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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.£2633m
Last close3,950.00p
High / Low (52 weeks)5600.0p / 3305.0p
Stock market listingUS, LN
Forecast net debt (US$m)N/A
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceuticals & healthcare

Price performance

%1m3m12m
Actual17.0(12.5)(14.3)
Relative *13.3(14.9)(13)

* % Relative to local index

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Company news

Chi-Med eyes global markets after cancer trial success

Fri, 03 Mar 2017 11:03:45 GMT

Hutchison China Meditech looks to first drug approval this year

Mon, 12 Mar 2018 08:15:00 GMT

Hutchison China MediTech kicks off first human trial for potential new cancer drug

Tue, 14 Feb 2017 09:22:59 GMT

News & Tips: AstraZeneca, Hutchison China Meditech, Hikma & more

Mon, 12 Mar 2018 11:37:12 GMT

Why Hutchison China MediTech Limited (LON:HCM) May Not Be As Efficient As Its ...

Wed, 24 Jan 2018 17:26:15 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2016A 216.1 (44.3) (47.4) 19.6 259.7 N/A
2017A 241.2 (50.7) (53.5) (43.3) N/A N/A
2018E 162.5 (94.8) (99.5) (109.5) N/A N/A
2019E 180.1 (113.9) (120.1) (139.4) N/A N/A

Last updated on 17/12/2018

Investment summary

HCM has built a substantial pipeline of potentially first-in-class or best-in-class tyrosine kinase inhibitor (TKI) drugs, some of which are in development with strategic partners. Following China registration approval from the National Medicinal Products Administration of China for the treatment of CRC (3L), commercial marketing of fruquintinib (Elunate) commenced in November (through partner Eli Lilly). HCM has also announced several new partnerships and plans to combine its antiangiogenic TKIs (surufatinib and fruquintinib) with immune checkpoint inhibitors (PD-1 antibodies), with a view to developing a best-in-class combination therapy for the treatment of solid tumours. At 30 June, HCM had net cash of $295.8m. After failing to reach the primary endpoint in the Phase III FALUCA trial, our valuation of HCM is under review.

Last updated on 01/02/2019

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 we expect HCM to become a major China and international oncology company.

Last updated on 01/02/2019

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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