25 May 2012

Chi-Med bullish despite interim losses

06/08/2008 Robert Tyerman

Hutchison China MediTech (Chi-Med) sounds bullish despite a 54 per cent first-half loss increase to $4 million (£2 million).

Hong Kong-based Chi-Med, an AIM-quoted subsidiary of veteran tycoon Li Ka-Shing’s Hutchison Whampoa conglomerate, increased sales of drugs and healthcare products derived from traditional Chinese medicine and botanical ingredients by 40 per cent to $46 million in the six months to June. Chief executive officer Christian Hogg highlights strong sales growth in the prescription, over-the-counter and health food markets in China and progress with Phase 11 trials for the company’s drug candidate HMPL-004 in both Crohn’s disease and ulcerative colitis. Meanwhile, Sen, Chi-Med’s consumer products division, now has 10 shops in London and has recently launched new products across France.

According to Hogg, Chi-Med, which ended June with $45.2 million cash, ‘remains very confident that we will add significant further shareholder value in the rest of this year and beyond’. Another group company, Hutchison Healthcare Holdings, holds nearly 72 per cent of Chi-Med shares, which were floated in 2006 at 275p, had fallen to 83p by last March and have now rallied to 123.5p, valuing the company at £63.25 million.

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Sector: Pharmaceuticals & Biotechnology

Companies: Hutchison China Meditech

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