Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED’s path to profitability continues to be supported by solid commercial execution in China, the prospect of additional approvals and launches in China and globally, and a solid balance sheet. Several pipeline assets could reach the market by 2025, including other global fruquintinib launches by Takeda (Europe and Japan regulatory decisions in advanced mCRC are anticipated in 2024); fruquintinib indication expansion in China (2L gastric cancer filed; potential 2024-25 filings for 2L EMC and 2L RCC); potential China approval of the first immunology asset sovleplenib in 2L immune thrombocytopenia (ITP) (under priority review in China), in which there is growing interest, and potential for global savolitinib filings by partner AstraZeneca in Tagrisso-refractory NSCLC around end-2024. Our last published valuation was $5.74bn/ £4.78bn/ HK$44.75bn, or $32.95/ADS and 549p/HK$51.40 per share.
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