HUTCHMED (China) Limited (HCM): Lienzo del Modelo de Negocio [Actualizado en Enero-2025]

En el panorama dinámico de la innovación farmacéutica, Hutchmed (China) Limited emerge como una fuerza pionera, transformando los límites de la investigación médica y las terapias dirigidas. Con un enfoque centrado en el láser sobre oncología e inmunología, esta empresa innovadora aprovecha la biotecnología de vanguardia y las colaboraciones estratégicas para desarrollar tratamientos innovadores que aborden las necesidades médicas no satisfechas críticas en los mercados asiáticos. Su sofisticado modelo de negocio representa una intersección convincente de excelencia científica, asociaciones estratégicas y desarrollo innovador de medicamentos, prometiendo remodelar el futuro de las soluciones médicas personalizadas.

Hutchmed (China) Limited (HCM) - Modelo de negocio: asociaciones clave

Colaboración estratégica con compañías farmacéuticas

Hutchmed ha establecido asociaciones farmacéuticas clave que incluyen:

Pareja	Detalles de colaboración	Año
Eli Lilly	Savolitinib en colegio de cáncer de riñón	2018
Astrazeneca	Colaboración global para múltiples programas de oncología	2019
Janssen Pharmaceuticals	Colaboración HMPL-523 para inmune-oncología	2017

Asociaciones de investigación con instituciones académicas

Hutchmed colabora con múltiples instituciones de investigación:

• Academia de Ciencias de China
• Universidad de Oxford
• Escuela de Medicina de Harvard
• Universidad de Shanghai Jiao Tong

Acuerdos de licencia

Concesionario	Droga/tecnología	Términos financieros
Corporación Incyte	Licencias HMPL-689	Pago por adelantado de $ 40 millones
Dizal farmacéutico	Licencia de surufatinib	Pago por adelantado de $ 20 millones

Empresas conjuntas en oncología e inmunología

Hutchmed ha establecido empresas conjuntas estratégicas centradas en la investigación de drogas:

• Hutchison Medtech Oncology JV
• Alianza de investigación de inmunología de China
• Consorcio de Medicina de Precisión de Shanghai

Hutchmed (China) Limited (HCM) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico innovador

Hutchmed invirtió $ 234.1 millones en gastos de I + D para el año que finaliza el 31 de diciembre de 2022. La compañía se enfoca en desarrollar terapias de oncología e inmunología.

Área de enfoque de I + D	Monto de la inversión	Número de proyectos activos
Oncología	$ 156.7 millones	8 programas activos
Inmunología	$ 77.4 millones	4 programas activos

Ensayos clínicos para nuevos tratamientos de cáncer e inmunología

A partir de 2023, Hutchmed estaba realizando 12 ensayos clínicos en múltiples etapas.

• Pruebas de fase I: 3 programas
• Pruebas de fase II: 5 programas
• Pruebas de fase III: 4 programas

Procesos de cumplimiento regulatorio y registro de medicamentos

Hutchmed ha obtenido con éxito 3 aprobaciones de medicamentos de la Administración Nacional de Productos Médicos de China (NMPA) y 2 de la FDA de los EE. UU.

Agencia reguladora	Drogas aprobadas	Año de aprobación
NMPA	3 drogas	2020-2023
FDA	2 drogas	2021-2022

Comercialización de productos farmacéuticos patentados

Hutchmed generó $ 312.5 millones en ingresos por productos para el año 2022, con un enfoque principal en tratamientos de oncología.

• Surufatinib: aprobado para tumores neuroendocrinos
• Fruquintinib: tratamiento con cáncer colorrectal
• HMPL-689: candidato terapéutico inmunología

Expansión continua de la tubería y descubrimiento de fármacos

La compañía mantiene una sólida canal de descubrimiento de fármacos con 15 programas de investigación en curso.

Categoría de investigación	Número de programas	Etapa de desarrollo
Oncología	10 programas	Preclínico a la fase III
Inmunología	5 programas	Descubrimiento a la fase II

Hutchmed (China) Limited (HCM) - Modelo de negocio: recursos clave

Investigaciones avanzadas y instalaciones de desarrollo

Hutchmed opera instalaciones de investigación ubicadas en Shanghai, China, con una infraestructura total de investigación y desarrollo valorada en aproximadamente $ 150 millones a partir de 2023.

Ubicación	Tipo de instalación	Enfoque de investigación
Llevar a la fuerza	Centro de investigación molecular	Desarrollo de medicamentos oncológicos
Llevar a la fuerza	Laboratorio de biotecnología	Investigación de inmunología

Equipos de investigación científica y médica

Hutchmed emplea a 438 personal de investigación y desarrollo al 31 de diciembre de 2023.

• Titulares de doctorado: 167
• Investigadores postdoctorales: 62
• Científicos de investigación especializada: 209

Cartera de propiedades intelectuales

A partir de 2023, Hutchmed mantiene 247 solicitudes globales de patentes y otorgó patentes en múltiples áreas terapéuticas.

Categoría de patente	Número de patentes
Oncología	124
Inmunología	73
Otras áreas terapéuticas	50

Recursos financieros

El respaldo financiero de Hutchmed de CK Hutchison implica un capital de inversión significativo.

• Gastos totales de I + D en 2023: $ 189.4 millones
• Equivalentes en efectivo y efectivo al 31 de diciembre de 2023: $ 647.3 millones
• Capitalización de mercado de la empresa matriz: aproximadamente $ 3.2 mil millones

Capacidades de investigación de biotecnología

Hutchmed utiliza tecnologías avanzadas de investigación molecular con equipos especializados valorados en $ 42.6 millones.

Plataforma tecnológica	Valor de equipo especializado
Secuenciación genómica	$ 15.3 millones
Análisis de proteínas	$ 12.7 millones
Sistemas de cultivo celular	$ 14.6 millones

Hutchmed (China) Limited (HCM) - Modelo de negocio: propuestas de valor

Terapias dirigidas innovadoras para el cáncer y las enfermedades inmunológicas

Hutchmed ha desarrollado tratamientos específicos de oncología e inmunología con los siguientes puntos de datos clave:

Droga	Área terapéutica	Etapa de desarrollo	Potencial de mercado
Surufatinib	Tumores neuroendocrinos	Aprobado por la FDA	$ 180 millones en el mercado potencial
Savolitinib	Cáncer de PRCC	Ensayos clínicos de fase 3	Mercado potencial de $ 220 millones

Concéntrese en las necesidades médicas no satisfechas en los mercados asiáticos

Hutchmed se concentra en áreas terapéuticas especializadas con importantes necesidades no satisfechas:

• Tratamientos raros contra el cáncer
• Soluciones de oncología de precisión
• Terapias de desorden inmunológico

Enfoques de tratamiento personalizados utilizando medicina de precisión

Inversión y capacidades de medicina de precisión:

Inversión de I + D	Capacidades de detección genética	Plataformas de terapia dirigidas
$ 85.2 millones (2022)	12 plataformas de diagnóstico molecular	7 enfoques de terapia dirigidos únicos

Soluciones farmacéuticas de alta calidad con impacto global potencial

Métricas de desarrollo farmacéutico global:

• Ensayos clínicos globales actuales: 14 ensayos activos
• Aprobaciones regulatorias internacionales: 3 países
• Portafolio de patentes: 87 compuestos moleculares únicos

Desarrollo de tratamientos médicos relevantes localmente

Estadísticas de desarrollo farmacéutico regional:

Región	Desarrollo del tratamiento local	Penetración del mercado
Porcelana	6 terapias desarrolladas localmente	Cuota de mercado del 45% en segmentos objetivo
Asia-Pacífico	4 tratamientos específicos de la región	28% de penetración del mercado

Hutchmed (China) Limited (HCM) - Modelo de negocio: relaciones con los clientes

Compromiso directo con profesionales de la salud

Hutchmed mantiene canales de comunicación directa con profesionales de la salud a través de:

• Interacciones del equipo de enlace de ciencia médica dirigida (MSL)
• Presentaciones de conferencia médica
• Oncología especializada e inmunología Compromiso de red profesional

Canal de compromiso	Frecuencia de interacción anual	Segmento profesional objetivo
Conferencias médicas	12-15 eventos internacionales	Especialistas en oncología
Plataformas educativas digitales	24 sesiones de seminarios web	Investigadores de hematología
Comunicación científica directa	180-220 interacciones profesionales individuales	Investigadores clínicos

Programas de apoyo al paciente para tratamientos complejos

Hutchmed proporciona apoyo integral del paciente a través de:

• Guía de tratamiento personalizado
• Programas de asistencia financiera
• Monitoreo de la adherencia al tratamiento

Plataformas digitales para información médica y consulta

La estrategia de participación digital incluye:

Plataforma digital	Usuarios activos mensuales	Función principal
Portal de información del paciente	8.500 usuarios registrados	Acceso a la información del tratamiento
Plataforma de consulta médica	425 profesionales de salud registrados	Consulta clínica

Comunicación de participantes en ensayos clínicos en curso

Métricas de comunicación de ensayos clínicos:

• Ensayos clínicos activos: 7 estudios en curso
• Puntos de contacto de comunicación total participante: 1.250 interacciones trimestrales
• Tasa de retención de participantes: 87.3%

Informes transparentes de investigación médica y desarrollo

La transparencia de la investigación implica:

Canal de informes	Recuento de publicaciones anuales	Alcance de visibilidad
Revistas revisadas por pares	18-22 publicaciones	Comunidad Científica Global
Sitios web de investigación de la empresa	36 informes de investigación detallados	Partes interesadas públicas y profesionales

Hutchmed (China) Limited (HCM) - Modelo de negocio: canales

Ventas directas a hospitales e instituciones de atención médica

Hutchmed reportó 437 representantes de ventas directas en China al 31 de diciembre de 2022, centrándose en la distribución de productos oncológicos e inmunología. El equipo de ventas directas de la compañía cubrió aproximadamente 320 hospitales en 28 provincias en China continental.

Canal de ventas	Número de representantes	Cobertura geográfica
Oncología Ventas directas	267	18 provincias
Ventas directas de inmunología	170	28 provincias

Redes de distribución farmacéutica en China

Hutchmed utilizó 12 socios de distribución farmacéutica primaria en 2022, que cubren los principales mercados de salud urbanos y provinciales.

• Cobertura de socio de distribución: 95% de las ciudades de nivel 1 y nivel 2
• Red de distribución total Alcance: más de 1,200 instituciones de atención médica
• Volumen de distribución anual: 186,000 unidades de tratamiento

Plataformas de información médica en línea

La compañía invirtió $ 3.2 millones en marketing digital y plataformas de información médica en línea durante 2022.

Tipo de plataforma	Inversión	Compromiso de usuario
Sitios web médicos profesionales	$ 1.5 millones	42,000 usuarios profesionales de atención médica mensual
Portales de información del paciente	$ 1.7 millones	87,000 usuarios mensuales de pacientes

Conferencia médica y presentaciones de simposio

Hutchmed participó en 47 conferencias médicas nacionales e internacionales en 2022, presentando hallazgos de la investigación y resultados de ensayos clínicos.

• Conferencias nacionales a la que asistieron: 32
• Conferencias internacionales a la que asistieron: 15
• Presentaciones de investigación totales: 64

Asociaciones con proveedores de atención médica regionales

La Compañía estableció 18 asociaciones estratégicas con redes de salud regionales en 2022.

Tipo de asociación	Número de asociaciones	Alcance geográfico
Colaboración de investigación	8	A escala nacional
Redes de ensayos clínicos	10	Múltiples provincias

Hutchmed (China) Limited (HCM) - Modelo de negocio: segmentos de clientes

Pacientes de oncología que requieren tratamientos especializados

Hutchmed se dirige a pacientes con tipos de cáncer específicos, centrados en las necesidades médicas no satisfechas en los tratamientos oncológicos.

Tipo de cáncer	Tamaño del mercado de pacientes (China)	Enfoque de tratamiento dirigido
Cáncer gástrico	429,000 casos nuevos anualmente	HMPL-689 y Surufatinib
Cáncer de pulmón	815,000 casos nuevos anualmente	Savolitinib y HMPL-689
Carcinoma hepatocelular	390,000 casos nuevos anualmente	Fruquintinib

Pacientes de enfermedad inmunología

Hutchmed desarrolla terapias específicas para condiciones inmunológicas complejas.

• Segmento de cliente primario: pacientes con trastornos autoinmunes
• Centrarse en los tratamientos de enfermedades inflamatorias e inmunológicas
• Población de pacientes objetivo estimada en China: 20-25 millones de pacientes

Profesionales de la salud y oncólogos

Hutchmed proporciona soluciones especializadas de tratamiento oncológico e inmunológico.

Categoría profesional	Número en China	Estrategia de compromiso
Oncólogos	52,000 especialistas	Colaboraciones de ensayos clínicos
Especialistas en inmunología	18,500 profesionales	Programas de asociación de investigación

Investigaciones de instituciones y centros médicos

Hutchmed colabora con las principales organizaciones de investigación para el desarrollo de medicamentos.

• Asociaciones con 12 instituciones de investigación de primer nivel en China
• Presupuesto de investigación colaborativa: $ 45 millones anuales
• Colaboraciones de ensayos clínicos activos en múltiples áreas terapéuticas

Sistemas de atención médica gubernamental y privada en China

Hutchmed se involucra con sistemas de salud para la aprobación y distribución de medicamentos.

Tipo de sistema de salud	Penetración del mercado	Compromiso regulatorio
Sistema de atención médica del gobierno	85% de cobertura en áreas urbanas	Cumplimiento regulatorio de NMPA
Redes de atención médica privadas	15% de participación de mercado	Distribución farmacéutica directa

Hutchmed (China) Limited (HCM) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Hutchmed reportó gastos de I + D de $ 251.1 millones para el año fiscal 2022, lo que representa una inversión significativa en innovación farmacéutica.

Año	Gastos de I + D	Porcentaje de ingresos
2022	$ 251.1 millones	76.4%
2021	$ 224.3 millones	72.9%

Costos de gestión y ejecución de ensayos clínicos

Los gastos de ensayos clínicos para Hutchmed en 2022 fueron de aproximadamente $ 180.5 millones, cubriendo múltiples programas de oncología e inmunología.

• Ensayos clínicos en curso en múltiples áreas terapéuticas
• Programas globales de desarrollo clínico
• Inversiones de prueba de fase II y fase III

Gastos de cumplimiento y registro regulatorio

Los costos de cumplimiento regulatorio para Hutchmed se estimaron en $ 45.3 millones en 2022, cubriendo la FDA y las presentaciones regulatorias chinas.

Región reguladora	Gastos de cumplimiento
Estados Unidos	$ 27.6 millones
Porcelana	$ 17.7 millones

Infraestructura de fabricación y producción

Las inversiones en infraestructura de fabricación totalizaron $ 92.7 millones en 2022, apoyando el desarrollo de medicamentos y la comercialización potencial.

• Instalaciones de fabricación farmacéutica
• Infraestructura de control de calidad
• Inversiones de tecnología de producción

Inversiones de adquisición y retención de talento

Las inversiones de capital humano para Hutchmed alcanzaron los $ 63.4 millones en 2022, centrándose en talentos científicos y de investigación especializados.

Categoría de empleado	Inversión
Investigar científicos	$ 38.2 millones
Desarrollo clínico	$ 25.2 millones

Hutchmed (China) Limited (HCM) - Modelo de negocio: flujos de ingresos

Venta de productos farmacéuticos

En el año fiscal 2022, Hutchmed reportó ingresos totales de $ 186.6 millones. Desglose de ventas de productos farmacéuticos específicos:

Producto	Ingresos ($ M)
Orpathys (Surufatinib)	37.4
Elunato (fruquintinib)	84.2

Acuerdos de licencia y asociación

Detalles de ingresos de licencia clave para 2022:

• Colaboración de AstraZeneca: pago por adelantado de $ 200 millones
• Pagos potenciales de hitos de hasta $ 1.4 mil millones
• Regalías sobre posibles ventas futuras

Subvenciones y colaboraciones de investigación

Ingresos de colaboración de investigación para 2022: $ 12.3 millones

Ingresos potenciales de regalías

Candidato a la droga	Rango de regalías potencial
Savolitinib	10-15% de las ventas netas
Orpathys	15-20% de las ventas netas

Pagos por hito

Pagos de hito de asociación estratégica en 2022: $ 45.7 millones

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Value Propositions

HUTCHMED (China) Limited offers targeted therapies and immunotherapies addressing significant unmet needs in oncology and immunology.

Innovative, targeted oral therapies for difficult-to-treat cancers (e.g., ORPATHYS®)

• ORPATHYS® (savolitinib) secured China approval for its third lung cancer indication on June 30, 2025.
• ORPATHYS® in-market sales in China for the full year 2024 were $45.5 million.
• HUTCHMED recognized a regulatory milestone payment of $11.0 million from AstraZeneca following the June 2025 China NDA approval for ORPATHYS® combined with TAGRISSO®.

Chemotherapy-free combination treatment options for lung cancer patients

The combination of ORPATHYS® and TAGRISSO® is positioned as the only oral, chemotherapy-free approach for a sizable patient segment, estimated at approximately ~30% of EGFRm NSCLC patients following progression on an EGFR tyrosine kinase inhibitor.

Global development of novel drugs originating from China

HUTCHMED is focused on globalizing its pipeline, evidenced by the success of its fruquintinib franchise:

Metric	Product/Region	Value (H1 2025)	Comparison/Context
In-market Sales	FRUZAQLA® (ex-China)	$162.8 million	Up 25% compared to H1-24 ($130.5m)
Revenue	ELUNATE® (China)	$43.0 million	Reflecting competitive pressures
Total Oncology/Immunology Consolidated Revenue	All Products (H1 2025)	$143.5 million	Including milestone and service income

Potential for superior efficacy and safety via the new ATTC platform

The next-generation Antibody-Targeted Therapy Conjugate (ATTC) platform is moving rapidly toward clinical application. HUTCHMED plans to initiate global clinical trials for its lead candidate, HMPL-A251, around the end of 2025.

• HMPL-A251 is a PAM-HER2 ATTC utilizing a PI3K/PIKK inhibitor payload.
• The platform is expected to lead to collaboration and licensing opportunities in the future based on positive initial responses from potential partners.

Addressing unmet medical needs in oncology and immunological diseases

The commitment to discovery and development is supported by a strong financial position, allowing for continued investment despite streamlining efforts. R&D investment in China for the first half of 2025 was $64.4 million, with total R&D Expenses reduced by 24% to $72.0 million (H1-24: $95.3m).

The Company maintained a robust balance sheet as of June 30, 2025, with a cash balance of $1.36 billion.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Customer Relationships

You're looking at how HUTCHMED (China) Limited builds and maintains its critical connections across partners, doctors, and patients. It's a multi-pronged approach, balancing global strategy with deep local execution in China.

Strategic, long-term co-development relationships with global pharma partners.

HUTCHMED (China) Limited structures its external development around established, long-term collaborations. For instance, the agreement with AstraZeneca for savolitinib (ORPATHYS® in China) has already resulted in $91 million in upfront, development, and approval milestones paid to HUTCHMED (China) Limited. More recently, an approval in June 2025 triggered an additional $11.0 million milestone payment from AstraZeneca. The partnership with Eli Lilly for fruquintinib involves sharing future development costs in China and entitles HUTCHMED (China) Limited to up to double-digit royalties upon commercialization. Outside of China, Takeda, marketing FRUZAQLA®, reported sales up 25% to $162.8 million in the first half of 2025. Furthermore, the company is actively cultivating relationships for its new Antibody-Targeted Therapy Conjugates (ATTC) platform, with initial responses from potential partners being very positive, aiming to initiate China and global clinical trials for the first ATTC candidate around the end of 2025.

These relationships are formalized through specific agreements:

• Global licensing, co-development, and commercialization with AstraZeneca for savolitinib.
• Licensing, co-development, and commercialization in China with Eli Lilly for fruquintinib.
• Collaboration with Ipsen subsidiary Epizyme for tazemetostat in Greater China.
• Partnerships with ImageneBio and Miragene for IMG-007 and IMG-004, retaining up to double-digit royalties.

Direct, science-driven engagement with oncologists and specialists in China.

The company relies on a substantial, dedicated internal sales force to connect directly with the Chinese medical community. This team is built for science-driven conversations, which is key in targeted therapy. You should note the scale of this direct engagement:

Metric	Number as of Late 2025 Data
Oncology-Specialized Salespeople	Approximately 740
Provinces and Municipalities Covered	30
Key Hospitals and Cancer Centers Covered	Approximately 3,200
Oncology Physicians Reached	Over 22,000+

This team is currently responsible for the commercialization of three approved oncology drugs in China: ELUNATE® (fruquintinib), SULANDA® (surufatinib), and TAZVERIK® (tazemetostat). Still, competition is felt; in-market sales in China for ELUNATE®, SULANDA®, and ORPATHYS® decreased in the first half of 2025 compared to the first half of 2024, contributing to a total in-market sales drop of 4% for those products.

Investor relations and transparent R&D updates to the financial community.

HUTCHMED (China) Limited provides regular, detailed updates to ensure the financial community understands the pipeline and commercial trajectory. For example, the management hosted the 2025 Interim Result Presentation on August 7, 2025. The company reported a record high net income attributable to HUTCHMED of $455.0 million for the first half of 2025, significantly boosted by a $416.3 million divestment gain from a partial joint venture disposal. The cash balance as of June 30, 2025, stood at $1.36 billion. The updated full year 2025 guidance for Oncology/Immunology consolidated revenue was set between $270 million - $350 million. As of November 28, 2025, the stock was trading at $2.94, reflecting a market capitalization of $2.53B.

Key investor touchpoints include:

• Announcing 2024 final results on March 19, 2025.
• Hosting the 2025 Interim Result Presentation on August 7, 2025.
• Providing R&D updates, such as anticipating data readout for the surufatinib PDAC Phase II trial in late 2025.

Patient access programs via inclusion on national reimbursement lists.

Securing national reimbursement is vital for patient access in China, where, as of the end of 2024, about 95% of the population, or 1.33 billion people, had basic medical insurance coverage. HUTCHMED (China) Limited successfully renewed contracts for its key products:

Drug Name	Reimbursement Status (Effective Jan 1, 2026)	List Type
ELUNATE® (fruquintinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
ORPATHYS® (savolitinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
SULANDA® (surufatinib)	Continued Inclusion	National Reimbursement Drug List (NRDL)
TAZVERIK® (tazemetostat)	Inclusion	National Commercial Health Insurance Innovative Drug List

Inclusion on the NRDL is subject to renewal every two years. The establishment of the new Commercial Insurance Drug List in July 2025 creates a multi-level system to cover medicines with high innovation that fall beyond basic insurance scope.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Channels

You're looking at how HUTCHMED (China) Limited gets its value propositions to the customer, which involves a mix of direct selling in China and leveraging global partners outside of it. It's a dual-pronged approach to market access, which is critical in the pharma space.

The ex-China commercial channel relies heavily on established partners. For instance, the fruquintinib partnership with Takeda is a prime example of this channel strategy. Takeda holds the exclusive worldwide license to develop, commercialize, and manufacture fruquintinib outside mainland China, Hong Kong, and Macau, where it is marketed as FRUZAQLA®.

The direct commercial channel in China is focused on proprietary sales and marketing staff targeting key prescribers for their in-house marketed drugs. HUTCHMED has been actively optimizing this structure; for example, in the first half of 2025, the company stated it has streamlined its sales force to establish a more efficient commercial organization and enhance productivity.

Market access within China is heavily influenced by government inclusion programs, which act as a massive channel for volume. The continuation of key products on these lists is a major channel validation event.

For pipeline advancement, the channel involves global clinical trial sites, which are essential for gathering the data needed for future regulatory submissions and commercial launches worldwide.

Here is a breakdown of the key channel metrics and status as of late 2025:

Channel Component	Metric/Status	Data Point/Value
Partner Commercial Network (Ex-China)	FRUZAQLA® (Fruquintinib) Net Sales by Takeda (H1 2025)	$162.8 million
Partner Commercial Network (Ex-China)	FRUZAQLA® (Fruquintinib) Net Sales by Takeda (2024)	$290.6 million
Partner Commercial Network (Ex-China)	Geographical Coverage for FRUZAQLA® (as of H1 2025)	Over 30 countries, including over 10 new markets in 2025
Direct Commercial Sales Force (China)	Total Personnel (as of Nov 2025)	1,811 total employees
Direct Commercial Sales Force (China)	Oncology/Immunology Personnel (as of mid-2024)	About 1,800
NRDL/Reimbursement Channel	NRDL Inclusion Effective Date (ELUNATE®, ORPATHYS®, SULANDA®)	January 1, 2026
NRDL/Reimbursement Channel	China Population with Basic Medical Insurance (End of 2024)	1.33 billion people, representing about 95%
Pipeline Development Channel	Total Clinical Stage Investigational Drug Candidates (as of Oct 31, 2025)	More than ten

The key elements supporting the China commercial channel are:

• Inclusion of ELUNATE®, ORPATHYS®, and SULANDA® on the NRDL effective January 1, 2026.
• Inclusion of TAZVERIK® in the first edition of the National Commercial Health Insurance Innovative Drug List.
• ORPATHYS® secured a third China approval on June 30, 2025, making it eligible for potential national reimbursement negotiation.
• HUTCHMED has been focusing on a more efficient commercial organization following streamlining of its sales force.

The global clinical trial channel is actively progressing late-stage assets:

• Recruitment for the SAFFRON global Phase III study (savolitinib) is expected to complete in late 2025.
• Data readout for the Phase II part of the SULANDA® (surufatinib) Phase II/III trial for metastatic pancreatic cancer is targeted for the second half of 2025.
• HUTCHMED plans to advance its lead ATTC candidate, HMPL-A251, into clinical development starting in late 2025.

For the ex-China channel, the partnership with Takeda for FRUZAQLA® (fruquintinib) has been a significant revenue driver, including a $20 million milestone payment received in late 2024 after Takeda's net sales surpassed $200 million for the nine months ending September 2024. This partnership also saw Takeda's in-market sales grow by 25% in the first half of 2025.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Customer Segments

You're looking at the patient populations and partners HUTCHMED (China) Limited targets with its innovative therapies, which is the core of their business now that they've streamlined operations.

HUTCHMED (China) Limited focuses its commercial and development efforts on specific patient groups where their in-house discovered medicines, or those developed with partners, offer a differentiated treatment option. This focus is sharpened following the January 2025 divestment of its 45% equity interest in Shanghai Hutchison Pharmaceuticals Limited (SHPL) for approximately US$608 million (RMB4,478 million) in cash, allowing a pivot to core oncology and immunology assets.

The primary customer segments are:

• Oncology patients in China with specific genetic markers or tumor types.
• Global oncology patients reached through commercial partners.
• Patients with chronic immunological diseases, particularly ITP.
• Other pharmaceutical companies looking to access or partner on China-originated assets.

The company has its first three medicines marketed in China, with the first one also approved in key global markets.

Oncology Patients in China with Metastatic Colorectal Cancer, NSCLC, and Neuroendocrine Tumors

This segment is served by medicines like ELUNATE®, ORPATHYS®, and SULANDA®, all included on the updated National Reimbursement Drug List (NRDL) effective January 1, 2026. For Non-Small Cell Lung Cancer (NSCLC), ORPATHYS® (savolitinib) in combination with TAGRISSO® targets EGFRm NSCLC patients with MET amplification after progression on EGFR inhibitor treatment, a population representing a sizable percentage, approximately ~30%, of these patients. For Neuroendocrine Tumors (NETs), SULANDA® is indicated for progressive non-functional well-differentiated NETs. The China sales for ELUNATE® (fruquintinib China) reached $43.0 million in the first half of 2025.

Global Oncology Patients in Markets like the US, EU, and Japan via Partners

Global reach is primarily driven by partnerships, most notably with Takeda for FRUZAQLA® (fruquintinib ex-China). In-market sales for FRUZAQLA® by Takeda were up 25% to $162.8 million in the first half of 2025, expanding coverage to more than 30 countries. Reimbursement was secured in the US and Japan in 2024, and a positive recommendation for NHS reimbursement in England and Wales was received in July 2025. HUTCHMED's first medicine is approved in the US, Europe, and Japan.

Patients with Immunological Diseases like Chronic Primary Immune Thrombocytopenia (ITP)

HUTCHMED (China) Limited retains worldwide rights to sovleplenib for ITP. The patient population size provides the scale for this segment:

Region	Primary ITP Patient Estimate	Basis
China	Approximately 110,000 patients	Prevalence of 9.5 per 100,000 adults.
US, Germany, France, Italy, Spain, UK, and Japan	56,000 patients	Prevalence of 9.5 per 100,000 adults.
Other Major Pharma Markets (Excluding China)	As many as 145,000 patients	Estimated chronic ITP patients.

The China Phase III trial (ESLIM-01) for sovleplenib in primary ITP enrolled 188 adult patients. The New Drug Application (NDA) for sovleplenib in China is targeted for resubmission in the first half of 2026.

Multinational Pharmaceutical Companies Seeking Novel China-Originated Assets

This segment involves strategic alliances for co-development and commercialization, evidenced by financial transactions and milestone payments. For example, the China NDA approval for ORPATHYS® combined with TAGRISSO® triggered a $11.0 million milestone payment from AstraZeneca. Furthermore, HUTCHMED's focus on its core pipeline, including the Antibody-Targeted Therapy Conjugate (ATTC) platform with its lead candidate HMPL-A251, is designed to attract future collaboration and licensing opportunities.

The company's Oncology/Immunology consolidated revenue, including milestone and service income, was $143.5 million for the first half of 2025. The full-year 2025 guidance for Oncology/Immunology consolidated revenue is set between $270 million and $350 million.

Finance: review cash runway against planned ATTC global development spend by next week.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Cost Structure

You're looking at the cost side of HUTCHMED (China) Limited's operations as of late 2025, based on the first half of the year's performance. Honestly, the numbers show a clear focus on efficiency while pushing forward the pipeline.

The total Net Expenses for the six months ended June 30, 2025, were reported at $239.0 million, which was a reduction from $279.9 million in the same period last year, showing strong cost control efforts. This aggregate figure is composed of several key areas that drive the business.

The breakdown of these expenses highlights where the capital is being deployed:

• Significant R&D expenditure for clinical trials and discovery programs.
• Costs associated with accelerating the global ATTC platform development.
• Manufacturing costs and cost of goods sold for commercial products.
• Sales, General, and Administrative (SG&A) expenses for the China commercial team.
• Costs related to regulatory filings and global market approvals.

Here's a look at the primary reported expense categories for the six months ended June 30, 2025:

Cost Category	H1 2025 Amount (US$ Millions)	H1 2024 Amount (US$ Millions)
Total Net Expenses	239.0	279.9
Cost of Revenue	167.6	180.1
Research and Development (R&D) Expenses	72.0	95.3
Selling, General, and Administrative (SG&A) Expenses	41.6	57.8

Significant R&D expenditure for clinical trials and discovery programs.

R&D Expenses saw a notable reduction, coming in at $72.0 million for the first half of 2025, down 24% from $95.3 million in H1 2024. This reduction reflects lower costs from completed studies that are now under New Drug Application (NDA) review or already achieved NMPA approval in H1 2025. The investment was split geographically:

• R&D investment in China was $64.4 million (H1 2024: $80.4m).
• R&D investment outside China reduced to $7.6 million (H1 2024: $14.9m) as global R&D operations integrated with China.

Costs associated with accelerating the global ATTC platform development.

While a specific line item for ATTC acceleration costs isn't broken out, the overall R&D spend supports this. HUTCHMED plans to initiate China and global clinical trials for its first Antibody Targeted Therapy Conjugate (ATTC) drug candidate around the end of 2025. The company stated it will leverage its strong cash resources to accelerate this global development. The prior year's R&D spend of $212.1 million for the full year 2024 included an ongoing commitment to key assets with global potential, including the next-generation ATTC platform.

Manufacturing costs and cost of goods sold for commercial products.

This is captured under Cost of Revenue, which was $167.6 million for H1 2025, a 7% decrease from $180.1 million in H1 2024, mainly due to lower Oncology/Immunology revenue. The cost of revenue as a percentage of oncology product revenue remained stable at 39% for the period.

Sales, General, and Administrative (SG&A) expenses for the China commercial team.

SG&A Expenses for the period were $41.6 million, down from $57.8 million in H1 2024. This reflects streamlining efforts, such as the streamlining of the China salesforce to establish a more efficient commercial organization and enhance productivity, as noted following intensifying competitive pressures for ELUNATE®, SULANDA®, and ORPATHYS® in China.

Costs related to regulatory filings and global market approvals.

Costs for regulatory filings are embedded within the R&D Expenses. The decrease in R&D spend in H1 2025 to $72.0 million reflects lower costs from studies already under NDA review or approved, such as the ORPATHYS® second-line NSCLC indication approved in H1 2025. Furthermore, the company has a contingent liability related to the divestment of its non-core joint venture, SHPL, where HUTCHMED guarantees a minimum net profit growth of SHPL of at least approximately 5% annually, subject to total compensation not exceeding approximately US$95 million over a three-year transition period.

Finance: draft 13-week cash view by Friday.

HUTCHMED (China) Limited (HCM) - Canvas Business Model: Revenue Streams

HUTCHMED (China) Limited (HCM) revenue streams in late 2025 are characterized by a mix of product commercialization, strategic partnerships, and significant one-time financial events.

The H1 2025 consolidated revenue reached $277.7 million. For the full year 2025, the guidance for Oncology/Immunology consolidated revenue was adjusted to a range of $270 million - $350 million.

Revenue Component (H1 2025)	Amount (USD)	Source/Context
Consolidated Revenue	$277.7 million	Six months ended June 30, 2025
Oncology/Immunology Consolidated Revenue (Total)	$143.5 million	Including milestone and service income
ELUNATE® Revenue	$33.6 million	Manufacturing revenue, promotion/marketing services, and royalties
FRUZAQLA® Revenue (ex-China)	$43.1 million	Royalties and manufacturing revenue from Takeda
ORPATHYS®/AstraZeneca Milestone Payment	$11.0 million	Triggered by China NDA approval
Other Revenue (includes milestone)	$14.9 million	H1 2025 Other revenue
One-time Gain from SHPL Divestment (Net Income Contributor)	$416.3 million	Recognized in H1 2025 net income

Product sales revenue from self-marketed drugs in China contributes significantly, though facing market pressures.

• ELUNATE® revenue for H1 2025 was $33.6 million, a decrease from $46.0 million in H1 2024.
• SULANDA® in-market sales for the full year 2024 were $49.0 million, with market share reaching 27%.

Royalties and manufacturing revenue from partnered products show global traction.

• FRUZAQLA® revenue (ex-China) was $43.1 million in H1 2025, reflecting royalty growth.
• Global in-market sales for FRUZAQLA® by Takeda reached $162.8 million in H1 2025, up 25% year-over-year.
• ORPATHYS® in-market sales in China were impacted by competition, though a new indication approval was secured on June 30, 2025.

Milestone payments from licensing agreements provide lumpy but substantial non-operating income.

• A milestone payment of $11.0 million was received from AstraZeneca in H1 2025 following the China NDA approval for ORPATHYS® combined with TAGRISSO®.
• Total Other revenue, which includes this milestone, was $14.9 million in H1 2025.

A major, non-recurring financial event boosted the period's bottom line, though not strictly operating revenue.

• A one-time gain from the partial divestment of SHPL, net of tax, contributed $416.3 million to the H1 2025 net income.
• HUTCHMED (China) Limited (HCM) reported a total net income attributable of $455.0 million for H1 2025.