Hutchison China MediTech upgraded by Panmure
In a new report on Chinese pharmaceutical company Hutchison China MediTech (LSE: HCM), Panmure Gordon analyst Savvas Neophytou points to the possibility of strong data emerging from cancer candidate volitinib in Phase I trials following partner AstraZeneca’s highlighting the product as a Phase III prospect as early as 2015.
He has further upgraded his fiscal year 2013 MediPharma unit forecasts to $15.5 million in revenues (from $10.8m previously), which results in an earnings per share upgrade to 13.7 cents (from 10.8 cents). Further out, fiscal 2014 could be a transforming year for Hutchison China MediTech if long-anticipated upgrades materialize from an easing of the well-known raw material squeeze and delivers further licensing deals.
Revenues expected to double
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