1st Mar 2016 08:31
LONDON (Alliance News) - Hutchison China MediTech Ltd on Tuesday said its pretax loss narrowed in 2015 as revenue doubled following the launch of new products.
The pharmaceutical company said its pretax loss for the year to the end of December was USD10.5 million, compared to a USD20.0 million loss a year earlier.
Revenue rose to USD178.2 million from USD87.3 million, primarily due to payments made to the company by its partners, including AstraZeneca PLC, Eli Lilly & Co and Johnson & Johnson Inc-owned Janssen Pharmaceuticals Inc. Total sales, including joint ventures, grew 11% in the year, helped by prescription drug sales growth which offset weakness in consumer health products.
The group also hiked its investment in its clinical development programmes, both inside and outside China.
"2015 has been a record year, and in 2016 we expect multiple clinical catalysts and continued commercial performance to continue this momentum," said Christian Hogg, the chief executive.
Shares in Hutchison China were up 6.4% to 2,355.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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