Edison Investment Research - Hutchison China Meditech (HCM) Hutchison China MediTech - Establishing a global operational presence

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Edison Investment Research

Susie Jana

Hutchison China MediTech - Establishing a global operational presence

Highlights from Hutchison China MediTechâ€™s (HCM) H118 results relate to the substantial pipeline-related newsflow expected in 2018/19, the recent expansion of its US and international operations (which will enable HCM to execute its international R&D and commercialisation strategies) plus strong operational and financial performance by the China commercial platform division. Fruquintinib (third-line CRC) remains on track to launch in China by year end (approval decision expected by the CNDA in the next few months). Encouraging Phase II data so far on savolitinib (first-line NSCLC exon14m/deletion) could lead to accelerated approval in China, contingent on final data (expected in 2020) being consistent with data to date. We value HCM at $6.4bn or Â£73.3/share.

17/08/2018 8 EN

Underlying

Hutchison China Meditech

Hutchison China MediTech is engaged in researching, developing, manufacturing and selling pharmaceuticals and healthcare products. Co. has research and development facilities and manufacturing plants in Shanghai and Guangzhou in the People's Republic of China and sells its products mainly in the PRC and Hong Kong. Co. operates two operating segments. The Innovation Platform focuses on discovering and developing therapeutics in oncology and autoimmune diseases, and the provision of research and development services. The Commercial Platform involves the manufacture, marketing and distribution of prescription and over the counter pharmaceuticals as well as consumer health products.

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KYG4672N1016 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Susie Jana

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Hutchison China MediTech - Establishing a global operational presence

HUTCHMED (China) Ltd: 1 director

Hutchison China MediTech - Elunate receives China NRDL inclusion

Hutchison China MediTech - Elunate receives China NRDL inclusion

BlackRock Sustainable American Income Trust - Unique value/ESG fund at an attractive valuation

Northern Data Group - Continued progress as a diversified HPC provider

Oryzon Genomics - Doubling down on clinical activity in 2024

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