31st Jul 2024 14:41
(Alliance News) - Hutchmed (China) Limited on Wednesday said it remains on track to meet full year guidance for its oncology/immunology business, despite a fall in revenue.
Hutchmed is a Hong Kong-based biopharmaceutical company focused on the development and commercialisation of therapies and immunotherapies for the treatment of cancer and immunological diseases.
Hutchmed reported a 43% fall in revenue to USD305.7 million for the six months that ended June 30 from USD532.9 million a year before.
Within this, oncology/immunology consolidated revenue was USD168.7 million for the half, down from USD359.2 million a year prior. However, first-half oncology/immunology product revenue rose 59% to USD127.8 million from USD80.1 million year-on-year, while R&D revenue within the consolidated total was USD40.8 million, down from USD279.0 million.
Net income decreased by 85% to USD26.2 million for the half from USD169.5 million a year before.
Looking forward, Hutchmed said it remains on track to meet its full-year guidance for oncology/immunology.
Thanks to the rising product revenue, consolidated revenue for oncology/immunology is expected to be between USD300 million to USD400 million, with a 30% to 50% growth rate.
Chair Dan Eldar commented: "Hutchmed has delivered strong performance in the first half of this year. The team has made significant progress implementing our strategy in discovering and developing novel, effective medicines; conducting clinical trials in our home market and in the global markets; and rapidly advancing regulatory and commercial goals."
Hutchmed shares were up 5.0% to 296.00 pence each in London on Wednesday afternoon.
By Lydia Doye, Alliance News reporter
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