Company Coverage
HUTCHMED (China): 1H26: Revenue In Line: ASP 1H26: Satisfactory Results, New Wave Of Product Approvals To Fuel Growth
BUY (Maintained)
Current price:
Target price:
Upside:
HK$17.95
HK$26.00
+44.8%
Analyst
Analyst
Highlights
- HUTCHMED reported satisfactory 1H26 results with total revenue flat from 1H25, and net earnings reaching US$15.9m. Its core business oncology/immunology revenue rebounded significantly by 13.2% yoy driven by sustained overseas growth and a continued sales recovery in China.
- It keeps its 2026 revenue target for oncology/immunology unchanged at US$330m-450m. Seeing smooth R&D progress, we expect a new wave of market approvals to fuel growth for HUTCHMED in the years ahead.
Maintain BUY with an unchanged target price of HK$26.00.
Analysis
- 1H26 results in line. HUTCHMED (China)’s (HUTCHMED) 1H26 revenue amounted to US$278.3m, flat from 1H25. Adjusted net earnings were US$15.9m, down 96.5% yoy, primarily reflecting the non-recurrence of a one off gain from the partial equity divestment in Shanghai Hutchison Pharmaceuticals recorded in 1H25. The results are in line with our estimates.
Highlights
- HUTCHMED reported satisfactory 1H26 results with total revenue flat from 1H25, and net earnings reaching US$15.9m. Its core business oncology/immunology revenue rebounded significantly by 13.2% yoy driven by sustained overseas growth and a continued sales recovery in China.
- It keeps its 2026 revenue target for oncology/immunology unchanged at US$330m-450m. Seeing smooth R&D progress, we expect a new wave of market approvals to fuel growth for HUTCHMED in the years ahead.
Maintain BUY with an unchanged target price of HK$26.00.
Analysis
- 1H26 results in line. HUTCHMED (China)’s (HUTCHMED) 1H26 revenue amounted to US$278.3m, flat from 1H25. Adjusted net earnings were US$15.9m, down 96.5% yoy, primarily reflecting the non-recurrence of a one off gain from the partial equity divestment in Shanghai Hutchison Pharmaceuticals recorded in 1H25. The results are in line with our estimates.
BUY (Maintained)
Current price:
Target price:
Upside:
HK$17.95
HK$26.00
+44.8%
Analyst
Analyst
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