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HUTCHMED: Accounting for Revenue Recognition in a Biopharmaceutical Company
內容大綱
This case explores the accounting treatment of revenue recognition for a biopharmaceutical company in the life sciences sector, HUTCHMED (China) Limited (HCM, HKEx: 13, NASDAQ: HCM). As a subsidiary of CK Hutchison Holdings Limited (CK Hutchison, HKEx: 1), HCM operated to discover, develop, and commercialize "targeted therapies" and "immunotherapies" for the treatment of patients with cancer and immunological diseases. Founded in 2000, HCM was initially a pioneer in discovering drugs aimed at creating novel therapies in China. Over the past fifteen years, HCM had created numerous drug candidates. These successes in discovering drugs had led to some collaborations with leading global pharmaceutical companies such as AstraZeneca and Eli Lilly. Due to the business model of life science companies, commonly with the extensive use of license and collaborative arrangements with external parties, the accounting for revenue is particularly complex. Through the case, students will grapple with some practical questions. For instance, what were those specific traits as in HCM's business model? Upon identification of the traits, students will be asked about how each of these traits had impacted HCM's accounting policy on revenue recognition. In addition, what were the financial implications attributable to such accounting policy as adopted by HCM?