Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Elunate in China is already approved in colorectal and endometrial cancers; kidney cancer, the third indication, is currently under regulatory review. Successfully launching new indications for Elunate and the rest of the marketed portfolio will be key revenue growth drivers in China, with the most notable perhaps the recent Orpathys/Tagrisso approval based on SACHI data (representing a much larger lung cancer indication than the initial approved monotherapy indication). Outside of China, this combination is being investigated in the global SAFFRON study, with data expected H126. Furthermore, as the sizeable ATTC opportunities become clearer, with more details expected at the EORTC conference in October, these could offer significant upside potential; clinical trials for the first ATTC candidate should start by end-2025. Data from surufatinib in pancreatic cancer, expected late-2025, remain a wild-card to which we assign limited value. Our most recent HUTCHMED valuation is $5.86bn/ £4.69bn/HK$45.74bn, or $33.64/ADS and 538p/HK$52.48 per share.
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