Several presentations on key HUTCHMED pipeline assets were featured at ASCO 2023. Notably for lead asset fruquintinib these included sub-group analyses from the global Phase III multi-regional FRESCO-2 study in metastatic colorectal cancer (mCRC), a key element of the recently accepted US and EU filings; real-world China data in 3,000+ patients, where it has been available as Elunate since 2018; and exploratory investigator-sponsored combination studies with PD-1 inhibitors and chemotherapy. Subject to a positive regulatory decision by the 30 November 2023 PDUFA goal date, fruquintinib will become the first HUTCHMED product to be launched outside China, partnered with Takeda ex-China. Our valuation remains US$5.5bn (US$32.01 per ADS), £4.6bn and HK$43.2bn (534p or HK$49.94 per share).
