HUTCHMED Turns To Profit In FY23, Revenue Surges; Stock Up In Pre-market

(RTTNews) - HUTCHMED (China) Limited (HCM) reported Wednesday that its fiscal 2023 net income attributable to the company was $100.8 million, compared to last year's net loss of $360.8 million.

Earnings were $0.12 per ordinary share / $0.59 per ADS, compared to loss of $0.43 per ordinary share / $2.13 per ADS in 2022.

Revenue grew 97 percent to $838 million from prior year's $426.4 million. The growth was 102 percent at constant exchange rates.

The results were driven by the Takeda partnership, strong commercial progress in China, and growth in third-party distribution sales.

Looking ahead for fiscal 2024, the company sees Oncology/Immunology consolidated revenue to be $300 million to $400 million, driven by 30 percent to 50 percent growth target in oncology marketed product revenue.

In pre-market activity on the NYSE, HUTCHMED shares were gaining around 3.2 percent to trade at $16.50.

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