HutchMed (HKG: 0013, NASDAQ: HCM), a China-based biopharmaceutical company, has released its financial report for 2023, recording a significant increase in revenue to USD 838 million, marking a 102% year-on-year growth calculated on a constant currency basis. The company’s net profits reached USD 101 million, attributed to its collaboration with Takeda, robust commercialization progress in China, and increased third-party distribution. HutchMed’s cash reserves remain substantial at USD 886 million.
Fruzaqla (fruquintinib), one of the company’s products, generated USD 107.5 million in sales, a 22% increase year-on-year, with notable sales of USD 15.1 million in the United States following its market launch. Sulanda (surufatinib) contributed USD 43.9 million, showing a 43% year-on-year increase, while Orpathys (savolitinib) brought in USD 46.1 million, an increase of 19% year-on-year.
Research and development (R&D) service revenues saw a substantial increase of 119%, reaching USD 52.4 million. A significant upfront payment of USD 400 million from Takeda was received, with USD 280 million recognized in revenue during 2023. The remaining amount will be recognized upon completion of services and performance obligations.
In terms of regulatory progress, fruquintinib was filed for marketing in the European Union and Japan in June and September 2023, respectively, and subsequently received market approval in Hong Kong for the treatment of third-line colorectal cancer. The New Drug Application (NDA) for sovleplenib was accepted for review in China for primary immune thrombocytopenia.
R&D expenses were reduced by 22% to USD 302 million, primarily due to the completion of several large registration-enabling trials, a focus on ex-China development through partnerships, and ongoing strategic prioritization of its pipeline. Net income attributable to HutchMed was USD 100.8 million.
Looking ahead, HutchMed reports a 2024 oncology/immunology consolidated revenue guidance of USD 300 million to USD 400 million, anticipating a 30% to 50% growth target in marketed product sales and royalties.- Flcube.com
