Hutchmed (china) Limited · HKEX:13
Hutchmed (china) — Q4 2025 Earnings Presentation
46 slides from Hutchmed (china)'s earnings presentation, Mar 5, 2026
Slide 1: Global Commercial Portfolio, Next-generation Innovative Platform
Global Commercial Portfolio Next -generation Innovative Platform March 2026 HKEX:13 | Nasdaq/AIM:HCM 1
Slide 2: Safe Harbor Statement & Disclaimer
Safe Harbor Statement & Disclaimer The performance and results of operations of the HUTCHMED Group contained within this presentation are historical in nature, and past performance is no guarantee of future results. The performance and results of operations of the Group contained within this present
Slide 3: Agenda
Agenda 1 Opening Johnny Cheng Acting Chief Executive Officer Chief Financial Officer Lorenso Chiu 2 Financial Review & Outlook Deputy Chief Financial Officer George Yuan 3 Commercial Delivery Head of Commercial (China) Guangxiu Dai 4 Pipeline Updates & ATTC Platform Head of Discovery & Global Portfo
Slide 4: 2025 Achievements
2025 Achievements (In US$) Global Asset Next -gen Innovation FRUZAQLA® 2025 Growth +26% China In -market Sales ATTC H2 Rebound +21% • Global Phase I Potential BD with MNCs • Huge market potential • More drug candidate on the way Financials Strong Cash Position $1.4bn • Accelerate ATTC global develop
Slide 5: Financial Review & Outlook
Financial Review & Outlook Underpinned by strong financial & strategic fundamentals
Slide 6: 2025 Key Financial Highlights (1/2)
2025 Key Financial Highlights (1/2) (In US$) Oncology /Immunology Revenue Net Income $286m $457m 2024: $363m 2024: $38m Upfront, milestones, etc.: $71m Attributed to SHPL divestment gain $416m [1] (2024: $92m) In-market Sales Ex-CN $366m +26% vs LY, +25% H2 vs H1 Profitable operations CN $159m –25%
Slide 7: 2025 Key Financial Highlights (2/2)
2025 Key Financial Highlights (2/2) (In US$) R&D Expense s Strong Cash $148m $1,367 m 2024: $212m 2024: $836m Transition from completion of late - Driven by SHPL divestment proceeds stage trials to next wave ATTCs • Multiple late -stage assets in reg. stage Well-positioned to accelerate ATTC program
Slide 8: 2026 Oncology/Immunology Revenue Guidance
(in US$) 2026 Oncology/Immunology Rev enue Guidance $330m to $450m • China Commercial targets strong growth in 2026 • FRUZAQLA® continues global expansion • Explore new partnership for novel drug candidates (incl ATTC program) 8
Slide 9: Commercial Delivery
Commercial Delivery Novel oncology products continue to bring growth
Slide 10: FRUZAQLA: Global Geographical Expansion
FRUZAQLA ®: Global Geographical Expansion Colon cancer is the 3rd most common cancer and 2nd leading cause of cancer -related deaths worldwide [1] In-market sales (in US$ millions) Proven global strategy 366.2 (YoY +26% CER) • Growth driven by global expansion: recent launches included Portugal, Bel
Slide 11: ELUNATE: China Growth
ELUNATE® : China Growth In-market sales (in US$ millions) 100.1 (YoY -13% CER) • Leading market share in 3L CRC in China o H1 sales temporarily affected by streamlined sales force o H2 sales growth from improved efficiencies after focusing 57.1 resources on top -tier hospitals and high -potential pr
Slide 12: ORPATHYS & SULANDA: 11% Of 2025 In-market Sales
ORPATHYS® & SULANDA®: 11% Of 2025 In -market Sales Positive outlook despite competitive markets with new entrants ORPATHYS® (savolitinib) SULANDA® (surufatinib) • 1L METex14 skipping NSCLC added to NRDL • Maintained leading position in NET TKI • SACHI approval to drive future growth • Renewed 2026 N
Slide 13: Building Our Hematology Portfolio
Building Our Hematology Portfolio • CN FL approved in 2025 • ITP CN NDA resubmitted • Inclusion in the CIDL TAZVERIK® Sovleplenib • wAIHA potential (tazemetostat) (Syk inhibitor) CN NDA filing in H1 2026 • Phase III in AML ongoing • To initiate Phase III in Ranosidenib HMPL-760 DLBCL in H1 2026 (IDH
Slide 14: Pipeline Updates & ATTC Platform
Pipeline Updates & ATTC Platform Next-generation Antibody -Targeted Therapy Conjugate (ATTC) platform Progressing clinical development
Slide 15: 2025 and Recent Achievements
2025 and Recent Achievements Savolitinib* Sovleplenib ATTC Platform China SACHI approved China ITP NDA re -submission Global A251 global Phase I initiated BTD granted China SANOVO enrollment completed Global SAFFRON enrollment completed China wAIHA Ph3 met endpoint Global A580 global Phase I initiat
Slide 16: Savolitinib: Global and China Progress Driving Future Growth
Savolitinib Sovleplenib Antibody-Targeted Therapy Conjugate (ATTC) Savolitinib: Global and China Progress Driving Future Growth 6 potential registration studies: 3 global & 4 in China, advancing multiple indications and market opportunities NSCLC METex 14: 1L&2L China Approved EGFRm: 2L MET -amp Chi
Slide 17: SACHI: Savolitinib + TAGRISSO Phase III Registration Study in China
Savolitinib Sovleplenib Antibody-Targeted Therapy Conjugate (ATTC) SACHI: Savolitinib + TAGRISSO® Phase III Registration Study in China • China NMPA approval in June 2025 • Demonstrated clinically meaningful improvement in OS [2] mOS : ITT mPFS : mPFS: Excl. patients who received ITT [1] Prior 3rd G
Slide 18: Sovleplenib Shows High Durable Response and Good Safety
Savolitinib Sovleplenib Antibody-Targeted Therapy Conjugate (ATTC) Sovleplenib Shows High Durable Response and Good Safety China ITP NDA resubmitted in February 2026 Long -term data presented at ASH 2025 Sovleplenib vs. other ITP products % of patients Number of weeks Durable response rate [1] in do
Slide 19: Sovleplenib: Immune Thrombocytopenia Purpura (ITP)
Savolitinib Sovleplenib Antibody-Targeted Therapy Conjugate (ATTC) Sovleplenib: Immune Thrombocytopenia Purpura ( ITP) Large growing market with limited options China market: $500m –$700m (In US$) Potential adult ITP addressable patients [3] Limited treatment options 256,000 >200,000 • Many patients
Slide 20: Our first ATTC: HMPL-A251 in Global Phase I Trial
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) Our first ATTC: HMPL -A251 (“A251”) in Global Phase I Trial A first-in-class PI3K/PIKK inhibitor conjugated to a HER2 -targeted antibody HMPL-A251 Potential attributes of ATTC platform Humanized anti -HER2 IgG1 antibody Better Effic
Slide 21: HER2-targeted Indications: Significant Global Market Potential
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) HER2 -targeted Indications: Significant Global Market Potential Total Addressable Market: Example of Key Indications [1] [2] (In US$) HER2+ HER2+ HER2+ Breast Cancer Gynecological Cancer s Gastric Cancer Ovarian Cancer Uterine Cance
Slide 22: PAM Pathway: Potential to Address Huge Unmet Medical Needs
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) PAM Pathway: Potential to Address Huge Unmet Medical Needs PAM is the most frequently altered pathway PAM-altered frequency [6] in solid tumors 38~50% Breast Cancer Prostate Cancer 30% Gastric Cancer Ovarian Cancer 9% 6% 3% ALK [5]
Slide 23: A251 Payload: A Potent Inhibitor Targeting PI3K/PIKK Pathways
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) A251 Payload : A Potent Inhibitor Targeting PI3K/PIKK Pathways Cover multiple nodes along both PI3K and PIKK pathways with high affinities Target PI3K α PI3K β/γ/δ AKT mTOR ATR ATM PAM (PI3K/AKT/mTOR) HMPL-A251 payload Drug PIKK (AT
Slide 24: A251: Activities in PAM Altered/Wild-type & Bystander Effect
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) A251: Activities in PAM Altered/Wild -type & Bystander Effect HER2-dependent cell growth -inhibitory activity with bystander killing effect to overcome HER2 heterogeneity Cell growth inhibition of HMPL -A251 Bystander effect HER2 -p
Slide 25: Preliminary Global Clinical Development Strategy
Savolitinib Sovleplenib Antibody -Targeted Therapy Conjugate (ATTC) Preliminary Global Clinical Development Strategy A data driven plan for US and China trials Dose escalation & expansion Proof of Concept MTD + RP2D Safety and efficacy Define biomarker strategy in various indications • Single agent
Slide 26: Next-gen Innovation Timeline
Next -gen Innovation Timeline 2025 2026 2027 2028 2029… Candidate 1 IND (ATTC HMPL -A251) Global P hase I initiated Candidate 2 IND (ATTC HMPL -A580) Global P hase I initiated Candidate 3 IND (ATTC HMPL -A830) Global P hase I initiate Candidate 4 IND Global P hase I initiate More to come … IND Globa
Slide 27: Next 15 Months Potential Milestones
Next 15 Months Potential Milestones Savolitinib* Sovleplenib ATTC Platform Global SAFFRON readout China ITP NDA approval Global A580 pre -clinical data presentation China SANOVO readout China wAIHA NDA filing Global A830 IND filing (CN & US) and initiate China 3L GC NDA approval Fruquintinib^ Surufa
Slide 28: Our Strategy
Our Strategy Revenue growth & strategic actions on path to self-sustaining
Slide 29: Outlook: 2026 and Beyond
Outlook: 2026 and Beyond • SAFFRON/SANOVO readouts • Potential NDA filings Pipeline • Hematologic assets • Heme new products to drive • Sovleplenib NDA under review China sales growth • ATTC A251 ongoing Phase I • Expedite global development Innovation • ATTC A580 ongoing Phase I • Explore BD opport
Slide 30: Q&A Thank you!
Q&A Thank you! 30
Slide 31: References & Abbreviations
References & Abbreviations ADS = American depositary share. FGFR = fibroblast growth factor receptor. NEC = neuroendocrine carcinoma. AIHA = autoimmune hemolytic anemia. FL = follicular lymphoma. NETs = neuroendocrine tumors. ALK = anaplastic lymphoma kinase. FPI = first patient in. NHL = Non-Hodgki
Slide 32: Appendix
HUTCHMED APPENDIX
Slide 33: In-market Sales
In-market Sales Global in -market sales growth momentum to continue (In US$ millions) 2025 2024 %Δ (CER) Oncology Medicines In -market Sales [1] FRUZAQLA ® (fruquintinib) $366.2 $290.6 +26% (+26%) ELUNATE® (fruquintinib) $100.1 $115.0 -13% (-13%) SULANDA® (surufatinib) $27.0 $49.0 -45% (-45%) ORPATH
Slide 34: 2025 Financial Overview (1/2)
2025 Financial Overview (1/2) (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 10,86
Slide 35: 2025 Financial Overview (2/2)
2025 Financial Overview (2/2) (in $’000) 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,
Slide 36: HUTCHMED Diversified and Validated Late-stage Pipeline
HUTCHMED Diversified and Validated Late -stage Pipeline Drug Study Target Disease Status China conditional approval in Dec 2024 (2026 NRDL inclusion) FRUSICA -1 2L pMMR EMC Fruquintinib^^ China NDA acceptance in Jun 2025 FRUSICA -2 2L RCC China approval in Jun 2025 SACHI 2L EGFRm MET-amp NSCLC China
Slide 37: HUTCHMED ATTC Pipeline
HUTCHMED ATTC Pipeline Drug Target Indication Status Rights ATTC 1 PI3K/PIKK, Global Phase I: initiated in Dec 2025 Solid tumor s Global HMPL-A251 HER2 Phase I ATTC 2 PI3K/PIKK, Global Phase I: initiated in Mar 2026 Solid tumors Global HMPL-A580 EGFR Phase I ATTC 3 Phase I initiation H2 2026: China
Slide 38: Savolitinib: Comparison of SACHI and MARIPOSA-2
Savolitinib: Comparison of SACHI and MARIPOSA-2 for Patients Progressed on 3 rd Gen EGFR TKI with MET amplification MARIPOSA-2[1][2] SACHI [3] Amivantamab+chemo Savolitinib+Osimertinib Comments vs chemo vs chemo ITT: 120 vs 221 ITT: 106 vs 105 ctDNA NGS Tissue FISH Precision detection – METamp detec
Slide 39: Sovleplenib: warm Antibody Autoimmune Hemolytic Anemia (wAIHA)
Sovleplenib: warm Antibody Autoimmune Hemolytic Anemia (wAIHA) ESLIM -02 Phase III Demonstrated Positive Topline Results • Phase III data to be presented • Potential China NDA in H1 2026 • No disease -targeted therapies approved, despite the unmet medical need that exists for these patients ESLIM -0
Slide 40: HUTCHMED ATTC vs. Traditional ADC
HUTCHMED ATTC vs. Traditional ADC Better efficacy & safety; potential 1 st line applications Payload Antibody -Targeted Antibody Linker (targeted therapy Therapy Conjugates (ATTC) small molecule) Payload Traditional Antibody -Drug Antibody Linker (toxin -based) Conjugates (ADC) 40
Slide 41: ATTC: In Vivo Anti-tumor Efficacy of A251 vs. DS-8201
ATTC: In Vivo Anti-tumor Efficacy of A251 vs. DS -8201 A single intravenous dose of A251 demonstrated robust anti -tumor activity in HER2-positive tumor models with /without PAM alterations , which was comparable or stronger than DS -8201 administered at an equivalent dose A: HER2+/PAM-altered Breas
Slide 42: ATTC: Anti-tumor Activity of HMPL-A251 in DS-8201 Resistant Model
ATTC: Anti-tumor Activity of HMPL -A251 in DS -8201 Resistant Model HMPL-A251 can overcome the DXd-mediated resistance to DS -8201 Dose-response inhibition curves of HCC1954 cells Dose-response inhibition curves of HCC1954 parent transfected with non -targeting or SLX4 -targeted siRNAs and DXd-induc
Slide 43: HMPL-306 for IDH1/2-mutated Acute Myeloid Leukemia (AML)
HMPL-306 for IDH1/2 -mutated Acute Myeloid Leukemia ( AML) Initiated RAPHAEL registrational phase III trial in May 2024 (In US) ІDH1/2 mutations ~15-25% of AML patients [3] China Market Incidence 20K [1] Nearly 25% of AML patients fail to achieve remission after treatment [4] $100m -$200m No dual in
Slide 44: HMPL-306: CR+CRh Rates in Patients with IDH1/2 Mutation
HMPL-306: CR+CRh Rates in Patients with IDH1 / IDH2 Mutation Phase I study [1] CR+CRh rates in patients with IDH1 mutation CR+CRh rates in patients with IDH2 mutation 150/250mg group 26.7 150/250mg group 30.0 RP2D 45.5 RP2D 50.0 150/250mg group* 33.3 150/250mg group* 35.7 RP2D* 50.0 RP2D* 62.5 0 10
Slide 45: HMPL-760: Commercial Opportunity in 2L DLBCL All-comers
HMPL-760: Commercial Opportunity in 2L DLBCL All -comers High unmet medical need with no other BTK entry (In US) DLBCL is the most common aggressive non -Hodgkin's lymphoma (NHL), accounting for >40% of NHL Global Market Annual China DLBCL patients: $4-$5 bn • New incidence: ~20k -30k patients; • Pr
Slide 46: Substantial sustainability delivery in 2025
Substantial sustainability delivery in 2025 Good progress on ESG targets under 5 strategic pillars, steady improvement in ESG ratings Innovation Ethics and Climate Action Human Capital Access to Healthcare Transparency Achievements: Achievements: Achievements: Achievements: Achievements: Current ESG