HUTCHMED (China) (HCM) investor relations material

Pipeline and commercial products

• FRUZAQLA, a colorectal cancer drug, achieved half-year sales of $160 million and is sold globally through Takeda.

• ORPATHYS, a c-Met inhibitor for lung cancer, is commercialized in China with AstraZeneca; global phase 3 data readout expected in H1 2025 and potential global approval in 2027.

• Profitability has been achieved since 2023, driven by product sales, operating profit, and milestone payments.

• The company maintains a strong base in China for R&D and manufacturing, but global expansion is prioritized for higher margins.

• Overseas sales are managed through partnerships with multinational pharma companies rather than an in-house sales team.

Financial outlook and sales strategy

• 2025 oncology revenue is guided at $270–$350 million.

• Revenue guidance was revised down due to increased competition and restructuring of the sales force, impacting short-term sales but reducing expenses.

• Sequential sales improvement observed in China since June–July, with a more sustainable sales infrastructure being established.

ATTC platform and innovation

• The ATTC (antibody targeted therapy conjugate) platform is a chemo-free alternative to ADCs, using small molecule targeted drugs as payloads to reduce toxicity and improve selectivity.

• Preclinical data is promising; first-in-human phase 1 trials in China and the U.S. are set to begin within weeks.

• The platform could enable previously too-toxic small molecules to become viable drugs, expanding the pipeline.

• ATTC may be used in combination with chemotherapy, potentially tolerable in frontline settings.

• Active pursuit of partnerships for ATTC, with human data expected by late next year and a more aggressive clinical strategy targeting both early and late-line settings.