Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: The FDA approval of fruquintinib (FRUZAQLA) for previously treated mCRC is a landmark achievement for HUTCHMED, and its pending launch will be the first of a HUTCHMED discovered and developed drug ex-China. Global fruquintinib sales are a key component of HUTCHMED’s path to profitability, which is supported by the growing traction and market share capture of its China oncology products, further potential approvals and launches (by partner Takeda) of fruquintinib in other international markets (the European EMA and Japan PDMA decisions are anticipated in 2024), and a solid balance sheet. A second global asset, savolitinib, is completing multiple pivotal trials with potential for filing(s) in 2024. HUTCHMED is also on the cusp of first China filing(s) for its second-wave haem-oncology assets. Our last published valuation is $5.74bn/ £4.78bn/ HK$44.75bn, or $32.95/ADS and 549p/HK$51.40 per share.
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