11th Mar 2019 08:45
LONDON (Alliance News) - Hutchison China Meditech Ltd on Monday said its loss widened in 2018 as sales decreased following an implementation of new government policy in China.
The pharmaceutical company reported widened loss for the year to the end of December 2018 to USD86.7 million from USD53.5 million in 2017, as revenue declined to USD214.1 million from USD241.2 million.
Total consolidated sales fell 16% to USD172.9 million from USD205.2 million in 2017, Hutchison said, because of the implementation of the two-invoice system in China, a new government policy that led to a shift in the company's revenue recognition for some third-party drugs.
Hutchison said its research & development expenses on an adjusted basis increased to USD142.2 million in 2018 from USD88.0 million the year before, primarily driven by the progress in the development of the company's eight clinical drug candidates.
"We took a big step in 2018 to expand our US development capability in order that we can take full advantage of the global potential of our assets," said Simon To, chair of Hutchison.
"Looking ahead, we target multiple new drug applications in the coming two or three years, covering savolitinib, surufatinib and fruquintinib, as well as registration studies with our hematological cancer assets," added To.
Hutchison shares were untraded on Monday at 3,980.00 pence each.
Related Shares:
Hutchmed