Hutchison China MediTech (HCM)

Business description

Hutchison China MediTech (HCM) is an innovative China-based biopharma company targeting the global market for novel, highly selective oral oncology and immunology drugs. Its established China Healthcare business is growing ahead of the market. HCM is the healthcare arm of CK Hutchison (c 40% listed on AIM and NASDAQ).

Stock data

Market cap.£3105.8m
Last close4,675.00p
High / Low (52 weeks)5262.5p / 2087.5p
Stock market listingUS, LN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual2.223.9110.4
Relative *1.121.993.5

* % Relative to local index

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Company news

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 178.2 (7.8) (10.5) 14.6 422.8 N/A
2016A 216.1 (44.3) (47.4) 19.6 314.9 N/A
2017E N/A N/A N/A N/A N/A N/A
2018E N/A N/A N/A N/A N/A N/A

Last updated on 12/12/2017

Investment summary

HCM has built a substantial pipeline of potential first-in-class or best-in-class tyrosine kinase inhibitor (TKI) drugs, some of which are in development with strategic partners. HCM have submitted a new drug application (partnered with Eli Lilly) for fruquintinib in CRC to the China FDA (full Phase III CRC data [China] was presented at ASCO 2017), marking a major milestone in the company's life. Separately in collaboration with AstraZeneca, HCM have initiated SAVOIR, a global Phase III trial of savolitinib in PRCC. Our forecasts and valuation have been placed under review.

Last updated on 13/12/2017

Industry outlook

HCM’s profitable Chinese healthcare business continues to benefit from the fast-growing domestic market, while the clinical, regulatory and technological environments are highly conducive to novel drug development. In the longer term, if the oncology and immunology pipeline comes to fruition, HCM has the potential to become a global oncology and immunology player.

Last updated on 13/12/2017

Key management

Simon To, Chairman
Christian Hogg, CEO
Johnny Cheng, CFO
Mark Lee, SVP, Corporate Fin & Dev.
Dr Weiguo Su, Chief Scientific Officer

Company address

21st Floor, Hutchison House
10 Harcourt Road
Hong Kong
Hong Kong
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