HUTCHMED

US: HCM

Market Cap$6247.6m

Last Close $36.14

HUTCHMED (previously Hutchison China MediTech) is an innovative China-based biopharmaceutical company targeting the global market for novel, highly selective oral oncology and immunology drugs. Its established commercial platform business continues to expand its outreach.

More HUTCHMED content >

Investment summary

HUTCHMED is capitalising on years of investment in its substantial pipeline of oncology and immunology drugs and now has three marketed assets in China. Elunate’s (fruquintinib) inclusion in China’s NRDL significantly increases its accessibility and Sulanda (surufatinib), its first unpartnered asset brought to market, was launched for non-pancreatic NET in January and was recently approved for pancreatic NET. Orphathys (savolitinib) received first-in-class approval for MET exon 14 skipping NSCLC in June and is being commercialised by partner AstraZeneca. HCM expects oncology revenues to grow to $110–130m in FY21 ($30.2m in FY20). Multiple global launches are on the horizon. The US FDA has accepted the NDA for surufatinib in NET (PDUFA date 30 April 2022). With several additional assets moving swiftly through the clinic we expect a series of global launches from the rest of the pipeline between 2023 and 2025. Our forecasts are under review.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 204.9 (141.3) (141.1) (15.9) N/A N/A
2020A 228.0 (190.6) (189.7) (18.0) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
2022E N/A N/A N/A N/A N/A N/A
Industry outlook

HUTCHMED is leveraging its established Chinese healthcare business to launch its innovation pipeline products. The clinical, regulatory and technological environments are highly conducive to novel drug development in China. Medium term, investment in global clinical trials should enable it to become a major oncology company globally.

Last updated on 22/09/2021
Content on HUTCHMED
Hutchison China MediTech – A rolling stone gathers no moss
Healthcare | ADR Update | 10 December 2020
Hutchison China MediTech – To China and beyond
Healthcare | ADR Update | 10 August 2020
View more
Register to receive research on HUTCHMED as it is published
Share price graph
Balance sheet
Forecast net debt (US$m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (4.1) 39.6 8.0
Relative* (3.1) 34.9 (18.5)
52-week high/low US$42.9/US$23.7
*% relative to local index
Key management
Simon To Chairman
Christian Hogg CEO
Johnny Cheng CFO
Dr Weiguo Su Chief Scientific Officer
Mark Lee SVP, Corporate Fin & Dev.