HUTCHMED (China) (HCM) Deutsche Bank ADR Virtual Investor Conference summary

Key financial and operational highlights

• Achieved $286 million in oncology revenue and $285.5 million in consolidated oncology/immunology revenue, with profitability driven by a $416 million gain from a non-core divestment; net income reached $457.7 million, up from $38.2 million in 2024.

• FRUZAQLA sales grew 26% year-over-year globally, with China sales rebounding 21% in the second half; revenue guidance for 2026 is $330 million–$450 million.

• Liquidity stands at $1.4 billion, supporting in-licensing, M&A, and accelerated R&D initiatives.

• R&D expenses decreased to $148 million as late-stage trials completed and next-generation ATTC programs advanced; expected to rise as ATTC clinical trials progress.

• Commercial expansion includes new indications, insurance inclusion, and launches in new countries for key products in China and globally.

Commercial delivery and product expansion

• FRUZAQLA global expansion included launches in Portugal, Belgium, and South Korea, with sales in 38 countries and strong reimbursement progress.

• ELUNATE maintained leading market share in 3L CRC in China, rebounding in H2 2025 after sales force optimization, and expanding indications with EMC inclusion in 2026 NRDL and RCC NDA under review.

• ORPATHYS and SULANDA contributed 11% of 2025 in-market sales, with positive outlooks due to new approvals and renewed NRDL coverage.

Pipeline and clinical development

• Savolitinib received approval for SACHI in China and has two phase III trials (SANOVO and SAFFRON) with readouts expected in late 2025 and early 2026.

• SAFFRON trial targets second-line lung cancer globally, with potential FDA filing if successful; SANOVO focuses on first-line lung cancer in China.

• Sovleplenib resubmitted for ITP in China and expects NDA for Warm AIHA in 2025; both indications could launch in 2027.

• Sovleplenib showed high durable response and good safety in ITP, with positive long-term data presented.

• Surufatinib advanced to phase III for pancreatic cancer, aiming for first-line use.