3rd Mar 2020 14:24
(Alliance News) - Biopharmaceutical firm Hutchison China Meditech Ltd on Tuesday reported a widened loss with revenue edging lower.
In 2019, revenue slipped 4.3% to USD204.9 million from USD214.1 million.
Its pretax loss stretched to USD141.1 million from USD86.7 million, with operating expenses rising 15% to USD351.3 million from USD306.8 million.
Chair Simon To said: "2019 was a year in which we laid the foundations for a new era for Chi-Med.
"Our first launched drug, Elunate is set to broaden patient access this year due to its recent addition to the national reimbursement drug list in China."
The NRDL is a list of drugs available for coverage in China's national medical insurance programme.
Looking ahead, the company said the coronavirus outbreak is "posing some challenges to our operations", largely due to the restriction of movement in China.
"Reduced patient hospital visits for clinical assessment affected the conduct of certain clinical studies and commercial team activities. To-date, none of our manufacturing operations in China have been materially affected. Our teams have adapted quickly and effectively thus far across our businesses, and we will continue to closely monitor what is an evolving situation. At this stage we are unable to assess the long-term effect of the outbreak, if any," Hutchison added.
Shares in the company were 5.3% higher at 400.00 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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