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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 $426.4 million, up 20% from $356.1 million in 2021. In its Oncology/Immunology portfolio alone, revenue increased 37% to $163.8 million from $119.6 million.
Hutchmed’s pretax loss stretched to $410.4 million from $215.7 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 $450 million and $550 million.
By Eric Cunha, Alliance News news editor
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