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

Financial performance and guidance

• H1 2026 in-market sales were $280m, up 19% YoY; consolidated revenue was $278m, flat YoY, including $162m oncology/immunology revenue (+13%) and $116m from other ventures (-14%).

• H1 oncology product revenue was $121m, up 23% YoY; FY 2026 oncology/immunology revenue guidance remained $330m-$450m.

• H1 R&D expense was $79m vs. $72m; net income was $16m vs. $455m, with the prior period including a $416m SHPL divestment gain and $21m share of SHPL profits; cash was ~$1.4bn.

A830 licensing and ATTC platform

• Ex-China rights to HMPL-A830 were licensed to GSK for up to $1.295bn, including $110m upfront, potential milestones and tiered royalties; rights in Mainland China, Hong Kong, Macau and Taiwan were retained.

• Global Phase I is being conducted before GSK assumes subsequent ex-China development and commercialization; A830 entered global Phase I dose escalation in September 2026.

• ATTC assets HMPL-A251 (PI3K/PIKK-HER2), HMPL-A580 (PI3K/PIKK-EGFR) and HMPL-A830 (KRAS-EGFR) are in global Phase I; A251 and A580 Phase I data are planned for 2027.

• ATTCs use targeted small-molecule payloads; additional candidates are planned for clinical and preclinical development, with discussions ongoing with multinational companies.

• AI-aided discovery combines in-house and external capabilities, aims to deliver multiple innovations annually and supports precision-medicine and pathway identification work.

Clinical and regulatory progress

• SAFFRON showed savolitinib plus TAGRISSO improved median OS by 4.9 months (17.8 vs. 12.9 months) and reduced death risk by 32% vs. chemotherapy; median PFS was 7.6 vs. 5.4 months.

• SANOVO showed first-line savolitinib plus TAGRISSO improved PFS by 11.1 months and reduced death risk by 52% vs. TAGRISSO alone; China NDA submission is planned by year-end 2026.

• Savolitinib U.S. FDA submission was completed and EU and Japan applications accepted; approval is expected in H2 2027. AstraZeneca is considering global first-line development, potentially via a bridging study.

• Sovleplenib showed a 66% durable response rate in wAIHA vs. 15% on placebo and 48% in ITP; China applications are under priority review, with ESLIM-01 approval expected H1 2027 and ESLIM-02 mid-2027.

• HMPL-760 Phase III enrollment in China is targeted for completion in H2 2027; Phase II results are planned for conference presentation. HMPL-523 launch in China is expected in the coming months.