Investment Rating - The report maintains a "Buy" rating for Hutchison China MediTech (0013.HK) with a target price of HKD 40.90, while the current price is HKD 23.40 [1]. Core Insights - Hutchison China MediTech has announced the sale of a 45% stake in Shanghai Hutchison Pharmaceuticals for USD 608 million (RMB 4.478 billion) to focus on innovative drug development. The proceeds will be used to further develop its internal product pipeline, particularly its next-generation antibody-drug conjugate (ADC) platform [7]. - The NDA for Savolitinib in combination with Osimertinib for treating MET-amplified NSCLC has been accepted and prioritized for review in China, indicating significant progress in addressing resistance issues in EGFR inhibitors [7]. - The commercialization of Fuzuloparib in the U.S. has been successful, with expected sales of USD 130 million in the first half of 2024, and it has been included in healthcare insurance in Spain and Japan, enhancing its commercial prospects [7]. Financial Summary - Revenue projections for Hutchison China MediTech are USD 642.07 million in 2024, USD 736.97 million in 2025, and USD 884.99 million in 2026, reflecting a growth rate of -23.38%, 14.78%, and 20.09% respectively [2]. - The net profit attributable to the parent company is expected to be -USD 17.24 million in 2024, USD 74.51 million in 2025, and USD 134.20 million in 2026, with growth rates of -117.10%, 532.22%, and 80.12% respectively [2]. - The earnings per share (EPS) are projected to be -USD 0.02 in 2024, USD 0.09 in 2025, and USD 0.15 in 2026 [2].
和黄医药：出售非核心合资企业，赛沃替尼成功NDA