InnoCare Pharma - Public Comps and Valuation Multiples

InnoCare Pharma Overview

About InnoCare Pharma

InnoCare Pharma Ltd is a commercial-stage biopharmaceutical company. It discovers, develops, and commercializes drugs for the treatment of cancer and autoimmune diseases. The company's main product pipeline includes orelabrutinib, ibrutinib, zanubrutinib, tafasitamab, ICP-490, ICP-B02, ICP-248, ICP-192, ICP-723, and ICP-189, among others. Its products are mainly used to treat hematological tumors, solid tumors, and autoimmune diseases. The company is also developing products for the treatment of autoimmune diseases caused by abnormal B-cell or T-cell function.

Founded

2015

HQ

Employees

1.1K+

Website

innocarepharma.com

Sectors

Drug Development & Therapeutics
Biopharmaceuticals
BioTech

Financials

LTM Revenue $217M

LTM EBITDA -$51.8M

EV

$2.8B

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InnoCare Pharma Financials

As of September 2025, InnoCare Pharma reported last 12-month revenue of $217M and EBITDA of -$51.8M.

In the same period, InnoCare Pharma generated $193M in LTM gross profit and -$43.4M in net income.

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InnoCare Pharma P&L

In the most recent fiscal year, InnoCare Pharma reported revenue of $130M and EBITDA of -$40.2M.

InnoCare Pharma expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$217M	XXX	$130M	XXX	XXX	XXX
Gross Profit	$193M	XXX	$112M	XXX	XXX	XXX
Gross Margin	89%	XXX	86%	XXX	XXX	XXX
EBITDA	-$51.8M	XXX	-$40.2M	XXX	XXX	XXX
EBITDA Margin	-24%	XXX	-31%	XXX	XXX	XXX
EBIT	-$58.3M	XXX	-$67.6M	XXX	XXX	XXX
EBIT Margin	-27%	XXX	-52%	XXX	XXX	XXX
Net Profit	-$43.4M	XXX	-$56.6M	XXX	XXX	XXX
Net Margin	-20%	XXX	-44%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for InnoCare Pharma including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $217M. EBITDA for the last twelve months was -$51.8M. In the most recent fiscal year, InnoCare Pharma achieved $130M in revenue and -$40.2M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$217M	Analyst estimates available to subscribers	$130M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$193M	Analyst estimates available to subscribers	$112M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	89.0% gross margin	Analyst estimates available to subscribers	86.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$51.8M	Analyst estimates available to subscribers	-$40.2M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-23.8% EBITDA margin	Analyst estimates available to subscribers	-31.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$58.3M	Analyst estimates available to subscribers	-$67.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-26.8% EBIT margin	Analyst estimates available to subscribers	-52.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$43.4M	Analyst estimates available to subscribers	-$56.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-20.0% net profit margin	Analyst estimates available to subscribers	-43.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for InnoCare Pharma

This financial data table provides comprehensive performance metrics for InnoCare Pharma, a company based in Hong Kong. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

InnoCare Pharma generated $217M in revenue over the last twelve months.
The company achieved -$51.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $193M.
Net income over the last twelve months reached -$43.4M.

Fiscal Year Performance

In the most recent fiscal year, InnoCare Pharma reported $130M in total revenue.
Fiscal year EBITDA was -$40.2M.
The company maintained a gross profit margin of 86.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was -31.0%.
Net profit margin reached -43.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for InnoCare Pharma. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

InnoCare Pharma Stock Performance

InnoCare Pharma has current market cap of HKD 28.0B (or $3.6B), and EV of HKD 21.4B (or $2.8B).

Market Cap Evolution

InnoCare Pharma Stock Data

As of October 17, 2025, InnoCare Pharma's stock price is HKD 16 (or $2).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$2.8B	$3.6B	XXX	XXX	XXX	XXX	$-0.02

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InnoCare Pharma Valuation Multiples

InnoCare Pharma's trades at 21.2x EV/Revenue multiple, and -68.5x EV/EBITDA.

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InnoCare Pharma Financial Valuation Multiples

As of October 17, 2025, InnoCare Pharma has market cap of $3.6B and EV of $2.8B.

Equity research analysts estimate InnoCare Pharma's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

InnoCare Pharma has a P/E ratio of -90.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$3.6B	XXX	$3.6B	XXX	XXX	XXX
EV (current)	$2.8B	XXX	$2.8B	XXX	XXX	XXX
EV/Revenue	13.8x	XXX	21.2x	XXX	XXX	XXX
EV/EBITDA	-58.0x	XXX	-68.5x	XXX	XXX	XXX
EV/EBIT	-51.5x	XXX	-40.7x	XXX	XXX	XXX
EV/Gross Profit	15.5x	XXX	n/a	XXX	XXX	XXX
P/E	-90.4x	XXX	-63.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-48.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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InnoCare Pharma Margins & Growth Rates

InnoCare Pharma's last 12 month revenue growth is 44%

InnoCare Pharma's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $0.2M for the same period.

InnoCare Pharma's rule of 40 is -26% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

InnoCare Pharma's rule of X is 85% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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InnoCare Pharma Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	44%	XXX	53%	XXX	XXX	XXX
EBITDA Margin	-24%	XXX	-31%	XXX	XXX	XXX
EBITDA Growth	-104%	XXX	n/a	XXX	XXX	XXX
Rule of 40	-26%	XXX	13%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	85%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	26%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	81%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	138%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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