HUTCHMED: Executing consistently on the road to breakeven
China commercial execution, the prospect of further approvals and launches globally and in China, plus a strong balance sheet means HUTCHMED is well positioned to achieve its goal of sustainable profitability from FY25. Having made significant progress during FY23, most notably with the FDA approval and US launch of first global product Fruzaqla (fruquintinib) in November 2023 (impressively generating $15.1m of in-market sales), its FY24 outlook is for continuing strong product revenue growth across its portfolio, coupled with lower expenses. The company is guiding to Oncology/Immunology consolidated revenues of $300-$400m, driven by targeted 30-50% growth in marketed product sales and royalties. In addition, the current pipeline, which now includes 15+ ongoing registration/registration-intent studies, could also yield several near-term regulatory filings. Our valuation is increased c 1% to $5.81bn/£4.84bn/HK$45.35bn, or $33.36/ADS and 556p/HK$52.05 per share.
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