HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

China Healthcare Weekly (May.19) - "Hedge Logic" Of CXO, Beijing's DRG+VBP Policy, Zylox-Tonbridge

CardioFlow (2160.HK) Vs Venus MedTech (2500.HK) Vs Peijia Medical (9996.HK) - Dark Horse Is Emerging

Consun Pharmaceutical (1681.HK) - Undervalued. Good Performance Growth Will Continue

Remegen Co Ltd (9995.HK/688331.CH) - The Story Has Changed

Hutchmed China Ltd (13.HK/HCM.US) - The $1.13B Eye-Catching Deal with Takeda and the New Outlook

WuXi AppTec (2359.HK/603259.CH) 2023Q1 - The Signals Behind the Plunge in Stock Price

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>HUTCHMED has been a company that is easily overlooked by investors. However, its BD capabilities have been verified after the deal with Takeda, and its commercialization performance is also commendable.</li>
<li>Based on our forecast, total oncology/immunology consolidated revenue in 2023 could reach about US$220 million. If product sales growth remains benign, together with good cost control on R&amp;D/SG&amp;A, eventual breakeven is reachable.</li>
<li>However, based on the current development trend, HUTCHMED could have to remain at the stage of a biotech, and is difficult to become a biopharma. Investors should be aware of this.</li>
</ul>


HUTCHMED has been a company that is easily overlooked by investors. However, its BD capabilities have been verified after the deal with Takeda, and its commercialization performance is also commendable.
Based on our forecast, total oncology/immunology consolidated revenue in 2023 could reach about US$220 million. If product sales growth remains benign, together with good cost control on R&amp;D/SG&amp;A, eventual breakeven is reachable.
However, based on the current development trend, HUTCHMED could have to remain at the stage of a biotech, and is difficult to become a biopharma. Investors should be aware of this.


Hutchmed China Ltd (13.HK/HCM.US)- Stronger than Expected and Deserves More Attention from Investors