Update: Focus shifts to R&D pipeline
Hutchison China MediTech's H114 results highlighted that the investment case is increasingly centred on its R&D unit, Hutchison MediPharma. Its lead compound, HMPL-004, is approaching an interim analysis on 12 August in a Phase III trial for ulcerative colitis (UC). This could trigger a milestone payment from its partner, Nestlé, and the initiation of new Phase III trials in UC and Crohn’s disease. Its broad portfolio of small molecule tyrosine kinase inhibitors for oncology is also advancing well. Meanwhile, the China Healthcare division maintains its strong growth with operating profit up 18.1% in H114. We increase our valuation to £11.54/share.
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