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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Hutchmed (china) Limited | LSE:HCM | London | Ordinary Share | KYG4672N1198 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 25.00 | 7.99% | 338.00 | 335.00 | 338.00 | 346.00 | 323.00 | 324.00 | 343,723 | 16:35:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Pharmaceutical Preparations | 838M | 100.78M | - | N/A | 0 |
From May 2019 to May 2024
Hutchison China MediTech Limited (“Chi-Med”) (AIM/Nasdaq: HCM), the China-based biopharmaceutical company focused on discovering and developing targeted therapies for oncology and immunological diseases for the global market, today announces its unaudited financial results for the six months ended June 30, 2017.
Group: Record revenue; continued investment in clinical pipeline
Innovation Platform: Submitted first China New Drug Application (“NDA”) on fruquintinib; initiated first global Phase III registration study on savolitinib; five other pivotal Phase III studies underway or completing; three more preparing to start
Commercial Platform: High-performance drug marketing and distribution platform covers ~300 cities/towns in China with >3,300 sales people. High value products and household name brands
Solid cash position:
Potential major milestones targeted for rest of 2017 and into 2018
References in this announcement to adjusted research and development expenses and consolidated net income attributable to Chi-Med from our Commercial Platform are based on non-GAAP financial measures. Please see the “Use of Non-GAAP Financial Measures and Reconciliation” below for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures, respectively.
U.K. Analysts Meeting and Webcast Scheduled Today at 9:00 a.m. BST (4:00 p.m. HKT) – at Panmure Gordon & Co, One New Change, London EC4M 9AF, U.K. Investors may participate in the call at +44 20 3003 2666 or access a live video webcast of the call via Chi-Med’s website at www.chi-med.com/investors/event-information/.
U.S. Conference Call Scheduled Today at 9:00 a.m. EDT – to participate in the call from the United States, please dial 1 866 966 5335.
Additional dial-in numbers are also available at Chi-Med's website. For both calls and all dial-in numbers, please use conference ID “Chi-Med.”
Simon To, Chairman of Chi-Med, said: “Chi-Med’s consistent strategy over the past 16 years has generated considerable shareholder value, and we believe it is now poised to deliver substantially more.
In our Innovation Platform, we have progressed our deep portfolio of eight clinical drug candidates, now in 31 active or completing clinical trials around the world. In the process we have achieved two particularly important milestones: the formal NDA submission for fruquintinib in third-line CRC in China; and the initiation of our first global Phase III registration study of savolitinib in c-MET-driven metastatic PRCC. We also presented positive Phase Ib/II data at major scientific conferences in early 2017 on savolitinib in PRCC, fruquintinib in gastric cancer, and sulfatinib in NET and thyroid cancer.
Now, subject to approval, we expect to launch fruquintinib in China in 2018 with our commercial partner, Lilly. Importantly also, later in 2017, we will present eagerly-awaited Phase II clinical trials data on savolitinib in combination with Tagrisso® and Iressa® in NSCLC thereby allowing AstraZeneca AB (publ) (“AstraZeneca”) to clarify their plans for potential global Phase III registration. Furthermore, we are also now preparing to initiate Phase III registration studies in China of fruquintinib in gastric cancer and of epitinib in NSCLC patients with brain metastasis. The progress of our pipeline is testament to the quality of our in-house research organization, which has discovered all eight of our clinical drug candidates. It also demonstrates that global quality drug discovery is now very much possible in China.
At the same time, regulatory reform is moving at speed in China, improving transparency and raising the standards of clinical data reliability. This helps us, since, at Chi-Med we have always run all our clinical trials to global standards, be they inside or outside China. Fruquintinib is now set to establish an important new reference point, under the reformed regulatory framework in China, for both quality and rigor of clinical trials and for speed to approval. Change is also underway on the National Drug Reimbursement List (“NDRL”) in China, with the first steps having been taken this month to include multiple innovative cancer drugs for some level of reimbursement in a clear move to broaden accessibility.
In parallel, our Commercial Platform continues to grow sales and profits showing resilience against the normal pressures of dynamic and competitive markets. During late 2016 and early 2017, we increased prices in our Prescription Drugs business; and moved our Consumer Health factory over 1,400 kilometers to a lower-cost, larger capacity site in central China. Both had short-term effects; but both are now set to benefit our businesses materially. There were also market pressures on our Consumer Health business, with rapid raw material price increases, a relatively quiet influenza season and around a 5% fall in the Chinese RMB, which affected our U.S. dollar stated financial results. Despite this, net income attributable to Chi-Med from our Commercial Platform increased by 14% to $25.2 million, and we expect to meet full year guidance on core operations. We see this as a measure of the strength of our brands, teams and operations.
Our consistent commercial and scientific strategy, and our pragmatic approach to managing finance and risk, have led to the strength of both our position today and our prospects. The first of our new drug candidates, led by fruquintinib, and including savolitinib, sulfatinib and epitinib, are all progressing towards potential registration and launch in major markets with the balance of our pipeline of drug candidates including theliatinib, HMPL-523, HMPL-689 and HMPL-453 now mostly in proof-of-concept studies.
In addition, our discovery platform is generating a third wave of innovation with a strong focus on immunotherapy. Combining this innovation pipeline with our China marketing and distribution platform, our international partners and our financial stability, all lead Chi-Med to view our future with great confidence.”
FINANCIAL HIGHLIGHTS:
Consolidated financial results of the Group are reported under U.S. generally accepted accounting principles (“U.S. GAAP”) and in U.S. dollar currency unless otherwise stated. Chi-Med also conducts its business through three non-consolidated joint ventures, which are accounted for under the equity accounting method as non-consolidated entities in our consolidated financial statements. Within this announcement, certain financial results reported by such non-consolidated joint ventures are referred to, which are based on figures reported in their respective consolidated financial statements prepared pursuant to International Financial Reporting Standards (as issued by the International Accounting Standards Board). Unless otherwise indicated, references to “subsidiaries” mean the consolidated subsidiaries and joint ventures (excluding non-consolidated joint ventures) of Chi-Med.
Group Results
Innovation Platform – a deep broad, risk-balanced global oncology/immunology pipeline
Commercial Platform – a deeply established, cash-generative, pharmaceutical business in China – a platform to commercialize our Innovation Platform candidate drugs
KEY H1 2017 OPERATIONAL HIGHLIGHTS:
Innovation Platform: In June this year, we both completed our first NDA submission, for fruquintinib in third-line CRC, and initiated our first global Phase III study in oncology, for savolitinib in PRCC. Each triggered milestone payments from our partners Lilly and AstraZeneca, and each represents major achievements for Chi-Med and for the biotech industry in China.
1. Kidney cancer:
a. Presented Phase II global multicenter study in advanced PRCC at the 2017 ASCO Genitourinary Cancers Symposium showing robust efficacy with savolitinib monotherapy in c-MET-driven patients. Median progression free survival (“PFS”) of 6.2 months in patients with c-MET-driven tumors as compared with 1.4 months (p<0.0001) in c-MET-independent patients. Objective response rate (“ORR”) was 18.2% in c-MET-driven patients vs. 0% (p=0.002) in c-MET independent patients. Encouraging durable response and a tolerable safety profile were reported in savolitinib treated patients. The full article has now been published in the Journal of Clinical Oncology.
b. A global Phase III study, the SAVOIR study, was initiated in late June 2017. The SAVOIR study is an open-label, randomized, controlled trial evaluating the efficacy and safety of savolitinib, compared with Sutent®, in patients with c-MET-driven, unresectable, locally advanced or metastatic PRCC. Approximately 180 patients will be randomized in the United States and Europe; c-MET-driven PRCC patients will be selected through the use of a companion diagnostic kit.
c. Confirmed combination dose of savolitinib in combination with anti-programmed death-ligand 1 (“PD-L1”) antibody, Imfinzi® (durvalumab), via Phase Ib study in clear cell renal cell carcinoma (“ccRCC”) patients. A ccRCC expansion phase is now underway.
2. Lung cancer:
a. Continued enrollment of Phase II studies in NSCLC patients with EGFR mutations who have progressed following first-line EGFR TKI therapy and harbor c-MET gene amplification. We are preparing to present data on the following studies at major scientific conferences later in 2017: (1) a Phase II study, the TATTON study (Part B), of savolitinib in combination with Tagrisso® in second-line or third-line EGFR TKI refractory NSCLC patients; and (2) a Phase II study of savolitinib in combination with Iressa® in second-line EGFR TKI refractory NSCLC patients.
1. CRC (third-line or above): Reported in March 2017 that fruquintinib convincingly met the primary endpoint of median overall survival (“OS”), 9.30 months versus 6.57 months (p<0.001), and all secondary endpoints in the FRESCO Phase III study as a monotherapy among third-line CRC patients in China; further, that the adverse events (“AEs”) demonstrated in FRESCO did not identify any new or unexpected safety issues; then presented the full FRESCO data-set in an oral presentation at ASCO and completed submission of our China NDA in June 2017. Subject to CFDA approval, fruquintinib is expected to launch in China in 2018. Based on the patient population in third-line CRC in China, as well as the sales performance of TKIs launched in recent years in China, we estimate peak fruquintinib revenues, in third-line CRC alone, could reach between $110-160 million annually resulting in peak net income to Chi-Med of around $20-35 million.
2. NSCLC (third-line): Continue to enroll a Phase III study, named FALUCA, with a primary endpoint of OS, to evaluate fruquintinib in third-line NSCLC patients in China; expect to complete enrollment in early 2018; top-line Phase III data expected to be reported in late 2018; subject to positive FALUCA outcome, we target to submit a second China NDA shortly thereafter.
3. Gastric cancer (second-line): Presented positive interim results in the Phase I/Ib dose finding/expansion study in early 2017 at the ASCO Gastrointestinal Cancers Symposium. Established a well-tolerated combination dose of 4mg fruquintinib with 80mg/m2 weekly of Taxol® with encouraging efficacy, including ORR of 36%; Disease Control Rate (“DCR”) of 68%; ≥16 week PFS of 50% and ≥7 month OS of 50%. On track now to initiate a Phase III registration study in China in 2017.
4. NSCLC (first-line): In January 2017, we initiated a Phase II study of fruquintinib in combination with Iressa® in first-line NSCLC patients with EGFR activating mutations in China.
5. Production facility in Suzhou, China operated by Chi-Med is now ready to support commercial launch of fruquintinib in 2018.
6. Planning to initiate global development of fruquintinib in 2017, initially through a Phase I dose confirmation study in Caucasian patients in the United States.
1. NET:
a. Presented positive Phase II study at the European Neuroendocrine Tumor Society (“ENETS”) conference in early 2017. Established that sulfatinib was well tolerated with highly encouraging efficacy in both pancreatic NET (ORR 17.1%; DCR 90.2%; and median PFS 19.4 months) and non-pancreatic NET (ORR 15.0%; DCR 92.5%; and median PFS 13.4 months) with 100% DCR in twelve patients who had disease progression on targeted therapies such as Sutent® and Afinitor® (everolimus); now enrolling two Phase III studies in China, named SANET-p (in pancreatic NET patients) and SANET-ep (in non-pancreatic NET patients), with primary endpoint median PFS.
b. U.S. Phase I dose confirmation study in Caucasian patients is near completion, and a Phase II expansion study in the United States is expected to be initiated in late 2017 or early 2018.
2. Thyroid cancer: Presented Phase II data at ASCO in June 2017 in patients with locally advanced or metastatic radioactive iodine (“RAI”)-refractory differentiated thyroid cancer (“DTC”) or medullary thyroid cancer (“MTC”) in China. Preliminary data in 18 patients showing an ORR of 25% in RAI-DTC and an ORR of 17% in MTC patients, with all other patients reporting stable disease (“SD”).
3. Biliary tract cancer: Initiated a Phase II proof-of-concept study in China in January 2017.
1. NSCLC with brain metastasis: Epitinib has been shown to be well tolerated with encouraging efficacy with an overall ORR (lung and brain) of 62% in all EGFR TKI naïve NSCLC patients (those patients not previously treated with an EGFR TKI) and an ORR of 70%, including both confirmed and unconfirmed partial responses (“PRs”), in EGFR TKI naïve NSCLC patients who also had measurable brain metastasis and were c-MET negative. Based on these data we are preparing to initiate a Phase III registration study in China in late 2017 or early 2018.
2. Glioblastoma: Planning underway to start a Phase II study in glioblastoma, a primary brain cancer that harbors high levels of EGFR gene amplification, in 2017.
Hematological cancer: Currently enrolling Phase I dose escalation studies in Australia and China in patients with hematologic malignancies. Dose escalation continues to evaluate both once daily (“QD”) and twice daily regimes and will begin dose expansion with single agent HMPL-523 in due course. We target to present proof-of-concept data in 2018.
Hematological cancer: Completed Phase I study in healthy volunteers in Australia, now preparing to start Phase I in patients with lymphomas in China where we received IND clearance in early 2017.
Esophageal cancer: Phase I dose escalation study is continuing and a Phase II expansion in esophageal cancer patients with a high level of EGFR activation, including gene amplification and protein over-expression was initiated in early 2017.
Solid tumors: During the first half of 2017, we initiated Phase I dose escalation studies in both Australia and China.
Commercial Platform: Net profit increased 14% to $25.2 million (H1 2016: $22.1m) with strong Prescription Drugs growth and $2.5 million in one-time government subsidies more than offsetting the effect of challenging conditions in the OTC business; as well as the -5% weakening of the Chinese RMB.
1. Shanghai Hutchison Pharmaceuticals Limited (“SHPL”) – our large-scale non-consolidated Prescription Drugs joint venture – Continued progress on SXBX pill, our most important commercial product, a prescription vasodilator that accounts for about 12% of China’s over $1.5 billion botanical coronary artery disease prescription drug market. SXBX pill is a proprietary product with full patent protection through 2029. During late 2016 and early 2017, we have been able to effectively implement a pricing strategy that provides an important foundation for future margin improvement and profit growth.
2. Shanghai government subsidy – SHPL was awarded a significant one-time increase in its regular government research and development subsidies. This totaled $5.9 million, equivalent to $2.5 million in net income attributable to Chi-Med.
3. Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Limited (“Hutchison Sinopharm”) – our Prescription Drugs commercial services business – Continued commercial success in the first half of 2017 on Seroquel® (bi-polar disorder/schizophrenia), which grew sales by 10% to $18.9 million (H1 2016: 17.2m), and Concor® (hypertension/high blood pressure) where strong results, 75% year-on-year growth, recently led Merck Serono to expand Hutchison Sinopharm’s exclusive territory by over 70% to now cover a total of six provinces/municipalities with a population of over 360 million people.
Short-term OTC profit pressure – capacity constraint and depreciation costs – caused by regulatory hiatus before the start of production at our new factory; an increase in certain key raw material prices; and the quietest influenza season since 2014.
2017 AND EARLY 2018 MILESTONES: We target to present multiple clinical data updates during the balance of 2017 and early 2018, including:
We hope to achieve multiple clinical and regulatory milestones during 2017 and early 2018, including:
FINANCIAL GUIDANCE: Our updated guidance for 2017, compared to the most recent guidance in our full year results announcement for the year ended December 31, 2016 dated March 13, 2017, reflects no overall change to estimated net income/(loss) for the Chi-Med Group. The only adjustment that we would highlight is the potential for deferral, into 2018, of the one-time property gains resulting from Guangzhou government policy. Full year 2017 financial guidance is detailed below:
Group Level: 2017 PreviousGuidance[1]
2017 CurrentGuidance
AdjustmentInnovation Platform:
Commercial Platform:
About Chi-Med
Chi-Med is an innovative biopharmaceutical company which researches, develops, manufactures and sells pharmaceuticals and healthcare products. Its Innovation Platform, Hutchison MediPharma Limited, focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases for the global market. Its Commercial Platform manufactures, markets, and distributes prescription drugs and consumer health products in China. Chi-Med is majority owned by the multinational conglomerate CK Hutchison Holdings Limited (“CK Hutchison”) (SEHK: 0001). For more information, please visit: www.chi-med.com.
References
Unless the context requires otherwise, references in this announcement to the “Group,” the “Company,” “Chi-Med,” “Chi-Med Group,” “we,” “us” and “our” mean Hutchison China MediTech Limited and its consolidated subsidiaries and joint ventures unless otherwise stated or indicated by context.
Past Performance and Forward-Looking Statements
The performance and results of operations of the Group contained within this announcement are historical in nature, and past performance is no guarantee of future results of the Group. This announcement contains forward-looking statements within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “pipeline,” “could,” “potential,” “believe,” “first-in-class,” “best-in-class,” “designed to,” “objective,” “guidance,” “pursue,” or similar terms, or by express or implied discussions regarding potential drug candidates, potential indications for drug candidates or by discussions of strategy, plans, expectations or intentions. You should not place undue reliance on these statements. Such forward-looking statements are based on the current beliefs and expectations of management regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that any of our drug candidates will be approved for sale in any market, or that any approvals which are obtained will be obtained at any particular time, or that any such drug candidates will achieve any particular revenue or net income levels. In particular, management’s expectations could be affected by, among other things: unexpected regulatory actions or delays or government regulation generally; the uncertainties inherent in research and development, including the inability to meet our key study assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria and funding requirements, changes to clinical protocols, unexpected adverse events or safety, quality or manufacturing issues; the inability of a drug candidate to meet the primary or secondary endpoint of a study; the inability of a drug candidate to obtain regulatory approval in different jurisdictions or gain commercial acceptance after obtaining regulatory approval; global trends toward health care cost containment, including ongoing pricing pressures; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability litigation, litigation and investigations regarding sales and marketing practices, intellectual property disputes, and government investigations generally; and general economic and industry conditions, including uncertainties regarding the effects of the persistently weak economic and financial environment in many countries and uncertainties regarding future global exchange rates. For further discussion of these and other risks, see Chi-Med’s filings with the U.S. Securities and Exchange Commission and on AIM. Chi-Med is providing the information in this announcement as of this date and does not undertake any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
In addition, this announcement contains statistical data and estimates that Chi-Med obtained from industry publications and reports generated by third-party market research firms, including Frost & Sullivan and QuintilesIMS, independent market research firms, and publicly available data. All patient population, market size and market share estimates are based on Frost & Sullivan or QuintilesIMS research, unless otherwise noted. Although Chi-Med believes that the publications, reports and surveys are reliable, Chi-Med has not independently verified the data. Such data involves risks and uncertainties and are subject to change based on various factors, including those discussed above.
Inside Information
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
Use of Non-GAAP Financial Measures and Reconciliation: In addition to financial information prepared in accordance with U.S. GAAP, this announcement also contains certain non-GAAP financial measures based on management’s view of performance including:
Management uses such measures internally for planning and forecasting purposes and to measure the Chi-Med Group’s overall performance. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. Other companies may define these measures in different ways. The following items are adjusted financial measures:
Adjusted research and development expenses: Our presentation of adjusted research and development expenses serves to illustrate the total amount of corporate resources spent on our Innovation Platform operating segment. As such, it includes certain administrative and other expenses incurred by, and interest income earned by our Innovation Platform. It also includes our share of the net losses of NSP, our equity investee principally engaged in the research and development of pharmaceutical products.
Adjusted consolidated net income attributable to Chi-Med from our Commercial Platform: We exclude the impact of a $2.5 million one-time gain which was R&D related subsidies from the Shanghai government to SHPL.
Reconciliation of GAAP to adjusted research and development expenses:
$’000For the six monthsended June 30, 2017
For the six monthsended June 30, 2016
Research and development expenses (31,566) (31,184) Plus: Innovation Platform – administrative and other expenses (3,627)(2,782)
Plus: Equity in earnings of equity investees - NSP and other (2,363) (2,096) Plus: Innovation Platform – interest income 19 25 Adjusted research and development expenses (37,537) (36,037)Reconciliation of GAAP to adjusted consolidated net income attributable to Chi-Med from our Commercial Platform:
$’000For the six monthsended June 30, 2017
For the six monthsended June 30, 2016
Consolidated net income attributable to Chi-Med – Commercial Platform 25,158 22,147 Less: One-time gain associated with R&D related subsidies (2,494) - Adjusted consolidated net income attributable to Chi-Med – Commercial Platform 22,664 22,147Hutchison China MediTech Limited
Condensed Consolidated Balance Sheets
(in US$’000)
June 30, December 31, 2017 2016 (Unaudited) Assets Current assets Cash and cash equivalents 112,532 79,431 Short-term investments — 24,270 Accounts receivable—third parties 43,512 40,812 Accounts receivable—related parties 2,419 4,223 Other receivables, prepayments and deposits 7,762 4,314 Inventories 10,687 12,822 Other current assets 1,065 1,508 Total current assets 177,977 167,380 Property, plant and equipment 11,924 9,954 Investments in equity investees 147,824 158,506 Other assets 6,975 6,597 Total assets 344,700 342,437 Liabilities and shareholders’ equity Current liabilities Accounts payable—third parties 27,262 30,383 Accounts payable—related parties 5,401 5,155 Other payables, accruals and advance receipts 27,651 31,716 Amounts due to related parties 8,152 5,308 Short-term bank borrowings 26,861 19,957 Other current liabilities 1,515 2,600 Total current liabilities 96,842 95,119 Long-term bank borrowings 19,990 26,830 Other liabilities 16,367 16,428 Total liabilities 133,199 138,377 Commitments and contingencies Company’s shareholders’ equityOrdinary shares; $1.00 par value; 75,000,000 shares authorized;
60,737,204 and 60,705,823 shares issued at June 30, 2017 and
December 31, 2016 respectively
60,737 60,706 Additional paid-in capital 208,658 208,196 Accumulated losses (78,685 ) (80,357 ) Accumulated other comprehensive loss (1,331 ) (4,275 ) Total Company’s shareholders’ equity 189,379 184,270 Non-controlling interests 22,122 19,790 Total shareholders’ equity 211,501 204,060 Total liabilities and shareholders’ equity 344,700 342,437 The condensed consolidated balance sheets have been extracted from the unaudited condensed consolidated financial statements. Please refer to the Form 6-K furnished to the SEC on July 31, 2017 for the accompanying notes which are an integral part of the unaudited condensed consolidated financial statements.Hutchison China MediTech Limited
Condensed Consolidated Statements of Operations
(Unaudited, in US$’000 except share and per share data)
Six Months Ended June 30, 2017 2016 Revenues Sales of goods—third parties 99,950 76,861 Sales of goods—related parties 3,908 5,398 Revenue from license and collaboration agreements—third parties 17,843 18,088 Revenue from research and development services—third parties — 355 Revenue from research and development services—related parties 4,883 3,815 Total revenues 126,584 104,517 Operating expenses Costs of sales of goods—third parties (86,528 ) (66,445 ) Costs of sales of goods—related parties (2,859 ) (4,041 ) Research and development expenses (31,566 ) (31,184 ) Selling expenses (9,681 ) (8,846 ) Administrative expenses (12,015 ) (9,958 ) Total operating expenses (142,649 ) (120,474 ) Loss from operations (16,065 ) (15,957 ) Other income/(expense) Interest income 251 189 Other income 797 138 Interest expense (817 ) (811 ) Other expense (904 ) (329 ) Total other income/(expense) (673 ) (813 ) Loss before income taxes and equity in earnings of equity investees (16,738 ) (16,770 ) Income tax expense (1,846 ) (1,687 ) Equity in earnings of equity investees, net of tax 22,269 21,251 Net income 3,685 2,794 Less: Net income attributable to non-controlling interests (2,003 ) (2,257 ) Net income attributable to ordinary shareholders of the Company 1,682 537Earnings per share attributable to ordinary shareholders of the
Company—basic (US$ per share)
0.03 0.01Earnings per share attributable to ordinary shareholders of the
Company—diluted (US$ per share)
0.03 0.01 Number of shares used in per share calculation—basic 60,660,846 58,822,425 Number of shares used in per share calculation—diluted 61,134,539 59,126,085 The condensed consolidated statements of operations have been extracted from the unaudited condensed consolidated financial statements. Please refer to the Form 6-K furnished to the SEC on July 31, 2017 for the accompanying notes which are an integral part of the unaudited condensed consolidated financial statements.Hutchison China MediTech Limited
Condensed Consolidated Statements of Comprehensive Income/(Loss)
(Unaudited, in US$’000)
Six Months Ended June 30, 2017 2016 Net income 3,685 2,794 Other comprehensive income/(loss) Foreign currency translation gain/(loss) 3,308 (3,151 ) Total comprehensive income/(loss) 6,993 (357 ) Less: Comprehensive income attributable to non-controlling interests (2,367 ) (1,794 ) Total comprehensive income/(loss) attributable to ordinary shareholders of the Company 4,626 (2,151 ) The condensed consolidated statements of comprehensive income/(loss) have been extracted from the unaudited condensed consolidated financial statements. Please refer to the Form 6-K furnished to the SEC on July 31, 2017 for the accompanying notes which are an integral part of the unaudited condensed consolidated financial statements.Hutchison China MediTech Limited
Condensed Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited, in US$’000 except share data in ‘000)
Accumulated Total Ordinary Ordinary Additional Other Company’s Non- Shares Shares Paid-in Accumulated Comprehensive Shareholders’ controlling Total Number Value Capital Losses Income/(Loss) Equity Interests Equity As at January 1, 2016 56,533 56,533 113,848 (92,040 ) 5,015 83,356 18,921 102,277 Net income — — — 537 — 537 2,257 2,794 New ordinary shares issued 4,080 4,080 106,080 — — 110,160 — 110,160Issuances in relation to
exercise of share options
36 36 109 — — 145 — 145 Issuance costs — — (14,227 ) — — (14,227 ) — (14,227 ) Share-based compensation Share options — — 1,088 — — 1,088 — 1,088 Long-term incentive plan — — 684 — — 684 — 684 — — 1,772 — — 1,772 — 1,772Long-term incentive plan—
treasury shares acquired and
held by Trustee
— — (604 ) — — (604 ) — (604 ) Transfer between reserve — — 7 (7 ) — — — —Foreign currency translation
adjustments
— — — — (2,688 ) (2,688 ) (463 ) (3,151 ) As at June 30, 2016 60,649 60,649 206,985 (91,510 ) 2,327 178,451 20,715 199,166 As at January 1, 2017 60,706 60,706 208,196 (80,357 ) (4,275 ) 184,270 19,790 204,060 Net income — — — 1,682 — 1,682 2,003 3,685Issuances in relation to
exercise of share options
31 31 143 — — 174 — 174 Share-based compensation Share options — — 551 — — 551 1 552 Long-term incentive plan — — 1,125 — — 1,125 1 1,126— — 1,676 — — 1,676 2 1,678
Dividend paid to a non-
controlling shareholder of a
subsidiary
— — — — — — (37 ) (37 )Long-term incentive plan—
treasury shares acquired and
held by Trustee
— — (1,367 ) — — (1,367 ) — (1,367 ) Transfer between reserves — — 10 (10 ) — — — —Foreign currency translation
adjustments
— — — — 2,944 2,944 364 3,308 As at June 30, 2017 60,737 60,737 208,658 (78,685 ) (1,331 ) 189,379 22,122 211,501The condensed consolidated statements of changes in shareholders’ equity have been extracted from the unaudited condensed consolidated financial statements. Please refer to the Form 6-K furnished to the SEC on July 31, 2017 for the accompanying notes which are an integral part of the unaudited condensed consolidated financial statements.
Hutchison China MediTech Limited
Condensed Consolidated Statements of Cash Flows
(Unaudited, in US$’000)
Six Months Ended June 30, 2017 2016 Net cash generated from operating activities 19,422 9,055 Investing activities Purchases of property, plant and equipment (3,045 ) (1,570 ) Deposits in short-term investments (16,000 ) (46,587 ) Proceeds from short-term investments 40,270 — Investment in an equity investee (7,000 ) (5,000 ) Net cash generated from/(used in) investing activities 14,225 (53,157 ) Financing activities Proceeds from issuance of ordinary shares 174 110,305 Purchases of treasury shares (1,367 ) (604 ) Dividends paid to a non-controlling shareholder of a subsidiary (37 ) — Proceeds from bank borrowings 22,551 5,128 Repayment of bank borrowings (22,564 ) (13,128 ) Payment of issuance costs — (12,721 ) Net cash (used in)/generated from financing activities (1,243 ) 88,980 Net increase in cash and cash equivalents 32,404 44,878 Effect of exchange rate changes on cash and cash equivalents 697 (867 ) 33,101 44,011 Cash and cash equivalents Cash and cash equivalents at beginning of period 79,431 31,941 Cash and cash equivalents at end of period 112,532 75,952 The condensed consolidated statements of cash flows have been extracted from the unaudited condensed consolidated financial statements. Please refer to the Form 6-K furnished to the SEC on July 31, 2017 for the accompanying notes which are an integral part of the unaudited condensed consolidated financial statements.
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