HUTCHMED (China) Limited

Welcome everyone. Thank you for joining HatchMet 2024 full year results call. Everyone is on listen only mode at this stage. We will first start off with a presentation and then we will have a Q&A at the end when you can actually enter your question in the Q&A box at the very bottom of your screen or you can also press the raise hand button where we will call your name and then you can ask the question. This information in the presentation will be also on our homepage where you can download the PowerPoint presentation as well. Should you experience any technical difficulties, please send a chat message in the chat box. This session will also be recorded and the recorded webcast will be posted on the platform in about a day or so. And just to go over some of the safe harbors statement, the performance and results of operation of HatchMet contained within this presentation are all historical in nature and past performance is no guarantee of future results. Forward-looking statements are based on current beliefs and expectation of management regarding future event and are subject to significant known and unknown risks and uncertainty. Should one of these reasons materialize, then the assumption may be proven to be incorrect and actual results may vary from what was mentioned in the forward-looking statement. Today, we will have a very good lineup of presentation. First, our Chief Executive Officer, Chief Scientific Officer, Dr. Xu, will have the opening. And then our Chief Financial Officer, Johnny Chen, will go over the 2024 financial review and outlook. And then our head of commercial, George Yuan, will go over our commercial aspects. And that will be followed by our head of R&D and chief medical officer, Michael Shi, to talk about our pipeline updates and also our new ATTC platform. And that will be followed by a closing remark by Dr. Su, and then we will have the Q&A. So without further delay, I will pass over the presentation to Dr. Su.

Okay, thank you, David. Good morning, good evening, everyone. Welcome to Hachiman Results Conference call. Today, we announced 2024 four-year results. We are pleased and proud to report a net profit for 2024 behind the global commercial success of FruitZakla. The management will share more details on the 2024 results and provide an update for 2025. Overall, financially, Furuzakura did exceptionally well with total sales of $290.6 million. On the pipeline, we saw cefalitinib for approval in China with expansion into the first line for exon 14 skipping non-small cell lung cancer. Globally, cefalitinib Savannah-Sephron studies progressed well, positioning as well for potential global registration. Towards the end of 2024, we reported positive SACHI interim analysis in China in second line EGFR mutation positive met amplified non-small cell lung cancer patients leading to NDA submission before end of 2024. For frequentinib, towards the end of the year, we received approval for second-line endometrial cancer in combination with centilimab. We believe these new indications and new approval of new products will help drive China commercial. 2025 is shaping up a big year for the pipeline. Mike will go through the details with you. And looking forward, we are starting to get excited about our next generation innovations. And these are ATTCs now starting to move towards clinic. The success of these programs will ensure our long-term growth beyond 2030. With that, let me invite my colleague, Johnny, our CFO to go through the results. Johnny, please.

Thank you, Dr. Su. And yes, we end the year with cash resources of over 830 million, which reflects a small reduction of around 50 million from 2023. A portion of the use of the cash resources were utilized for our long-term incentive plan to retain talents. Another portion was attributable for working capital to support our ex-China collaboration with Takeda. Moving on to the next page. On the financial results, we recognized consolidated revenue of $630 million and reported a net income of $37 million. Our oncology business revenue met our guidance last year to achieve over $316 million revenue. Overall profitability was the results of strong commercial performance, ongoing recognition of deferred revenue, tight control over selling and admin expenses, as well as scaling down our ex-China R&D operations from the restructuring initiatives we started in 2023. On the right-hand side of the page, as you can see, the 2025 revenue guidance for our oncology business is 350 to 450 million. As compared to last year, this guidance has taken into account the non-recurring service and manufacturing income from Takeda to support regulatory approval and also commercial launch in various jurisdictions in 2024. I will now pass on to our head of commercial, George Yuan.