reports
- 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
NOVN NOVARTIS AG
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
J7Z JOHNSON & JOHNSON
HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
FEV BIOGEN INC.
IBT FIDELITY EUROPEAN VALUES PLC
FCSS INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FSV FIDELITY CHINA SPECIAL SITUATIONS PLC
FJV FIDELITY SPECIAL VALUES PLC
FAS FIDELITY JAPAN TRUST
AVO FIDELITY ASIAN VALUES PLC
CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
NOVO B MERCK KGAA
novob NOVO NORDISK A/S CLASS B
RECI NOVO NORDISK
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.
4507 EISAI CO. LTD.
4568 SHIONOGI & CO. LTD.
VTAS DAIICHI SANKYO COMPANY LIMITED
STX VOLTA FINANCE (GBP)
4502 SHIELD THERAPEUTICS
HAT TAKEDA PHARMACEUTICAL CO. LTD.
OCI H&T GROUP
4578 OAKLEY CAPITAL INVESTMENTS
APAX OTSUKA HOLDINGS CO. LTD.
4503 APAX GLOBAL ALPHA
ICGT ASTELLAS PHARMA INC.
UTHR ICG ENTERPRISE TRUST
PFE UNITED THERAPEUTICS CORPORATION
AZN PFIZER INC.
GLAXO ASTRAZENECA PLC
ABBV GLAXOSMITHKLINE PHARMACEUTICALS
VRX CN ASTELLAS PHARMA INC
MRNA ABBVIE INC.
TXG BAUSCH HEALTH COMPANIES INC.
NOVO MODERNA INC.
VTRS 10X GENOMICS INC CLASS A
4568.T NOVO NORDISK A/S-B
ME VIATRIS INC.
OCL DAIICHI SANKYO COMPANY
LUND A LIMITED
23ANDME HLDG CO
OAKLEY CAPITAL
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...
- Joel Scheiman
- Julie Boote
- Lindsay Whipp
- Pelham Smithers
- Thao Nguyen
- William Nestuk
PSA Market Strategy: The Japan Perspective 2022
Although the Japanese economy, politics and stock market seem to be where they were this time last year, there is a seismic shift going on in the way the Japanese stock market behaves that could make investing in Japan in 2022 quite different to previous years. We look at how and why this shift has taken place and what it means for investing in Japan in the coming year.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
NVDA NVIDIA CORPORATION
LRCX LAM RESEARCH CORPORATION
JNJ JOHNSON & JOHNSON
FB FACEBOOK INC. CLASS A
AMAT APPLIED MATERIALS INC.
ADBE ADOBE INC.
PRU PRUDENTIAL FINANCIAL INC.
RAND RANDSTAD NV
6770 ALPS ALPINE CO. LTD.
9437 NTT DOCOMO INC.
9697 CAPCOM CO. LTD.
4922 KOSE CORPORATION
4519 CHUGAI PHARMACEUTICAL CO. LTD.
6367 DAIKIN INDUSTRIES LTD.
7735 SCREEN HOLDINGS CO. LTD
9020 EAST JAPAN RAILWAY COMPANY
7717 V-TECHNOLOGY CO. LTD.
4307 NOMURA RESEARCH INSTITUTE LTD.
4324 DENTSU GROUP INC.
7741 HOYA CORPORATION
6861 KEYENCE CORPORATION
6586 MAKITA CORPORATION
4911 SHISEIDO COMPANY LIMITED
4188 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
8002 MARUBENI CORPORATION
8058 MITSUBISHI CORPORATION
6728 ULVAC INC.
6723 RENESAS ELECTRONICS CORPORATION
7974 NINTENDO CO. LTD.
6902 DENSO CORPORATION
6594 NIDEC CORPORATION
7915 NISSHA CO.LTD.
7731 NIKON CORP.
7201 NISSAN MOTOR CO. LTD.
8604 NOMURA HOLDINGS INC.
9984 SOFTBANK GROUP CORP.
4063 SHIN-ETSU CHEMICAL CO LTD
6758 SONY CORPORATION
4502 TAKEDA PHARMACEUTICAL CO. LTD.
6857 ADVANTEST CORP.
8035 TOKYO ELECTRON LTD.
6201 TOYOTA INDUSTRIES CORP.
7203 TOYOTA MOTOR CORP.
9021 WEST JAPAN RAILWAY COMPANY
2413 M3 INC.
6098 RECRUIT HOLDINGS CO. LTD.
6178 JAPAN POST HOLDINGS CO. LTD.
7270 SUBARU CORP
6506 YASKAWA ELECTRIC CORPORATION
TTD TRADE DESK INC. CLASS A
AMZN AMAZON.COM INC.
GM GENERAL MOTORS COMPANY
AAPL APPLE INC.
40978Z HUAWEI TECHNOLOGIES CO
0530153D ALPHABET HOLDING CO INC
VOW VOLKSWAGEN (VOW GR)
9434 SOFTBANK CORP.
4449 GIFTEE
78320 BANDAI NAMCO
3491 JT BASE CO.
TSE:4477 LTD.
6967 JT GA TECHNOLOGIES
BASE INC
SHINKO ELECTRIC (6967 JT)
- Franc Gregori
- Lala Gregorek
Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED’s investment case rests largely on the strength and depth of its late-stage pipeline for the China and global markets as well as the next product wave of haem-oncology assets approaching registration-intent trials. To date the in-house discovery platform has generated 11 clinical-stage assets, with three products approved and marketed in China in their first monotherapy indications; the first US approval is expected in H122. Cash of c S$1.2bn means HUTCHMED has funds...
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