HUTCHMED: Breaking new ground in China and globally
HUTCHMED is transitioning from a development stage company into a global commercial organisation. Successful creation of a dedicated China Oncology sales platform, now marketing two products, reveals the path for global development. FY21 guidance for Oncology/Immunology revenues of $110m-130m (FY20 $30.2m) highlights the magnitude and trajectory of this shift, with approval of further products and indications on the near-term horizon. The impressive success of the discovery platform has generated 10 compounds that have progressed into the clinic: both as monotherapy and, importantly, in combinations, in China and globally. The first product wave is embarking on pivotal global studies, with the next wave progressing into proof-of-concept trials. Ahead of these important value-inflection points, we value HUTCHMED at $6.27bn (£4.83bn), equivalent to $43.10/ADS or 663p/share.AstraZeneca is a holding company. Through its subsidiaries, Co. operates as a biopharmaceutical company engaged in discovering, developing, manufacturing and commercializing its pipeline of small molecule and biologic prescription medicines, including targeted business development through collaboration, in-licensing and acquisitions. Co. is focused on three main therapy areas: Oncology, Cardiovascular and Metabolic Diseases, and Respiratory. Co. is also selectively active in autoimmunity, infection and neuroscience. In addition, Co. works across small molecules, oligonucleotides and other drug platforms, as well as biologic medicines.
CK Hutchison Holdings is an investment holding group based in Hong Kong. Co.'s businesses encompass such diverse areas as property development and investment, real estate agency and estate management, hotels, telecommunications and e-commerce, finance and investments, retail, ports and related services, energy, infrastructure projects and materials, media, and biotechnology. Co.'s core business are organized along four segments: Property (sales, leasing, property management and development); Hutchison Whampoa (ports, property and hotel, retail, infrastructure, energy and telecommunications); Life Sciences (health and agriculture related products) and Other Investments.
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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