HUTCHMED
Hong Kong, China

HUTCHMED, a Hong Kong-based biopharmaceutical company, is on track to become a global leader in the discovery, development, and commercialisation of innovative, highly selective oral tyrosine kinase inhibitor therapies for oncology and immunological indications.

www.hutch-med.com

Investment Perspective

HUTCHMED is steadily executing on its strategy to accelerate its path to sustainable profitability from FY25. This remains centred around commercial delivery and near-term value creation from the most advanced in-house pipeline assets as the company transitions from a China-based R&D-focused biopharma to a fully integrated commercial enterprise addressing the significant global market opportunity with its Oncology/Immunology products. Commercial traction in China is building for first wave products, partner Takeda has launched the first HUTCHMED product in the US, and key pipeline programmes are progressing with multiple near-term clinical and regulatory catalysts for new indications, new markets, and new products. In our view, HUTCHMED represents a unique biopharma opportunity with a broad pipeline of largely de-risked late-stage assets, global ambitions supported by large pharma partners, proven commercial execution in China yielding a growing top line, all balanced with shrewd investment. Our HUTCHMED valuation is $5.81bn/ £4.84bn/ HK$45.35bn, equivalent to $33.36/ADS or 556p/HK$52.05 per share.

Market information

SymbolExchanges
HCM/0013NASDAQ/AIM London/SEHK

Research

Strong US Fruzaqla Q1; EU approval could come soon
Lighthouse | 13 May 2024
Executing consistently on the road to breakeven
Outlook | 03 Apr 2024
FY23 results point to strong financials and fundamentals
Lighthouse | 29 Feb 2024

Recent News

Publication of Phase III FRUTIGA results in Nature Medicine
03 Jun 2024
Data presentations at ASCO 2024
24 May 2024
Sovleplenib Phase III data to be presented at EHA2024
17 May 2024
Registrational Phase III of HMPL-306 in r/rAML initiated in China
14 May 2024