monotherapy or incombination with anti-PD-1 antibody in different tumor models


IBI-302 (VEGF/Complement): First-in-Class Bispecific Fusion Protein Blocking VEGF/Complement Proteins


Clinical Highlights

Clinical Highlights


Clinical

progress

2021 plan

• High affinity blocker of VEGF family and complement proteins thatsimultaneously inhibit angiogenesis and inflammation pathways

• IBI-302 is constructed by domains of human VEGFR1/2 and CR1 on thehuman IgG1 backbone; Fully human sequence with lowimmunogenicity risk

• IBI-302 has the potential effect in retinal fibrosis and macular atrophy

• Phase 1 data published at 2020 AAO: good safety and tolerability withpromising effect

• Improved visual acuity and reduction of retinal edema at post-injection one week

• BCVA increased by 8 letters on average for 4mg group at week 12 andeffect lasts about 8~12 weeks after three loading injections

• Average central retinal thickness decreased by 134μm at week 12

• Completed Phase 1a study for wet AMD in 1H 2020

• Completed patient enrolment of Phase 1b study for wet AMD in China in 1H 2021

• Presented Phase 1 study results at AAO in Nov 2020

• To start Phase 2 trial in wet AMD in 1H 2021

• In 2021, plan to start Phase 1b/2 trial for the treatment of diabetic macular edema

• Plan to present the clinical results of the Phase 1b study in wet AMD at academic meeting in 2H 2021

Global first anti-VEGF/anti-complement bispecific molecule designed to potentially address huge unmet medical needs in AMD and other ophthalmology diseases with poor response or declining effect under current anti-VEGF treatment. Good safety and tolerability, promising effect observed in Phase 1.

BCVA: best corrected visual acuity

Primary outcomes of Ph1b


IBI-362 (GLP-1/GCGR): A Weekly GLP-1/GCGR Dual Agonist



Clinical Highlights


• Weekly injectable OXM analog via optimized ratio of activation ofGLP-1 and Glucagon receptor vs. binding GLP-1 only

• Dual activation of GLP-1/GCGR may bring multiple metabolic andCV benefit include:1) blood glucose reduction and weight loss2) blood pressure and Lipid spectrum improvement;3) improvement on Liver fat accumulation, inflammation and fibrosis4) potential CV risk reduction

• Promising data of IBI-362 in both weight loss and glucosecontrol

• The preliminary results of IBI-362 in patients withobesity/overweight and patients in Type 2 Diabetes were veryimpressive, demonstrated good tolerability/safety profile andvery promising efficacy on HbA1c reduction and weight lossafter 12-week treatment

First-in-class OXM3 in China in face of 130m diabetics patients with the potential to bring additional benefit over glucose control incl. weight losses and other metabolic improvements. Increasing obesity groups with no prescription drugs in China. IBI-362 has demonstrated strong

weight deduction effect in the Phase 1b trial.

Clinical

progress

2021 plan

• Completed patient enrolment of Phase 1b trial in China in overweight or obese subjects in 2020

• Completed patient enrolment of Phase 1b trial in China in diabetic patients in Jan 2021

• In Jun 2021, plan to present Phase 1b study data in obesity at the annual meeting of American Diabetes Association

• Around the end of 2021, plan to present Phase 1b study in diabetic patients at academic meetings

• In 2021, plan to start Phase 2 trial in obesity subjects

• In 2021, plan to start Phase 2 trial in diabetic patients

Section 3

Core Strategy


Innovation and Globalization are Our Key Strategies

Innovation GlobalizationA premier global

biopharmaceutical company

Build on robust pipeline

Focus on unmet patients’ needs

Global leading R&D capabilities and cutting-edge technologies

Collaboration with leading global biopharmaceutical companies

Expand Innovent’s in-house R&D and commercial arms globally

Expand manufacturing capacity globally

By 2030, more commercialized products, including first-in-class products launched globally

Develop

potentiallyglobal first-in-class products

Develop and sell Innovent

products globally


Global R&D Platform Led by Dr. Yong Jun Liu, A World-class, Accomplished Executive

San Francisco, US

London, UK

China

Innovent Academy(n= 200+)

Product Development

(n= 800+)

Portfolio Management and Project management

(n=20)

BD(n= 18)

IP(n= 30)

Innovent R&D(n=1,000+)

Led by Dr. Yong Jun Liu

• Chairman of the Department of Immunology; Founding Director of the Center for Cancer Immunology Research of MD Anderson Cancer Center

• Global Head of Research of Sanofi

US Lab (Maryland）

Fully integrated R&D Platform with 1,000+ expertise and advanced facilities aiming for global innovation.


Innovent Academy and Key Drug Discovery Strategies

Ophthalmology Metabolic diseasesAutoimmunity

Innovent Academy

Monoclonal antibodies

ADCMulti-specific antibodies

Cell Therapy

Non-Oncology: Autoimmunity, Metabolic diseases, Ophthalmology

Biology-driven, Technology-enabling （50+ drug discovery projects ongoing in Innovent Academy）

Objective: To develop and launch First-in-Class product globally as Innovent’s powerful discovery engine

Key Therapeutic Focus: Oncology, metabolic diseases, immunology, and ophthalmology

Position: Global leading drug discovery platform for both scientific research and technology application

Structure: Immunology, Protein Antibody Engineering, Pharmacology, Translational Medicine and Cell Therapy

Oncology: Immunotherapy and Targeted therapy


Innovation and Globalization are Our Key Strategies

FDA IND approvals for 7 pipelines

6 assets under global development

Development/registration collaborations with leading global pharmaceutical companies

Accelerate the expansion of US and Europe subsidiary

Anticipate BLA filing with the U.S. FDA for

TYVYT® in NSCLC in 2021:

− 2020.08: ex-China rights out licensed to Lilly; total deal

value >US$1Bn

− Maximized potential for a global TYVYT® collaboration

with Lilly; develop global brand to support future

commercial efforts of the Company

− 2021: Anticipate BLA acceptance by the U.S. FDA for

TYVYT® in NSCLC.

IBI-305 (bevacizumab injection): PT Etana to file NDA in Indonesia in 2021; Out licensed north America rights to Coherus

IBI-188 (CD47): Phase 1b ongoing in China and US

IBI-322 (PD-L1/CD47): Phase 1 ongoing in both China and US

IBI-939 (TIGIT): IND approved by US FDA，global development plan

IBI-110 (LAG-3): IND approved by US FDA，global development plan

Accelerate global development of pipeline portfolioExpand in global markets

Leverage the advantages of China clinical development to accelerate pipeline’s global development and registration.

Expand overseas talent team as to fit the increasing global operation needs.

Section 4

Financial Overview


Income Statement

Year Ended 31 December

RMB'million 2020 2019

Revenue 3,843.8 1,047.5

Cost of sales (387.8) (124.9)

Gross profit (IFRS Measure) 3,456.0 922.6

Other income 246.8 144.1

Research and development expenses (1,851.5) (1,294.7)

Administrative and other expenses (436.9) (255.3)

Selling and marketing expenses (1,340.9) (692.5)

Royalties and other related payments (384.1) (499.7)

Other gains and losses (480.0) 15.2

Finance costs (68.4) (59.5)

Income tax expense (139.7) -

Loss for the year（IFRS Measure） (998.4) (1,719.9)

Adjustments to Non-IFRS measure 402.5 148.1

Loss for the year（Non-IFRS Measure） (595.9) (1,571.8)

Note: Numbers may not add due to rounding

Revenue

In 2020, we generated total revenue of RMB3,843.8 million, including RMB2,367.5 million driven by product sales; coupled with RMB1,476.3 million from License fee and service income

Expenses

R&D investments were spending on progressing clinical trials of late-stage and prioritized assets towards our robust pipeline globally

The planned increase in S&M expenses was due to broader commercialisation activities with respect to TYVYT®(sintilimab injection), BYVASDA®(bevacizumab biosimilar), SULINNO®(adalimumab biosimilar) and HALPRYZA®(rituximab biosimilar)

IFRS loss for the year

IFRS loss for the year was RMB998.4 million

Non-IFRS loss for the year

Adjustments to IFRS measure was driven by non-cash item namely share-based compensation expenses


Balance Sheet

Cash balance

As of December 31, 2020, our total cash

increased to RMB8,121.1 million

(equivalent to US$1.2 billion）

As of February 28, 2021, our total cash

was approximately US$1.8 billion.

Note: Numbers may not add due to rounding

Year Ended 31 December RMB'million 2020 2019Bank balances and cash 7,763.8 4,232.6 Other financial assets-current 357.3 462.5 Trade receivables 475.4 247.9 Contract assets - 2.2 Deposits, prepayments and other receivables 164.5 151.6 Inventories 705.7 358.6

Total Current Assets 9,466.7 5,455.4 Property, plant and equipment 1,584.1 1,344.8 Right-of-Use assets 327.1 91.5 Intangible assets 32.6 -

Deposits for acquisition of property,plant and equipment 272.3 84.8 Other receivables and tax recoverables 139.3 252.0 Other financial assets 12.9 2.0

Total Non-current Assets 2,368.3 1,775.1 Total Assets 11,835.0 7,230.5 Trade payables (120.6) (84.3)Other payables and accrued expenses (973.7) (885.0)Contract liabilities (120.4) (41.7)Borrowings (255.0) (17.0)Lease liabilities (16.2) (15.6)

Total Current Liabilities (1,485.9) (1,043.6)Contract liabilities (588.1) (581.8)Government grants (45.8) (16.5)Borrowings-non (925.2) (808.0)Lease liabilities (10.2) (24.5)

Total Non-current Liabilities (1,569.3) (1,430.8)Total Liabilities (3,055.2) (2,474.4)Total Equity 8,779.8 4,756.1


Continuously Strong Support from Globally Renowned Investors

Continued interests and confidence of global investors

Track record in value delivering

Capability to exceed market expectations

Removed “B” marker and was included in the Hang Seng Composite index and included in the Stock Connect

Pre-IPO Fund

Raising

US$ 562m

IPO Total Proceeds

US$ 485m

Follow-on Offerings

US$ 1.6bn

Strong support from globally renowned investors from pre-IPO to post-IPO

Industry Leader Receives More Attention and Focus byCapital Markets

Total fundraising since inception: US$ 2.6bn+The largest IPO fund raise at the time for pre-revenue biopharmaceutical company

Total follow-on offering: ~US$ 1.6bn The first and only HK biotech 18A with successful 4 rounds follow-on

Section 5

Outlook


Key Takeaways

• Growing into a global biopharmaceutical company with fully-integrated capabilities (discovery, development, manufacturing, commercialization) and clear strategy of global innovation

Discovery

CMC (Manufacturing & Quality) Clinical Development

Commercialization

• Robust pipeline of 23 diverse-staged assets (4 commercialized, 5 in pivotal trials, 14 at clinical stage)

• Driving upside potentials of prioritized early-stage assets with global rights (CD47 cluster, LAG-3 cluster, TIGIT cluster, OXM31, VEGF/c-protein)

• Building world-class R&D platform in global territory, Innovent Academy as a powerful discovery engine focusing on novel targets and cutting-edge technologies

• Committed to develop truly innovative products (potentially global First-in-Class and Best-in-Class blockbuster drugs)

• Partner-of-choice for comprehensive global collaborations (in-license, out-license, assets, technology platform)

• Leverage the advantages of China clinical development to accelerate pipeline’s global development and registration

Note: 1: We own rights of OXM3 in Greater China.


Summary: A Long Term Vision

01

2020• 4 commercialized

products

• More products at late stage development

• Increased GMP manufacturing capacity

• Establish Innovent Academy

02

VISION

2030

• More commercialized products, including first-in-class products launched globally

• To be a premier global biopharmaceutical company

2025

• Expandedcommercialized productsin China

• Multiple products approved in the international markets

• Global commercial supply

03

innovent investor presentation

Documents