Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED’s path to profitability is supported by growing traction and market share capture of its China oncology products, potential launch (by partner Takeda) of the first HUTCHMED discovered and developed drug ex-China, and a solid balance sheet. As fruquintinib is a material near-term opportunity ex-China, investors are understandably focused on its November PDUFA date, this should be followed by a European EMA decision in 2024 (Japan PDMA submission is expected this year). 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 and we expect these to feature in the Q423 Capital Markets Day. Our last published valuation of US$5.5bn (US$32.01 per ADS), £4.6bn and HK$43.2bn (534p or HK$49.94 per share), does not yet reflect the interim results and business update.
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