Hutchison China MediTech (Chi-Med): Weathering the COVID-19 storm
Hutchison China MediTech (Chi-Med) is, in our view, better positioned than many biopharma companies to weather the potential impact of the COVID-19 pandemic. Chi-Med’s response to operational challenges posed by restrictions on movement has limited the disruption to its China Commercial business, and recent completion of key China Phase III studies coupled with adjustments to ensure protocol compliance in ongoing trials means China Oncology remains broadly on track. As China was the first country to be materially affected by COVID-19, the experience gained there provides Chi-Med with valuable practical knowledge that can be applied to Global Innovation. While there is less visibility on COVID-19 repercussions for Chi-Med’s US/Europe clinical plans, fortunate phasing of clinical and regulatory activities in China suggests the latter will proceed to plan. Our Chi-Med valuation is £5.08/share or $32.99/ADS.Hutchison China MediTech is engaged in researching, developing, manufacturing and selling pharmaceuticals and healthcare products. Co. has research and development facilities and manufacturing plants in Shanghai and Guangzhou in the People's Republic of China and sells its products mainly in the PRC and Hong Kong. Co. operates two operating segments. The Innovation Platform focuses on discovering and developing therapeutics in oncology and autoimmune diseases, and the provision of research and development services. The Commercial Platform involves the manufacture, marketing and distribution of prescription and over the counter pharmaceuticals as well as consumer health products.
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