HUTCHMED (China) Limited (HCM) announced on Wednesday that the net income attributable to the company for the fiscal year 2023 was $100.8 million. This contrasts with a previous net loss of $360.8 million the year before.
Earnings amounted to $0.12 per ordinary share, or alternatively, $0.59 per American Depositary Share (ADS). Last year saw a loss of $0.43 per ordinary share, or $2.13 per ADS.
There has been phenomenal growth in revenue, with a 97 percent increase to $838 million, up from $426.4 million the previous year. After adjusting for changes in exchange rates, the growth was 102 percent.
This rise in revenue and profits can be attributed to the partnership with Takeda, expansion in the Chinese market, and increased third-party distribution sales.
Looking forward to fiscal 2024, HUTCHMED projects their consolidated revenue from the Oncology and Immunology sectors to be between $300 and $400 million. The company is targeting a growth of 30 to 50 percent in revenue from marketed oncology products.
During pre-market trade on the New York Stock Exchange, shares in HUTCHMED increased by around 3.2 percent, trading at $16.50 per share.
