Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED continues to execute consistently, with in-market sales growth driving revenues, an optimised and well-balanced pipeline with near-term additional approvals and launches in China and globally, and a sharp focus on costs. These should help achieve consolidated Oncology/Immunology revenues towards the upper end of maintained FY24 guidance and could also provide sustainable profitability earlier than anticipated. Partner Takeda continues to drive Fruzaqla US sales momentum, and both EU and Japan launches are expected later this year, whilst savolitinib for lung cancer could be filed in the US by partner AstraZeneca by YE24. In China, second wave products sovleplenib for ITP and tazemetostat for follicular lymphoma could both launch within the next 6-12 months. Our current HUTCHMED valuation is $6.10bn/£5.09bn/HK$47.61bn, or $35.03/ADS and 584p/HK$54.64 per share.
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