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 transitioning from a development stage company into a global commercial organisation. Successful creation of a dedicated China Oncology sales platform, now marketing two products, reveals the path for global development. FY21 guidance for Oncology/Immunology revenues of $110m-130m (FY20 $30.2m) highlights the magnitude and trajectory of this shift, with approval of further products and indications on the near-term horizon. The impressive success of the discovery platform has generated 10 compounds that have progressed into the clinic: both as monotherapy and, importantly, in combinations, in China and globally. The first product wave is embarking on pivotal global studies, with the next wave progressing into proof-of-concept trials. Ahead of these important value-inflection points, we value HUTCHMED at $6.27bn (£4.83bn), equivalent to $43.10/ADS or 663p/share.

Market information

SymbolExchanges
HCMNASDAQ/AIM London

Research

Baring Private Equity Asia invests $100m
Lighthouse | 08 Apr 2021
Breaking new ground in China and globally
Outlook | 30 Mar 2021
Transitioning to a global oncology player
Lighthouse | 05 Mar 2021

Recent News

$100m equity investment by Baring Private Equity Asia
08 Apr 2021
$169m agreement to divest non-core OTC JV
24 Mar 2021
FY20 results & business update
04 Mar 2021
Savolitinib clinical data to be presented at virtual WCLC
14 Jan 2021