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Group, RNS Announcements | 4 Mar 2021

Hutchison China MediTech Limited Reports 2020 Full Year Results and Provides Business Updates and Evolves Corporate Identity

Company to Host Annual Results Call & Webcast Today at 1 p.m. GMT / 8 a.m. EST / 9 p.m. HKT
 

Hong Kong, Shanghai & Florham Park, NJ––Thursday, March 4, 2021:  Hutchison China MediTech Limited (“HUTCHMED”) (Nasdaq/AIM: HCM), an innovation-driven, commercial-stage biopharmaceutical company, today reports its audited financial results for the year ended December 31, 2020 and provides updates on key clinical and commercial developments.  The Company also intends to seek shareholders’ approval to change its name to HUTCHMED (China) Limited at its forthcoming Annual General Meeting.  For more information on the new corporate name, see 2020 Full Year Results & Business Updates—VI. Evolution of Our Corporate Identity.

 

2020 FULL YEAR RESULTS & BUSINESS UPDATES

“At the heart of HUTCHMED lies a prolific in-house novel drug discovery and development engine that has produced ten clinical-stage drug candidates and a further seven late-stage preclinical assets in oncology and immunology over the past fifteen years.” said Mr. Simon To, Chairman of HUTCHMED.  “Our aim is to bring these internally discovered and developed innovations to patients the world-over.”

“To support this strategic objective, we have built an oncology and immunology operation with around 1,200 personnel based mainly in our two core markets, China and the U.S.  In China, supported by a robust manufacturing infrastructure, our commercial team is now delivering impressive sales results on our first two oncology drugs, ELUNATE® in metastatic colorectal cancer and the recently launched SULANDA® in neuroendocrine tumors.  A New Drug Application was also submitted mid-last year for savolitinib in lung cancer and, subject to approval, it will be our third approved oncology drug and the first-in-class selective MET inhibitor on the market in China.”

“Outside China, our fast expanding international organization, led mainly from the U.S., is developing five un-partnered oncology drug candidates.  In 2020, it achieved three U.S. Food and Drug Administration fast track designations and initiated the rolling submission of surufatinib, our first U.S. New Drug Application filing.”

“Over the next three years, we will continue to grow our R&D and commercial organizations globally to support the anticipated launch of our oncology drugs in China, the U.S. and Europe.”

 

I. COMMERCIAL OPERATIONS

  • Full year 2021 Oncology/Immunology consolidated revenues guidance $110-130 million (2020 actual: $30.2m) with in-house oncology commercial organization in China now expanded to over 420 personnel (end 2019: about 90) covering over 2,300 oncology hospitals and over 20,000 oncology physicians;
  • ELUNATE® (fruquintinib) in-market sales increased 91% to $33.7 million[1] (2019: $17.6m), as provided by Lilly[2], during 2020 as a result of inclusion in the 2020 China NRDL[3];
  • Accelerating sales growth on ELUNATE® since Q4 2020 when HUTCHMED assumed responsibility for all on-the-ground medical detailing, promotion and local and regional marketing activities in China;

 

(Growth vs. Prior Period) Lilly Sales Team HUTCHMED Sales Team
  2020 Q1-Q3 2020 Q4 2020 Jan-Feb 2021*
ELUNATE® In-market Sales** $33.7m (+91%) $23.5m (+37%) $10.2m (+2,051%) $14.3m (+116%)
ELUNATE® Revenues consolidated by HUTCHMED*** $20.0m (+85%) $12.8m (+53%) $7.2m (+192%) $10.2m (+269%)

* = Unaudited; ** = Represents total sales to third parties as provided by Lilly; *** = Represents manufacturing fees, commercial service fees and royalties paid by Lilly to HUTCHMED, and sales to other third parties invoiced by HUTCHMED.

  • Launched SULANDA® (surufatinib) as a treatment for patients with advanced non-pancreatic NET[4] in China in mid-January 2021 within three weeks of approval. Unaudited sales of SULANDA® in January-February 2021, in its first two months on the market, were $4.9 million; and
  • Established our U.S. commercial organization with the recruitment of senior leadership team based in New Jersey to prepare launch readiness for the potential surufatinib U.S. approval in late 2021 or early 2022.

 

II. REGULATORY ACHIEVEMENTS

China

  • Received China approval for SULANDA® from the China NMPA[5] as a treatment for patients with advanced non-pancreatic NET in December 2020;
  • Submitted a China NDA[6] for savolitinib as a treatment for patients with MET[7] Exon 14 skipping alteration NSCLC[8]. The NDA was accepted in May 2020.  Priority Review status was granted in July 2020 and review is underway;
  • Submitted a second China NDA for SULANDA® as a treatment for patients with advanced pancreatic NET. The NDA was accepted in September 2020 and review is underway; and
  • IND[9] cleared for HMPL-295, a novel ERK[10] inhibitor in the MAPK pathway[11], in late 2020.

United States & Europe

  • Initiated surufatinib U.S. FDA[12] rolling submission of a NDA for the treatment of both pancreatic and non-pancreatic NET in December 2020;
  • Secured U.S. FDA Fast Track Designations for surufatinib for the treatment of both pancreatic and non-pancreatic NET in April 2020;
  • Received scientific advice from the EMA[13] CHMP[14] for surufatinib for the treatment of both pancreatic and non-pancreatic NET with no MAA[15] filing issues identified;
  • Secured U.S. FDA Fast Track Designation for fruquintinib for the treatment of advanced CRC[16] in June 2020; and
  • Cleared two U.S. FDA INDs for HMPL-306 in late 2020, in hematological malignancies and solid tumors.

 

III. CLINICAL DEVELOPMENT ACTIVITIES

Surufatinib (SULANDA® in China), a small molecule inhibitor of VEGFR[17], FGFR[18] and CSF-1R[19] designed to inhibit tumor angiogenesis and promote the body’s immune response against tumor cells via tumor associated macrophage regulation; approved and launched in China

  • Presented Phase III study in pancreatic NET (SANET-p) (NCT02589821) at the ESMO[20] Congress 2020 and published simultaneously in The Lancet Oncology. The study met all primary and secondary endpoints and supported NMPA NDA submission;
  • Presented preliminary data of S. Phase Ib NET cohorts (NCT02549937) at the ASCO[21] Conference 2020 in heavily pretreated patients with pancreatic or non-pancreatic NET, demonstrating encouraging efficacy in patients refractory or intolerant to AFINITOR® and SUTENT®;
  • Presented pharmacokinetic and safety data ofS. Phase Ib NET cohorts (NCT02549937) at the AACR[22] Conference 2020, demonstrating similar profiles of surufatinib between Chinese and U.S. patients; and
  • Presented Phase I dose-finding study for surufatinib plus TUOYI®, Junshi’s[23] anti-PD-1[24] antibody, (NCT04169672) at the AACR Conference 2020. Data demonstrated that surufatinib plus TUOYI® were well tolerated with encouraging antitumor activity in patients with advanced solid tumors.  In January 2020, we initiated a Phase II study in nine solid tumor indications in China.

Potential upcoming clinical and regulatory milestones for Surufatinib:

  • Complete the U.S. FDA rolling NDA submission for the treatment of both pancreatic and non-pancreatic NET in the first half of 2021;
  • Initiate a Phase Ib/II study of surufatinib in combination with tislelizumab (NCT04579757), BeiGene’s[25] PD-1 antibody, in the U.S. in the first half of 2021;
  • Submit the EU MAA for the treatment of both pancreatic and non-pancreatic NET in mid-2021;
  • Present Phase II data for the SULANDA® plus TUOYI® combination in select indications in mid-2021;
  • Receive China approval for patients with advanced pancreatic NET which may occur as early as the second half of 2021; and
  • Initiate Phase III pivotal studies for the SULANDA® plus TUOYI® combination in select indications in the second half of 2021 and beyond.

 

Fruquintinib (ELUNATE® in China), a highly selective small molecule inhibitor of VEGFR 1/2/3 designed to improve kinase selectivity to minimize off-target toxicity and thereby improve tolerability; approved and launched in China

  • Initiated a global Phase III registration study (NCT04322539), the FRESCO-2 study, in refractory metastatic CRC. FRESCO-2 is expected to enroll over 680 patients from over 150 sites in 14 countries.  The first patient was dosed in September 2020 in the U.S.;
  • Presented preliminary data of S. Phase I/Ib colorectal cancer cohorts (NCT03251378) at the ESMO Congress 2020 in heavily pretreated metastatic CRC patients, demonstrating encouraging efficacy and tolerability in patients refractory or intolerant to STIVARGA® and LONSURF®;
  • Completed second planned interim data review for a Phase III registration study (NCT03223376), the FRUTIGA study, in advanced gastric cancer. Based on preset criteria the IDMC[26] and Joint Steering Committees recommended that the trial continue with a sample size increase to ~700 patients; and
  • Initiated a Phase II study for fruquintinib in combination with TYVYT®, Innovent’s[27] PD-1 antibody, in four solid tumor indications (NCT03903705) in Q4 2020.

Potential upcoming clinical and regulatory milestones for Fruquintinib:

  • Initiate a Phase Ib/II study in the U.S. for fruquintinib in combination with tislelizumab (NCT04577963) in patients with advanced, refractory triple negative breast cancer in the first half of 2021;
  • Present Phase Ib U.S. expansion data in metastatic CRC (NCT03251378) in mid-2021;
  • Present preliminary Phase Ib data for fruquintinib plus TYVYT® (NCT04179084) and fruquintinib plus geptanolimab (NCT03977090) in CRC in mid-2021;
  • Initiate pivotal studies for the ELUNATE® plus anti-PD-1 antibody combination in select indications in the second half of 2021;
  • Complete enrollment of the FRESCO-2 study (NCT04322539) in refractory metastatic CRC in late-2021; and
  • Complete enrollment of the FRUTIGA study (NCT03223376) in advanced gastric cancer in late-2021;

 

Savolitinib, a highly selective small molecule inhibitor of MET being developed broadly across MET-driven patient populations in lung and gastric cancer and renal cell carcinoma

  • Presented Phase II registration study (NCT02897479) for savolitinib in MET Exon 14 skipping mutation patients at the ASCO Conference 2020 which met study endpoints and supported NMPA NDA submission;
  • Presented Phase II data for the CALYPSO study (NCT02819596) for savolitinib in combination with IMFINZI®, AstraZeneca’s[28] PD-L1[29] antibody, in PRCC[30] patients at the ASCO GU[31] Conference 2020 demonstrating encouraging synergy in efficacy and tolerability in line with single agent safety profiles;
  • Presented Phase III data for the SAVOIR study (NCT03091192) for savolitinib in MET positive PRCC patients at the ASCO Conference 2020 showing a clear trend to superiority in efficacy and tolerability versus SUTENT® in first 60 patient data; and
  • Presented final Phase II data for TATTON (NCT02143466) at WCLC[32] 2020, a global exploratory study in NSCLC aiming to recruit patients with MET amplification who had progressed after prior treatment with EGFR[33] TATTON clearly confirmed the importance of the savolitinib plus TAGRISSO® combination.

Potential upcoming clinical and regulatory milestones for Savolitinib:

  • Potential receipt of approval in China for the treatment of patients with MET Exon 14 skipping alteration NSCLC which may occur as early as Q2 2021, enabling a $25 million first sale milestone payment from AstraZeneca. If approved, savolitinib would be the first-in-class selective MET inhibitor in China;
  • Initiate global Phase III pivotal studies for the savolitinib plus IMFINZI® combination in MET positive PRCC in mid-2021;
  • Initiate Phase II study with potential for registration intent for savolitinib in metastatic gastric cancer in China in mid-2021;
  • Conclude the SAVANNAH Phase II study (NCT03778229) for the savolitinib plus TAGRISSO® combination in NSCLC patients harboring EGFR mutation and MET amplification or overexpression. SAVANNAH will inform final regulatory, biomarker and dose regimen strategy for global Phase III development in the second half of 2021; and
  • Initiate two further pivotal Phase III studies in China in NSCLC patients in the second half of 2021.

 

HMPL-689, an investigative and highly selective small molecule inhibitor of PI3Kδ[34] designed to address the gastrointestinal and hepatotoxicity associated with currently approved and clinical-stage PI3Kδ inhibitors

  • Presented Phase I dose escalation data (NCT03128164) for HMPL-689 in patients in China with relapsed/refractory lymphoma at the ASH[35] Annual Meeting 2020 demonstrating encouraging efficacy and tolerability profile.

Potential upcoming clinical and regulatory milestones for HMPL-689:

  • Complete Phase Ib expansion study (NCT03128164) and present interim data in the second half of 2021;
  • Initiate Phase II studies with potential for registration intent in China in multiple relapsed/refractory non-Hodgkin’s lymphoma indications during 2021;
  • Complete Phase I dose escalation in the U.S. and Europe (NCT03786926) in Q2 2021 and initiate Phase Ib expansion studies in multiple non-Hodgkin’s lymphoma indications; and
  • Complete U.S. FDA regulatory discussions in the second half of 2021 followed by the initiation of registration intent studies in indolent non-Hodgkin’s lymphoma by the end of 2021.

 

HMPL-523, an investigative and highly selective small molecule inhibitor of Syk[36], an important component of the B-cell receptor signaling pathway, for the treatment of hematological cancers and immune disease

  • Completed enrollment of Phase I dose escalation study (NCT03779113) in the U.S. and Europe; and
  • Completed enrollment of Phase I/Ib study (NCT03951623) in China of HMPL-523 in ITP[37].

Potential upcoming clinical and regulatory milestones for HMPL-523:

  • Initiate a Phase III study in ITP in China in the second half of 2021.

 

HMPL-453, an investigative and highly selective small molecule inhibitor of FGFR 1/2/3

  • Initiated a Phase II study (NCT04353375) in China in patients with advanced IHCC[38] with FGFR2[39] fusion that had failed at least one line of systemic therapy.

 

HMPL-306, an investigative and highly selective small molecule inhibitor of IDH1/2[40] designed to address resistance to the currently marketed IDH inhibitors

  • Initiated a Phase I dose escalation study (NCT04272957) in China in patients with relapsed or refractory hematological malignancies with an IDH1 and/or IDH2 mutation.

Potential upcoming clinical and regulatory milestones for HMPL-306:

  • Initiate a Phase I dose escalation study in the U.S. in patients with relapsed or refractory hematological malignancies with an IDH1 and/or IDH2 mutation in the first half of 2021; and
  • Initiate a Phase I dose escalation study in the U.S. in patients with solid tumors with an IDH1 and/or IDH2 mutation in the first half of 2021.

 

HMPL-295, a an investigative and highly selective small molecule inhibitor of ERK in the MAPK pathway with the potential to address intrinsic or acquired resistance from upstream mechanisms such as RAS-RAF-MEK.

Potential upcoming clinical and regulatory milestones for HMPL-295:

  • Initiate a Phase I study in China in mid-2021

 

Discovery, our in-house scientific team has been responsible for the discovery of all ten of our clinical drug candidates including our two approved oncology drugs ELUNATE® and SULANDA®

Potential upcoming discovery milestones:

  • IND-enabling toxicity studies are underway for three additional in-house discovered oncology drug candidates, two small molecules and one antibody. If the outcomes of these studies are as we anticipate, we will follow with IND submissions during 2021.

 

IV. MANUFACTURING OPERATIONS

  • Received surufatinib update to drug manufacturing license at our Suzhou manufacturing facility, following the NMPA approval in December 2020; and
  • Broke ground in December 2020 on our $130 million new Shanghai manufacturing facility designed to support a five-fold increase in small molecule drug product manufacturing capacity relative to our existing Suzhou facilities. We plan also that in the future the Shanghai facility will also establish scale biologics manufacturing capability.

 

V. OTHER CORPORATE DEVELOPMENTS

  • Announced a clinical collaboration agreement with BeiGene in May 2020 to evaluate combining surufatinib and fruquintinib with BeiGene’s anti-PD-1 antibody tislelizumab, for the treatment of various solid tumor cancers, in the U.S., Europe, China and Australia;
  • Announced a land compensation agreement in June 2020 with the Guangzhou government for the return of the remaining 34-year land-use rights on an unused plot of land under our HBYS[41] joint venture in consideration for cash compensation of up to approximately $100 million; and
  • Announced a strategic partnership with Inmagene[42] in January 2021 to further develop four novel preclinical drug candidates discovered by HUTCHMED for the potential treatment of multiple immunological diseases.

 

VI. EVOLUTION OF OUR CORPORATE IDENTITY

Today we announce the consolidation of the two corporate identities that we have used since our inception.  Hutchison China MediTech, or Chi-Med, has been used as our group identity, while Hutchison MediPharma has been the identity of our novel drug R&D[43] operations under which our oncology products have been developed and are now being marketed.  We believe now is the right time to consolidate to a single and ubiquitous corporate identity that captures the history and brand equity we have built over the past twenty years.

Therefore, we have chosen to rename ourselves HUTCHMED.  The brand HUTCHMED will immediately replace Chi-Med as our abbreviated name.  We plan to formally change our group company name at our Annual General Meeting in April 2021, and the names of our key subsidiary companies over the balance of 2021.  Our ticker symbol, HCM, will remain unchanged on the Nasdaq Global Select Market and the AIM market of the London Stock Exchange. We have also changed our website to www.hutch-med.com. The information required pursuant to AIM Rule 26 may be found at this address.

 

VII. IMPACT OF COVID-19

The COVID-19 outbreak initially posed some challenges to our operations in 2020 resulting from restrictions in travel.  Our teams adapted quickly and were able to minimize the effect across our businesses.  We will continue to closely monitor the evolving situation.

 

FULL YEAR 2020 FINANCIAL RESULTS

Change in Segment Reporting:

As a consequence of our recent commercialization of both ELUNATE® and SULANDA® and the possible approval and launch of savolitinib during 2021, we have decided to change the manner in which we report segment results in our financial statements.  Effective from the year ended December 31, 2020, we will report two segments, (1) Oncology/Immunology, covering all activities related to oncology/immunology including sales, marketing, manufacturing and research and development with respect to our drugs and drug candidates; and (2) Other Ventures, which includes all other HUTCHMED businesses.  We have retrospectively revised prior period segment information to conform to current period presentation in the financial information contained in this announcement.

 

Cash, Cash Equivalents and Short-Term Investments were $435.2 million as of December 31, 2020 compared to $217.2 million as of December 31, 2019.

  • Adjusted Group (non-GAAP[44]) net cash flows excluding financing activities were -$78.4 million (2019: -$82.3m) mainly due to Oncology/Immunology R&D spending and partially offset by dividends received from our non-consolidated joint ventures totaling $86.7 million (2019: $28.1m); and
  • Net cash generated from financing activities in 2020 totaled $296.4 million (2019: -$1.5m) mainly resulting from a Nasdaq follow-on offering in January 2020 and two private placements to General Atlantic[45] and CPP Investments[46] completed in July and November 2020 respectively.

 

Revenues for the year ended December 31, 2020 was $228.0 million compared to $204.9 million in 2019. 

  • Oncology/Immunology consolidated revenues were $30.2 million (2019: $26.8m) comprised of $20.0 million (2019: $10.8m) in manufacturing revenues, promotion and marketing service revenues and royalties from the commercial sale of ELUNATE®; and $10.2 million (2019: $16.0m) in research and development service fee revenues primarily from AstraZeneca and Lilly; and
  • Other Ventures consolidated revenues increased 11% (11% at CER[47]) to $197.8 million (2019: $178.1m) mainly due to continued sales growth of third-party prescription drug products.

 

Net Expenses for the year ended December 31, 2020 were $353.7 million compared to $310.9 million in 2019. 

  • Cost of Sales were $188.5 million (2019: $160.2m), the majority of which was the cost of third-party prescription drug products marketed through our profitable Other Ventures;
  • R&D Expenses were $174.8 million (2019: $138.2m) mainly as a result of an expansion in the development of our ten novel oncology drug candidates. With six now in global development, our rapidly scaling international clinical and regulatory operations in the U.S. and Europe incurred expenses of $63.3 million (2019: $21.7m) while R&D expense in China was stable at $111.5 million (2019: $116.5m);
  • SG&A[48] Expenses were $61.3 million (2019: $52.9m) primarily due to increases in staff costs and share-based compensation to support expanding operations. This included the build-up of a large-scale national oncology commercial infrastructure in China to support the launch of SULANDA® and the assumption of commercial responsibility on ELUNATE®; and
  • Other Items[49] generated net income of $70.9 million (2019: $40.4m) resulting primarily from an increase in our share of equity in the earnings from equity investees under our Other Ventures in China which delivered solid underlying net income growth of 7% (9% at CER) in 2020 and also benefited from a one-time land compensation gain of $28.8 million (2019: nil).

 

Net Loss attributable to HUTCHMED for the year ended December 31, 2020 was $125.7 million compared to $106.0 million in 2019. 

  • As a result, the net loss attributable to HUTCHMED in 2020 was $0.18 per ordinary share / $0.90 per ADS[50] compared to net loss attributable to HUTCHMED of $0.16 per ordinary share / $0.80 per ADS, in 2019.

 

FINANCIAL SUMMARY

Condensed Consolidated Balance Sheet Data
(in $’000)

As of December 31,
2020   2019
Assets
   Cash and cash equivalents and short term investments 435,176 217,168
   Accounts receivable 47,870 43,254
   Other current assets 47,694 56,600
   Property, plant and equipment 24,170 20,855
   Investments in equity investees 139,505 98,944
   Other non-current assets 29,703 28,301
Total assets   724,118   465,122
Liabilities and shareholders’ equity
   Accounts payable 31,612 23,961
   Other payables, accruals and advance receipts 120,882 81,624
   Long-term bank borrowings 26,861 26,818
   Other liabilities 25,814 19,816
Total liabilities   205,169   152,219
Total Company’s shareholders’ equity 484,116 288,012
Non-controlling interests 34,833 24,891
Total liabilities and shareholders’ equity   724,118   465,122

 

Condensed Consolidated Statement of Operations Data
(in $’000, except share and per share data)

  Year Ended December 31,
  2020   2019
Revenues:      
Oncology/Immunology – Marketed Products 19,953 10,766
Oncology/Immunology – R&D 10,262 16,026
   Oncology/Immunology consolidated revenues 30,215 26,792
Other Ventures 197,761 178,098
       Total revenues 227,976   204,890
Expenses:
Costs of revenues (188,519) (160,152)
Research and development expenses (174,776) (138,190)
Selling and general administrative expenses (61,349) (52,934)
       Total expenses (424,644)   (351,276)
Loss from Operations (196,668)   (146,386)
Other income 6,934 5,281
Loss before income taxes and equity in earnings of equity investees (189,734)   (141,105)
Income tax expense (4,829) (3,274)
Equity in earnings of equity investees, net of tax 79,046 40,700
Net loss (115,517)   (103,679)
Less: Net income attributable to non-controlling interests (10,213) (2,345)
Net loss attributable to HUTCHMED (125,730)   (106,024)
Losses per share attributable to HUTCHMED – basic and diluted (0.18)   (0.16)
Number of shares used in per share calculation – basic and diluted 697,931,437 665,683,145
Losses per ADS attributable to HUTCHMED – basic and diluted (0.90)   (0.80)
Number of ADSs used in per share calculation – basic and diluted 139,586,287 133,136,629

All amounts are expressed in U.S. dollar currency unless otherwise stated.

 

FINANCIAL GUIDANCE

We provide select Financial Guidance for 2021 below reflecting expected commercial progress on ELUNATE® and SULANDA® as well as the potential launch of savolitinib in mid-2021.  While we do not provide net cash flow guidance for 2021, we do expect an increase in investment to support the many new potential registration studies we plan this year as well as the continued expansion of our organization in China, the U.S. and Europe.

To support our growth plans, we continue to actively evaluate non-core assets divestment opportunities as well as monitor market conditions for seeking further listings on other stock exchanges such as Hong Kong and Shanghai.

2020
Actual
2021
Guidance
Oncology/Immunology consolidated revenues $30.2 million $110 – 130 million

 

Use of Non-GAAP Financial Measures and Reconciliation – References in this announcement to adjusted Group net cash flows excluding financing activities and financial measures reported at CER are based on non-GAAP financial measures.  Please see the “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures, respectively.

 

—–

 

Conference Call and Audio Webcast Presentation Scheduled Today at 1 p.m. GMT / 8 a.m. EST / 9 p.m. HKT –  Investors may participate in the call as follows: +44 20 3194 0569 (U.K.) / +1 646 722 4977 (U.S.) / +852 3027 6500 (Hong Kong), or access a live audio webcast of the call via HUTCHMED’s website at www.hutch-med.com/event/.

 

Additional dial-in numbers are also available at HUTCHMED’s website. Please use participant access code “38028560#.”

 

—–

 

FINANCIAL STATEMENTS

HUTCHMED will today file with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F.

 

ANNUAL GENERAL MEETING

The Annual General Meeting of HUTCHMED will be held on Wednesday, April 28, 2021.  Notice of the 2021 Annual General Meeting will be published and issued to shareholders in due course.

 

About HUTCHMED

HUTCHMED (Nasdaq/AIM: HCM) is an innovative, commercial-stage, biopharmaceutical company committed, over the past twenty years, to the discovery and global development of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases.  It has a produced ten cancer drug candidates in clinical studies around the world and extensive commercial infrastructure in its home market of China.  For more information, please visit: www.hutch-med.com.

 

CONTACTS

Investor Enquiries

Mark Lee, Senior Vice President +852 2121 8200
Annie Cheng, Vice President +1 (973) 567 3786

Media Enquiries

Americas
Brad Miles, Solebury Trout +1 (917) 570 7340 (Mobile)
bmiles@troutgroup.com
Europe
Ben Atwell / Alex Shaw,
FTI Consulting
+44 20 3727 1030 /
+44 7771 913 902 (Mobile) /
+44 7779 545 055 (Mobile)
Chi-Med@fticonsulting.com
Asia
Joseph Chi Lo, Brunswick +852 9850 5033 (Mobile)
jlo@brunswickgroup.com
Zhou Yi, Brunswick +852 9783 6894 (Mobile)
yzhou@brunswickgroup.com

Nominated Advisor

Freddy Crossley / Atholl Tweedie,
Panmure Gordon (UK) Limited
+44 (20) 7886 2500

 

References

Unless the context requires otherwise, references in this announcement to the “Group,” the “Company,” “HUTCHMED,” “HUTCHMED Group,” “we,” “us,” and “our,” mean Hutchison China MediTech Limited and its consolidated subsidiaries and joint ventures unless otherwise stated or indicated by context.

 

Past Performance and Forward-Looking Statements

The performance and results of operations of the Group contained within this announcement are historical in nature, and past performance is no guarantee of future results of the Group.  This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These forward-looking statements can be identified by words like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “pipeline,” “could,” “potential,” “first-in-class,” “designed to,” “objective,” “guidance,” “pursue,” or similar terms, or by express or implied discussions regarding potential drug candidates, potential indications for drug candidates or by discussions of strategy, plans, expectations or intentions. You should not place undue reliance on these statements.  Such forward-looking statements are based on the current beliefs and expectations of management regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.  There can be no guarantee that any of our drug candidates will be approved for sale in any market, or that any approvals which are obtained will be obtained at any particular time, or that any such drug candidates will achieve any particular revenue or net income levels. In particular, management’s expectations could be affected by, among other things: unexpected regulatory actions or delays or government regulation generally; the uncertainties inherent in research and development, including the inability to meet our key study assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria and funding requirements, changes to clinical protocols, unexpected adverse events or safety, quality or manufacturing issues; the inability of a drug candidate to meet the primary or secondary endpoint of a study; the impact of the COVID-19 pandemic or other health crises in China or globally; the inability of a drug candidate to obtain regulatory approval in different jurisdictions or gain commercial acceptance after obtaining regulatory approval; global trends toward health care cost containment, including ongoing pricing pressures; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability litigation, litigation and investigations regarding sales and marketing practices, intellectual property disputes, and government investigations generally; and general economic and industry conditions, including uncertainties regarding the effects of the persistently weak economic and financial environment in many countries and uncertainties regarding future global exchange rates. For further discussion of these and other risks, see HUTCHMED’s filings with the U.S. Securities and Exchange Commission and on AIM.  HUTCHMED is providing the information in this announcement as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.

In addition, this announcement contains statistical data and estimates that HUTCHMED obtained from industry publications and reports generated by third-party market research firmsAlthough HUTCHMED believes that the publications, reports and surveys are reliable, HUTCHMED has not independently verified the data and cannot guarantee the accuracy or completeness of such data.  You are cautioned not to give undue weight to this data.  Such data involves risks and uncertainties and are subject to change based on various factors, including those discussed above.

 

Inside Information

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

Ends

 

REFERENCES AND ABBREVIATIONS

1 Sales of Elunate® to third parties invoiced by Lilly were $32.7 million (2019: $17.6m) & invoiced by HUTCHMED were $1.0 million (2019: nil).

2 Lilly = Eli Lilly and Company

3 NRDL = National Reimbursement Drug List

4 NET = Neuroendocrine tumors

5 NMPA = National Medical Products Administration

6 NDA = New Drug Application

7 MET = Mesenchymal epithelial transition receptor

8 NSCLC = Non-small cell lung cancer

9 IND = Investigational new drug application

10 ERK = Extracellular signal-regulated kinase

11 MAPK pathway = RAS-RAF-MEK-ERK signaling cascade

12 FDA = Food and Drug Administration

13 EMA = European Medicines Agency

14 CHMP = Committee for Medicinal Products for Human Use

15 MAA = Marketing Authorisation Application

16 CRC = Colorectal cancer

17 VEGFR = Vascular endothelial growth factor receptor

18 FGFR = Fibroblast growth factor receptor

19 CSF-1R = Colony stimulating factor-1 receptor

20 ESMO = European Society for Medical Oncology Annual Congress

21 ASCO = American Society of Clinical Oncology Annual Meeting

22 AACR = American Association of Cancer Research Annual Meeting

23 Junshi = Shanghai Junshi Biosciences Co. Ltd.

24 PD-1 = Programmed Cell Death Protein-1

25 BeiGene = BeiGene Ltd.

26 IDMC = Independent data monitoring committee

27 Innovent = Innovent Biologics, Inc.

28 AstraZeneca = AstraZeneca AB (publ)

29 PD-L1 = Programmed death-ligand 1

30 PRCC = Papillary renal cell carcinoma

31 ASCO GU = American Society of Clinical Oncology Genitourinary Symposium

32 WCLC = World Conference on Lung Cancer

33 EGFR = Epidermal growth factor receptor

34 PI3Kδ = Phosphoinositide 3-kinase delta

35 ASH = American Society of Hematology Annual Meeting

36 Syk = Spleen tyrosine kinase

37 ITP = Immune thrombocytopenia purpura

38 IHCC = Intrahepatic cholangiocarcinoma

39 FGFR2 = Fibroblast growth factor receptor 2

40 IDH1/2 = Isocitrate dehydrogenase 1/2

41 HBYS = Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company Limited

42 Inmagene = Inmagene Biopharmaceuticals Co. Ltd.

43 R&D = Research and development

44 GAAP = Generally Accepted Accounting Principles

45 General Atlantic = General Atlantic Singapore HCM Pte. Ltd

46 CPP Investments = Canada Pension Plan Investment Board

47 We also report changes in performance at constant exchange rate (“CER”) which is a non-GAAP measure.  Please refer to “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures.

48 SG&A = Selling, general and administrative

49 Other items = includes other income, income tax expense, equity in earnings of equity investees, net of tax and net income attributable to non-controlling interests

50 ADS = American depositary share