HUTCHMED

Momentum in revenues, ATTC development promise

Lighthouse | 6 March 2026

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  • Solid H225 commercial performance delivered FY25 revenue growth, driven by ex-China geographic expansion/new launches for Fruzaqla (FY25: $366m in-market sales, +26% CER) and indication expansion for China commercial products despite H125 regulatory and competitive headwinds (Elunate, Sulanda, and Orpathys FY25 consolidated revenues were $122.5m, -23% CER). While FY25 Oncology/Immunology consolidated revenue of $285m (FY24: $363m) was at the lower end of $270m-$350m guidance, underlying growth momentum should be maintained, with HUTCHMED guiding to FY26 Oncology/Immunology consolidated revenue of $330m-$450m.
  • FY25 Oncology/Immunology consolidated revenue included product-related revenue of $214m (FY24: $272m), and upfront, milestone, R&D services, and other revenue of $71m (FY24: $92m). In-market product sales grew +5% CER to $525m (FY24: $501m). Total revenue was $549m (FY24: $630m), including Other Ventures income of $263m (FY24: $267m). Completion of several large late-stage trials and a focus on costs lowered overall operating expenses to $588m (FY24: $674m). R&D spend fell to a low point of $148m (FY24: $212m) as investment transitioned from completion of registrational studies to IND-enabling work for ATTC assets. SG&A declined to $103m (FY24: $113m). Net income of $458m (FY24: $38m) included net divestment proceeds of $416m, boosting end-FY25 cash to $1.37bn (end-FY24: $836m).
  • The pipeline also continues to progress with multiple sNDA/NDAs accepted, and under review, by the China NMPA in 2025 (ie sovleplenib in 2L primary ITP, fruquintinib plus sintilimab in 2L renal cell carcinoma, fanregratinib in 2L IHCC); pivotal trial read outs for savolitinib in NSCLC are anticipated in the next 12 months (SAFFRON global; SANOVO China), and, importantly, the first two ATTC (antibody-targeted therapy conjugate, December 2025 Update) drug candidates, ATTC-A251 and ATTC-A580, have begun Phase I studies, with a third (ATTC-A830) expected to do so later in 2026.
  • The strong balance sheet will enable accelerated global development of the ATTC global pipeline and allow potential in-licensing and M&A to be explored. Business development is also underway in relation to the ATTC platform, with large pharma interest; deal(s) would give external validation and further expedite development in many solid tumours. A positive 2026 outlook with Oncology/Immunology revenue guidance of $330m-$450m is supported by continued China growth momentum, ongoing expansion of Fruzaqla commercial prospects, and potential partnering opportunities.

Trinity Delta view: HUTCHMED’s sustainable profitability aim is underpinned by continued commercial and R&D execution. Geographic expansion ex-China, new indications for current China products, and potential new product approvals will support near-term growth, while M&A and/or in-licensing have a role in the mid-term. Accelerated investment in the highly attractive ATTC platform, which could address a wide range of oncology indications with sizeable market potential, should drive longer-term prospects. Our most recent HUTCHMED valuation was $5.98bn/£4.66bn/ HK$46.61bn, or $34.26/ADS and 548p/HK$53.4 per share.

Lighthouse

6 March 2026

Price (US ADS)
(UK share)
(SEHK share)
$13.85
200.0p
HK$22.20
Market Cap
 
$2.50bn
£1.72bn
HK$19.36bn
ExchangesNASDAQ
AIM London
SEHK
SectorHealthcare
Company CodesHCM
HCM.L
0013.HK
Corporate clientYes

Company description

HUTCHMED is a Hong Kong headquartered biopharma focused on discovering, developing and commercialising innovative targeted therapeutics and immunotherapies to treat cancer and immunological diseases for the China and global markets.

Analysts

Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043

Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041

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