In today’s briefing:
- Astellas Pharma (4503 JP): Mixed Q1 Result; FY24 Profit Guidance Cut; New Drug Approval
- Hutchmed China Ltd (13.HK/HCM.US) 23H1 – This Company Is Becoming More Attractive
Astellas Pharma (4503 JP): Mixed Q1 Result; FY24 Profit Guidance Cut; New Drug Approval
- Astellas Pharma (4503 JP) reported Q1FY24 results, with revenue beating and operating and net profit missing consensus. Revenue declined 2%, while operating and net profit increased 17% and 13%, respectively.
- Astellas has reiterated FY24 revenue guidance of ¥1,520B, while reduced operating profit guidance by ¥29B to ¥259B (+95% YoY) and net profit guidance by ¥23B to ¥204B (+106% YoY).
- On August 4, Iveric Bio has received FDA approval for Izervay for the treatment of geographic atrophy secondary to age-related macular degeneration, which impacts approximately 1.5M people in the U.S.
Hutchmed China Ltd (13.HK/HCM.US) 23H1 – This Company Is Becoming More Attractive
- HUTCHMED’s 23H1 results were in line with expectation. We updated our forecast for the three core products. Its 2023 total revenue would achieve a high double-digit growth. HUTCHMED is undervalued.
- Performance prospects for 2024 and beyond largely depend on whether fruquintinib can smoothly obtain FDA approval in 2023, which means significant progress in internationalization and possibility of breakeven in 2025.
- Based on the performance so far, we think the clarity of HUTCHMED’s performance is high and the guidance given by management is reliable. The Company deserves more attention from investors.
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