Hutchmed (China) Limited on Wednesday said it remains on track to meet full year guidance for its oncology/immunology business, despite a fall in revenue.

Hutchmed is a Hong Kong-based biopharmaceutical company focused on the development and commercialisation of therapies and immunotherapies for the treatment of cancer and immunological diseases.

Hutchmed reported a 43% fall in revenue to $305.7 million for the six months that ended June 30 from $532.9 million a year before.

Within this, oncology/immunology consolidated revenue was $168.7 million for the half, down from $359.2 million a year prior. However, first-half oncology/immunology product revenue rose 59% to $127.8 million from $80.1 million year-on-year, while R&D revenue within the consolidated total was $40.8 million, down from $279.0 million.

Net income decreased by 85% to $26.2 million for the half from $169.5 million a year before.

Looking forward, Hutchmed said it remains on track to meet its full-year guidance for oncology/immunology.

Thanks to the rising product revenue, consolidated revenue for oncology/immunology is expected to be between $300 million to $400 million, with a 30% to 50% growth rate.

Chair Dan Eldar commented: ‘Hutchmed has delivered strong performance in the first half of this year. The team has made significant progress implementing our strategy in discovering and developing novel, effective medicines; conducting clinical trials in our home market and in the global markets; and rapidly advancing regulatory and commercial goals.’

Hutchmed shares were up 5.0% to 296.00 pence each in London on Wednesday afternoon.

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