Update: FY14 results highlight the opportunities
The next 12-18 months should be the defining period as Hutchison China MediTech transitions into a fully-fledged pharmaceutical business. Solid FY14 results confirm the continuing growth at China Healthcare, with the infrastructure largely in place to commercialise the flow of products due over the medium term. The pipeline at the MediPharma R&D unit is still progressing well, with material clinical results due during the coming year. We are raising our valuation from $1,477m (1,818p a share) to $1,634m (2,012p a share), with further uplifts likely if pipeline progress continues.
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