Hutchmed Clocks Over 50% Jump In FY21 Sales Boosted By Three Oncology Drugs, Announces CEO Transition

Hutchmed (China) Limited HCM reported FY21 sales of $356.1 million, up 56% Y/Y, driven by commercial progress on three in-house developed oncology drugs Elunate, Sulanda, and Orpathys.
FY21 Oncology/Immunology consolidated revenues reached $119.6 million, up 296%, in line with the guidance of $110-130 million. Elunate revenues increased 168% to $53.5 million.
Sulanda revenues reached $11.6 million since the mid-January 2021 launch, initially approved to treat patients with advanced extra-pancreatic (non-pancreatic) NET and subsequently approved to treat patients with pancreatic NET in June 2021.
Orpathys revenue of $36.3 million since the mid-July 2021 launch comprised a $25.0 million first sale milestone payment and $11.3 million in manufacturing revenues and royalties.
The Company posted an EPS loss of $(0.25) compared to the $(0.18) a year ago.
Guidance: For FY22, Hutchmed expects Oncology/Immunology consolidated revenues of $160 million - 190 million.
CEO Transition: The Company's CEO, Christian Hogg, has announced retirement after almost 22 years with the Company, including 15 years as Executive Director and CEO.
Weiguo Su, current Chief Scientific Officer, is appointed as the new CEO.
Price Action: HCM shares are down 4.85% at $24.92 during the market session on the last check Thursday.

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