Hutchmed (China) Limited (HCM): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação farmacêutica, a Hutchmed (China) Limited surge como uma força pioneira, transformando os limites da pesquisa médica e terapias direcionadas. Com uma abordagem focada em laser em oncologia e imunologia, esta empresa inovadora aproveita a biotecnologia de ponta e colaborações estratégicas para desenvolver tratamentos inovadores que atendem às necessidades médicas críticas não atendidas nos mercados asiáticos. Seu sofisticado modelo de negócios representa uma interseção atraente de excelência científica, parcerias estratégicas e desenvolvimento inovador de medicamentos, prometendo remodelar o futuro das soluções médicas personalizadas.

Hutchmed (China) Limited (HCM) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com empresas farmacêuticas

Hutchmed estabeleceu parcerias farmacêuticas importantes, incluindo:

Parceiro	Detalhes da colaboração	Ano
Eli Lilly	Co-desenvolvimento do Savolitinibe para câncer de rim	2018
AstraZeneca	Colaboração global para vários programas de oncologia	2019
Janssen Pharmaceuticals	Colaboração HMPL-523 para imune-oncologia	2017

Parcerias de pesquisa com instituições acadêmicas

Hutchmed colabora com várias instituições de pesquisa:

• Academia Chinesa de Ciências
• Universidade de Oxford
• Escola de Medicina de Harvard
• Xangai Jiao Tong Universidade

Acordos de licenciamento

Licenciado	Drogas/tecnologia	Termos financeiros
Incyte Corporation	Licenciamento HMPL-689	Pagamento inicial de US $ 40 milhões
Dizal Pharmaceutical	Licenciamento de sufatinibe	Pagamento inicial de US $ 20 milhões

Joint ventures em oncologia e imunologia

Hutchmed estabeleceu joint ventures estratégicos focados na pesquisa de drogas:

• Hutchison Medtech Oncology JV
• Aliança de Pesquisa de Imunologia da China
• Consórcio de Medicina de Precisão de Xangai

Hutchmed (China) Limited (HCM) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento farmacêuticos inovadores

Hutchmed investiu US $ 234,1 milhões em despesas de P&D para o ano encerrado em 31 de dezembro de 2022. A Companhia se concentra no desenvolvimento de terapias de oncologia e imunologia.

Área de foco em P&D	Valor do investimento	Número de projetos ativos
Oncologia	US $ 156,7 milhões	8 programas ativos
Imunologia	US $ 77,4 milhões	4 programas ativos

Ensaios clínicos para novos tratamentos de câncer e imunologia

Em 2023, Hutchmed estava conduzindo 12 ensaios clínicos em vários estágios.

• Ensaios de Fase I: 3 programas
• Ensaios de Fase II: 5 programas
• Ensaios de Fase III: 4 Programas

Processos de conformidade regulatória e registro de drogas

Hutchmed obteve com sucesso 3 aprovações de medicamentos da Administração Nacional de Produtos Médicos da China (NMPA) e 2 do FDA dos EUA.

Agência regulatória	Medicamentos aprovados	Ano de aprovação
NMPA	3 drogas	2020-2023
FDA	2 drogas	2021-2022

Comercialização de produtos farmacêuticos proprietários

Hutchmed gerou US $ 312,5 milhões em receita de produtos para o ano de 2022, com foco primário em tratamentos de oncologia.

• Surufatinib: aprovado para tumores neuroendócrinos
• Fruquintinib: Tratamento do câncer colorretal
• HMPL-689: candidato terapêutico imunológico

Expansão contínua de oleodutos e descoberta de medicamentos

A empresa mantém um pipeline robusto de descoberta de medicamentos com 15 programas de pesquisa em andamento.

Categoria de pesquisa	Número de programas	Estágio de desenvolvimento
Oncologia	10 programas	Pré -clínico para a Fase III
Imunologia	5 programas	Descoberta para a Fase II

Hutchmed (China) Limited (HCM) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa e desenvolvimento

A Hutchmed opera instalações de pesquisa localizadas em Xangai, China, com uma infraestrutura total de pesquisa e desenvolvimento avaliada em aproximadamente US $ 150 milhões em 2023.

Localização	Tipo de instalação	Foco na pesquisa
Xangai	Centro de Pesquisa Molecular	Desenvolvimento de medicamentos para oncologia
Xangai	Laboratório de Biotecnologia	Pesquisa de imunologia

Equipes de pesquisa científica e médica

A Hutchmed emprega 438 pessoal de pesquisa e desenvolvimento em 31 de dezembro de 2023.

• Titulares de doutorado: 167
• Pós -doutorado: 62
• Cientistas de pesquisa especializados: 209

Portfólio de propriedade intelectual

A partir de 2023, Hutchmed mantém 247 pedidos de patentes globais e concedeu patentes em várias áreas terapêuticas.

Categoria de patentes	Número de patentes
Oncologia	124
Imunologia	73
Outras áreas terapêuticas	50

Recursos financeiros

O apoio financeiro de Hutchmed de CK Hutchison envolve capital de investimento significativo.

• Despesas totais de P&D em 2023: US $ 189,4 milhões
• Caixa e equivalentes em dinheiro em 31 de dezembro de 2023: US $ 647,3 milhões
• Capitalização de mercado da empresa -mãe: aproximadamente US $ 3,2 bilhões

Capacidades de pesquisa de biotecnologia

A Hutchmed utiliza tecnologias avançadas de pesquisa molecular com equipamentos especializados avaliados em US $ 42,6 milhões.

Plataforma de tecnologia	Valor especializado do equipamento
Sequenciamento genômico	US $ 15,3 milhões
Análise de proteínas	US $ 12,7 milhões
Sistemas de cultura de células	US $ 14,6 milhões

Hutchmed (China) Limited (HCM) - Modelo de Negócios: Proposições de Valor

Terapias direcionadas inovadoras para câncer e doenças imunológicas

Hutchmed desenvolveu tratamentos específicos de oncologia e imunologia com os seguintes pontos de dados -chave:

Medicamento	Área terapêutica	Estágio de desenvolvimento	Potencial de mercado
Sufatinibe	Tumores neuroendócrinos	FDA aprovado	Mercado potencial de US $ 180 milhões
Savolitinibe	Câncer no PRCC	Ensaios clínicos de fase 3	Mercado potencial de US $ 220 milhões

Concentre -se nas necessidades médicas não atendidas nos mercados asiáticos

Hutchmed concentra -se em áreas terapêuticas especializadas com necessidades não atendidas significativas:

• Tratamentos raros do câncer
• Soluções de oncologia de precisão
• Terapias de transtorno imunológico

Abordagens de tratamento personalizadas usando medicina de precisão

Investimento e capacidades de medicina de precisão:

Investimento em P&D	Capacidades de triagem genética	Plataformas de terapia direcionadas
US $ 85,2 milhões (2022)	12 plataformas de diagnóstico molecular	7 abordagens exclusivas de terapia direcionada

Soluções farmacêuticas de alta qualidade com potencial impacto global

Métricas globais de desenvolvimento farmacêutico:

• Ensaios clínicos globais atuais: 14 ensaios ativos
• Aprovações regulatórias internacionais: 3 países
• Portfólio de patentes: 87 compostos moleculares únicos

Desenvolvimento de tratamentos médicos relevantes localmente

Estatísticas regionais de desenvolvimento farmacêutico:

Região	Desenvolvimento de tratamento local	Penetração de mercado
China	6 terapias desenvolvidas localmente	45% de participação de mercado nos segmentos -alvo
Ásia-Pacífico	4 tratamentos específicos da região	28% de penetração no mercado

Hutchmed (China) Limited (HCM) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais de saúde

Hutchmed mantém canais de comunicação direta com profissionais de saúde através de:

• Interações da equipe de ciências médicas direcionadas (MSL)
• Apresentações da conferência médica
• Oncologia e imunologia especializada Engajamento de rede profissional

Canal de engajamento	Frequência de interação anual	Segmento profissional alvo
Conferências médicas	12-15 Eventos internacionais	Especialistas em oncologia
Plataformas educacionais digitais	24 sessões de webinar	Pesquisadores de hematologia
Comunicação científica direta	180-220 Interações profissionais individuais	Pesquisadores clínicos

Programas de apoio ao paciente para tratamentos complexos

Hutchmed fornece suporte abrangente ao paciente por meio de:

• Orientação de tratamento personalizada
• Programas de assistência financeira
• Monitoramento da adesão ao tratamento

Plataformas digitais para informações e consultas médicas

A estratégia de engajamento digital inclui:

Plataforma digital	Usuários ativos mensais	Função primária
Portal de informações do paciente	8.500 usuários registrados	Acesso à informação do tratamento
Plataforma de consulta médica	425 profissionais de saúde registrados	Consulta clínica

Comunicação de participantes do ensaio clínico em andamento

Métricas de comunicação de ensaios clínicos:

• Ensaios clínicos ativos: 7 estudos em andamento
• Total de comunicação dos participantes pontos de contato: 1.250 interações trimestrais
• Taxa de retenção dos participantes: 87,3%

Relatórios de pesquisa médica e desenvolvimento transparentes

A transparência de pesquisa envolve:

Canal de relatório	Contagem anual de publicação	Alcance de visibilidade
Revistas revisadas por pares	18-22 Publicações	Comunidade científica global
Sites de pesquisa da empresa	36 relatórios de pesquisa detalhados	Partes interessadas públicas e profissionais

Hutchmed (China) Limited (HCM) - Modelo de Negócios: Canais

Vendas diretas para hospitais e instituições de saúde

Hutchmed relatou 437 representantes de vendas diretas na China em 31 de dezembro de 2022, com foco na distribuição de produtos de oncologia e imunologia. A equipe de vendas direta da empresa cobriu aproximadamente 320 hospitais em 28 províncias na China continental.

Canal de vendas	Número de representantes	Cobertura geográfica
Vendas diretas de oncologia	267	18 Províncias
Imunologia Vendas diretas	170	28 províncias

Redes de distribuição farmacêutica na China

A Hutchmed utilizou 12 parceiros de distribuição farmacêutica primária em 2022, cobrindo os principais mercados urbanos e provinciais de saúde.

• Cobertura de parceiro de distribuição: 95% das cidades de Nível-1 e Tier-2
• Alcance da rede de distribuição total: 1.200 mais de instituições de saúde
• Volume anual de distribuição: 186.000 unidades de tratamento

Plataformas de informações médicas online

A empresa investiu US $ 3,2 milhões em plataformas de marketing digital e informações médicas on -line durante 2022.

Tipo de plataforma	Investimento	Engajamento do usuário
Sites médicos profissionais	US $ 1,5 milhão	42.000 usuários mensais profissionais de saúde
Portais de informação do paciente	US $ 1,7 milhão	87.000 usuários mensais de pacientes

Apresentações de conferência médica e simpósio

Hutchmed participou de 47 conferências médicas nacionais e internacionais em 2022, apresentando resultados de pesquisas e resultados de ensaios clínicos.

• Conferências nacionais participaram: 32
• Conferências Internacionais Participadas: 15
• Apresentações totais de pesquisa: 64

Parcerias com prestadores de serviços de saúde regionais

A Companhia estabeleceu 18 parcerias estratégicas com redes regionais de saúde em 2022.

Tipo de parceria	Número de parcerias	Escopo geográfico
Colaboração de pesquisa	8	Em todo o país
Redes de ensaios clínicos	10	Múltiplas províncias

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

Pacientes oncológicos que necessitam de tratamentos especializados

Hutchmed tem como alvo pacientes com tipos específicos de câncer, concentrando -se em necessidades médicas não atendidas em tratamentos oncológicos.

Tipo de câncer	Tamanho do mercado de pacientes (China)	Foco no tratamento direcionado
Câncer gástrico	429.000 novos casos anualmente	HMPL-689 e SURUFATINIB
Câncer de pulmão	815.000 novos casos anualmente	Savolitinibe e HMPL-689
Carcinoma hepatocelular	390.000 novos casos anualmente	Fruquintinib

Pacientes com doenças imunológicas

Hutchmed desenvolve terapias direcionadas para condições imunológicas complexas.

• Segmento de clientes primários: pacientes com distúrbios autoimunes
• Concentre -se em tratamentos de doenças inflamatórias e imunológicas
• População alvo estimada de pacientes na China: 20 a 25 milhões de pacientes

Profissionais de saúde e oncologistas

Hutchmed fornece soluções especializadas de tratamento oncológico e imunológico.

Categoria profissional	Número na China	Estratégia de engajamento
Oncologistas	52.000 especialistas	Colaborações de ensaios clínicos
Especialistas em imunologia	18.500 profissionais	Programas de parceria de pesquisa

Instituições de pesquisa e centros médicos

Hutchmed colabora com as principais organizações de pesquisa para o desenvolvimento de medicamentos.

• Parcerias com 12 instituições de pesquisa de primeira linha na China
• Orçamento de pesquisa colaborativa: US $ 45 milhões anualmente
• Colaborações de ensaios clínicos ativos em várias áreas terapêuticas

Governo e sistemas privados de saúde na China

Hutchmed se envolve com sistemas de saúde para aprovação e distribuição de medicamentos.

Tipo de sistema de saúde	Penetração de mercado	Engajamento regulatório
Sistema de Saúde do Governo	85% de cobertura em áreas urbanas	Conformidade regulatória da NMPA
Redes privadas de saúde	15% de participação de mercado	Distribuição farmacêutica direta

Hutchmed (China) Limited (HCM) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Hutchmed registrou despesas de P&D de US $ 251,1 milhões no ano fiscal de 2022, representando um investimento significativo em inovação farmacêutica.

Ano	Despesas de P&D	Porcentagem de receita
2022	US $ 251,1 milhões	76.4%
2021	US $ 224,3 milhões	72.9%

Gerenciamento de ensaios clínicos e custos de execução

As despesas de ensaios clínicos para Hutchmed em 2022 foram de aproximadamente US $ 180,5 milhões, cobrindo vários programas de oncologia e imunologia.

• Ensaios clínicos em andamento em várias áreas terapêuticas
• Programas globais de desenvolvimento clínico
• Investimentos de estudo de fase II e Fase III

Despesas de conformidade regulatória e registro

Os custos de conformidade regulatória para Hutchmed foram estimados em US $ 45,3 milhões em 2022, cobrindo o FDA e as submissões regulatórias chinesas.

Região regulatória	Despesas de conformidade
Estados Unidos	US $ 27,6 milhões
China	US $ 17,7 milhões

Infraestrutura de fabricação e produção

Os investimentos em infraestrutura de fabricação totalizaram US $ 92,7 milhões em 2022, apoiando o desenvolvimento de medicamentos e a potencial comercialização.

• Instalações de fabricação farmacêutica
• Infraestrutura de controle de qualidade
• Investimentos de tecnologia de produção

Aquisição de talentos e investimentos de retenção

A Human Capital Investments for Hutchmed atingiu US $ 63,4 milhões em 2022, com foco em talentos científicos e de pesquisa especializados.

Categoria de funcionários	Investimento
Cientistas de pesquisa	US $ 38,2 milhões
Desenvolvimento Clínico	US $ 25,2 milhões

Hutchmed (China) Limited (HCM) - Modelo de negócios: fluxos de receita

Vendas farmacêuticas de produtos

No ano fiscal de 2022, Hutchmed registrou receita total de US $ 186,6 milhões. Repartição específica de vendas de produtos farmacêuticos:

Produto	Receita ($ m)
ORPATHYS (SURUFATINIB)	37.4
ELUNATE (Fruquintinib)	84.2

Acordos de licenciamento e parceria

Principais detalhes da receita de licenciamento para 2022:

• Colaboração AstraZeneca: pagamento inicial de US $ 200 milhões
• Potenciais pagamentos em até US $ 1,4 bilhão
• Royalties sobre possíveis vendas futuras

Subsídios de pesquisa e colaborações

Renda de colaboração de pesquisa para 2022: US $ 12,3 milhões

Potencial renda de royalties

Candidato a drogas	Faixa de royalties potenciais
Savolitinibe	10-15% das vendas líquidas
ORPATHYS	15-20% das vendas líquidas

Pagamentos marcantes

Pagamentos de Milestone da Parceria Estratégica em 2022: US $ 45,7 milhões

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.