28th Feb 2023 11:43
(Alliance News) - Hutchmed (China) Ltd expects a sharp rise in revenue from its oncology and immunology-focused arm, as the biopharmaceutical firm looks forward to a productive 2023.
Hutchmed shares were 6.3% higher at 283.75 pence each in London on Tuesday morning.
Group revenue in 2022 totalled USD426.4 million, up 20% from USD356.1 million in 2021. In its Oncology/Immunology portfolio alone, revenue increased 37% to USD163.8 million from USD119.6 million.
Hutchmed's pretax loss stretched to USD410.4 million from USD215.7 million.
"I am proud of the progress that we at Hutchmed have made during 2022," Chair Simon To said.
"This work is already bearing fruit, as indicated not only by the increase in revenues, but also the positive clinical and regulatory progress we have made with fruquintinib - culminating in the successful, post-period licensing agreement with [Takeda Pharmaceutical Co Ltd], marking a significant delivery against the company's strategy. This out-licensing ensures we remain true to the overall goal of our business of safeguarding access to our innovative medicines to patients globally. Further, our partnerships provide significant financial momentum while we focus on revenue growth from increased product sales in China."
For 2023, it expects Oncology/Immunology revenue to surge to between USD450 million and USD550 million.
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Hutchmed