REG - Hutchmed China Ltd - 2025 Full Year Results and Business Updates
05/03/2026 11:00
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RNS Number : 4946V Hutchmed (China) Limited 05 March 2026
HUTCHMED Reports 2025 Full Year Results and Business Updates
- Geographic expansion driving ex-China sales growth; indication expansions
driving China sales growth -
- $457 million net income, driven by profitable core operations and non-core
disposal -
- Rapidly progressing groundbreaking ATTC technology, a source of novel drug
candidates with broad therapeutic potential -
- Pursuing potential opportunities for partnering ATTC candidates with
multinational pharmaceutical companies -
Hong Kong, Shanghai & Florham Park, NJ - Thursday, March 5, 2026: HUTCHMED
(China) Limited ("HUTCHMED (https://www.hutch-med.com/) ", the "Company" or
"we") (Nasdaq/AIM:HCM; HKEX:13) today reports its financial results for the
year ended December 31, 2025 and provides updates on key clinical and
commercial developments.
HUTCHMED to host results webcasts at 8:00 a.m. EST / 1:00 p.m. GMT /
9:00 p.m. HKT in English on Thursday, March 5, 2026, and tomorrow at
8:30 a.m. HKT in Chinese (Putonghua) on Friday, March 6, 2026. After
registration, investors may access the live webcast at www.hutch-med.com/event
(https://www.hutch-med.com/event/) .
All amounts are expressed in US dollars unless otherwise stated. A glossary of
abbreviations is on page 29.
Global commercial progress, delivery of sustainable growth and robust balance sheet
· FRUZAQLA(®) (fruquintinib ex-China) in-market sales by Takeda
were up 26% to $366.2 million (2024: $290.6m), propelled by successful
launches, and additional reimbursement coverage, driven by need for novel
non-chemotherapy treatments in CRC and ongoing positive experiences of
oncologists in 3L+.
· ELUNATE(®) (fruquintinib in China) in-market sales were $100.1
million (2024: $115.0m), with strong growth in H2 (H2 up 33% vs. H1).
· ORPATHYS(®) (savolitinib) triggered an $11.0 million milestone
payment from AstraZeneca for securing China approval for its third lung cancer
indication.
· Net income attributable to HUTCHMED of $456.9 million (2024:
$37.7m), with a cash balance of $1.4 billion at year end, boosted by a $415.8
million divestment gain net of tax.
Antibody-Targeted Therapy Conjugate ("ATTC") platform advances into clinical trials, paving the way for a rich pipeline of new drug candidates entering the clinic
· Initiated first clinical trial on first ATTC drug candidate
HMPL-A251 in December 2025, quickly following its pre-clinical data
presentation at AACR-NCI-EORTC Conference in October 2025.
· Next ATTC drug candidates entered clinical trials, with the
HMPL-A580 trial initiated in March 2026, and the third candidate HMPL-A830
aiming to begin Phase I by year end.
· Pursuing potential opportunities for partnering ATTC drug
candidates with multinational pharmaceutical companies in 2026.
Pipeline progress as planned across late-stage clinical portfolio
· Positive FRUSICA-2 Phase III (leading to NMPA sNDA acceptance)
and PDAC Phase II results presented at ESMO and ESMO Asia. ELUNATE(®) with
sintilimab in 2L kidney cancer achieved mPFS of 22.2 vs. 6.9 months with
axitinib/everolimus. SULANDA(®)-based combination in 1L metastatic PDAC also
showed significant mPFS improvement and an OS benefit trend (data immature),
leading to Phase III initiation.
· Positive ESLIM-02 Phase III wAIHA results for sovleplenib meeting
primary endpoint of durable response rate within 24 weeks. ITP NDA was
accepted by the NMPA in February 2026 and wAIHA filing is planned in H1 2026.
ESLIM-01 updated results at ASH showed maximum duration of response of 25.9
weeks with median duration of exposure of around 20 months under a tolerable
safety profile. According to IQVIA, ITP has 41,000 new patients every year, on
top of another 430,000 existing patients, while wAIHA adds another 26,000 per
year in China.
· SACHI China and SAVANNAH global lung cancer trials of
ORPATHYS(®) combined with TAGRISSO(®) presented at ASCO and ELCC
conferences, with the data supporting approvals in China and Switzerland,
respectively. Enrollments completed for SAFFRON global and SANOVO China Phase
III trials with readouts expected within next 12 months.
Dr Dan Eldar, Non-executive Chairman of HUTCHMED, said, "Our team's expertise
in the science of creating novel medicines, enhanced by advanced AI tools,
positions HUTCHMED as a leader in advancing new modalities. Leveraging this
leadership, we actively continue to explore new technologies, assets and
targets to complement our portfolio, ready to make good use of our strong
balance sheet.
Our Business Development team has encountered interest from multinational
pharmaceutical companies to cooperate on the development and launch of novel
drug candidates with potential to become global market leaders. Any such
potential partnerships would further validate the scientific and commercial
value of our new platforms, whilst allowing HUTCHMED to leverage the
multinational partners' advantages regarding global development and marketing
expertise to accelerate its novel medicines to address large unmet needs
around the world. This strategy has been successfully demonstrated with
FRUZAQLA(®) and will be applied to our ATTC technology, which is expected to
bear its first fruits this year.
Our company is at a pivotal point. We have repositioned our commercial team to
better meet challenges in our environment and to spur sales growth in China,
delivering significant improvements from the second quarter of 2025. With
late-stage programs, we have demonstrated impressive clinical results in Phase
III trials leading to NDA filings, and we have proven experience in gaining
approval with major regulatory authorities. Moreover, our large molecule
technology platforms have graduated from novel drug discovery into clinical
development, with two such drug candidates so far. We see this as a golden
opportunity for HUTCHMED to not just work alongside with world leaders in the
field, but also to increase our R&D investment and expedite the broad
therapeutic potential of our platforms."
Mr Johnny Cheng, Acting Chief Executive Officer and Chief Financial Officer of
HUTCHMED, said, "2025 has been challenging and we have implemented changes to
adjust dynamically our commercial operations. Our sales team has been
streamlined and is now well positioned to support growth of our key drugs,
with improving sales during the second half of the year. This is all part of
ensuring we have a sustainable operation that is ready for the future, where
strong earnings from our commercial products drive the development of an
exciting pipeline. Our next wave of products, such as sovleplenib and
fanregratinib, are currently under regulatory review, strengthening sales and
earnings visibility of next few years. Our strong balance sheet with $1.4
billion in cash helps support expeditious development of our ATTC technology
platform and its novel drug candidates. 2025 was the third consecutive year of
profits for HUTCHMED and we aim to remain financially self-sufficient in
discovering and developing more innovative assets into clinical phase."
Dr Weiguo Su, Chief Executive Officer (currently on leave of absence) and
Chief Scientific Officer of HUTCHMED, said, "We are in a new era of innovative
drug development where both speed and quality are more crucial than ever. The
HUTCHMED team has consistently risen to this challenge and the past year has
been no exception. The late-stage clinical pipeline continues to progress and
excite us, whilst our prolific drug discovery engine also continues at pace.
We are particularly enthusiastic about the potential of our ATTC platform,
originated by our scientists to combine the potency of small-molecule targeted
therapy with the selectivity of antibodies. This approach leverages our over
20 years of hard work developing novel, efficacious medicines with better
safety profiles, allowing optimum dosing and duration of treatment. We
presented preclinical data on our first ATTC candidate at a major conference
in October, obtained IND approval in China and the US in November, and dosed
our first patient in December. Our team is well equipped with deep knowledge
in drug development and experience in gaining approval for quality products
around the world."
2025 Full Year Results & Business Updates
I. COMMERCIAL OPERATIONS
Total in-market sales, including FRUZAQLA(®), ELUNATE(®), SULANDA(®) and
ORPATHYS(®), of $524.7 million achieved growth in 2025 of 5% despite
regulatory and commercial headwinds in the first half of 2025. Our performance
in the second half of 2025 represents a significant inflection point with 24%
growth of in-market sales compared to first half of 2025 as we begin to see
the benefits of repositioning our commercial team to support continued growth.
FRUZAQLA(®) in-market sales by Takeda were up 26% in 2025 at $366.2 million,
driven by strong growth following approvals in 38 countries to date, including
over 15 in 2025. Recent growth was primarily due to continued launches across
Europe, Asia and the Americas (late 2025 launches included Portugal, Belgium,
South Korea and Mexico), as it addresses a need for new colorectal cancer
treatments. Subsequent reimbursement is also progressing, with availability to
date in almost 20 countries, which led to strong uptake, most recently seen
following the UK NICE recommendation. The increase was partially offset by the
sales impact of the US Medicare Part D Redesign that affected many
prescription medicines in 2025. FRUZAQLA(®) stands out with its overall
safety profile and low pill burden, alongside attractive efficacy data.
Total consolidated revenue for oncology products decreased 21% to $214.4
million as compared to 2024, primarily due to a $20 million commercial
milestone payment from Takeda recognized in 2024 and lower sales in China for
ELUNATE(®), SULANDA(®), and ORPATHYS(®) due to the aforementioned
headwinds. As with in-market sales, oncology product revenue in China have
reached a similar inflection point with sales growth of 23% in the second half
of 2025 compared to the first half.
Other Oncology/Immunology revenue, consisting of upfront, regulatory
milestones, R&D services and licensing revenue was $71.1 million. Other
Ventures revenue, mainly from prescription drug distribution, remained flat at
$263.0 million, leading to total consolidated revenue of $548.5 million.
($ in millions) In-market Sales* Consolidated Revenue**
2025 2024 % Change (CER) 2025 2024 % Change (CER)
FRUZAQLA(®) $366.2 $290.6 +26% (+26%) $89.4 $110.8 -19% (-19%)
ELUNATE(®) $100.1 $115.0 -13% (-13%) $76.9 $86.3 -11% (-11%)
SULANDA(®) $27.0 $49.0 -45% (-45%) $27.0 $49.0 -45% (-45%)
ORPATHYS(®) $28.9 $45.5 -36% (-36%) $18.6 $24.5 -24% (-24%)
TAZVERIK(®) $2.5 $0.9 +158% (+156%) $2.5 $0.9 +158% (+156%)
Oncology Products $524.7 $501.0 +5% (+5%) $214.4 $271.5 -21% (-21%)
Takeda upfront, regulatory milestones and R&D services $51.6 $67.0 -23% (-23%)
Other revenue (R&D services and licensing) $19.5 $24.9 -21% (-21%)
Total Oncology/Immunology $285.5 $363.4 -21% (-21%)
Other Ventures $263.0 $266.8 -1% (-1%)
Total Revenue $548.5 $630.2 -13% (-13%)
* FRUZAQLA(®), ELUNATE(®) and ORPATHYS(®) mainly represent total sales to
third parties as provided by Takeda, Eli Lilly and AstraZeneca, respectively.
** FRUZAQLA(®) represents manufacturing revenue, royalties and commercial
milestone paid by Takeda to HUTCHMED; ELUNATE(®) represents manufacturing
revenue, promotion and marketing services revenue and royalties paid by Eli
Lilly to HUTCHMED, and sales to other third parties invoiced by HUTCHMED;
ORPATHYS(®) represents manufacturing revenue and royalties paid by
AstraZeneca to HUTCHMED and sales to other third parties invoiced by HUTCHMED;
SULANDA(®) and TAZVERIK(®) represent HUTCHMED's sales of the products to
third parties.
II. 2025 REGULATORY UPDATES
· Savolitinib MAA approved (temporary authorization) by Swissmedic
combined with TAGRISSO(®) for 2L EGFRm NSCLC with MET amplification and/or
overexpression in February 2026.
· Savolitinib sNDA accepted by NMPA with priority review for 3L GC
with MET amplification in December.
· Savolitinib sNDA approved by NMPA combined with TAGRISSO(®) for
2L EGFRm NSCLC with MET amplification in June, triggering $11.0 million
milestone from AstraZeneca.
· Savolitinib sNDA approved by NMPA for 1L and 2L (converted from
conditional to full approval) METex14 NSCLC in January, and approved in Hong
Kong for under the 1+ Mechanism in February.
· Fanregratinib NDA accepted by NMPA with priority review in 2L
IHCC in December.
· Fruquintinib sNDA accepted by NMPA combined with sintilimab for
2L renal cell carcinoma in June.
· Tazemetostat NDA conditionally approved by NMPA for 3L R/R
follicular lymphoma with EZH2 mutation in March.
III. LATE-STAGE CLINICAL DEVELOPMENT ACTIVITIES
Savolitinib (ORPATHYS(®) in China), a highly selective oral inhibitor of MET
· Published SACHI China Phase III results in The Lancet after
presentation at ASCO 2025 for 2L EGFRm NSCLC patients with MET amplification,
in combination with TAGRISSO(®), showing mPFS of 8.2 months compared to 4.5
months with chemotherapy in ITT population (HR 0.34), and 6.9 months compared
to 3.0 months in post third-generation EGFR TKI-treated subgroup (HR 0.32,
both p<0.0001) (NCT05015608).
· Presented SAVANNAH global Phase II results at ELCC 2025 for 2L
EGFRm NSCLC patients with MET amplification or overexpression, in combination
with TAGRISSO(®), showing ORR of 56%, mPFS of 7.4 months and mDoR of 7.1
months (NCT03778229).
· Completed enrollment of SAFFRON global Phase III study for 2L
EGFRm NSCLC patients with MET amplification or overexpression (NCT05261399);
and completed enrollment of SANOVO China Phase III study for 1L EGFRm NSCLC
patients with MET overexpression (NCT05009836).
§ SAFFRON topline results expected in H2 2026, which could support global
filings.
§ SANOVO topline results expected in late 2026 or early 2027.
· Achieved positive data in Phase ІІ 3L gastric cancer
registration cohort for MET-amplified patients, supporting the China NDA
(NCT04923932).
Fruquintinib (ELUNATE(®) in China, FRUZAQLA(®) outside of China), a highly selective oral inhibitor of VEGFR
· Presented FRUSICA-2 registration Phase III results at ESMO 2025
for 2L RCC, in combination with TYVYT(®) achieving mPFS of 22.2 months versus
6.9 months with axitinib/everolimus (HR 0.373; p<0.0001), and ORR of 60.5%
vs 24.3%, with mDoR of 23.7 vs 11.3 months (NCT05522231).
Sovleplenib (HMPL-523), an investigative and highly selective oral inhibitor of Syk
· Achieved positive results in Phase III part of ESLIM-02 trial for
warm AIHA in China in January 2026, having met its primary endpoint of durable
response rate within 24 weeks of treatment. A sNDA submission to the NMPA is
planned in the first half of 2026 (NCT05535933).
· Resubmitted NDA for ESLIM-01 ITP with additional stability
studies in February 2026, to meet NMPA stipulation of a lower impurity limit.
Rolling data planned to be submitted in the second half of 2026. The company
is pursuing potential partnership to continue overseas development.
Surufatinib (SULANDA(®) in China), an oral inhibitor of VEGFR, FGFR and CSF-1R
· Presented Phase II part results of a China Phase II/III for 1L
metastatic PDAC patients at ESMO Asia, combined with camrelizumab,
nab-paclitaxel and gemcitabine, achieving mPFS of 7.2 months vs 5.5 months
with nab-paclitaxel and gemcitabine alone (HR 0.499; p=0.0407), and ORR of
67.7% vs 41.9%. Initiated Phase III part in December 2025 (NCT06361888).
Tazemetostat (TAZVERIK(®) in China), a first-in-class, oral inhibitor of EZH2
· Continued enrolling SYMPHONY-1 China portion of the Phase III
portion of the global study, in combination with lenalidomide and rituximab,
in 2L follicular lymphoma patients (NCT04224493).
Fanregratinib (HMPL-453), a novel, highly selective and potent inhibitor targeting FGFR 1, 2 and 3
· Positive Phase II registration study data supporting NDA accepted
by the NMPA with priority review for IHCC with FGFR2 fusion/rearrangement in
December 2025 (NCT04353375).
IV. ANTIBODY-DRUG CONJUGATES RESEARCH & DEVELOPMENT
HUTCHMED has developed its comprehensive Antibody-targeted therapy conjugates
(ATTCs) platform, next-generation solutions for small-molecule inhibitor
payloads conjugated to monoclonal antibodies to deliver dual mechanisms of
action, designed to meet critical medical needs. Each unique payload has broad
potential to lead to a family of antibody conjugate drug candidates from this
platform.
HMPL-A251, a first-in-class PI3K/PIKK-HER2 ATTC comprising of a highly selective and potent PI3K/PIKK inhibitor payload linked to a humanized anti-HER2 IgG1 antibody, via a cleavable linker
· First ATTC drug candidate, based on our PI3K/PIKK inhibitor
payload to address the significant challenges faced in targeting this pathway,
including on-target toxicities that restrict dosing and feedback loops that
enable pathway reactivation. PI3K/PIKK inhibitor payload ATTCs are designed to
enhance targeted delivery directly to tumor cells, maximizing therapeutic
benefit while minimizing systemic exposure.
· Presented preclinical data at AACR-NCI-EORTC in October 2025,
showing robust antitumor activity with synergistic and bystander killing
effects, including compared to co-administration of antibody and payload.
· Initiated global Phase I/IIa trial in December 2025, evaluating
HMPL-A251 in adult patients with unresectable, advanced or metastatic
HER2-expressing solid tumors, with sites in the US and China.
HMPL-A580, a first-in-class PI3K/PIKK-EGFR ATTC comprising of a PI3K/PIKK inhibitor payload linked to a humanized anti-EGFR IgG1 antibody, via a cleavable linker
· Second ATTC based on the PI3K/PIKK inhibitor payload. EGFR is a
well-recognized driver in tumor formation and disease progression. Modulation
of the PI3K/AKT/mTOR pathway is required for EGFR-mediated tumorigenesis or
resistance to EGFR-targeted therapy.
· Preclinical data have shown that PAM pathway inhibition
synergizes with anti-EGFR therapy to enhance anti-tumor activity, and will be
presented at an upcoming scientific conference.
· Initiated global trial in March 2026, evaluating in EGFR solid
tumors, with US and China sites.
Further preclinical progress with antibody drug conjugates
· Progressed ATTC drug candidate HMPL-A830, with plans for global
IND filings and clinical trial initiations in 2026.
V. COLLABORATION UPDATES
Further progress with ImageneBio on drug candidate IMG-007, discovered by HUTCHMED
HUTCHMED holds approximately 3.8% of ImageneBio, which has the rights to and
is developing IMG-007.
· Initiated ADAPTIVE Phase IIb trial for moderate-to-severe atopic
dermatitis, a randomized, placebo-controlled dose-finding study in
approximately 220 patients (NCT07037901). Presented at ISDS positive results
from the US/Canada Phase IIa study, showing rapid onset and durable clinical
activity after four weeks, well tolerated safety profile without pyrexia or
chills, and an extended half-life (NCT05984784).
· Presented positive results of a US/Canada Phase IIa trial for
severe alopecia areata at ISDS, showing clinical signal of hair regrowth,
progressive reduction in scalp hair loss without plateauing by week 36,
partial restoration of hair keratins in the scalp, and a well-tolerated safety
profile (NCT06060977).
VI. OTHER VENTURES
· Other Ventures consolidated revenue, predominantly from the
prescription drug distribution business in China, were steady at $263.0
million.
· HUTCHMED divested a 45.0% equity interest in SHPL for $608.5
million in cash in April 2025, retaining a 5.0% equity interest. As a result,
HUTCHMED's share of equity in earnings of SHPL in 2025 decreased to $24.6
million.
· Consolidated net income attributable to HUTCHMED from Other
Ventures decreased to $25.5 million (2024: $47.7m), primarily due to the
equity interest disposal in SHPL.
VII. SUSTAINABILITY
The 2025 Sustainability Report will be published in April 2026 alongside the
2025 Annual Report, showcasing our achievements across 11 goals and targets.
We have initiated a new target-setting cycle, engaging with the various
business units. A list of potential focus initiatives has been identified
under our five sustainability pillars: Innovation, Climate Action, Human
Capital, Access to Healthcare, and Ethics and Transparency. In 2026 we will
develop this into a final list, including a detailed roadmap for achievement
and monitoring.
In 2024 and 2025, the Company conducted a thorough climate risks financial
impact assessment, focusing on both physical risks, particularly flood risks
and heat stress; and transition risks, such as policy changes. In response to
the risks and opportunities identified, we developed targeted mitigation
measures to address potential damage and business interruptions. Our
transition planning is integrated with the new targets planning, ensuring
effective management of risks while capitalizing on the opportunities outlined
in the assessments.
Throughout 2025, our sustainability initiatives garnered significant
recognition, resulting in 10 prestigious awards from leading industry
organizations and consistently strong performance in major ESG ratings.
Notably, we were honored as an ESG Leading Enterprise for a third consecutive
year and received accolades for Leading Environmental Initiatives and Leading
Social Initiatives from Bloomberg Businessweek. Our commitment is reflected in
our maintained A ratings from both MSCI and Wind, and A- rating from Hang Seng
Corporate Sustainability; our upgrade to B- Prime (top decile rank) from ISS;
and ESG Risk rating score further reduced to 21.9 (10(th) percentile, lower is
better) by Sustainalytics. Additionally, we were included in the S&P
Global Sustainability Yearbook 2025 as one of the top industry performers. Our
efforts were further validated as we ranked third in ESG Excellence in Extel's
Asia Executive Team Survey, based on feedback from over 5,400 portfolio
managers and analysts.
Financial Highlights
Revenue for the year ended December 31, 2025 was $548.5 million compared to $630.2 million for the year ended December 31, 2024.
· Oncology/Immunology consolidated revenue amounted to $285.5
million (2024: $363.4m):
§ FRUZAQLA(®) revenue was $89.4 million (2024: $110.8m), impacted primarily
due to $20 million commercial payment recognized from Takeda in 2024.
In-market sales by Takeda were $366.2 million (up 26%) driven by strong growth
following approvals in 38 countries to date, including over 15 in 2025.
§ ELUNATE(®) revenue was $76.9 million (2024: $86.3m), which reflects our
initiatives to enhance controls over commercial operations to align with the
evolving regulatory landscape and uphold the highest compliance standards. We
also streamlined our sales force to build a more efficient commercial
organization and to enhance productivity. These initiatives only temporarily
weighed on performance, with revenue growth of 29% in the second half of 2025
compared to the first half. This recovery was supported by refocusing on
top-tier hospitals and high-potential provinces to maintain our leading market
share position in 3L mCRC, and the contribution from the EMC indication that
successfully broadened the addressable patient population for ELUNATE(®).
§ SULANDA(®) revenue was $27.0 million (2024: $49.0m), which reflects
competition from new NRDL entries. In response, we have transformed our
marketing strategies which allowed us to maintain the leading position of
SULANDA(®) in the NET TKI market and stabilize sales in the second half of
2025 (H2 up 13% vs H1 2025).
§ ORPATHYS(®) revenue was $18.6 million (2024: $24.5m), impacted by strong
competition in the METex14 skipping NSCLC setting. However, sales stabilized
in the second half of 2025 as AstraZeneca continues its efforts to increase
MET testing as the standard-of-care for late-stage NSCLC.
§ TAZVERIK(®) revenue was $2.5 million (2024: $0.9m) with increased sales in
mainland China since July 2025 following its approval in March 2025.
§ Takeda upfront, regulatory milestones and R&D services revenue were
$51.6 million (2024: $67.0m), due to less R&D and regulatory support
services since FRUZAQLA(®) is now fully launched.
§ Other revenue of $19.5 million (2024: $24.9m), includes $8.5 million (2024:
$13.9m) cost reimbursement from partners, which decreased as trials advanced
into later stage of development, and a regulatory milestone of $11.0 million
from AstraZeneca following China NDA approval for SACHI.
· Other Ventures consolidated revenue of $263.0 million (2024:
$266.8m) remained flat.
Net Expenses for the year ended December 31, 2025 were $507.4 million compared to $592.5 million for the year ended December 31, 2024, reflecting prioritization of R&D and disciplined cost management.
· Cost of Revenue was $336.3 million (2024: $348.9m), generally
aligned with lower Oncology/Immunology revenue. Cost of revenue as a
percentage of oncology product revenue remained stable at 39% (2024: 34%).
· R&D Expenses were $148.3 million (2024: $212.1m) as we
complete higher costs late-stage trials for our assets which have led to NDA
applications and approvals. As a result, China and US R&D spending reduced
by $36.2 million and $27.6 million, respectively. Nevertheless, we maintain
and are committed to ongoing investment in discovery to deliver sustained
innovation and have plans to accelerate investment in the global clinical
trials of our earlier-stage ATTC programs.
· S&A Expenses were $103.0 million (2024: $112.9m). The
decrease was mainly due to a reduction in S&A expenses for oncology
products which was $33.8 million or 15.8% of oncology product revenue (2024:
$45.1m or 16.6%). This efficiency improvement highlights the successful
streamlining of the sales force structure and the implementation of spending
controls.
· Other Items generated net income of $80.2 million (2024: $81.4m),
which mainly includes interest income and expense, foreign exchange, equity in
earnings of SHPL and taxes.
Gain on divestment of SHPL, net of tax was $415.8 million for the year ended December 31, 2025.
Net Income attributable to HUTCHMED for the year ended December 31, 2025 was $456.9 million compared to $37.7 million for the year ended December 31, 2024.
· $0.53 basic earnings per ordinary share / $2.66 basic earnings
per ADS in 2025 (2024: $0.04 basic earnings per ordinary share / $0.22 basic
earnings per ADS).
Cash, Cash Equivalents and Short-Term Investments were $1,367.3 million as of December 31, 2025 compared to $836.1 million as of December 31, 2024.
· Adjusted Group (non-GAAP) net cash inflows excluding financing
activities in 2025 were $523.3 million mainly due to the receipt of $608.5
million gross proceeds from the partial divestment of SHPL offset by a related
$59.5 million capital gain tax payment; $10.0 million regulatory approval
milestone payment; and $14.1 million in capital expenditures (2024: net cash
outflow of $19.5m mainly due to $17.9m of capital expenditures).
· Net cash generated from financing activities in 2025 totaled $7.8
million mainly due to $6.3 million net amount drawn from bank borrowings
(2024: net cash outflow of $30.7m mainly due to purchases for equity awards of
$36.1m).
Foreign exchange impact: The RMB appreciated against the US dollar on average
by approximately 0.4% during 2025, which has impacted consolidated financial
results as highlighted.
Use of Non-GAAP Financial Measures and Reconciliation - References in this
announcement to adjusted Group net cash flows excluding financing activities
and financial measures reported at CER are based on non-GAAP financial
measures. Please see the "Use of Non-GAAP Financial Measures and
Reconciliation" for further information relevant to the interpretation of
these financial measures and reconciliations of these financial measures to
the most comparable GAAP measures, respectively.
Financial Statements - HUTCHMED will today file with the US Securities and
Exchange Commission its Annual Report on Form 20-F.
FINANCIAL GUIDANCE
HUTCHMED provides full year 2026 guidance for Oncology/Immunology consolidated
revenue in the range of $330 million to $450 million. This guidance reflects
continued growth momentum of HUTCHMED's China commercial operations, ongoing
global commercial expansion of FRUZAQLA(®), and new partnership opportunities
for novel drug candidates. HUTCHMED will leverage its strong cash resources to
accelerate ATTC global development and explore investment opportunities.
Shareholders and investors should note that:
· The Company does not provide any guarantee that the statements
contained in the financial guidance will materialize or that the financial
results contained therein will be achieved or are likely to be achieved; and
· The Company has in the past revised its financial guidance and
reference should be made to announcements it publishes regarding any updates
to the financial guidance after the publication of this announcement.
Financial Summary
Condensed Consolidated Balance Sheets Data
(in $'000) As of December 31,
2025 2024
Assets
Cash and cash equivalents and short-term investments 1,367,275 836,110
Accounts receivable 126,750 155,537
Other current assets 73,317 74,908
Property, plant and equipment 94,623 92,498
Investment in equity investees 10,865 77,765
Other non-current assets 80,267 37,378
Total assets 1,753,097 1,274,196
Liabilities and shareholders' equity
Accounts payable 45,533 42,521
Other payables and accruals 208,892 256,124
Bank borrowings 93,160 82,806
Deferred revenue 51,547 98,503
Other liabilities 102,703 22,389
Total liabilities 501,835 502,343
Company's shareholders' equity 1,237,926 759,929
Non-controlling interests 13,336 11,924
Total liabilities and shareholders' equity 1,753,097 1,274,196
Condensed Consolidated Statements of Operations Data
(in $'000, except share and per share data) Year Ended December 31,
2025 2024
Revenue:
Oncology/Immunology - Marketed Products 214,356 271,534
Oncology/Immunology - R&D 71,183 91,831
Oncology/Immunology Consolidated Revenue 285,539 363,365
Other Ventures 262,973 266,836
Total revenue 548,512 630,201
Operating expenses:
Cost of revenue (336,349) (348,884)
Research and development expenses (148,295) (212,109)
Selling and administrative expenses (103,028) (112,913)
Total operating expenses (587,672) (673,906)
Gain on divestment of an equity investee 476,896 -
Other income, net 60,955 42,598
Income/(loss) before income taxes and equity in earnings of equity investees 498,691 (1,107)
Income tax expense (2,477) (7,192)
Income tax expense - Divestment of an equity investee (61,133) -
Equity in earnings of equity investees, net of tax 22,651 46,469
Net income 457,732 38,170
Less: Net income attributable to non-controlling interests (823) (441)
Net income attributable to HUTCHMED 456,909 37,729
Earnings per share attributable to HUTCHMED (US$ per share)
- basic 0.53 0.04
- diluted 0.52 0.04
Number of shares used in per share calculation
- basic 858,276,608 855,351,683
- diluted 872,891,120 872,829,129
Earnings per ADS attributable to HUTCHMED (US$ per ADS)
- basic 2.66 0.22
- diluted 2.62 0.22
Number of ADSs used in per ADS calculation
- basic 171,655,322 171,070,337
- diluted 174,578,224 174,565,826
About HUTCHMED
HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery and global
development and commercialization of targeted therapies and immunotherapies
for the treatment of cancer and immunological diseases. Since inception it has
focused on bringing drug candidates from in-house discovery to patients around
the world, with its first three medicines marketed in China, and the first of
which is also approved around the world including in the US, Europe and Japan.
For more information, please visit: www.hutch-med.com
(https://www.hutch-med.com/) or follow us on LinkedIn
(https://www.linkedin.com/company/hutchmed/) .
Contacts
Investor Enquiries +852 2121 8200 / ir@hutch-med.com (mailto:ir@hutch-med.com)
Media Enquiries
FTI Consulting - +44 20 3727 1030 / HUTCHMED@fticonsulting.com
(mailto:HUTCHMED@fticonsulting.com)
Ben Atwell / Tim Stamper +44 7771 913 902 (Mobile) / +44 7779 436 698 (Mobile)
Brunswick - Zhou Yi +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
(mailto:HUTCHMED@brunswickgroup.com)
Panmure Liberum Nominated Advisor and Joint Broker
Atholl Tweedie / Emma Earl / Rupert Dearden +44 20 7886 2500
Cavendish Joint Broker
Geoff Nash / Nigel Birks +44 20 7220 0500
Deutsche Numis Joint Broker
Freddie Barnfield / Jeffrey Wong / Duncan Monteith +44 20 7260 1000
References
Unless the context requires otherwise, references in this announcement to the
"Group," the "Company," "HUTCHMED," "HUTCHMED Group," "we," "us," and "our,"
mean HUTCHMED (China) Limited and its subsidiaries unless otherwise stated or
indicated by context.
Past Performance and Forward-Looking Statements
The performance and results of operations of the Group contained within this
announcement are historical in nature, and past performance is no guarantee of
future results of the Group. This announcement contains forward-looking
statements within the meaning of the "safe harbor" provisions of the US
Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by words like "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates," "pipeline," "could,"
"potential," "first-in-class," "best-in-class," "designed to," "objective,"
"guidance," "pursue," or similar terms, or by express or implied discussions
regarding potential drug candidates, potential indications for drug candidates
or by discussions of strategy, plans, expectations or intentions. You should
not place undue reliance on these statements. Such forward-looking statements
are based on the current beliefs and expectations of management regarding
future events, and are subject to significant known and unknown risks and
uncertainties. Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results may vary
materially from those set forth in the forward-looking statements. There can
be no guarantee that any of our drug candidates will be approved for sale in
any market, that any approvals which have been obtained will continue to
remain valid and effective in the future, or that the sales of products
marketed or otherwise commercialized by HUTCHMED and/or its collaboration
partners (collectively, "HUTCHMED's Products") will achieve any particular
revenue or net income levels. In particular, management's expectations could
be affected by, among other things: unexpected regulatory actions or delays or
government regulation generally; the uncertainties inherent in research and
development, including the inability to meet our key study assumptions
regarding enrollment rates, timing and availability of subjects meeting a
study's inclusion and exclusion criteria and funding requirements, changes to
clinical protocols, unexpected adverse events or safety, quality or
manufacturing issues; the delay or inability of a drug candidate to meet the
primary or secondary endpoint of a study; the delay or inability of a drug
candidate to obtain regulatory approval in different jurisdictions or the
utilization, market acceptance and commercial success of HUTCHMED's Products
after obtaining regulatory approval; discovery, development and/or
commercialization of competing products and drug candidates that may be
superior to, or more cost effective than, HUTCHMED's Products and drug
candidates; the impact of studies (whether conducted by HUTCHMED or others and
whether mandated or voluntary) or recommendations and guidelines from
governmental authorities and other third parties on the commercial success of
HUTCHMED's Products and drug candidates in development; the ability of
HUTCHMED to manufacture and manage supply chains, including various third
party services, for multiple products and drug candidates; the availability
and extent of reimbursement of HUTCHMED's Products from third-party payers,
including private payer healthcare and insurance programs and government
insurance programs; the costs of developing, producing and selling HUTCHMED's
Products; the ability to obtain additional funding when needed; the ability to
obtain and maintain protection of intellectual property for HUTCHMED's
Products and drug candidates; the ability of HUTCHMED to meet any of its
financial projections or guidance and changes to the assumptions underlying
those projections or guidance; the successful disposition of its non-core
business; global trends toward health care cost containment, including ongoing
pricing pressures; uncertainties regarding actual or potential legal
proceedings, including, among others, actual or potential product liability
litigation, litigation and investigations regarding sales and marketing
practices, intellectual property disputes, and government investigations
generally; and general economic and industry conditions, including
uncertainties regarding the effects of the persistently weak economic and
financial environment in many countries, uncertainties regarding future global
exchange rates, uncertainties in global interest rates, and geopolitical
relations, sanctions and tariffs. For further discussion of these and other
risks, see HUTCHMED's filings with the US Securities and Exchange Commission,
on AIM and on HKEX. HUTCHMED is providing the information in this announcement
as of this date and does not undertake any obligation to update any
forward-looking statements as a result of new information, future events or
otherwise.
In addition, this announcement contains statistical data and estimates that
HUTCHMED obtained from industry publications and reports generated by
third-party market research firms. Although HUTCHMED believes that the
publications, reports and surveys are reliable, HUTCHMED has not independently
verified the data and cannot guarantee the accuracy or completeness of such
data. You are cautioned not to give undue weight to this data. Such data
involves risks and uncertainties and are subject to change based on various
factors, including those discussed above.
Inside Information
This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 (as it forms part of retained EU law as defined in
the European Union (Withdrawal) Act 2018).
Medical Information
This announcement contains information about products that may not be
available in all countries, or may be available under different trademarks,
for different indications, in different dosages, or in different strengths.
Nothing contained herein should be considered a solicitation, promotion or
advertisement for any prescription drugs including the ones under development.
Ends
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http://www.rns-pdf.londonstockexchange.com/rns/4946V_1-2026-3-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4946V_1-2026-3-5.pdf)
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