Hutchison China Meditech (HCM) has impressed investors with a steady stream of positive drug updates over recent months. As a result, the group's share price has found good momentum, up 11 per cent since the start of 2017. Now the China-based biotech company has impressed from a financial perspective, reporting record revenue and a 46 per cent increase in net profit last year.
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In the group's commercial division, expansion of its prescription drug service and strong demand for coronary heart disease drug Seroquel sent revenue up 43 per cent to $181m (£148m). But a 41 per cent increase in research and development expenses, caused by a ramp up in spending on the innovation platform, sent pre-tax losses spiralling down to $47m.