2024 中期報告 2024 中期報告 公司資料 董事會 主席兼非執行董事 艾樂德BA, MA, MA, PhD (1) 執行董事 杜志強BSc, ACGI, MBA (2) 蘇慰國BSc, PhD 首席執行官兼首席科學官 鄭澤鋒BEc, CA 首席財務官 非執行董事 施熙德BSE, MA, MA, EdM, Solicitor, FCG(CS, CGP), HKFCG(CS, CGP)(PE) 楊凌BA, BSc, MBA 獨立非執行董事 卡博樂BA, FCMA 高級獨立董事 言思雅MBBS, MBA (3) 蓆紀倫BCom, CA(ANZ), FHKICPA 莫樹錦BMSc, MD, FRCPC, FHKCP, FHKAM, FRCP(Edin), FASCO 審核委員會 蓆紀倫 （主席） 言思雅 (5) 卡博樂 莫樹錦 (6) 提名委員會 莫樹錦 （主席） 艾樂德 (1) 蓆紀倫 杜志強 (2) 附註： (1) 於 2024 年 5 月 17 日獲委任為本公司主席及提名委員會及技術委員會之成員 薪酬委員會 卡博樂 （主席） 蓆紀倫 施熙德 (4) 杜志強 (2) 技術委員會 莫樹錦 （主席） 言思雅 ( ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The overseas sales of Furmonertinib exceeded expectations, indicating strong demand. The drug received FDA approval for third-line treatment of colorectal cancer, marking it as the first targeted therapy approved in the U.S. for metastatic colorectal cancer in over a decade. In the first half of 2024, overseas sales reached $130.5 million [1]. - The company is accelerating clinical research, with a second drug expected to submit for overseas registration by the end of the year. The company has multiple new drug applications and indications in progress, showcasing its strong clinical execution capabilities [1]. - The company is expected to have over 15 potential new drug applications and indications in the next three years, reflecting its efficient R&D progress [1]. Financial Summary - Total revenue for 2024 is projected at $621 million, with a year-on-year decrease of 25.9%. The net profit attributable to the parent company is expected to be -$3 million in 2024, with a significant recovery projected in 2025 and 2026 [2][6]. - The company’s cash and cash equivalents totaled $802.5 million as of June 30, 2024 [1]. - The estimated valuation for the company is HKD 35 billion, with a target price of HKD 40.15 per share [1][3].

买入（维持） 所属行业：医疗保健业/药品及生物科技 当前价格(港币)：28.80 元 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 和黄医药 恒生指数 -29% -14% 0% 14% 29% 43% 57% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |--------------|-------|-------|-------| | 恒生指数对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 6.08 | -2.21 | -6.65 | | 相对涨幅(%) | 10.71 | 4.07 | 0.28 | 资料来源：德邦研究所，聚源数据 相关研究 1.《和黄医药(00013.HK)：呋喹替尼美 国销售超预期，产品催化密集》， 2024.5.11 2.《和黄医药(0013.HK)：业绩符合预 期，销售有望稳定增长》，2024.3.4 3.《和黄医药(0013.HK)：呋喹替尼美 国 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total revenue for H1 2024 was $310 million, aligning with expectations, with oncology business revenue of $169 million and other business revenue of $137 million. Key product sales included $131 million from furmonertinib overseas (up 52% quarter-on-quarter) and $61 million domestically (up 13% year-on-year) [3][4] - The guidance for total oncology/immunology revenue for 2024 remains unchanged at $300-400 million, representing a year-on-year increase of 30-50% [3] - Research and development expenses for H1 2024 were $95 million (down 34% year-on-year), while selling and administrative expenses were $58 million (down 15% year-on-year). The company has approximately $800 million in cash and equivalents, indicating strong cash flow [3] Revenue and Profit Forecast - The report forecasts total revenue of $665 million for 2024, $808 million for 2025, and $969 million for 2026, with expectations of profitability in 2025 [4][8] - The company is expected to achieve a net profit of $48.83 million in 2025 and $178.71 million in 2026, with significant growth rates projected for net profit [2][4] Product Development and Market Potential - Furmonertinib continues to gain traction overseas, with potential new indications expected to be approved domestically. It is the first and only small molecule targeted therapy approved in the U.S. for third-line mCRC and is included in the NCCN guidelines [3] - The company anticipates filing for the U.S. market approval of savolitinib, addressing clinical needs for EGFR TKI-resistant NSCLC, with ongoing clinical trials in seven global locations [3] - The potential best-in-class Syk inhibitor, solunatib, is set to begin overseas clinical trials, with a significant patient population expected in China by 2027 [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][6] Core Insights - The company's mid-year performance for 2024 met expectations, with significant growth in product sales and a strong cash position, indicating potential profitability by 2025 [3][5] - The core product, Furmonertinib, has exceeded sales expectations in overseas markets, contributing to a robust revenue outlook for the year [3][5] - The company has a rich pipeline of innovative products, with several key catalysts expected to drive future growth [3][5] Summary by Relevant Sections Company Events - On July 31, the company released its mid-year performance report for 2024, showing continued growth in product sales and a strong cash balance [3] Mid-Year Performance Insights - For the first half of 2024, total revenue reached $30.57 million, with a net profit of $2.58 million [5] - The oncology immunotherapy business generated $16.87 million in revenue, with a full-year guidance of $30-40 million [5] - Furmonertinib's sales in the U.S. for the first half of 2024 were $13 million, with expectations of over 100% growth in the new fiscal year [3][5] Future Catalysts - Furmonertinib's overseas sales are expected to continue growing, with a submission for market approval in Japan anticipated in the second half of 2024 [3] - The company has several upcoming product approvals that could provide new revenue streams, including submissions for various indications in both domestic and international markets [3][5] Earnings Forecast and Valuation - The company projects total revenue of $654 million, $871 million, and $1.121 billion for 2024, 2025, and 2026, respectively [5] - A discounted cash flow (DCF) analysis suggests a fair equity value of HKD 41.2 billion, based on a perpetual growth rate of 2% and a WACC of 8.94% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 40.90, while the current price is HKD 30.25 [1]. Core Insights - The company's mid-year performance for 2024 met expectations, with a total revenue of USD 170 million in the oncology/immunology segment, reflecting a 140% increase in market sales to USD 240 million [2]. - The strong performance in the oncology sector is attributed to the rapid acceptance of the product in the U.S. market and increased inventory demand [2]. - The company anticipates significant developments in its product pipeline, including approvals and market entries in various regions [2][9]. Financial Summary - The projected revenues for the company from 2024 to 2026 are USD 640 million, USD 740 million, and USD 880 million respectively, with the oncology segment contributing USD 330 million, USD 430 million, and USD 580 million [9]. - The expected growth rates for revenue are -23.38% in 2024, followed by 14.78% in 2025, and 20.09% in 2026 [3]. - The net profit for the parent company is forecasted to be -USD 17.24 million in 2024, with a significant recovery to USD 74.51 million in 2025 and USD 134.20 million in 2026 [3]. Product Pipeline and Market Potential - The company’s product, Yimian Tea Ni, is expected to gain market approval in China in 2024, with projected revenues from colorectal cancer treatments reaching USD 2.6 billion by 2026 [8]. - The product Saiwo Tea Ni is anticipated to have a new drug application submitted to the FDA by the end of 2024, with significant market potential in non-small cell lung cancer [2][8]. - The company is also expected to submit a new drug application for Suofan Tea Ni in 2024, with projected revenues from various cancer treatments increasing significantly over the next few years [8][9]. Valuation Metrics - The company’s price-to-sales (PS) ratio is currently at 5.3, which is below the industry average of 9.3, indicating potential undervaluation [10]. - The report suggests a valuation of 7 times PS, leading to a target price of HKD 40.90, maintaining the "Buy" rating [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][16] Core Insights - The oncology business is experiencing rapid sales growth, with significant performance from the drug, Tazemetostat, in the U.S. market. The company reported a total revenue of $169 million for the oncology/immunology business in the first half of the year, a decrease of 52% (at constant exchange rates). Excluding external collaboration payments, the oncology product revenue was $128 million, an increase of 64% [1][6][10] - The company has successfully advanced its research and regulatory processes, with Tazemetostat receiving EU approval in June 2024 and expected approval in Japan later this year. New product launches and expanded indications are anticipated to drive further commercialization [1][10][12] - The company has effectively controlled costs, with R&D expenses decreasing to $95 million (-34%) and management expenses down to $30 million (-27%). The company reported a profit of $26 million in the first half of the year and has approximately $800 million in cash on hand, indicating a strong financial position [1][10][12] Summary by Sections Revenue and Profit Forecast - The company has adjusted its revenue forecast for 2024-2026 to $659 million, $818 million, and $932 million respectively, reflecting a year-on-year growth of -21.3%, 24.0%, and 14.0%. The net profit forecast has been revised to -$12 million, $61 million, and $108 million for the same period [2][12][14] Sales Performance - Tazemetostat's sales in China reached $61 million (+13%), while sales in the U.S. amounted to $131 million, demonstrating strong market performance. Other key products also showed growth: Savolitinib at $26 million (+22%) and Orpathys at $25 million (+17%) [1][10][11] Financial Health - The company maintains a robust financial status with a cash reserve of approximately $800 million. The effective cost control measures have led to a significant reduction in expenses, contributing to a positive profit margin in the first half of the year [1][10][12]

浦银国际研究 公司研究 | 医药行业 和黄医药（HCM.US/13.HK）：强劲呋喹替尼 海外销售推动业绩超预期；重申首选推荐 呋喹替尼 2Q24 实现海外 7,680 万美元销售额，推动和黄医药 1H24 肿瘤收入和净利润超预期。公司维持全年肿瘤板块收入 3-4 亿美元指 引，预计全年数字偏向指引高端区间。此外，公司降本增效成果显著， 有望较之前指引（2025 年底）提前实现盈利。重申我们的首选推荐 和"买入"评级，上调目标价至 26 美元/40.5 港元。 1H24 业绩超预期，主要受益于呋喹海外替尼继续超预期及研发费用 低于预期：1H24 肿瘤/免疫业务综合收入（consolidated revenue）为 1.687 亿美元，超过我们预期和市场预期，主要受益于呋喹替尼上半 年实现超预期美国市场销售额(in-market sales) 1.305 亿美元（2Q24 呋喹替尼在美国实现约7,680万美元销售额，对应约42% QoQ增长）。 公司实现净利润 2,580 万美元(vs. 1H23 净利润 1.686 亿美元，主要 由于收到武田首付款 2.587 亿美元)，明显强于市场和我们原本预期 的净亏损， ...

医药 2024 年 08 月 02 日 同 报 平夏正為 和黄医药(0013.HK) 味喹替尼海外商业化加速，全球创新管线持续催化 推荐 ( 編摘 ) 率项: 最价： 29.45 港元 主要教育 拉斯…居有 순司网址www.hutch-med.com 大股东/外股Hutchison Healthcare Holding Limited/38.39% 实际过程人兴工和尼夫皇 总股本(百万股) 871 流通 A 股(百万股) 流通 BH 酸(百万酸)_871 , 臺南篤人兒傳說 ! 宜惠 A 股市值(亿元) 每股净资产(港元) . 6.63 竞产负债率(%) 行情定势图 相关研究职告 【平安证券】和黄医药（0013.HK）*深度报告*大通应 症获规预期持续催化，快碰兽尼选军胃癌症诲ˉм爷 20240407 【平安正券 】 秒速 医药 （0013.HK） * 公司动态股 醇猴 各種性 20231107 蓝乡分析网 投资咨询资格骗导 $1060514100001 BOT335 YEYIN757@pingan.com.cn 投资咨询咨询咨 $1060519060002 hanmenomeno005@pingan.com ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 35.61, up from a previous target of HKD 34.31, indicating a potential upside of 20.9% from the current price of HKD 29.45 [3][4]. Core Insights - Hutchmed's oncology/immunology product revenue reached USD 128 million in H1 2024, a year-on-year increase of 59.6%, with USD 43 million coming from overseas sales. The total oncology/immunology revenue, including R&D services and Takeda collaboration, was USD 169 million, representing 48% of the FY24 guidance midpoint of USD 300-400 million [2]. - The strong sales performance of Fruquintinib in the U.S. market, with a quarter-on-quarter growth of 53% to JPY 11.9 billion (approximately USD 80 million), exceeded expectations and reflects robust demand [2]. - The company is expected to maintain strong sales momentum for Fruquintinib and other products in global markets, with anticipated submissions for expanded indications in China [2]. Financial Summary - Revenue projections for FY24E are USD 640 million, with a year-on-year growth rate of 23.6%. Net profit is expected to be USD 35 million, with earnings per share projected at USD 0.04 [12][14]. - R&D expenses are forecasted to decrease to USD 224 million in FY24E, down from USD 302 million in FY23A [12][14]. - The company reported a strong cash position of USD 803 million as of June 2024, providing a solid foundation for future growth [2]. Product Pipeline and Market Position - Fruquintinib is expected to receive a CDE decision for its sNDA for 2L GC in Q3 2024, which could further enhance its market position in China [2]. - Savolitinib is anticipated to become the company's second globally commercialized product, with an NDA submission to the U.S. FDA expected by the end of 2024 [2]. - Sovleplenib shows potential as a best-in-class Syk inhibitor, with a high durable response rate in ITP, and is expected to enter the autoimmune disease market following NDA submission [2].