HUTCHMED (China) Limited

Welcome everyone. Thank you for joining Hachmed 2026 interim results announcement and presentation. Before we start, I would just like to go over the safe harbors statement and disclaimer on page two. The performance and results of operation of Hachmed Group contained within this presentation are historical in nature and past performance is no guarantee of future results. Next, I would like to invite our Acting CEO and CFO, Johnny Chan, to start the opening. Johnny?

Okay, thank you, David. And welcome everyone again, joining our interim results webcast tonight. Together with me, we have our Deputy CFO, Lorenzo Zhou, also our George Yuan, Head of Commercial and also our Dr. Dai, Head of Discovery and Global Portfolio Management. All of us will be sharing with you our first half results and outlook. So on page four, as you can all see, we have achieved a lot in the first half. China product sales have very strong results, especially Elinate and Solenda, which grew by over 40%. Fusecla global in-market sales were strong, Ex-US markets were up 70% after rapid geographic expansion. On the bottom left, we have received two approved label expansions. Fluquitinib for RCC and Savolitinib for GC. In addition, we have three NDAs in China under priority review. On the top right, our next wave of innovation focuses on ATTCs. We have two first-in-class assets which have entered the Phase 1 clinical trials. A third asset, HMPL830, has cleared its IND and will be entering the clinic in the second half. At the same time, the Global Cephron Study and the China Sanovo Study will have their data readouts in the second half. I will now hand it over to Lorenzo Zhou, our Deputy CFO, to discuss our financial results.

Thank you, Johnny. On slide number six, I'd like to give more details of our financials for the first half of 2026. First of all, our oncology revenue was 162 million, including 121 million products revenue. This represents and about 23% growth over the first half of 2025. Johnny already mentioned our China product sales have shown a very good performance in the first half, but I'd like to highlight that XChina demand for recycler continues to grow as well, achieving an overall 40% growth in in-market sales. With this first half result, our full year guidance remains in the range of 330 million to 450 million. All together with other adventures revenue, the total group revenue amounted to 278 million. Next, please. On R&D expenses, which amounted to $279 million for the first half, compared to $72 million for the first half of 2025, the increase reflects on one thing, we initiate the global phase one trials of our ATTC assets, including 251 and 580. In addition, we increase our investments in our discovery capabilities, including our talents and AI. On the bottom line, we continue to be profitable with net income of $16 million. It is important to note in last years, we have included a $460 million SHPR divestment gain and also the share of the post-divestments, about $21 million. With this strong operating results and cash flows, we continue to have a very good cash reserve of $1.4 billion. Now, I'd like to hand over to Mr. George, our Head of Commercials, to give an update of our China commercials.

Thanks, Lorenzo. As Jianyi mentioned, Global geographic expansion continue to drive our Frusacola growth. If you will look at the first half, we see a 70% growth in the geography outside the US, which is very strong. And also, if you look at the Q2, the growth actually accelerated to 27%. And also, we still believe that there still has opportunity to get more country get launched and also going to the reimbursement. Takeda already confirmed fiscal year guidance of 25% growth. Next slide. If we look at China, we have a very robust growth for Illunet. We are in a highly competitive market. If we look at the first half, we are growth at 41%. and the current NRDO Renew bring us continuous growth opportunity with a second line EMC in crude and also we synchronize our MCRC reimbursement scope with our label. The NRDO Renew actually provide us a unique opportunity for future growth and also we keep our price flat. Second-line RCC get approval in May 26, and also this provides us another opportunity to apply for NRDL this year. And from based on Acuvia Hospital Audit and our ATU study, Illunet continue to be a market leader in third-line MCRC. Next slides. Beyond Bruzacla and Illunet, we also have a strong performance on Opacis and Zylinder. Opacis, we are target to include such indication in this year NRDL, renewed by end of this year, and also we get approval of third-line MET-amplified GC. In the coming months, we are looking at Saffron and Sarnovo readout. For surrender, we have strong growth in first half based on the highly recommend by Cisco guideline for the net. And also the Cisco guideline changed the recommendation about the SSA. The SSA dose escalation will not be recommended after the disease progression. And also this growth is a result of our focus strategy, focus on the top tier city and the top hospitals. Next slides. Looking to the future, super-plannable. Our SYK inhibitor will bring us into the hematology immunology fields. This is the first-in-class medicine and it can help patients to transform their treatment in both in ITP and Waha. If we look at the ITP in China, we have 360,000 patients and the current treatment TPOI, steroids still cannot meet the medical needs of those patients. And with these products, we provide a very unique value for those patients for long-term stable predictable disease control. Also for Waha, which is a relatively small indication, but it's under critical needs for new medicine. We will be the first target therapy after 30 years in the field. And we will significantly reduce blood infusion for those patients. Now I will hand over to our IND, Dr. Dai.

Thank you, George. Now let's transition into our R&D updates. Over the next few slides, I'll share how our late-stage clinical programs are progressing toward key commercial approvals and how our innovative platform is unlocking brand new opportunities to address major unmet medical needs. Next slide, please. Looking at our recent achievements, We've hit several critical milestones across both solid tumors and hematology. Our novel ATTC platforms represent a huge strategic growth driver for us globally. The early biological profiles of ATTCs gives us high confidence in their ability to target major solid tumors and differentiate from other ATTC products. We've officially taken the first two ATTCs into the clinic A251 and A580 initiating global phase one trials. The third ATTC A30 recently cleared the IND in both the US and in China. We secured approval for fluquenib in renal cell carcinoma in June, 2026. This is another important approval for fluquenib after CRC and EMC. With serofenib, we have kept momentum strong with our phase 3 trial in first-line PDAC fully on track, addressing an aggressive cancer pipe type with very few viable options. Solve the Planet, our second inhibitor, is making rapid progress on lung cancer autoimmune indications. The NDAs for ITP and YHA are currently under priority review. These mark Huge steps towards establishing a new, highly effective standard of care in these conditions. The pivotal Phase III data of East Link II was recently presented at EHA this year. Sivalindib expanded its commercial footprint with a third-line gastric cancer approval. This is the fourth regulatory approval for Sivalindib after previous lung cancer approvals. and 760, our potent PI3 BTK inhibitor successfully initiated its phase three trial in second line DLBCL. And Thermigranib reached a pivotal moment with its ND acceptance for FGFR positive intrahepatic cholangiocarcinoma. The data was featured at ESMO GI this year. Together, these achievements reflect a highly efficient R&D engine strengthen our commercial presence today while laying the foundation for our global ATTC platform tomorrow. Next slide. Let's dive a bit deeper into our individual core assets, starting with Savalindip, our second potential global commercial product. Savalindip targets lung cancer driven by MAT alterations, which remains an area of significant unmet medical need. We are fast approaching several important milestones. In the second half of this year, we expect data readouts from two key studies, Saffron on a global scale and Sanovo in China. Saffron is our global registration phase three trial. It targets second line patients with EGFR mutant non-small cell lung cancer who developed MAD amplification or overexpression after progressing on Tegrazo. Currently, these patients are on heavy chemotherapy. Sulfuron directly compares our oral combination of Sivalinic plus Tegrazo against double chemotherapy. When approved, this trial will replace chemotherapy with an oral target option and opening access to major markets like the US and Europe. Sanovo targets the first-line setting. We know that a significant subset of lung cancer patients present with coexisting EGFR mutations and MAD overexpression right at initial diagnosis. Sanovo evaluates combining Savalinib with Tegrazo directly upfront versus Tegrazo alone. By attacking both targets from day one, our goal is to deliver deeper response and prevent resistance from emergence. Then together with our proven Phase III SACHI data, which showed a dramatic hazard ratio of 0.32 in PFS over chemotherapy, these upcoming readouts from Salfron and Sanovo position Savalinib to capture leadership across entire treatment paradigm in MAD-driven lung cancer. Next slide. This slide highlights subloplanib, which is spearheading our next wave of hematology and autoimmune products. YHA is a deliberating disease where red blood cells are destroyed prematurely, leaving patients severely anemic and often they rely on high-dose steroids and frequent blood transfusions. In our phase three E-Slim 2 study presented at EHA, Subloplanib achieved a 66% durable response rate compared to 15% in the placebo group. Patients on subloplanib reached target hemoglobin levels in a median of 3.1 weeks, twice as fast as the placebo. Substantial drop in rescue therapy and transfusion, only 16% of subloplanib patients require rescue therapy compared to 54% on the placebo. and the furthermore, red blood cells transfusions were significantly reduced to just 11% versus 43% in the control group, allowing the patients to taper or completely discontinue their baseline steroids. Then when you compare this to the emerging peer options like Nibucalimab, Solvoplanib shows a clear competitive efficacy advantage, delivering a much higher durable response rate Thank you. Thank you. Thank you. 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And we expect to complete enrollment by the end of 2027. Next slide, please. Here I want to highlight our novel ATTC platform starting with 8251. ADCs like INHER2 have transformed HER2-positive cancer treatments generating billions in revenue. However, acquired resistance to DXD, the cytotoxic payload used in INHER2, remains a major clinical hurdle as patients inevitably progress. The DXD-induced resistance model on the bottom show that INHER2 loses potency almost completely, shifting the curve far to the right. In the same resistant cell model, because 8251 utilizes completely distinct mechanisms targeting the PI3K and PIKK signaling pathways rather than DNA-damaging toxins, its killing activity in DXD-resistant cells shown in the green curve remains identical to DXD-sensitive parent cells shown in the blue curve. Next slide. And beyond treating drug-resistant tumors, A251 has strong potential as a frontline treatment. As shown in this gynecological cancer and GI cancer xenograft models, combining A251 with the first-line standard of care Thank you. Our clinical strategy is twofold. A monotherapy track for a fast-to-market approach in lay-line setting and the combination track targeting front-line indications. And our extensive preclinical data support the 8251 development strategy. The clinical trial is on track at dose escalation stage. Next slide. Our second ATTC asset is 518. which pairs the same payload with an EGFR-targeting antibody. Blockbuster drugs like Tigrazo treat EGFR-mutant small-cell lung cancer but resistance eventually develops. In a non-small-cell lung cancer model carrying the challenging EGFR-axon-19 deletion and the resistant mutation, third-generation TKIs like Tigrazo completely lose control of tumor growth as shown by the red curve. 580 represented by the blue curve achieved profound and sustained tumor regression at a single agent. This highlights its enormous potential for lung cancer patients. Next slide. Then by combining 580 with an EGFR inhibitor, we can simultaneously shut down primary receptor signaling and the downstream escape pathways. The preclinical data reflects a highly significant synergistic anti-tumor efficacy, supporting our long-term plan to move this asset into frontline cancer regimens. This global asset entered phase one trial earlier this year. The trial is going very well, recruiting patients from China sites and the US sites in parallel. Next slide. What makes our ATTC platform so unique is the payload itself. Historically, the industry has struggled with PAM pathways. PAM-PF3K or dual-PF3K mTORI small molecules were simply too toxic to be delivered systemically, resulting in severe side effects like hyperglycemia or mucositis. Single-node inhibitors were safer, but their efficacy was limited. Our innovation was to design a highly selective payload that covers multiple key nodes along both the PI3K and PIKK pathways with very high affinity and then tether it to an antibody. This ensures the payload is delivered inside the tumor cells, maximizing intracellular kinase inhibition while sparing healthy tissues from systemic toxicities. The kinase tree on the right illustrates this high Next slide. The ATTC approach opens up massive opportunities. The PEM pathway is the single most frequently altered pathway across all solid tumors. It plays a dominant role in breast cancer, lung cancer, gastric and ovarian cancers. By effectively targeting this pathway with our ATTC technology, we can potentially reach millions of patients across a wide range of cancer types. Next slide. With 8251 and 580 currently in global trials, A30 entering the clinic soon, and more candidates behind them, our pipeline is well positioned to deliver a sustained growth for years to come. Thank you, and I'll give it back to John.

Thank you, Dr. Dai. A quick highlight on our outlook. So on the innovation side, as mentioned by Dr. Dai, multiple ATTC programs are progressing well. And we believe around this time next year, there should be a total of five programs already in clinics. More importantly, our efforts in AI will be transforming and accelerating further discovery and development in our innovation platform. On the commercial side, we expect Fuseca's sales growth to continue. We anticipate it will reach its next sales milestone in the near term. Regarding our hematology portfolio, Our commercial team is preparing for the launch of our immunology asset, which is anticipated to commence next year. And finally, we are continuing to engage many multinational companies on collaboration discussion regarding our ATTC program. I will now pass it back to David to begin our Q&A session.

Thank you, Johnny. We will now start our Q&A session. Before we start, I would like to repeat the instructions to ask questions. On the bottom of your screen, you can see the raise hand button. Just press on the button and we will call your name and unmute your line. And when you start, please do mention the name of your company as well as your name. So the first question comes from Matthew of CLSA. Matthew, you can now talk. Thanks.

Thank you for taking my question. This is Matthew from CLSA. After three questions, first is regarding the collaboration opportunities for the ATTC programs, two in clinic and one about to be in clinic. So to elaborate more on the kind of progress because I think that there's been some expectation of the maybe early stage collaboration before. So yeah, can you comment on that? And the second one is regarding your HMPL-760, the BDK inhibitor. As you mentioned, you have initiated a phase three trial for DL-PCL in China. May I understand how is this drug different from other BTK inhibitors and why would you choose DL-PCL to proceed for phase 3 as there are no other BTK inhibitors approved for these indications including the covalent ones and also the non-covalent ones are not approved. And the third question is regarding on the financial side. I know that other ventures is a low margin distribution business, but may I still have some color on why in first half is on a constant exchange rate basis declined by almost 20%? Okay, that's my question.

Thank you. Thank you, Matthew. So I will invite Dr. Dai to answer the second question and Lorenzo to answer the last question. And the first question regarding the collaboration opportunity Basically, we are continuing and we have active multinational companies engaging in discussion with us on not just one program but multiple ATTC programs. As you know that our programs are still at the very early stage. So, different expectations in terms of timeline and information to be provided. From our side to the collaborate potential partners, they have kind of different requirements. So all I can say right now is we are in an active We have discussions with the multiple parties and the discussions are progressing well. When I think the discussions is coming to a close to mature and is disclosable items, then we will be making an announcement to the public. Maybe Dr. Dai, you can answer the question number two regarding the 760 BDK.

Sure, sure, Johnny. So, yes, we are We have actually started phase three study with 760. It is a combination of 760 plus RGMOX versus RGMOX. We pick DRBCL obviously because it's the largest lymphoma subtype accounting for about 40% of lymphoma and no other BTK inhibitors has been approved for this particular subtype of lymphoma. So it represents a huge online medical need and good market potential. And with our 760, it's reversible BDK inhibitor. And in earlier clinical study, it demonstrated A very good selectivity and safety profile. And we actually had a phase two study validating its advocacy in the second line setting. It is the same study design and we achieved a very impressive overall response rate and the CR rate and a very favorable safety profile to encourage us to go into the phase three study. So it is a very exciting opportunity for 760 and we hope to achieve the enrollment completion as fast as we can. Thank you.

Yep. Johnny, I'll answer question three. As for the other ventures, I think you're right to point out that Our other ventures is a no margin business, which is not our focus. We are putting our focus on our major on college revenues. As you can see, the growth is there. And that's the reason that there was some decline in other ventures business. But I don't think we need to look into too much about behind this because, as you said, it's no margin and it's not our core.

Maybe I just supplement that. I think as highlighted by Lorenzo, this is not our core business. And it is basically it is a logistic distribution business. The reason that it has been some decline is because of the volume based procurement list has actually in China have been expanded. So some of the previously Our customers in the logistics distribution side have actually affected by the volume-based procurement. In terms of the selling price and so forth. So that services business is not what we focus because of the basically because of the high working capital requirement for this business. So as a way to manage this business, we try to just maintain this line of business to help to gain insights into the commercial So I think that the job, it doesn't actually affect the bottom line. It doesn't affect in terms of the entire business operation of HutchMed.

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

Thank you. Thank you, Matthew. Thank you, Johnny. So the next question is from Chen Chen of UBS. Chen Chen, we will now open up your line. Your line is now unmute.

Thank you for taking my questions. So my first question is on Solve Labnet. So this candidate is expected to receive approval next year. Could you please elaborate on your commercial preparation strategy in China, including pricing, well, marketing access and RDL and your sales force? In addition, what are your overseas R&D plans and priorities for this asset? My second question is on ATTC. What is the expected timeline for clinical data readout from your candidates 1 and 2? Thank you.

Thank you. So may I ask George to answer the first question and Dr. Dai to the second question?

Yeah. Thanks, Chengcheng, for a very plentiful The launch preparation will focus on a few areas. First thing is market access value proposition. We need to make sure these products go into the NIDA and we expect these products get approval maybe in the first half of this year or next year and qualify for the NIDA negotiation. One of the challenges is how can we position us very well Weiguo Su, Xinhui Hu, Charles George Rupert Nixon, Selina Zhang, Chig Fung Cheng Thank you. Thank you. Thank you. We do the KTL and as well as the physician education program, also a patient advocacy group as well. And if we look at the current setup for the launch, we have already built up a dedicated hematology team with a lot of experienced people in the hematology side. We are starting to work with our partners to understand the market potential, try to figure out what's our first wave target hospitals, territories, and the resource deployment.

Okay, I'll get the second question. So the first and second ATTC assets are both in the middle of phase one dose escalation. The trials are moving very fast. Enrollment has been going strong in the US and in China sites. Investigators are very excited about the novel mechanisms and the differentiation. They understand the rationale and they are enthusiastic about the new mechanism of the ATTCs. So we will find the right time to disclose the clinical data sometime in 2027. Thank you.

Got it. Thanks, George and Dr. Dai. Thank you.

Thank you, Chenchen. The next question comes from Paul Choi of Goldman Sachs. I'll go ahead. Hi, can you hear me? Yes, we can. Hi.

Thank you. Good morning. Good evening. I want to talk a little bit about first ask on sulvepanib and as you sort of look at the warm autoimmune hemolytic anemia landscape and just sort of the other products or candidates that are in that category. You know, how do you think about, you know, potential developments and planning for a global trial outside of China? Just sort of any additional thoughts on what aspects or differentiation are needed there? And then I had a follow-up question.

Dr. Dai? Yeah. Hello, George.

So 5.2.3, now both studies in ITP and YHAAR were completed in China. We are waiting for CDE's feedback on our NDA data. But in XChina, our strategy is to develop this asset through partnership.

Thank you. But any thoughts on, again, sort of what clinical differentiation might be needed versus development strategy?

Right now, the treatment paradigm, for example, for Weiha, the first line is mainly the steroids, like George mentioned earlier. And we are targeting the second line, and many more patients, which doesn't have a lot of choices other than the steroids. So the online medical need is very high in China as well as in the US. And as you can tell from our phase three data, the overall durable response rate looks very promising compared to the other competitors, which is FCRN antibody product. So we think this asset has great potential. So we are actually looking for partnership to co-develop this asset outside of China.

Yeah, maybe I can add because this is a rare disease and we also have a plan to apply US orphan drugs status.

Okay, great. Thanks for that clarification. My second question is on HMPL453, Phanrogratinib. You advanced it through the second-line ICC population on the oncology side, but I want to ask what your thoughts are on potential endocrinology applications such as achondroplasia and other bone growth disorders, and if you think this might be a potentially appropriate candidate there. Thank you.

With 453, our main focus right now is intrahepatic cholangiocarcinoma, second line. And we have started the confirmatory trial to get this indication confirmed in the same setting. Thank you.

Thank you.

Thank you, Paul. The next question comes from Adam McCarter of Cavendish. Adam, your line is now unmuted.

Hi there. Yeah, thanks for taking the questions. A couple of questions for me just on the commercial portfolio. So obviously it was encouraging to see the recovery across L-Unit and Solanda. But just on our path, you did highlight the opportunity for NRDL inclusion following the SACCHE-based approval. I'm just wondering how significant do you think that could be commercially? Do you expect that to be a key driver of a recovery in China sales? Or is the more meaningful inflection point still the Synovo readout and the opportunity to further broaden adoption? That's my first question.

I think such inclusion in the NID will significantly improve the growth potential for the brand. Because if we look at the data, If you look at the EGFR-resistant patients, there are quite a significant amount of patients with MET amplification. And so far, there's no other choice. And the bispecific monoclonal antibody in China is not included in the NIDA from Johnson & Johnson. So we still have a close potential. And also, this combination will extend the TAGRASO treatment duration as well. and as well as kind of levers for AstraZeneca to compete with other TKIs. That's why we believe that this is a strong dose potential. Having said that, also one of the hurdle is that we still need a secondary biopsy. So there's a kind of adoption at practice in the medical side.

That's great, thanks very much for clarifying. My second question again on the commercial side of things is for Zakla. Just wondering how we should think about the growth trajectory for US sales going forward. Should we now be thinking about a period of steady growth with ex-US markets becoming an increasingly more important contributor to incremental growth for the brand?

Okay, maybe I'll just comment on this one. I think for FOSEC, for the last year or so, I think there was some Medicare impact in terms of the growth to net. But as you can see, the growth momentum is through the geographic expansion of the ex-US markets in the first half, especially we have looked at a 70% growth there. And Also, I think one point to note is although the geographic has expanded, but the NRDL in those markets is only 50% so far. So we believe there will still be a lot of opportunity for XUS. Earlier, we have also shared with All of you that from our information from Takeda that they expect US side, basically the size of US pig sales versus the rest of the world will be kind of a 50-50 ratio. So we believe there's still a lot of growth momentum behind this global sales of Fusaka.

Great, great. Thank you. And if I could chance maybe a final question, just obviously reiterate the guidance. Could you just help us try and understand the key drivers that determine whether the business lands towards the lower, the upper end of the range? In other words, should we primarily be thinking about the contribution from milestones, continued recovery of the China portfolio or ongoing growth in ex-China for example revenues? Thank you.

Yeah, well, I think as you can note that in the first half, the guidance for this year is actually 330 million to 450 million. So with our baseline achievement, it is without any business development contribution in there, we will be at least meeting the lower end of the guidance, but with certain Potential partnering, which will recognize some upfront income that we can reach higher or even exceeding the high end of the guidance. So that is the range. But also other factor that can affect the second half is, as we mentioned, FOSECA, that we do anticipate that it will reach another level of sales milestone that will contribute again some one-time commercial Thank you very much for answering my questions

Thank you, Adam. Just to repeat the instruction, if you have any question, do press the raise hand button at the bottom of your screen. The next question comes from Julie Simmons of Premier.

Thank you for taking the question. Thank you. Julie Simmons from Premier Librem. Just again on the milestones, there was a milestone in the first half from I was just wondering what that related to. And then beyond the sales milestone to which you just referred, are there any other milestones anticipated? I was wondering if there's anything due from Astra on the Saffron trial readout.

No, actually in the first half, just to clarify, it was from the approval of the RCC, renal cell carcinoma. So it was from Eli Lilly. And... Yeah, so in terms of our second half, you know, besides the sales milestone, so far, we do not expect any other milestones from our partners yet. But in terms of if we achieve good results for our software Ethernet, we will be receiving milestones more likely next year, not this year.

Lovely. Thank you very much. And then just as far as sort of the overall margins are concerned, you've done slightly better, I think, probably in terms of sort of balance between sales and spending than maybe I thought you might do. Is the aim to continue to remain, to try to continue to be broadly break-even to slightly profitable going forwards in In your sort of thinking of how the business is going and using the cash in potential business development activities?

Yes, definitely. I think it is a strong commitment requirement by our board that we will continue to be break even. And that's a commitment that we made a couple of years back. And this is a strong commitment from all our management team. So This is not going to be changing and of course we will balance with investment in area definitely that would drive growth and creating value for the shareholders. So that's why we're accelerating ATTC program. At the same time, of course, we are exploring business development opportunity with our partners so that we can basically creating, accelerating our ATTC innovation opportunity.

Lovely, thank you.

Thank you, Julie. Again, if there's any question, please do press the raise hand button. At this moment, I don't see any further question online. Johnny, would you like to make a concluding remark?

Yes, I think, thank you everyone for joining this interim results and we look forward to meeting again, I think, later on we will be Planning for a R&D day sometime later this year. And we will make a relevant announcement in due course. Thank you.

Thank you, everyone. And this concludes our interim result presentation. Thank you. Bye-bye.