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HCM

Hutchmed (China) Limited

Health Care First-pass screen £1.7bn
340/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 30
Valuation 25% 30
Downside protection 15% 60

First-pass take

HUTCHMED is a cancer biotech with FRUZAQLA growing 26% YoY via Takeda partnership, but core operations unprofitable ($39m loss before gains). No meaningful AI revenue exposure; heavy concentration on Takeda (70% of product sales). Strong $1.4bn net cash provides downside protection, but value hinges on late-stage trial outcomes.

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