Transitioning to a global oncology player
Lighthouse | 5 March 2021
Trinity Delta view: HUTCHMED is transitioning from a development stage company into a global commercial organisation. The successful creation of a dedicated China Oncology sales platform, now marketing two products across various indications, indicates the path for global development. FY21 guidance for oncology revenues of $110-130m (FY20: $30.2m) highlights the initial trajectory of this transition, with approval of additional assets and further indications also on the horizon. The impressive success of the in-house discovery platform has generated 10 compounds undergoing over 30 clinical trials, both as monotherapy and in combinations, in China and globally. The next waves of earlier stage assets are also progressing and appear set to maintain momentum over the longer-term. We currently value Chi-Med at $6.1bn ($41.94/ADS) or £4.7bn (645p/share), although we will be updating our forecasts and valuation following the FY20 results.
5 March 2021
|Price (US ADS) (UK share)||$27.86|
HUTCHMED (Hutchison China MediTech is a Hong Kong headquartered biopharma focused on discovering, developing and commercializing innovative targeted therapeutics and immunotherapies for the treatment of cancer and autoimmune diseases. It has a diverse pipeline of first-in-class/best-in-class selective oral tyrosine kinase inhibitors in development for the China and global markets.
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