reports
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: The depth of HUTCHMED’s innovative pipeline is becoming increasingly apparent as clinical data disclosures are made. Management focus on developing potential first-in-class or best-in-class therapies that address sizable markets where there are either limited or inadequate treatment options should bring benefits to patients and payors, and to investors. The profile of the three assets highlighted at the R&D event provide greater confidence in the mid-term prospects for HUTCHM...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: Data at EHA 2024 heighten focus on sovleplenib
HUTCHMED’s clinical data presentations at the European Hematology Association (EHA) 2024 congress have provided meaningful insights into sovleplenib’s efficacy and safety profile. This is the first HUTCHMED immunology/haem-oncology asset to be filed in China, with a potential approval decision in ≥2L immune thrombocytopenia (ITP) expected late-2024. The prospect of China approvals for sovleplenib and follow-on indications for fruquintinib, as well as the first potential fruquintinib regulatory d...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Partner Takeda has executed an impressive initial launch of Fruzaqla in the US, which provides confidence in future successful launches in Europe and Japan (once regulatory approvals are secured), and for Fruzaqla’s longer-term growth prospects with expansion to additional indications. Fruzaqla’s commercial prospects are a key contributor to HUTCHMED’s path to profitability, which is supported by the growing traction and market share capture of its China oncology products, pl...
- Carol Dou Xiao Qin
- Sunny Chen
Hutchmed (China) (13 HK): Maintaining oncology revenue target of US$45...
Hutchmed has built strong R&D capabilities with three self-developed innovative small molecule oncology drugs successfully marketed in China. It focuses on exploring overseas markets and expanding the number of indications for its existing products, and actively develops combination therapies for its pipeline products with domestic biologics drugs. It maintains its oncology revenue guidance of US$450m-550m in 2023, and targets to achieve breakeven in 2025.
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kate Luang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Philip Wong
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Thursday, October 12, 2023
GREATER CHINA Sector Banking: 3Q23 results preview: Earnings growth expected to reach bottom. Asian Gems Corporate Highlights Crystal International (2232 HK)/NOT RATED/HK$2.45): Takeaways from luncheon. Hutchmed (China) (13 HK/NOT RATED/HK$26.60): Maintaining oncology revenue target of US$450m-550m in 2023. Nio Inc (9866 HK/NOT RATED/HK$68.90): Takeaways from Asian Gems Conference. Xiaomi Corp (1810 HK/BUY/HK$12.30/Target: HK$15.30): Takeaways from Asian Gems Conference. INDONESIA Asian Gems Co...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: Surfing the ‘waves’ towards profitability
HUTCHMED’s clearly articulated strategy is delivering, with consistent clinical and commercial execution marking its continuing transition from a development stage company into a profitable commercial organisation. Growth in Oncology/ Immunology revenues, defined investment priorities, and a global partnering strategy should all contribute to achieving a FY25 breakeven target. HUTCHMED aims to expand its marketed portfolio of oncology drugs in China from three to six or seven by FY25, addressing...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: ASCO 2023 - a growing body of evidence for fruquintinib
Several presentations on key HUTCHMED pipeline assets were featured at ASCO 2023. Notably for lead asset fruquintinib these included sub-group analyses from the global Phase III multi-regional FRESCO-2 study in metastatic colorectal cancer (mCRC), a key element of the recently accepted US and EU filings; real-world China data in 3,000+ patients, where it has been available as Elunate since 2018; and exploratory investigator-sponsored combination studies with PD-1 inhibitors and chemotherapy. Sub...
Hybridan Small Cap Feast - 16 Jun 23
16th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Carol Dou Xiao Qin
- Sunny Chen
HUTCHMED (China) (13 HK): An advanced small molecule drug innovator.
Founded in 2000, Hutchmed has built strong R&D capabilities with three selfdeveloped innovative small molecule oncology drugs (namely Surufatinib, Fruquintinib and Savolitinib) successfully marketed in China. It collaborates with its MNC partners and carries out multi-centre global trials for its major drug assets, aiming to provide advanced treatment options and achieve its globalisation ambitions. Expecting robust revenue expansion, it targets to achieve breakeven in 2025.
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Sunny Chen
- Terence Chiu
Greater China Daily: Monday, May 22, 2023
KEY HIGHLIGHTS Sector Baijiu And Beer Prefer premium baijiu: Solid sales performance to drive sector re-rating. Maintain OVERWEIGHT on baijiu sector and downgrade beer sector to MARKET WEIGHT. Property Pressure on HIBOR marginally alleviated; retail momentum remains strong. Update Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$12.46/Target:HK$18.00) Continuous innovation transformation. HUTCHMED (China) (13 HK/NOT RATED/HK$20.25) An advanced small molecule drug innovator. Small/Mid Cap...
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Chong Lee Len
- Damon Shen
- Hazmy Hazin
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Kelvin Chau Siu Pong
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Stevanus Juanda
- Sunny Chen
- Thailand Research Team
Regional Morning Notes - Monday, May 22, 2023
GREATER CHINA Sector Baijiu And Beer: Prefer premium baijiu: Solid sales performance to drive sector re-rating. Maintain OVERWEIGHT on baijiu sector and downgrade beer sector to MARKET WEIGHT. Property: Pressure on HIBOR marginally alleviated; retail momentum remains strong. Update Hansoh Pharmaceutical Group Company (3692 HK/BUY/HK$12.46/Target:HK$18.00): Continuous innovation transformation. HUTCHMED (China) (13 HK/NOT RATED/HK$20.25): An advanced small molecule drug innovator. Small/Mid Cap H...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Riccardo Bindi
Hardman & Co Monthly: April 2023
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
INCY INCYTE CORP
IPN IPSEN SA
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REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
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HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
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IBT FIDELITY EUROPEAN VALUES PLC
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CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
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novob NOVO NORDISK A/S CLASS B
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SAN REAL ESTATE CREDIT INVESTMENTS
UCB SANOFI
HIK UCB S.A.
PIN HIKMA PHARMACEUTICALS PLC
PFIZER PANTHEON INTERNATIONAL
4506 PFIZER
4523 SUMITOMO DAINIPPON PHARMA CO. LTD.
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NOVO MODERNA INC.
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H. LUNDBECK A/S
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: Significant 2022 achievements catalyse a promising 2023
HUTCHMED’s transition into a sustainably profitable global biopharma continues to gather momentum, as evidenced in FY22 results, with growing commercial traction in China and pipeline progress with key assets. Global ambitions are now being addressed with partners. Positive fruquintinib FRESCO-2 data, completion of US FDA rolling filing, and execution of a global ex-China commercial and development deal with Takeda brings first launch of a HUTCHMED product outside of China even closer. The $400m...
- Pelham Smithers
PSA Market Strategy: Japan Perspective for 2023
At the beginning of every year we publish our PSA Perspective, a report intended as a long shelf-life look at the year ahead. This year Pelham Smithers discusses Japan's economy, the outlook for the stock market, and some stand-out themes and developments for the year. These include the digital yen and the demise of live action entertainment in Japan. We also update our noted PSA Focus List of stocks. Table of Contents Overview 3 Background: 4 Japan’s Economic Outlook 5 Ja...
005930 SAMSUNG ELECTRONICS CO. LTD.
V VISA INC. CLASS A
ATVI ACTIVISION BLIZZARD INC.
LLOY LLOYDS BANKING GROUP PLC
9020 EAST JAPAN RAILWAY COMPANY
9684 SQUARE ENIX HOLDINGS CO. LTD.
9983 FAST RETAILING CO. LTD.
6861 KEYENCE CORPORATION
8411 MIZUHO FINANCIAL GROUP INC.
3349 COSMOS PHARMACEUTICAL CORPORATION
4188 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
9468 KADOKAWA CORPORATION
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
6301 KOMATSU LTD.
8058 MITSUBISHI CORPORATION
7011 MITSUBISHI HEAVY INDUSTRIES LTD.
7211 MITSUBISHI MOTORS CORPORATION
6981 MURATA MANUFACTURING CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
9984 SOFTBANK GROUP CORP.
6758 SONY CORPORATION
4005 SUMITOMO CHEMICAL CO. LTD.
8053 SUMITOMO CORPORATION
6762 TDK CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
7203 TOYOTA MOTOR CORP.
9021 WEST JAPAN RAILWAY COMPANY
2413 M3 INC.
7270 SUBARU CORP
6506 YASKAWA ELECTRIC CORPORATION
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
9434 SOFTBANK CORP.
78320 BANDAI NAMCO
36350 KOEI TECMO
9988 ALIBABA (9988 HK)
3394 JT MONEY FOWARD
4051 JT GMO FINANCIAL GATE (4051 JT)
TSE:4477 BASE INC
4259 JT EXAWIZARDS INC
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Initiation of the rolling regulatory filing for fruquintinib has started as expected, potentially allowing for approval in the US for mCRC in H124e, which could come sooner if Priority Review is granted. A positive decision for fruquintinib would represent the first HUTCHMED asset to receive an ex-China approval. Under the new financially disciplined strategy, which is focused on accelerating the path to profitability, ex-China commercialisation will be primarily achieved thr...
- Thomas J. Schiessle
Solide Basis – Finanzierungsreichweite (Mitte 2025) bis zum angestrebt...
Wie erwartet, wurde die Finanzplanung vor dem Hintergrund der strategischen Zusammenarbeit mit dem Pharma-Multi Huadong Medicine (Huadong) und der abgeschlossenen Barkapitalerhöhung aktualisiert. Der Cash-Reach weitet sich deutlich auf „Mitte 2025“. Angestrebte zusätzliche Partnerschaften (jüngst mit Chiome Bioscience), wie auch angestrebte Erfolgsprämien aus dem Heritage-Portfolio sind darin nicht enthalten. Die Entwicklungsfortschritte in den ATAC®-Programmen bzw. in der wachsenden Zahl der P...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: FRESCO-2 data support broad uptake in later-line mCRC
Detailed data from the multi-regional pivotal FRESCO-2 study of fruquintinib in ≥3L mCRC (metastatic colorectal cancer) were presented as a late breaker at ESMO 2022. The trial demonstrated a statistically significant 2.6 month overall survival (OS) benefit over placebo in this heavily pre-treated and refractory patient population, comparing favourably with other agents in this setting. Secondary endpoints were also met, including progression free survival (PFS), and fruquintinib’s safety profil...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
HUTCHMED: Rich and diverse pipeline with multiple waves of growth
HUTCHMED has ambitious near- and medium-term growth plans, centred on its novel oncology products, to initially create a sizeable commercial organisation addressing Greater China whilst also building the appropriate infrastructure to address key global markets. The first product wave - Elunate (fruquintinib), Orpathys (savolitinib) and Sulanda (surufatinib) - are expected to post FY22 revenues of $160-$190m in China. The second and third waves of innovative programmes are progressing through dev...
TAKEDA PHARMACEUTICAL sees an upgrade to Positive due to a better fund...
The general evaluation of TAKEDA PHARMACEUTICAL (JP), a company active in the Pharmaceuticals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date April 1, 2022, the closing price was JPY 3,544.0...
- Franc Gregori
- Lala Gregorek
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: Sceptics once argued that HUTCHMED’s plans were too ambitious, however consistent delivery and professional execution has transitioned a promising discovery company into a global commercial organisation. The success of the China Oncology sales platform, now marketing two products across various indications, highlights the expected path for global development. The impressive historic success of the in-house discovery platform appears set to continue, with the creation of anoth...
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