HUTCHMED’s recent R&D update highlighted multiple catalysts expected over the next 12-24 months, including the launches of new products and regulatory decisions on new indications for existing products which will be key for near- and mid-term revenue growth in China. Ex-China, partner AstraZeneca has guided towards Phase III SAFFRON top-line data in H126, with savolitinib remaining on track to become HUTCHMED’s second global asset. Longer-term, the proprietary ATTC platform offers significant potential as a novel therapeutic class designed to circumvent the toxicity limitations of ADCs by combining a targeting antibody with a small molecule targeted drug payload. The first ATTC candidate, HMPL-A251, should enter the clinic by year-end. Our updated HUTCHMED valuation is $5.98bn/£4.66bn/HK$46.61bn, or $34.26/ADS and 548p/HK$53.44 per share.
