Guosen Securities research pointed out that Hutchmed (China) Astrazeneca's SUL-121 continued response rate in adult ITP patients reached 51.4% and demonstrated good safety, potentially becoming a Syk inhibitor for BIC. According to the current review progress, it is expected that SUL-121 will be approved for market launch in China in 2025; Fruquintinib achieved over 0.2 billion US dollars in sales in the first three quarters of this year in the USA, and was approved for launch in Japan and Europe in the second half of this year. It is expected to continue the trend of overseas sales growth next year; Savolitinib successfully renewed medical insurance coverage, and achieved positive results in the SAVANNAH clinical trial. Astrazeneca hopes to submit a market application to the FDA based on this clinical data.
The company stated that Hutchmed (China)'s core product Fruquintinib is in a phase of rapid overseas sales growth, Savolitinib is also expected to submit a market application to the FDA, and SUL-121 has excellent clinical data, expected to be approved for market launch in 2025. The company has made progress in clinical development and commercialization, maintaining profit forecasts. It is expected that the company's revenue for 2024-2026 will be 0.659/0.818/0.932 billion US dollars, with a year-on-year growth of -21.3%/24.0%/14.0%, and net income attributable to the parent company will be -0.012/0.061/0.108 billion US dollars, maintaining an "outperform the market" rating.
