HUTCHMED (China) Limited

Hello, everyone. Welcome to HatchMet 2025 full-year result and business update. Today, we're going to go through our result in a formal presentation by our senior management, and then it will be followed by Q&A. Before I start, let's turn to page two with our usual safe harbor statement. Basically, the performance and results of our operation contained within this presentation are historical in nature. and the past performance is no guarantee of future results the information in this presentation is subject to changes and hutchmed has no liability for any loss arising from the use of these contents um my name is david i'm the head of io of hutchmed we are very happy that we're going to have our senior management to present the results Let me hand off the time to our Acting Chief Executive Officer and Chief Financial Officer, Jonny Chan. Jonny.

Thank you, David. And thank you everyone for attending Hachimed's 2025 Results webcast. Joining me today is our Deputy CFO, Lorenzo Jill, who will give us an overview of our financial performance. Our Head of Commercial, George Yuan, who will share with you our commercial performance and our head of discovery, Dr. Guangxiu Dai, who will provide an update on our R&D pipeline progress. Next slide, please. A quick highlight of our 2025 achievements. We are pleased with our ExChina Fuseca sales, which had 26% growth versus last year, resulting in $366 million in in-market sales. More importantly, Fuseca has rolled out to over 38 countries already. As for our China sales, it has rebounded in the second half of the year, achieving 21% in-market sales growth versus our first half intron results. In terms of our cash position, we have about $1.4 billion, which allows us to accelerate our global ATTC development and provide resources to explore potential in-licensing and NMA opportunities. On the right hand side, we have now advanced two of our ATTC programs into the clinic, which we believe will have huge market potential. In addition, We are pursuing potential business development opportunities with multinational companies. In terms of the progress of our pipeline, I will leave it to Dr. Dai to share with you later on. I will now turn it over to Lorenzo for the financial review and outlook. Lorenzo.

Thanks, Johnny. Let me give an overview of our key financial highlights for 2025. Total Oncology revenue was $286 million. This includes $71 million R&D-related upfront and milestone revenues. For Oncology products revenue, as Johnny already mentioned, there was a rebound from our China Oncology products, which recorded 21% growth in in-market sales in the second half, while the second continues its global expansions. On net income, we recorded a profit of $457 million for 2025, mainly due to the HHPL divestment gain of $460 million. Excluding this one-time gain, our core operations remain profitable. Next, please. Our R&D expenses for 2025 was $148 million, Expenses were lower versus 2 to 4 as many of our late stage trials are in the completion stage with multiple NDAs now awaiting approvals. In addition, we began shifting our investments into our early stage, ATTC-SS, with two candidates already in the clinic. Our cash position has been further strengthened to about $1.4 billion That positions us well to accelerate both investments and developments of our ATTC programs Next Looking forward to 2026, our oncology revenue guidance is in the range of $330 million to $450 million This reflects a strong solid growth from 2005 driven by strong growth in our China commercial products with contributions from new indications as well as a full cycle of continuous global expansions. In addition, let us consider the potential partnership opportunities for our new drug candidates, including ATTC. Now I'd like to hand it over to George to give an overview of the China commercial.

Thanks, Lorenzo. First, let's look at the Fusacla, our business partner, Takeda's performance. They deliver a very strong 2025 with 26% growth. And if you look at the Q2, the second half, the second half, the growth actually is accelerated, mainly due to the market expansion. We launched some of the new markets like Portugal, Belgium, and South Korea. Also, the strong Japanese performance and some of the Europe performance uptake also contribute a second-half strong growth. This reflects market needs for safe and effective medicine in the later line MCIC treatment. Also, the physicians' experience enhancement and also the reimbursement progress contribute to those growths. If you look at the U.S., we do see some of the headwind mainly due to the medical part B redesign. Next slide. For China performance under the brand name of Elunet, in China we post a minus 13% growth mainly due to soft performance in the first half as we scale back some of the sales force after our GC second line setback. and also some of the productivity improvement programs. But we successfully turned around the business with a more efficient approach to focus on the top-tier cities and hospitals. In the second half, we delivered 33% growth and successfully renewed our own idea with no price cut and improved our EMC second line. also we submit nd for rcc with those are all contribute to our future growth next slide if look at the opacities and the cylinder which is 11 percent of our total 2025 in mark sales they are relatively soft due to the fierce competition For surrender, we also face multiple PRRT, those nuclear medicine moving to the clinical stage and fighting with us with limited patient pool. But on behalf, although we have some kind of headwinds, we do see some progress. First is for opacities, we have a first-line metascapine adding to the NRDL. Also, we have a such approval to drive future growths. Our Saffron Savanova will read out what we are expecting in this year. For Surrender, we maintain our market leader position in net performance in the TK markets. Also, we have renewed our NIDL with no price cut. Our phase three PDAC study is on track. Next slide, please. We are building on behalf of, in addition to our solid tumor, we are building our hematology portfolio. We get our first medicine, first in class treatment for EZH2 mutasellin follicular lymphoma approved. This is our first hematology products launched in China. This also give us a beachhead in the hematology. And also the TASVERIC include our China's first commercial insurance drug list, where one of the 19th medicine include this drug list. This give us a kind of future growth opportunity to explore the commercial insurance. On the other side, those tasveric provide us a beachhead in the hematology. To leverage these products, we can engage our hematology opinion leaders, establish our core team with expertise in the hematology to prepare the future hematology launches. Our sort of minibar is prepared to launch early 2027, and our ITP is already resubmitted, and the Y-high indication we are potentially submitting in the first half of 2026. Also, we have an additional pipeline in the hematology, the IDH1 and 2 inhibits for AML, and also the BTK in the DL-BCL, also start our phase 3 study. So in the long run, we were aiming to build our very strong hematology portfolio. Now let's turn over to our Dr. Dai.

Thank you, George. I'll provide an update on our R&D pipeline progress. The 2025 proved to be a great year for our pipeline, featured by fast regulatory movement and high-impact clinical data. We have achieved major progresses across our core areas, oncology, hematology, and our next-generation technology platforms. In oncology, salvalinib has reached critical regulatory and clinical milestones in both China and global markets, Saqi was approved in China and speed record for second-line EGFR mutant met amplified non-small cell lung cancer. Sanova and Safran completed phase three enrollment and third-line gastric cancer filed NDA in China in late December 2025. In hematology, sublob planning of sick inhibitor has solidified its position with ITP-NDA resubmission and robust positive phase 3 beta readout in YHA. Perhaps most excitingly, our antibody target therapy conjugate ATTC platform is now a clinical reality, with our lead assets 8251 and 580 moving into global clinical development. 8251 has started patient enrollment in China and in the U.S., closely followed by our second ATTC drug candidate, A580, which was first dosed in patients just yesterday. Beyond this, we are seeing broad success with fluoroquinib EMC included in NRDL, fluoroquinib RCC and ferrogradnib, IHCC gaining NDA acceptance, and the sulfanib moving into phase three for first-line PDAC. Next, I'll dive deep into how these progresses define our growth trajectory. Next slide, please. With salvalinib, we have dual focuses here, maintaining leadership in China and expanding the global footprint. In non-small cell lung cancer, salvalinib has been approved in China for first and second line MAP exon 14 alteration as a single agent. For second line, the combination of Sivalinib and Ocimerinib represents a promising chemo-free oral treatment strategy to address mechanisms of resistance due to MEG alteration following EGFR TKI treatment in this advancing setting. In this setting, such has been approved in China and Safran is expected to have a readout in mid-2026. For first-line, Sanova Phase III study of salvalidinib and alzheimerinib will read out in the second half of 2026 or early 2027. Salvalidinib is more than just a lung cancer drug. We also reached an important milestone in gastric cancer with China NDA for third-line MAD-amplified gastric cancer being accepted and priority review granted. Next, please. The data from Saatchi is compelling. In 2026 Lancet publication, Saatchi study demonstrated a clinically meaningful OS benefit, 22.9 months versus 7.9 months in ITT patients who didn't receive subsequent med inhibitor treatment. The hazard ratio of 0.32 is a clear indicator of OS benefit. Earlier, we have presented at ASCO that combination of savalinib and osimernib shows a clinically meaningful improvement in overall response rate and duration of response versus chemotherapy as second-line treatment. In particular, Sachi demonstrated clinically and statistically meaningful PFS improvement in ITT patients as well as in patients with failed third-generation EGFR TKI treatment. Next slide, please. Turning to sublopalinib as a second inhibitor, our focus is on addressing the large unmet medical needs in immune-mediated hematological disorders. In ITP, we have resubmitted our NDA in China. NDA has been accepted and granted with a breakthrough therapy designation and priority review. The clinical profile of Savla-Planiv is highly competitive. In a three-year follow-up study, the median duration of exposure is over 86 weeks. The cumulative durable response reaches over 66 weeks. Over 51% of patients achieved durable response. This is highly consistent with 48.4 durable response rate in a double-blind phase of ISLAM-1 study. Solvoplanib shows a superior durable response rate compared to many existing ITP therapies, including sick inhibitor fosfaminib and BTK inhibitor rilzabronib, as well as epiglottamide and FCRN drug approved for ITP in Japan. Solvoplanib's durable response rate is comparable to or better than TPO-TPO-RA drugs. A key differentiation for Solvoplanib is its safety, particularly regarding vascular risks. It's well known that TPO-TPO-RA drugs have been associated with thromboembolic and thrombolic complications in ITP patients. Sublo Planet clearly demonstrates a highly competitive clinical profile in the safety and advocacy. Next slide, please. The ITP market potential is significant and growing. In China alone, there are over 250,000 actively traded ITP patients representing a dress code market of five to 700 million US dollars. Next, please. Next is our innovation engine, the ATTC platform. This platform is designed to combine the precise delivery of antibodies with the potency of target inhibitors. A251 is the first in-class ATTC consisting of a potent PI3K-TIKK inhibitor conjugated to an HER2 antibody with a DAROF4 through a cleavable linker. Next slide. A251 targets a massive global market across several HER2-expressing solid tumors, including breast cancer, gastric, gynecologic cancer, and many other HER2-expressing cancer types. Next, please. The scientific and strategic importance of this platform targeting the PEM pathway cannot be overstated. The PAM pathway is the most frequently altered pathway in solid tumors appearing in 38 to 50% of all tumor cases, much higher than the other major drivers like RAS, HER2, EGFR, and ALK. For instance, PAM alterations are often seen in breast cancer, gastric, ovarian, and prostate cancers. This gives A251 and other assets from this platform a massive total addressable market. Next slide. While small molecule inhibitors carbidine PAM pathway and PIKK pathway have historically faced issues with high toxicities and poor DMPK properties, it is always challenging to balance clinical efficacy and safety. The ATTC platform is designed to reduce these on-target off-tumor toxicities by delivering the payloads directly to the tumors. The A251 payload is a potent inhibitor targeting multiple nodes in PAM pathway and PIKK pathway, with high affinities in PIKK-alpha, other PIKK isoforms, and in mTOR, ATR, and ATM. Its biochemical profile significantly differentiates from the profiles of the others targeting PAM and PIKK. We believe this is the advantage of the ATTC approach. The payload demonstrates high kindness specificity in a broad kindness panel, hitting targets in the two families only. Next slide. 8251 demonstrates strong HER2-dependent inhibitory activities. Median IC50 is in a range of 0.2 nanomolar in HER2-positive cells regardless of PAM status, in a single-digit nanomolar in HER2-low compared to 36 nanomolar in HER2-null cells. The HER2 expression level really determines how much of the payload is delivered to the tumor cells and how potent A251 can be. And crucially, A251 exhibits a bystander effect that allows it to overcome HER2 heterogeneity by killing neighboring HER2 null cells. The preclinic data has been published at 2025 URTC conference. Next slide, please. A251 has started the global phase 1 study in the U.S. and in China. The dose escalation and the built-in dose expansion and optimization is essentially one study in China and U.S. following the same protocol. We believe this is the fastest way to define a global dose. The trial targets HER2-expressing solid tumors with PAM status being tested retrospectively. This will inform the biomarker strategy for future development. The strategy includes utilizing 8251 as a monotherapy for lay-line treatment and exploring combination therapies in frontline setting. Next slide. We are accelerating discovery and development of ATTC and ADCs. And this is the next generation innovation timeline. Our second ATTC asset 580 has started the phase one opening sites and recruiting patients in China and in the US. The third ATTC asset A30 is anticipated to enter global phase one this year. We are committed to maintain the momentum from the innovative platform in the coming years. Next slide. Looking ahead to the next 15 months, the upcoming milestones include for SavoLinib, we expect readouts for both Saffron and Sanova. We anticipate the label expansion with China-India approval for the third-line gastric cancer indication. For SavoLinib, our phase three trial in Waiha successfully met its primary endpoint, clearing the path for the next regulatory filing, which will happen in the coming months. Our next major milestone will be the China and the approval for ITP. For the innovation platform, three ATTCs will all be in the clinical development in 2026. Beyond these highlights today, we expect China NDA approvals for Plenip, RCC and FernGradNet in IHCC as well as for Plenip PDAC enrollment completion within the next 15 months. We look forward to another great year. And with that, I'll turn back to our acting CEO, John.

Thank you, Dr. Dai. So in summary, we are very excited about our outlook for 2026 and beyond. we have multiple potential NDA filings upcoming. So including from Saffron and Sanovo readouts later this year. In addition, our new hematology products are expected to drive future sales growth in China. On the innovation side, Our strategic efforts will be focused on accelerating global development of our ATTC programs, and at the same time, exploring business development opportunities to further validate and add value to this platform. Finally, our oncology revenue guidance of 330 to 450 million factors in our full sector ex-China commercial growth, and the positive impact of adding new indications for alienate with that I will turn it over to David to start our Q&A session

Thank you, Johnny. Thank you, everyone, for the presentation. We will now do the Q&A session. First, a little bit of the instructions. If you look at the bottom of your screen, you can see the Raise Hand button. If you have a question, please press the Raise Hand button, and I will call your name and unmute your line. Another way that you can ask question is in the chat box, also at the bottom of your screen. You can press that chat button, and then you can type in your questions, and then I can read out the questions. The first question comes from CLSA Matthew Yen. Matthew, your line is now unmuted. You can ask your question.

Hello. Thanks for taking my questions and the comprehensive questions. the elaboration of the results, and congratulations on the results. I've got a few questions. First is regarding the oncology guidance in 26. In 25, we see multiple, for example, cell stream restructuring or kind of stuff that grows. It's actually a decrease. But the 26 guidance seems to imply something 15% 16% year-over-year on college proposal. Can you elaborate a little bit more about how I should be modeling the key drug sales for this? Yes. This is my first question. I will ask my question in one batch. Second thing is about the Saffron's kind of readout. Do you have any color why the broadband readout has been delayed from first half to second half? The third question is, the last question is about, can you elaborate more on the indication of the ATTC platform, the first two candidates into the clinics, for example, the A251 cases? Am I understanding right that it's more like on the post-NHR2, the refractory breast cancer setting, or what kind of setting we are looking at in the future? Yeah, thanks.

Thank you, Matthew. So, for the first question, I would refer to Lorenzo, and the second and third questions to Dr. Dai. Lorenzo?

Yes. About the guidance, as... Hi, Matthew. Thanks for your questions. About the guidance, as you pointed out, for 2 to 5, there was a decline in the product sales. But as you can see, in the second half, we saw a strong momentum of recovery. And we expect that this will continue in the 2026. And together, we'd like to highlight that we're expecting more growth coming from the new indications. As you can see, we have the L&A RCC, which is currently under-rebuilded. And we believe that with that approval, that will bring in more revenue and the growth. And also, about the food sector, there's a strong growth in 2026. expected due to the continued expansions particular and also we can see that there are more and more countries are now in the market and then with that full year penetrations in 2026 that will continue the growth. Johnny do you have anything to add?

Okay so second and third question Guangxiu, Dr Dai.

Yes, so the suffering readout is expected to happen in mid-2026. And the third question, 8251 now, is enrolling HER2-expressing solid tumor patients not restricted to post-INHER2 patients.

Okay, thank you.

All right, David. Okay, thank you, Matthew. The next question comes from Matthew Guggenbiller. Matthew, your line is now unmuted. You can ask your question now. Go ahead, Matthew.

Hey, can you hear me okay? Yes. Great. This is Matthew on for Alex Trahan from Bank of America. I guess two questions from us. On the Saffron readout, you said expected May 2026. Could you maybe clarify, you know, expected location of that medical meeting versus company event? And then for ATTC readouts, yes. Can you just maybe clarify expected patient number, sort of follow-up we can expect from those?

Thanks. Dr. Dai?

Okay. So the Saffron readout will be, like I said, in mid-2026. We'll share the data as soon as, you know, AZ informs us of the results. What's your second question? Can you repeat your question?

Yeah, in terms of initial clinical data for the ATTC assets, sort of size and scope of those in terms of patient number follow-up.

The trial is still at early stage. We don't have a definitive timeline for the data readout.

And then maybe one on commercial dynamics as well. You know, I think first half had some headwinds from off-label sales, increased generic competition and sort of Salesforce turnover. I guess, can you speak to, you know, how those trends are looking in the second half and whether you expect those to stabilize throughout 26? Thanks.

Okay, Matthew. We'll invite our head of commercial, George, to answer this question. Yeah.

we uh because we we cannot uh for the gc way last year we faced some gc setback the indication is not a data proof that's why if you look at our salesforce the originals the original setting is we prepare for the gc so the fuel force is a little bit over capacity when we lost the gc indication that's why we rationalized the team and also when we try to focus more on the top hospitals And that's why we have some kind of reorg in the team, which lead to some kind of performance issue in the Q1 and the first half. But everything is moving into the right direction. The turnover rate is significantly reduced. Also, the vacancy is already filled. That's why we have a very strong team now. And those kind of momentum will carry over to the 2026.

Thank you, George.

No follow-up question then, David. Thank you. Next question from Cavendish Adam. Adam, your line is now unmuted. You can ask your question.

Thanks very much. Thanks for the presentation. So a couple of questions. So just in today's announcement, I noticed that you mentioned that AstraZeneca continues its efforts to increase MET testing as a standard of care in late-stage non-small cell lung cancer. And could you comment on how the pace of MET testing adoption might influence the potential uptake of savolitinib in the SACCHI setting in China and then globally if SAFRON is successful?

Yeah, so Dr. Dai.

We do not have additional information on this question.

Okay, no problem. Thanks very much. Just on the second question then. So on the ATTC platform, could you elaborate on your partnering strategy you're pursuing with the multinational pharmaceutical companies? And more specifically, are you considering outlicensing certain assets earlier in development to accelerate validation of the platform while potentially regaining greater control over other assets to maximize longer term value?

Well, I think I will answer these questions. In terms of our strategy for the partnering with the ATTC program, First of all, I think as you can see, we have a strong pipeline already building up for this ATTC platform. So we now have positive responses from potential partners, many of which are multinational companies. We have ongoing discussion with all those potential partners. So with our large portfolio that we anticipate that we will build on, I think we want to advance and accelerate this development. So hence we have considered to potentially license out some of these programs. So also in addition, I think we also have this AI capability which we can further develop some more candidates into our platform. As a result, I think this is why we also consider potential partnering opportunities. Furthermore, I think as this platform is really one of our next wave. We would also like to validate this through this partnering strategy.

That's great. Thank you. And I guess just if I could try and hand out a final question, it's just sort of maybe a broader one. As we think about the HutchMed story going forward, how should investors balance the contribution of the existing commercial portfolio against the emerging opportunity from the ATTC platform? And in particular, do you see the next phase of value creation increasingly driven by the pipeline and the platform assets rather than the marketed product?

Well, we see as we have our second wave of, as we mentioned, hematology asset that will be going into the commercial side that would add into our existing already commercialized portfolio. So that would increasing our balance of our investment in R&D. So we will continue to ramp up our R&D expenditure. Last year in 2025, in terms of our investment in R&D was probably the lowest in recent years. mainly due to a lot of programs were waiting for approval, pending for approval and we are also at the early stage of development of this ATTC program but going forward we do take this accelerate our global development strategy for ATTC And at the same time, with the expanded commercial assets, we will be able to generate more income so we can balance out our ATTC investment.

That's excellent. Thank you very much. And thanks for taking my questions.

Thank you, Adam. The next question is coming from UBS Chen Chen. Chen Bo, your line is now unmuted. You can ask your question.

Thank you for taking my question. Well, my first question is on sorofatinib. We see that it has started phase three patient enrollment. So I'm interested in like partner strategy. So are you considering like a BD, like after data result? Or you are now in talks with any potential partners right now? Because the phase three will involve like a few hundred people. So it would be very expensive. Thank you.

Okay, I will answer from a strategic side and then I will invite Dr. Dyke to comment further. We have at the moment no intention to partner this program out. But Dr. Dai, in terms of the status of our development, perhaps you can comment a little bit.

Sure, John. So the phase 3 first patient in was achieved in December 2025, and we hope to finish the phase 3 enrollment. in the next 15 months. And we hope, as we find it, can provide another therapeutic option for the first-line PDSA patients and agree with Johnny that currently we don't have our licensing plan.

I see that's very clear. Well, so my second question is on your R&D guidance in this year. So we noticed that you have started a few phase three trials, such as sulfatinib, as we discussed just now, and also BTK, DL, BCL, and also a few early stage trials, such as ATTC candidates. So I'm just wondering what's your guidance for your R&D expenses here?

Okay, just to clarify, we do not give out any public guidance on R&D expenditure, but as we mentioned that 2025 was the lowest level, we do intend to ramp up. You also mentioned a number of programs that we are actually advancing, as well as our strategy on accelerating our ATTC program. So going forward in the next few years, we do want to ramp up to a very reasonable kind of higher level of investment on R&D in the range of 250 to 300 million. I think that would be the ideal level of R&D investment. Of course, we will be stretched to our commitment to the investors that we will be profitable in a sustainable situation. So therefore, we will be investing as we will be able to generate sufficient commercial income to cover our R&D investment.

Okay, great. Maybe the last question for me. So I saw that you have very strong cash position by the end of 2025. And you also mentioned that you are planning to do some like in-license and also some M&A. So can you please elaborate a bit more on that side? Thank you.

Yes, so we have 1.4 billion of cash on hand, so our priority is of course as we mentioned accelerating our global development for ATTC program. We are open because with this cash resources we are open if the opportunity arise for e-licensing late stage commercial assets or potentially some assets that is complementary to our portfolio. But I think M&A and this in-licensing opportunity, we are open-minded because we are in a good financial position. But we have no fixed target at this stage.

Okay, that's very clear. Thank you so much.

Thank you, Chen Bo. The next question comes from Premier Julie Simmons. Julie, your line is now unmuted. You can ask your question.

Thank you very much. I was just wondering on the move into hematology products, whether this changes what you're investing in sales and marketing and what changes to the sales infrastructure it requires. Thank you.

Thank you, Julia. So, George, would you like to comment on this? Thank you.

Because hematology is a very specialized team, that's why we already started up a new business union with dedicated sales, marketing, and medical capability to address this kind of market opportunity. And with future pipeline adding to the business, we will expand the team.

Lovely, thank you. And then secondly, just on the impact in the US of the Medicare Part D changes, just wondering how much impact you expect that to have on sales in 2026, whether you can make any comment.

Sorry, I didn't hear your question. Could you repeat that again?

Yes, just questioning about the changes to Medicare Part D that went on in the States that were obviously impacting your sales there. And if you've got any thoughts on what impact that might have into 2026.

we have received no new changes so far. The impact factors into 2025 has been reflected. Despite that impact for US, we still achieve a 26% growth for our sector through our partners. So we do anticipate that in 2026, we will be expanding, rolling out of all the ex-US countries. So far, already 38 countries have been commercialized in terms of this food sector, and we continue to see that the NRDL in those countries will be expanded. So the total impact for ex-China sales, we see that the U.S. will continue to grow, but also outside of U.S., that is the key driver also.

Thank you.

Thank you, Julie. Next question coming from Daiwa Wilfred Yuan. Wilfred, your line is now unmuted. You can ask your question.

Thanks. Thank you for taking my question. I want to follow up on the revenue guidance that range from 330 to 450 million, which is a wide range, first to last year anyway. Maybe can you give us more color as to the breakdown between the oncology product sales and the R&D milestones payment? Are you expecting some additional milestone, you know, maybe to hit the high end of the guidance 450? Thanks.

Lorenzo, would you like to tackle this question? I will add to it.

Further to what I explained earlier, I think you can look in this way because we did not give any guidance of particular items within this revenue guidance. But for your information, I think it would be worth to note that in 2 to 5, revenue has included some of the upfront milestones, which if you exclude those, the base would be lower. And then for the 2 to 6, the guidance reflects a kind of a solid growth from 2 to 5. In addition, I think some of the factors that I've mentioned, the growth from China products with the new labor expansions and also the new indications would drive further growth. So I hope that could address the questions. Johnny, do you want some more comments on this?

So Wilfred, I think basically you should take the guidance as the middle of this range, right? So the low end potentially, if some of the, you know, at this, I think the low end of the guidance is where we are very confident and we are also very confident that to achieve higher of this guidance. So 330. has factored in as Lorenzo said many of the organic growth in addition we also factor in for a base kind of baseline growth for our ex-China sales which of course is run by our partner so So, conservative speaking, we are very conservative to give this low-end guidance, but you can expect the mid-range of that is almost like a 36% growth. Between $330 to $450 is about $390. that is more like 36% growth versus this year's, 2025's performance. So I think this is a guidance that basically can reflect the business growth as well as the potential if we have licensing, of course, we won't take all the upfront income, we will potentially apportion part of the upfront income and factoring into the upside.

Got it. Thanks for the follow-up. Thanks.

Thank you, Wilfred. Next question coming from Goldman Sachs, Paul Choi. Paul, your line is now unmuted. You can ask your question.

Hello, and thank you for taking our question. My question is on savalitinib, and assuming clinical success coming up here with saffron, can you maybe comment on how you think a ticarizzocevalitinib combination would be sequenced in the treatment paradigm given the recent launch of J&J's ribavirant bispecific and just, you know, how you think about guidelines involving directing oral options versus bispecific options. Thank you very much for taking our question.

Yeah, thank you. So, Josh, you have any color to share on this?

This is, I think, the first thing is this provides an oral, two oral products for those EGFR-resistant meta-amplification patients. So this is, we provide very efficacy and as well as convenience, but we do know that J&J, by specific multimodal, Antibody do provide another option, or it depends on the doctor's perception regarding how the treatment paradigm shifts. Is precision medicine winning the game or not? The testing, the secondary testing, winning the game or not? So it depends on how AstraZeneca is shaping the treatment.

Okay, thank you.

Thank you, Paul. I see a couple of questions in the chat box. Some of that actually has been kind of answered already. There's a question. Johnny, the question is, what is the thought about the need to decide appointment of a permanent CEO, or are we happy with the current situation?

Okay, I think the company have made an announcement in August. I think no status change as yet regarding the announcement. So Dr. Xu is focusing on his health. right now and yep so we have this interim arrangement and as you can see we have a lot of talents within our management team today we have Dr. Dai and also we have Lorenzo Zhou joining this webcast so The company has been running for 20 odd years and we have very loyal and also capable talents within our talent pool. Everything has been running very smoothly and also progressing in terms of our pipeline as well as our commercial strategy. Everything is now working as per plan.

Thank you, Johnny. I don't see any outstanding questions right now. Just as a reminder, if anyone has any questions, please press the raise hand button or type your question in the Q&A box. There's another question talking about Saffron readout delay from first half to second half, but as Dr. Dai has mentioned, the most likely scenario will be around mid-26th. If no further questions, Johnny, would you like to do a concluding remark?

Thank you again, everyone, for spending the time to attend this webcast. And if you have further questions, please, by all means, to feed through our IL colleagues.

Thank you. Thank you, everyone. And this concludes our results presentation. Thank you very much. Thank you very much.