31st Jul 2023 12:47
(Alliance News) - Hutchmed (China) Ltd on Monday reported sharp first-half revenue growth, as a strategy change to boost its fortunes outside of China saw early fruit.
The Hong Kong-based developer of treatments for cancer and immunological diseases said revenue in the first-half of 2023 jumped year-on-year to USD532.9 million from USD202.0 million. It reported a swing to a pretax profit of USD137.1 million, from a loss of USD200.6 million a year earlier.
"The first half of 2023 has been successful for Hutchmed. In late 2022, we announced our pipeline prioritization plan and intention to seek global partners to bring our medicines to help patients outside of China. Six months later, this strategy is already delivering significant results to our operations," Executive Chair Simon To said.
Hutchmed in November said it would look for "potential partnerships to commercialize its assets outside of China".
Chief Executive Officer and Chief Scientific Officer Weiguo Su said Hutchmed has more than "15 registration/registration-intent studies ongoing with seven drug candidates".
"With the sharpening of our goals and priorities, we now have more resources to advance our assets and drive near-term value, and we are pleased to report on the important progress made so far this year," Su added.
Hutched shares fell 2.5% to 24.00 pence each in London on Monday afternoon.
By Eric Cunha, Alliance News news editor
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