HONG KONG and SHANGHAI and FLORHAM PARK, N.J., Aug. 07, 2025 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“HUTCHMED”, the “Company” or “we”) (Nasdaq/AIM:HCM; HKEX:13) today reports its financial results for the six months ended June 30, 2025 and provides updates on key clinical and commercial developments.
HUTCHMED to host results webcasts today at 8:00 a.m. EDT / 1:00 p.m. BST / 8:00 p.m. HKT in English on Thursday, August 7, 2025, and tomorrow at 8:30 a.m. HKT in Chinese (Putonghua) on Friday, August 8, 2025. After registration, investors may access the live webcast at www.hutch-med.com/event.
All amounts are expressed in US dollars unless otherwise stated. A list of abbreviations is in the Glossary on page 29.
Global commercial progress and delivery of sustainable growth
Pipeline progress and new technology platform
Dr Dan Eldar, Non-executive Chairman of HUTCHMED, said, “With a strong balance sheet, robust operations and an exciting new ATTC platform, HUTCHMED is ready to enter a new phase of growth. Partnering is still a strategic focus, with multinational pharmaceutical companies remaining favorable towards such licensing opportunities with China biotech companies. In recent months we have seen markets’ sentiment and performance have significantly improved. China domestic drug policy and pricing environment also manifest strengthened support for innovative drug development, with the potential introduction of a commercial insurance drug list later this year, targeting a diversified, multi-layered healthcare social security payment system down the road.
We intend to prudently and actively deploy resources to expedite the development of a series of drug candidates from our novel ATTC platform, including synchronous clinical development in China and overseas. Our 20 years of knowledge of in-house discovery, experience in running large-scale pivotal trials, collaboration with international partners and success in obtaining global regulatory approvals empower us to bring forth more innovative medicines to address large unmet needs around the world.”
Dr Weiguo Su, Chief Executive Officer and Chief Scientific Officer of HUTCHMED, said, “We concluded the first half of 2025 with several important milestones achieved, some earlier than expected. The presentation of SACHI data at ASCO in a late-breaking oral presentation at the beginning of June was impressive, validating both the clinical strength and commercial advantages of ORPATHYS® in the market. This is the first biomarker-selected pivotal study globally for EGFR TKI refractory lung cancer patients, demonstrating clear clinical benefits for these patients. The China approval of ORPATHYS® at the end of June for this indication, six months after filing acceptance, was ahead of schedule and in time to qualify for national reimbursement negotiation. Also in June, the third indication of ELUNATE® for kidney cancer was accepted for review by the NMPA, supported by positive data in the FRUSICA-2 Phase III trial, to be presented at ESMO Congress. We also launched TAZVERIK® (tazemetostat), our first hematological oncology drug, in July following approval in March.
We believe sales growth should improve in second half of 2025, with the help of indication expansion in China and better market penetration overseas. In the near term, we shall start clinical development of multiple drug candidates from our ATTC program, a crucial technology platform, which will enrich our pipeline and provide ample partnership opportunities.”
2025 INTERIM RESULTS & BUSINESS UPDATES
I. COMMERCIAL OPERATIONS
FRUZAQLA® in-market sales by Takeda were up 25% in the first half of 2025 at $162.8 million, driven by strong growth following approvals in more than 30 countries to date, including over 10 new markets in 2025. Reimbursement was received in the US, Spain and Japan last year, and, in July 2025, positive recommendation was received for NHS reimbursement in England and Wales.
The China pharmaceutical sector has gone through multifaceted changes. To position HUTCHMED for sustainable long-term growth, HUTCHMED has streamlined its sales force to establish a more efficient commercial organization and enhance productivity. In the face of intensifying competition as its products mature, HUTCHMED has strengthened its strategy to continue to focus on science-driven commercial activities to further differentiate its products. In the first half of 2025, in-market sales in China for ELUNATE®, SULANDA® and ORPATHYS® decreased as compared to the first half of 2024, reflecting competition and the transitional effects of the changes in our sales team and marketing strategy.
Total in-market sales were down 4%. Consolidated revenue dropped 22% due to lower China in-market sales, offset by flat FRUZAQLA® revenue.
Other Oncology/Immunology revenue, consisting of upfront or milestones, R&D services and licensing to our partners increased 9% to $44.4 million. Revenue from Other Ventures, comprising prescription drug distribution, remained flat, leading to total consolidated revenue of $277.7 million, down 9%.
| (Unaudited, $ in millions) | In-market Sales* | Consolidated Revenue** | ||||||||||
| H1 2025 | H1 2024 | %Δ | (CER) | H1 2025 | H1 2024 | %Δ | (CER) | |||||
| FRUZAQLA® | $162.8 | $130.5 | +25% | (+25%) | $43.1 | $42.8 | +1% | (+1%) | ||||
| ELUNATE® | $43.0 | $61.0 | -29% | (-29%) | $33.6 | $46.0 | -27% | (-27%) | ||||
| SULANDA® | $12.7 | $25.4 | -50% | (-50%) | $12.7 | $25.4 | -50% | (-50%) | ||||
| ORPATHYS® | $15.2 | $25.9 | -41% | (-41%) | $9.0 | $13.1 | -32% | (-32%) | ||||
| TAZVERIK® | $0.7 | $0.5 | +49% | (+49%) | $0.7 | $0.5 | +49% | (+49%) | ||||
| Oncology Products | $234.4 | $243.3 | -4% | (-4%) | $99.1 | $127.8 | -22% | (-22%) | ||||
| Takeda upfront, regulatory milestones and R&D services | $29.5 | $33.8 | -13% | (-13%) | ||||||||
| Other revenue (R&D services and licensing) | $14.9 | $7.1 | +111% | (+111%) | ||||||||
| Total Oncology/Immunology | $143.5 | $168.7 | -15% | (-15%) | ||||||||
| Other Ventures | $134.2 | $137.0 | -2% | (-1%) | ||||||||
| Total Revenue | $277.7 | $305.7 | -9% | (-9%) | ||||||||
* FRUZAQLA®, ELUNATE® and ORPATHYS® mainly represent total sales to third parties as provided by Takeda, Eli Lilly and AstraZeneca, respectively.
** FRUZAQLA® represents manufacturing revenue and royalties paid by Takeda; 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 the HUTCHMED’s sales of the products to third parties.
II. REGULATORY UPDATES
III. LATE-STAGE CLINICAL DEVELOPMENT ACTIVITIES
Savolitinib (ORPATHYS® in China), a highly selective oral inhibitor of MET
Potential upcoming clinical milestones for savolitinib:
Fruquintinib (ELUNATE® in China, FRUZAQLA® outside of China), a selective oral inhibitor of VEGFR
Sovleplenib (HMPL-523), an investigative and highly selective oral inhibitor of Syk
Potential upcoming regulatory milestones for sovleplenib:
Surufatinib (SULANDA® in China), an oral inhibitor of VEGFR, FGFR and CSF-1R
Potential upcoming clinical milestone for surufatinib:
Tazemetostat (TAZVERIK® in China), a first-in-class, oral inhibitor of EZH2
Fanregratinib (HMPL-453), a novel, highly selective and potent inhibitor targeting FGFR 1, 2 and 3
Ranosidenib (HMPL-306), an investigative and highly selective oral dual-inhibitor of IDH1 and IDH2 enzymes
IV. ANTIBODY-TARGETED THERAPY CONJUGATE (ATTC) PLATFORM
New in-house created platform with multiple potential IND candidates
HUTCHMED plans to initiate China and global clinical trials for our first ATTC drug candidate around the end of 2025, followed by multiple global IND filings for more ATTC candidates in 2026.
Our ATTC next-generation technology platform leverages over 20 years of expertise in targeted therapies with small molecules inhibitors. By linking a monoclonal antibody with a proprietary targeted small-molecule inhibitor (SMI) payload, our ATTC platform has the capability to derive multiple drug candidates targeting various oncology indications, including precision medicine against selective sub-types. These ATTC drug candidates enrich the next wave of clinical development with potential key advantages over traditional antibody-drug conjugates and/or small molecule medicines.
V. COLLABORATION UPDATES
Further progress of candidate IMG-007, discovered by HUTCHMED
VI. OTHER VENTURES
VII. SUSTAINABILITY
In April 2025, the 2024 Sustainability Report was published, highlighting the progress made in 11 goals and targets and enhanced climate actions, including improved Scope 3 data, tightened control over air travel and engagement with suppliers. This year, a comprehensive climate risks assessment is being conducted to further understand and quantify the potential financial impacts of climate change, including physical risks brought by flooding and heat stress, and transition risks for HUTCHMED under optimistic and pessimistic scenarios.
HUTCHMED has made notable progress in its ESG ratings, including ratings from CDP Worldwide, the Hang Seng Corporate Sustainability Index Series, ISS ESG, MSCI ESG, Sustainalytics, and S&P Global ESG. In May 2025, HUTCHMED ranked third in ESG Excellence in the Healthcare, Pharmaceutical, and Biotechnology sector in the Extel’s Asia Executive Team survey, reflecting feedback from over 5,400 portfolio managers and analysts. Extel ranked HUTCHMED as one of the Most Honored Companies; ranked it first in Best Board of Directors, Best CEO, Best IR Program and Best IR Professionals; as well as second in Best CFO and Best IR Team in the Healthcare, Pharmaceutical, and Biotechnology sector.
FINANCIAL HIGHLIGHTS
Revenue for the six months ended June 30, 2025 was $277.7 million compared to $305.7 million for the six months ended June 30, 2024.
Net Expenses for the six months ended June 30, 2025 were $239.0 million compared to $279.9 million for the six months ended June 30, 2024, reflecting strong cost control efforts.
Gain on divestment of SHPL, net of tax was $416.3 million for the six months ended June 30, 2025.
Net Income attributable to HUTCHMED for the six months ended June 30, 2025 was $455.0 million compared to $25.8 million for the six months ended June 30, 2024.
Cash, Cash Equivalents and Short-Term Investments were $1,364.5 million as of June 30, 2025 compared to $836.1 million as of December 31, 2024.
Foreign exchange impact: The RMB depreciated against the US dollar on average by approximately 0.8% during the first half of 2025, which has impacted consolidated financial results as highlighted.
FINANCIAL GUIDANCE
HUTCHMED updates full year 2025 guidance for Oncology/Immunology consolidated revenue to $270 million - $350 million due to the phasing of milestone income from partners to 2026 and onwards, as well as the estimated delay of sovleplenib China NDA review completion to after 2025. HUTCHMED will leverage its strong cash resources to accelerate ATTC global development and explore investment opportunities.
Shareholders and investors should note that:
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 SUMMARY
Condensed Consolidated Balance Sheets Data
| (in $’000) | As of June 30, 2025 | As of December 31, 2024 | |
| Assets | (Unaudited) | ||
| Cash and cash equivalents and short-term investments | 1,364,520 | 836,110 | |
| Accounts receivable | 146,967 | 155,537 | |
| Other current assets | 80,840 | 74,908 | |
| Property, plant and equipment | 94,573 | 92,498 | |
| Investment in an equity investee | 3,645 | 77,765 | |
| Other non-current assets | 85,395 | 37,378 | |
| Total assets | 1,775,940 | 1,274,196 | |
| Liabilities and shareholders’ equity | |||
| Accounts payable | 43,725 | 42,521 | |
| Other payables, accruals and advance receipts | 221,061 | 256,124 | |
| Deferred revenue | 77,628 | 98,503 | |
| Bank borrowings | 93,444 | 82,806 | |
| Other liabilities | 98,159 | 22,389 | |
| Total liabilities | 534,017 | 502,343 | |
| Company’s shareholders’ equity | 1,229,064 | 759,929 | |
| Non-controlling interests | 12,859 | 11,924 | |
| Total liabilities and shareholders’ equity | 1,775,940 | 1,274,196 |
Condensed Consolidated Statements of Operations Data
| (Unaudited, in $’000, except share and per share data) | Six months ended June 30, | ||||
| 2025 | 2024 | ||||
| Revenue: | |||||
| Oncology/Immunology – Marketed Products | 99,039 | 127,796 | |||
| Oncology/Immunology – R&D | 44,408 | 40,841 | |||
| Oncology/Immunology Consolidated Revenue | 143,447 | 168,637 | |||
| Other Ventures | 134,230 | 137,044 | |||
| Total revenue | 277,677 | 305,681 | |||
| Operating expenses: | |||||
| Cost of revenue | (167,577 | ) | (180,135 | ) | |
| Research and development expenses | (71,990 | ) | (95,256 | ) | |
| Selling and administrative expenses | (41,624 | ) | (57,811 | ) | |
| Total operating expenses | (281,191 | ) | (333,202 | ) | |
| (3,514 | ) | (27,521 | ) | ||
| Gain on divestment of an equity investee | 477,456 | — | |||
| Other income, net | 21,650 | 22,765 | |||
| Income/(loss) before income taxes and equity in earnings of an equity investee | 495,592 | (4,756 | ) | ||
| Income tax expense | (2,029 | ) | (2,886 | ) | |
| Income tax expense – Divestment of an equity investee | (61,133 | ) | — | ||
| Equity in earnings of an equity investee, net of tax | 23,125 | 33,807 | |||
| Net income | 455,555 | 26,165 | |||
| Less: Net income attributable to non-controlling interests | (601 | ) | (364 | ) | |
| Net income attributable to HUTCHMED | 454,954 | 25,801 | |||
| Earnings per share attributable to HUTCHMED (US$ per share) | |||||
| – basic | 0.53 | 0.03 | |||
| – diluted | 0.52 | 0.03 | |||
| Number of shares used in per share calculation | |||||
| – basic | 857,038,725 | 856,030,704 | |||
| – diluted | 872,564,513 | 872,534,466 | |||
| Earnings per ADS attributable to HUTCHMED (US$ per ADS) | |||||
| – basic | 2.65 | 0.15 | |||
| – diluted | 2.61 | 0.15 | |||
| Number of ADSs used in per ADS calculation | |||||
| – basic | 171,407,745 | 171,206,141 | |||
| – diluted | 174,512,903 | 174,506,893 | |||
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 or follow us on LinkedIn.
Contacts
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| 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.
| Last Trade: | US$15.43 |
| Daily Change: | -0.05 -0.32 |
| Daily Volume: | 46,638 |
| Market Cap: | US$2.640B |
June 01, 2025 April 21, 2025 | |
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