Full Year 2025 HUTCHMED (China) Ltd Earnings Call

March 5, 2026

David Ng Ltd): Hello, everyone. Welcome to HUTCHMED 2025 Full Year Result and Business Update. Today, we're going to go through our results in a formal presentation by our senior management, and then it will be followed by Q&A. Before I start, let's turn to page 2 with our usual safe harbor statement. Basically, the performance and results of our operation contained within this presentation are historical in nature, and the past performance is no guarantee of future results. The information in this presentation is subject to changes, and HUTCHMED has no liability for any loss arising from the use of this content. My name is David Ng. I'm the Head of IR of HUTCHMED. We are very happy that we're going to have our senior management to present the results.

David Ng ): Hello, everyone. Welcome to HUTCHMED 2025 Full Year Result and Business Update. Today, we're going to go through our results in a formal presentation by our senior management, and then it will be followed by Q&A. Before I start, let's turn to page 2 with our usual safe harbor statement. Basically, the performance and results of our operation contained within this presentation are historical in nature, and the past performance is no guarantee of future results. The information in this presentation is subject to changes, and HUTCHMED has no liability for any loss arising from the use of this content. My name is David Ng. I'm the Head of IR of HUTCHMED. We are very happy that we're going to have our senior management to present the results.

David Ng Ltd): Let me hand off the time to our Acting Chief Executive Officer and Chief Financial Officer, Johnny Cheng. Johnny?

David Ng ): Let me hand off the time to our Acting Chief Executive Officer and Chief Financial Officer, Johnny Cheng. Johnny?

Johnny Cheng Ltd): Thank you, David, thank you everyone for attending HUTCHMED's 2025 results webcast. Joining me today is our Deputy CFO, Lorenso Chiu, who will give us an overview of our financial performance. Our Head of Commercial, George Yuan, who will share with you our commercial performance, and our Head of Discovery, Dr. Guangxiu Dai, who will provide an update on our R&D pipeline progress. Next slide, please. A quick highlight of our 2025 achievements. We are pleased with our ex-China FRUZAQLA sales, which have 26% growth versus last year, resulting in $366 million in in-market sales. More importantly, FRUZAQLA has rolled out to over 38 countries already. As for our China sales, it has rebounded in the second half of the year, achieving 21% in-market sales growth versus our first half interim results.

Johnny Cheng ): Thank you, David, thank you everyone for attending HUTCHMED's 2025 results webcast. Joining me today is our Deputy CFO, Lorenso Chiu, who will give us an overview of our financial performance. Our Head of Commercial, George Yuan, who will share with you our commercial performance, and our Head of Discovery, Dr. Guangxiu Dai, who will provide an update on our R&D pipeline progress. Next slide, please. A quick highlight of our 2025 achievements. We are pleased with our ex-China FRUZAQLA sales, which have 26% growth versus last year, resulting in $366 million in in-market sales. More importantly, FRUZAQLA has rolled out to over 38 countries already. As for our China sales, it has rebounded in the second half of the year, achieving 21% in-market sales growth versus our first half interim results.

Johnny Cheng Ltd): In terms of our cash position, we have about $1.4 billion, which allows us to accelerate our global ATTC development and provide resources to explore potential in-licensing and M&A opportunities. On the right-hand side, we have now advanced two of our ATTC programs into the clinic, which we believe will have huge market potential. In addition, we are pursuing potential business development opportunities with multinational companies. In terms of the progress of our pipeline, I will leave it to Dr. Dai to share with you later on. I will now turn it over to Lorenzo for the financial review and outlook. Lorenzo?

Johnny Cheng ): In terms of our cash position, we have about $1.4 billion, which allows us to accelerate our global ATTC development and provide resources to explore potential in-licensing and M&A opportunities. On the right-hand side, we have now advanced two of our ATTC programs into the clinic, which we believe will have huge market potential. In addition, we are pursuing potential business development opportunities with multinational companies. In terms of the progress of our pipeline, I will leave it to Dr. Dai to share with you later on. I will now turn it over to Lorenzo for the financial review and outlook. Lorenzo?

Lorenso Chiu Ltd): Yeah. Thanks, Johnny. Let me give an overview of our key financial highlights for 2025. Total oncology revenue was $286 million. This includes $71 million R&D related upfront and milestone revenues. For oncology products revenue, as Johnny already mentioned, there was a rebound from our China oncology products, which recorded 21% growth in in-market sales in the second half. While FRUZAQLA continues its global expansions. Net income, we recorded a profit of $457 million for 2025, mainly due to the excess period investment gain of $460 million. Excluding this one-time gain, our core operations remain profitable. Next, please. Our R&D expenses for 2025 was $148 million.

Lorenso Chiu ): Yeah. Thanks, Johnny. Let me give an overview of our key financial highlights for 2025. Total oncology revenue was $286 million. This includes $71 million R&D related upfront and milestone revenues. For oncology products revenue, as Johnny already mentioned, there was a rebound from our China oncology products, which recorded 21% growth in in-market sales in the second half. While FRUZAQLA continues its global expansions. Net income, we recorded a profit of $457 million for 2025, mainly due to the excess period investment gain of $460 million. Excluding this one-time gain, our core operations remain profitable. Next, please. Our R&D expenses for 2025 was $148 million.

Lorenzo: Yeah, thanks, uh, Johnny, and let me give an overview of our key financial highlights for 2025.

Total on-credit revenue was $286 million. This includes $71 million of R&D-related upfront and milestone revenues.

For oncology products Revenue as Journey already mentioned, there was a rebounded from our China oncology products, which recorded, um, 21% growth in in market sales in the second half was for second continues. Its Global expansion.

On that income, we recorded a profit of 457 million for 2 to 5, mainly due to the excess per diverse game of 460 million.

Excluding this 1-time game, our core operations remain profitable.

Next, please.

Lorenso Chiu Ltd): Expenses were lower versus 2024 as many of our late stage trials are in the completion stage, with multiple NDAs now awaiting approvals. In addition, we began shifting our investments into our early stage ATTC assets with two candidates already in the clinic. Our cash position has been further strengthened to about $1.4 billion. That positions us well to accelerate both investments and developments of our ATTC programs. Next. Looking forward to 2026, our own project revenue guidance is in a range of $330 million to $450 million. This reflects a strong, solid growth from 2025, driven by strong growth in our China commercial products with contributions from new indications as well as FRUZAQLA continuous global expansions. In addition, let's consider the potential partnership opportunities for our new drug candidates, including ATTC.

Lorenso Chiu ): Expenses were lower versus 2024 as many of our late stage trials are in the completion stage, with multiple NDAs now awaiting approvals. In addition, we began shifting our investments into our early stage ATTC assets with two candidates already in the clinic. Our cash position has been further strengthened to about $1.4 billion. That positions us well to accelerate both investments and developments of our ATTC programs. Next. Looking forward to 2026, our own project revenue guidance is in a range of $330 million to $450 million. This reflects a strong, solid growth from 2025, driven by strong growth in our China commercial products with contributions from new indications as well as FRUZAQLA continuous global expansions. In addition, let's consider the potential partnership opportunities for our new drug candidates, including ATTC.

How are the expenses for 2 to 5 Wars 148 million?

Expenses were lower versus Q2 to Q4 as many of our late-stage trials are in the completion stage, with multiple NDAs now awaiting approvals. In addition, we began shifting our investments into our early-stage ATTC assets, with two candidates already in the clinics.

Our cash position has been further strengthened to about 1.4 billion that positions as well to accelerate both Investments and developments of our atdc programs.

Next.

Looking forward to 2266, our own encourage. Refund guidance is in the range of $330 million to $450 million.

Lorenso Chiu Ltd): Now I'd like to hand over to George to give an overview of the China commercial.

Lorenso Chiu ): Now I'd like to hand over to George to give an overview of the China commercial.

This reflex is raw. Solid growth from 2, to 5, driven by strong growth. In a China commercial products with contributions from new indications, as well, as a food sector continues Global expansions. In addition, there's considered the potential partnership opportunities for our new drug candidates including atdc.

George Yuan Ltd): Thanks, Lorenzo. First let's look at the FRUZAQLA, our business partner, Takeda's performance. They deliver a very strong 2025 with 26% growth. If you look at the Q2, the second half, the growth actually is accelerate mainly due to the market expansion. We launched some of the new market like Portugal, Belgium, and South Korea. The strong Japanese performance and some of the Europe performance uptake also contribute a second half strong growth. This reflect a market needs for a safe and effective medicine in the later line MCIC treatment. The physicians experience enhancement and also the reimbursement progress contribute to those goals. If you look at the US, we do see some of the headwind mainly due to the Medicare Part D redesign. Next slide.

George Yuan ): Thanks, Lorenzo. First let's look at the FRUZAQLA, our business partner, Takeda's performance. They deliver a very strong 2025 with 26% growth. If you look at the Q2, the second half, the growth actually is accelerate mainly due to the market expansion. We launched some of the new market like Portugal, Belgium, and South Korea. The strong Japanese performance and some of the Europe performance uptake also contribute a second half strong growth. This reflect a market needs for a safe and effective medicine in the later line MCIC treatment. The physicians experience enhancement and also the reimbursement progress contribute to those goals. If you look at the US, we do see some of the headwind mainly due to the Medicare Part D redesign. Next slide.

Now, I’d like to hand over to George to give an overview of the China commercial.

Thanks. So, uh, first, let's look at the faka, uh, our business partner taka's performance. Uh, they deliver a very strong 2025 with, uh, 26% growth.

And if you look at the Q2 of the, the second half, the second half, the growth actually is accelerate mainly due to the Market expansion. We launched some of the new market, like the Portugal Belgium and the South Korea also the strong Japan, Japanese performance. And as soon of the Europe performance, uh uptake also contribute a second half strong growth.

this reflect a market needs for, uh,

Effective medicine in the later-line mCRC treatment. Also, the physicians' experience enhancement, and also the reimbursement progress, contribute through those girls.

If you look at the US, we do see some of the heroine, mainly due to the medical part, the redesign.

Next slide.

George Yuan Ltd): For China performance under the brand name ELUNATE. In China we post -13% growth mainly due to soft performance in H1 as we scale back some of the sales force after our GC second line setback, and also some of the productivity improvement programs. We successfully turn around the business with more efficient approach to focus on the top-tier cities and hospitals. In H2 we deliver 33% growth and successfully renew our NRDL with no price cut and improve our EMC second line. We submit NDA for RCC with those all contribute to our future growth. Next slide. If looked at the ORPATHYS and the SULANDA, which is 11% of our total 2025 EMARQ sales, they are relatively soft due to the fierce competition.

George Yuan ): For China performance under the brand name ELUNATE. In China we post -13% growth mainly due to soft performance in H1 as we scale back some of the sales force after our GC second line setback, and also some of the productivity improvement programs. We successfully turn around the business with more efficient approach to focus on the top-tier cities and hospitals. In H2 we deliver 33% growth and successfully renew our NRDL with no price cut and improve our EMC second line. We submit NDA for RCC with those all contribute to our future growth. Next slide. If looked at the ORPATHYS and the SULANDA, which is 11% of our total 2025 EMARQ sales, they are relatively soft due to the fierce competition.

For China performance under the brand name of Elon.

In China with post uh minus 13% growth managed due to a soft performance in in the first half.

As we scale back some of the sales force after our GC. Second setback.

And also some of the productivity improvement programs, but we successfully turned around the business.

With more efficient approach to focus on the top tier cities and hospitals

Within second, half we deliver 33% of girls and the successfully.

Renew our own idea with no price, cut and include our EMC, second line.

Also, we submit the ND for RCC with those are all contribute to our future growth.

Next slide.

George Yuan Ltd): For SULANDA, we also face multiple PRRT, those nuclear medicine moving to the clinical stage and fighting with us with limited patient pool. Although we have some kind of headwinds, we do see some progress. First is, for ORPATHYS we have a 1st line MET scanning adding to the NRDL. Also we have a such approval to drive future growth. Our SACHI will read out what we are expecting in this year. For SULANDA, we maintain our market leader position in net performance in the TKI markets. Also we have renewed our own NRDL with no price cut. Our Phase III PDAC study is on track. Next slide. We are building, in addition to our solid tumor, we are building our hematology portfolio. We get our 1st medicine, 1st in class treatment for EZH2 mutation follicular lymphoma approved.

George Yuan ): For SULANDA, we also face multiple PRRT, those nuclear medicine moving to the clinical stage and fighting with us with limited patient pool. Although we have some kind of headwinds, we do see some progress. First is, for ORPATHYS we have a 1st line MET scanning adding to the NRDL. Also we have a such approval to drive future growth. Our SACHI will read out what we are expecting in this year. For SULANDA, we maintain our market leader position in net performance in the TKI markets. Also we have renewed our own NRDL with no price cut. Our Phase III PDAC study is on track. Next slide. We are building, in addition to our solid tumor, we are building our hematology portfolio. We get our 1st medicine, 1st in class treatment for EZH2 mutation follicular lymphoma approved.

You look at the opacity and the cylinder, which is 11% of our total 2025 in-market sales. We are relatively soft due to the fierce competition for Surrender. We also faced multiple PRT, those nuclear medicine moving to the clinical stage and fighting with us with a limited patient pool. But on the other hand, although we have some kind of headwinds, we do see some progress.

First is, uh, for our practice. We have a first line meta, scaping adding to the ndl. Also, we have a such approval to drive future growth.

Our suffer from Novo or read or we are expecting in this year.

For Surrender, we maintain our market lead position in net performance in the TK markets. Also, we have renewed our own ideal with no price cut, our Fishery.

Pdac study is on track.

Next slide.

George Yuan Ltd): This is our first hematology products launched in China. This also give us a beachhead in the hematology. On the, also the TAZVERIK include our China's first commercial insurance drug list, where one of the 19th medicine include this drug list. This give us a kind of future growth opportunity to explore the commercial insurance. On the other side, those TAZVERIK provide us a beachhead in the hematology. To leverage these products we can engage our hematology opinion leaders, establish our core team with expertise in the hematology to prepare the future hematology launch. Our sort of Linivo is prepared to early 2027, and our ITP is already resubmit, and the wAIHA indication we are potentially submit in the first half of 2026.

George Yuan ): This is our first hematology products launched in China. This also give us a beachhead in the hematology. On the, also the TAZVERIK include our China's first commercial insurance drug list, where one of the 19th medicine include this drug list. This give us a kind of future growth opportunity to explore the commercial insurance. On the other side, those TAZVERIK provide us a beachhead in the hematology. To leverage these products we can engage our hematology opinion leaders, establish our core team with expertise in the hematology to prepare the future hematology launch. Our sort of Linivo is prepared to early 2027, and our ITP is already resubmit, and the wAIHA indication we are potentially submit in the first half of 2026.

We are building on behalf of our—in addition to our solid tumor—we are building our hematology portfolio. We get our first medicine, first-in-class treatment for EH2 mutation lung, for approved. This is our first hematology product.

Launching China. This also gives us a beachhead in hematology on the, uh, and also the Tasveric, including our

China's first.

Commercial Insurance checklist, we are 1 of the 19 medicine, including drug list. This give us a kind of future growth opportunity to explore the commercial insurance on the other side. Those tasks provide us uh Beach head in the hematology to leverage this products, we can engage our hematology opinion leaders. Establish our core team with expertise in the hematology to prepare the future hematology launch.

Our liver is prepared to, uh, launch.

George Yuan Ltd): Also, we have additional pipeline in the hematology, the IDH 1 and 2 inhibit for the AML, and also the BTK in the DLBCL also start our phase 3 study. In long run, we are aiming to build our very strong hematology portfolio. Now let's turn over to our Dr. Dai.

George Yuan ): Also, we have additional pipeline in the hematology, the IDH 1 and 2 inhibit for the AML, and also the BTK in the DLBCL also start our phase 3 study. In long run, we are aiming to build our very strong hematology portfolio. Now let's turn over to our Dr. Dai.

2000 early 2027 and the our ITP is already resubmit and the Wi-Fi indication we are potentially submitting, the first half of 2026.

Also, we have an additional pipeline in hematology: the IDH1 and 2 inhibitor for AML, and also the BTK in DLBCL. DLBCL also started our Phase 3 study. So in Round 1, we will be aiming to build our very strong hematology portfolio.

Now, let's turn over to our

doctor Thai.

Guangxiu Dai Ltd): Thank you, George. I'll provide an update on our R&D pipeline progress. The 2025 proved to be a great year for our pipeline, featured by fast regulatory movement and high-impact clinical data. We have achieved major progresses across our core areas, oncology, hematology, and our next-generation technology platforms. In oncology, savolitinib has reached critical regulatory and clinical milestones in both China and global markets. SACHI was approved in China in a speed record for second-line EGFR mutant, MET-amplified non-small cell lung cancer. Xнова and SAFFRON completed phase III re-enrollment. Third-line gastric cancer filed NDA in China in late December 2025. In hematology, sovleplenib, our second inhibitor, has solidified its position with ITP NDA resubmission and robust positive phase III data readout in wAIHA.

Guangxiu Dai: Thank you, George. I'll provide an update on our R&D pipeline progress. The 2025 proved to be a great year for our pipeline, featured by fast regulatory movement and high-impact clinical data. We have achieved major progresses across our core areas, oncology, hematology, and our next-generation technology platforms. In oncology, savolitinib has reached critical regulatory and clinical milestones in both China and global markets. SACHI was approved in China in a speed record for second-line EGFR mutant, MET-amplified non-small cell lung cancer. Xнова and SAFFRON completed phase III re-enrollment. Third-line gastric cancer filed NDA in China in late December 2025. In hematology, sovleplenib, our second inhibitor, has solidified its position with ITP NDA resubmission and robust positive phase III data readout in wAIHA.

Thank you, George.

um, our provide an update on our R&D pipeline program,

The 2025 proved to be a great year for our pipeline feature. By fast regulatory movement and high-impact clinical data, we have achieved major progresses across our core areas—oncology, hematology, and our next-generation technology platforms.

In oncology salinity.

Has reached critical Regulatory and clinical milestones in both China and Global markets.

In China, in a speed record for second line, egfr mutant but Amplified nouns not cell, lung, cancer. Senova and saffron completed phase 3, re-enrollment and third line. Gastric cancer filed NDA in China. In late, December 2025.

Guangxiu Dai Ltd): Perhaps most excitingly, our antibody therapy conjugate, ATTC platform, is now a clinical reality, with our lead assets HMPL-A251 and HMPL-A580 moving into global clinical development. HMPL-A251 has started patient enrollment in China and in the US, closely followed by our second ATTC drug candidate, HMPL-A580, which was first dosed in patients just yesterday. Beyond this, we are seeing broad success with fruquintinib ELUNATE mCRC included in NRDL, fruquintinib RCC, and fanregratinib IHCC gaining NDA acceptance, and surufatinib moving into phase III for first-line PDAC. I'll dive deep into how these progresses define our growth trajectory. Next slide, please. With savolitinib, we have dual focuses here, maintaining leadership in China and expanding the global footprint.

Guangxiu Dai: Perhaps most excitingly, our antibody therapy conjugate, ATTC platform, is now a clinical reality, with our lead assets HMPL-A251 and HMPL-A580 moving into global clinical development. HMPL-A251 has started patient enrollment in China and in the US, closely followed by our second ATTC drug candidate, HMPL-A580, which was first dosed in patients just yesterday. Beyond this, we are seeing broad success with fruquintinib ELUNATE mCRC included in NRDL, fruquintinib RCC, and fanregratinib IHCC gaining NDA acceptance, and surufatinib moving into phase III for first-line PDAC. I'll dive deep into how these progresses define our growth trajectory. Next slide, please. With savolitinib, we have dual focuses here, maintaining leadership in China and expanding the global footprint.

In hematology solo plan. I was seeking Hector has solidified its position with ITP NDA resubmission and robust positive phase 3 data readout in White House.

Perhaps most excitingly our antibody Target therapy. Conjugated HTC platform is now clinically reality with our lead access to 8251 and 580 moving into Global clinical development.

8251 has started a patient enrollment in China and in the US closely followed by our second attc drug candidate, 8580 which was first dose in patients just yesterday.

Beyond this, we are seeing broad success with fluent EMC included, in mrdl for Creative RCC and a friend of grass, nip. Um, hccc, gaining ND, acceptance and a super fan of moving into phase 3 for first line pdac.

Next, I'll dive deep into how this progresses. Define our growth trajectory—next slide, please.

Guangxiu Dai Ltd): In non-small cell lung cancer, savolitinib has been approved in China for first and second-line MET exon 14 alteration as a single agent. For second line, the combination of savolitinib and osimertinib represents a promising chemo-free oral treatment strategy to address mechanisms of resistance due to MET alteration following EGFR TKI treatment in this advancing setting. In this setting, such has been approved in China and SAFFRON is expected to have a readout in mid 2026. For first line, SACHI, a Phase III study of savolitinib and osimertinib will read out in the second half of 2026 or early 2027. Savolitinib is more than just a lung cancer drug. We also reached important milestone in gastric cancer with China NDA for third line MET-amplified gastric cancer being accepted and priority review granted.

Guangxiu Dai: In non-small cell lung cancer, savolitinib has been approved in China for first and second-line MET exon 14 alteration as a single agent. For second line, the combination of savolitinib and osimertinib represents a promising chemo-free oral treatment strategy to address mechanisms of resistance due to MET alteration following EGFR TKI treatment in this advancing setting. In this setting, such has been approved in China and SAFFRON is expected to have a readout in mid 2026. For first line, SACHI, a Phase III study of savolitinib and osimertinib will read out in the second half of 2026 or early 2027. Savolitinib is more than just a lung cancer drug. We also reached important milestone in gastric cancer with China NDA for third line MET-amplified gastric cancer being accepted and priority review granted.

With Solon, we have your focus is here, maintaining leadership in China and expanding the global footprint. A non small cell lung cancer s s landed has been approved in China for first and second line. M axon 14 uh alteration as a single agent for second line the combination of salinity and oy represents a promising chemo. Free oral treatment strategy to address mechanisms of resistance due to math. Alteration followed following egfr tki treatment in this advancing setting.

In this setting Sachi has been approving China. And saffron is expecting expected to have a readout in mid 2026.

for first line senovo, a face 3, study of several L and also burnap will read out in the first half of, um, in a, in a second half of 2026 or, uh, early, uh, 2027,

Guangxiu Dai Ltd): Next, please. The data from SACHI is compelling. In 2026 The Lancet publication, SACHI study demonstrated a clinically meaningful OS benefit, 22.9 months versus 7.9 months in ITP patients who didn't receive subsequent MET inhibitor treatment. The hazard ratio of 0.32 is a clear indicator of OS benefit. Earlier, we have presented at ASCO that combination of savolitinib and osimertinib shows a clinically meaningful improvement in overall response rate and duration of response versus chemotherapy as second-line treatment. In particular, SACHI demonstrated clinically and statistically meaningful PRFS improvement in ITP patients as well as in patients with failed third-generation EGFR TKI treatment. Next slide, please. Turning to sovleplenib, a second inhibitor, our focus is on addressing the large unmet medical needs in immune-mediated hematological disorders. In ITP, we have resubmitted our NDA in China.

Guangxiu Dai: Next, please. The data from SACHI is compelling. In 2026 The Lancet publication, SACHI study demonstrated a clinically meaningful OS benefit, 22.9 months versus 7.9 months in ITP patients who didn't receive subsequent MET inhibitor treatment. The hazard ratio of 0.32 is a clear indicator of OS benefit. Earlier, we have presented at ASCO that combination of savolitinib and osimertinib shows a clinically meaningful improvement in overall response rate and duration of response versus chemotherapy as second-line treatment. In particular, SACHI demonstrated clinically and statistically meaningful PRFS improvement in ITP patients as well as in patients with failed third-generation EGFR TKI treatment. Next slide, please. Turning to sovleplenib, a second inhibitor, our focus is on addressing the large unmet medical needs in immune-mediated hematological disorders. In ITP, we have resubmitted our NDA in China.

So we’ll let it is more than just a lung cancer drug. We also reached an important milestone in gastric cancer with China NDA for third-line MET-amplified gastric cancer being accepted and priority review granted.

Next, please.

Or what benefit 22.9 months versus 7.9 months. In IGT patients, who didn't receive. Subsequent M inhibitor treatment the hazard ratio of 032 is a clear indicator of os benefit.

Earlier we have presented at ASCO that combination of 7 n and oy shows a clinically meaningful Improvement in overall response rate and duration of response versus chemotherapy at second line treatment.

In particular, Sachi demonstrated clinically and statistically meaningful PFS improvement in ITT patients, as well as in patients with failed third-generation EGFR TKI treatment.

Next slide, please.

Turning tools solo plan a seeking ha, our focus is on addressing the large, almat medical needs in immune mediated hematological disorders.

Guangxiu Dai Ltd): NDA has been accepted and granted with a breakthrough therapy designation and priority review. The clinical profile of savolitinib is highly competitive. In a 3-year follow-up study, the median duration of exposure is over 86 weeks. The cumulative durable response reaches over 66 weeks. Over 51% of patients achieved durable response. This is highly consistent with 48.4 durable response rate in a double-blind phase of ESLIM-01 study. Savolitinib shows a superior durable response rate compared to many existing ITP therapies, including JAK inhibitor fostamatinib and BTK inhibitor rilzabrutinib, as well as the tigimot and FcRn drug approved for ITP in Japan. Savolitinib's durable response rate is comparable to or better than TPO-RA drugs. A key differentiation for savolitinib is its safety, particularly regarding vascular risks.

Guangxiu Dai: NDA has been accepted and granted with a breakthrough therapy designation and priority review. The clinical profile of savolitinib is highly competitive. In a 3-year follow-up study, the median duration of exposure is over 86 weeks. The cumulative durable response reaches over 66 weeks. Over 51% of patients achieved durable response. This is highly consistent with 48.4 durable response rate in a double-blind phase of ESLIM-01 study. Savolitinib shows a superior durable response rate compared to many existing ITP therapies, including JAK inhibitor fostamatinib and BTK inhibitor rilzabrutinib, as well as the tigimot and FcRn drug approved for ITP in Japan. Savolitinib's durable response rate is comparable to or better than TPO-RA drugs. A key differentiation for savolitinib is its safety, particularly regarding vascular risks.

In ITP, we have resubmitted our NDA in China.

The NDA has been accepted and granted with Breakthrough Therapy Designation and Priority Review. The clinical profile of Solar Planet is highly competitive. In the 3-year follow-up study, the median duration of exposure is over 86 weeks. The accumulative durable response reaches over 66 weeks.

Over 51% of patients achieved durable response. This is highly consistent with 48.4 durable response rate in a double blind phase of Islam. 1 study.

Solo Planet shows a superior durable. Response rate compared to many existing ITP therapies, including seeking hipster Foster manip and BTK inhibitor rules of Braun.

As well as um, as the as got taken out and fcr and Drug approved for ITP in Japan.

Guangxiu Dai Ltd): It's well known that TPO-RA drugs have been associated with thromboembolic and thrombotic complications in ITP patients. sovleplenib clearly demonstrates a highly competitive clinical profile in the safety and efficacy. Next slide, please. The ITP market potential is significant and growing. In China alone, there are over 250,000 actively treated ITP patients, representing an addressable market of $500 million to $700 million. Next, please. Next is our innovation engine, the ATTC platform. This platform is designed to combine the precise delivery of antibodies with the potency of target inhibitors. HMPL-A251 is the first in class ATTC consisting of a potent PI3K inhibitor conjugated to an HER2 antibody with a DAR of 4 through a cleavable linker. Next slide.

Guangxiu Dai: It's well known that TPO-RA drugs have been associated with thromboembolic and thrombotic complications in ITP patients. sovleplenib clearly demonstrates a highly competitive clinical profile in the safety and efficacy. Next slide, please. The ITP market potential is significant and growing. In China alone, there are over 250,000 actively treated ITP patients, representing an addressable market of $500 million to $700 million. Next, please. Next is our innovation engine, the ATTC platform. This platform is designed to combine the precise delivery of antibodies with the potency of target inhibitors. HMPL-A251 is the first in class ATTC consisting of a potent PI3K inhibitor conjugated to an HER2 antibody with a DAR of 4 through a cleavable linker. Next slide.

Solvanat's durability is comparable to or better than that of R drugs. A key differentiation for solo plan is its safety, particularly regarding vascular risks.

It's well known that people—people on drugs have been associated with thromboembolic and thrombolytic events, ITP patients.

so, the planet clearly demonstrates, a highly competitive clinical profiles in a safety and efficacy,

Next slide, please.

The ITP market potential is significant and growing in China alone. There are over 250,000 actively treated ITP patients, representing an addressable market of $500 to $700 million US dollars.

Next, please.

Next is our Innovation engines. The attc file form. This platform is is designed to combine the precise delivery of antibodies with the potency of targets inhibitors.

8251 is the first in fast attc. Consisting of a potent pathway K, KKK, inhibitor conjugated to, and her 2 antibody with a star of 4. So a cleavable Linker.

Next slide.

Guangxiu Dai Ltd): A 251 targets a massive global market across several HER2-expressing solid tumors, including breast cancer, gastric, gynecologic cancer, and many other HER2-expressing cancer types. Next, please. The scientific and strategic importance of this platform targeting the PAM pathway cannot be overstated. The PAM pathway is the most frequently altered pathway in solid tumors, appearing in 38% to 50% of all tumor cases, much higher than the other major drivers like RAS, HER2, EGFR, and ALK. For instance, PAM alterations are often seen in breast cancer, gastric, ovarian, and prostate cancers. This gives A 251 and other assets from this platform a massive total addressable market. Next slide. While small molecule inhibitors targeting PAM pathway and PI3K pathway have historically faced issues with high toxicities and poor DMPK properties, it is always challenging to balance clinical efficacy and safety.

Guangxiu Dai: A 251 targets a massive global market across several HER2-expressing solid tumors, including breast cancer, gastric, gynecologic cancer, and many other HER2-expressing cancer types. Next, please. The scientific and strategic importance of this platform targeting the PAM pathway cannot be overstated. The PAM pathway is the most frequently altered pathway in solid tumors, appearing in 38% to 50% of all tumor cases, much higher than the other major drivers like RAS, HER2, EGFR, and ALK. For instance, PAM alterations are often seen in breast cancer, gastric, ovarian, and prostate cancers. This gives A 251 and other assets from this platform a massive total addressable market. Next slide. While small molecule inhibitors targeting PAM pathway and PI3K pathway have historically faced issues with high toxicities and poor DMPK properties, it is always challenging to balance clinical efficacy and safety.

Next, please.

The scientific and strategic importance of this platform targeting. The pain pathway cannot be overstated. The pain pathway is the most frequently altered pathway in solid tumors appearing in 38 to 50% of all tumor cases, much higher than the other major drivers like, Ras per 2 egfr and ALK. For instance, Pam, alterations are often seen in breast cancer, gastric ovarian and plus cancers. Prostate cancers, this gives a 2551 and other assets from these platform a massive total addressable Market.

Next slide.

Guangxiu Dai Ltd): The ATTC platform is designed to reduce these on target off tumor toxicities by delivering the payload directly to the tumors. The HMPL-A251 payload is a potent inhibitor targeting multiple nodes in PAM pathway and PI3K pathway with high affinities in PI3K alpha, other PI3K isoforms, and in mTOR, ATR, and ATM. Its biochemical profile significantly differentiates from the profiles of the others targeting PAM and PI3K. We believe this is an advantage of the ATTC approach. Next slide. HMPL-A251 demonstrates strong HER2-dependent inhibitory activities, meeting IC50s in the range of 0.2 nM in HER2-positive cells regardless of PAM status, and in a single-digit nM in HER2-low compared to 36 nM in HER2-null cells.

Guangxiu Dai: The ATTC platform is designed to reduce these on target off tumor toxicities by delivering the payload directly to the tumors. The HMPL-A251 payload is a potent inhibitor targeting multiple nodes in PAM pathway and PI3K pathway with high affinities in PI3K alpha, other PI3K isoforms, and in mTOR, ATR, and ATM. Its biochemical profile significantly differentiates from the profiles of the others targeting PAM and PI3K. We believe this is an advantage of the ATTC approach. Next slide. HMPL-A251 demonstrates strong HER2-dependent inhibitory activities, meeting IC50s in the range of 0.2 nM in HER2-positive cells regardless of PAM status, and in a single-digit nM in HER2-low compared to 36 nM in HER2-null cells.

Well, small molecules in HERs targeting pain, pathway, and PI3K pathway have historically faced issues with high toxicities and poor DMPK properties. It is always challenging to balance clinical efficacy and safety.

The 8251 payload is a potent, inherited, multiple-notes in PAM pathway and PKK pathway with high affinities in PSK, alpha, other PSBK isoforms, and in and toward ATR and ATM. Its bell pongo profile significantly differentiates from the profiles of the others targeting PAM and PKK. We believe this is an advantage of the ATC approach.

The payload demonstrates High. Kindness specificity in a broad kindness panel, heading Targets in a 2 families. Only

Next slide.

Guangxiu Dai Ltd): The HER2 expression level really determines how much of the payload is delivered to the tumor cells and how potent HMPL-A251 can be. Crucially, HMPL-A251 exhibits a bystander effect that allows it to overcome HER2 heterogeneity by killing neighboring HER2 null cells. The preclinical data has been published at 2025 EORTC conference. Next slide, please. HMPL-A251 has started the global phase I study in the US and in China. The dose escalation and dose expansion and optimization is essentially one study in China and US following the same protocol. We believe this is the fastest way to define a global dose. The trial targets HER2 expressing solid tumors with PAM status being tested retrospectively. This will inform the biomarker strategy for future development.

Guangxiu Dai: The HER2 expression level really determines how much of the payload is delivered to the tumor cells and how potent HMPL-A251 can be. Crucially, HMPL-A251 exhibits a bystander effect that allows it to overcome HER2 heterogeneity by killing neighboring HER2 null cells. The preclinical data has been published at 2025 EORTC conference. Next slide, please. HMPL-A251 has started the global phase I study in the US and in China. The dose escalation and dose expansion and optimization is essentially one study in China and US following the same protocol. We believe this is the fastest way to define a global dose. The trial targets HER2 expressing solid tumors with PAM status being tested retrospectively. This will inform the biomarker strategy for future development.

8251 demonstrates, strong her to dependent inhibitory activities, median ic50 is in a range of 0.2, NM in her to positive cells. Regardless of Pam status in a single digit, nanom in her 2, low compared to 36 nanom in her 2, north south

The her2 expression level really determines, how much of the payload is delivered to the tumor cells and how potent 8251 can be.

And crucially, 8251 exhibited a bystander effect that allows it to overcome HER2 hygiene by killing neighboring HER2-null cells.

The prelink data has been published at the 2025 ERTC Conference.

Next slide, please.

8251 has started the global Phase 1 study in the US and in China. The dose escalation and the building—those expansion and optimization—are essentially one study in China and the US, following the same protocol. We believe this is the fastest way to define a global dose.

The 12 targets her to expressing solid tumors, with Pam status being tested ritual respectively. This will inform the biomarkers strategy for future development.

Guangxiu Dai Ltd): The strategy includes utilizing A251 as a monotherapy for mainline treatment and exploring combination therapies in frontline setting. Next slide. We are accelerating discovery and development of ATTC and ADCs, this is the next-generation innovation timeline. Our second ATTC asset, A580, has started Phase I, opening sites and recruiting patients in China and in the US. The third ATTC asset, A30, is anticipated to enter global Phase I this year. We are committed to maintain the momentum from the innovative platform in the coming years. Next slide. Looking ahead next 15 months, the upcoming milestones include for savolitinib, we expect readouts for both SAFFRON and SACHI. We anticipate the label expansion with China NDA approval.

Guangxiu Dai: The strategy includes utilizing A251 as a monotherapy for mainline treatment and exploring combination therapies in frontline setting. Next slide. We are accelerating discovery and development of ATTC and ADCs, this is the next-generation innovation timeline. Our second ATTC asset, A580, has started Phase I, opening sites and recruiting patients in China and in the US. The third ATTC asset, A30, is anticipated to enter global Phase I this year. We are committed to maintain the momentum from the innovative platform in the coming years. Next slide. Looking ahead next 15 months, the upcoming milestones include for savolitinib, we expect readouts for both SAFFRON and SACHI. We anticipate the label expansion with China NDA approval.

The strategy includes utilizing A251 as a monotherapy for Ley line treatment, and exploring combination therapies in the frontline setting.

Next slide.

We are accelerating Discovery and development of ATC and adc's um they disease. And the um this is the um Next Generation, Innovation timeline. Our second ATC asset, 580 has started the phase, 1 opening fights and recruiting patients in China.

And in the US, the third ATC asset is 30 is anticipated to enter Global Phase 1 this year.

We are committed to maintaining the momentum from the innovative platform in the coming years.

Next slide.

Johnny Cheng Ltd): In summary, we are very excited about our outlook for 2026 and beyond. We have multiple potential NDA filings upcoming, including from SAFFRON and sovleplenib readouts later this year. In addition, our new hematology products are expected to drive future sales growth in China. On the innovation side, our strategic efforts will be focused on accelerating global development of our ATTC programs, and at the same time exploring business development opportunities to further validate and add value to this platform. Finally, our oncology revenue guidance of $330 to $450 million factors in our FRUZAQLA ex China commercial growth and the positive impact of adding new indications for ELUNATE. With that, I will turn it over to David to start our Q&A session.

Johnny Cheng ): In summary, we are very excited about our outlook for 2026 and beyond. We have multiple potential NDA filings upcoming, including from SAFFRON and sovleplenib readouts later this year. In addition, our new hematology products are expected to drive future sales growth in China. On the innovation side, our strategic efforts will be focused on accelerating global development of our ATTC programs, and at the same time exploring business development opportunities to further validate and add value to this platform. Finally, our oncology revenue guidance of $330 to $450 million factors in our FRUZAQLA ex China commercial growth and the positive impact of adding new indications for ELUNATE. With that, I will turn it over to David to start our Q&A session.

Thank you Dr. Die. So in summary, we are very excited about our outlook for 2026 and Beyond.

We have multiple potential NDA filings upcoming.

So, including from Saffron and Senovo, read out this later this year.

In addition, our new hematology products are expected to drive future sales growth in China.

On the Innovation side.

Our strategic efforts will be focused on accelerating global development of our ATTC programs.

And at the same time,

exploring Business Development opportunities to further validate and add value to this platform.

Finally, our oncology Revenue guidance of 330 to 450 million factors in our food sector exchange, China, commercial growth.

And the positive impact of adding new indications for LN8.

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

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

With that, I will turn it over to David to start our Q&A session.

Thank you, Johnny, thank you. Um, everyone, for the presentation. Uh, we will now do the Q&A session. Uh, first, a little bit of the instructions. If you look at the bottom of your screen, you can see the 'raise hand' button. If you have a question, please press the 'raise hand' button and I will call your name and unmute your line. Uh, another way that you can ask a question is in the chat box. Also, at the bottom of your screen, you can press that chat button, and then you can type in your questions and then, uh,

I can read out the questions. Um, the first question comes from, uh, CLSA. Um, Matthew Yen. Um, Matthew, your line is now unmuted. Um, you can ask your question.

Matthew Yan: Hello. Thanks, thanks for taking my questions and the very comprehensive elaboration of the results. Congratulate on the result then. Got a few questions. First is regarding the oncology, you know, guidance in 2026. In 2025, we see the multiple, like, for example, cell team restructuring or kind of stuff. The growth is actually a decrease. The 2026 guidance, it seems to be imply something 15% to 16% year-over-year oncology growth. Can you elaborate more, a little bit more about how I should be modeling the kind of the key drugs sales from this? Yes. This is my first question. I will ask my question in one batch. Second thing is about the SAFFRON kind of readout.

Uh, hello, uh, thanks. Thanks for taking my questions and the comprehensive elaboration of the results and congratulate the results then, uh, got a few questions. First is uh, uh, regarding the, the oncology, uh, guidance in in 26, in 25 received multiple like, for example, sales team restructuring, or what kind of stuff the growth is that. Yeah, it's it's actually a decrease so but the 26 guidance and seems to imply something 15 to 16% year-over-year on College bro. So can you elaborate more a little bit more about how I should be modeling? The kind of the key rocks itself.

Matthew Yan: Do you have any color why the outbound readout's been delayed from first half to second half? The third question is, the last question is about can you elaborate more on the indication of the ATTC platform, the first two candidates into the clinics, for example, HMPL-A251? Am I understanding right that is more like on the post and HER2, the refractory breast cancer setting or what kind of a setting we're looking at in the future? Thanks.

For this. Yes this is my first question that oh actually go ask my question in 1, in 1 batch and second thing is about the saffron uh kind of read out. Uh do you have any color? Why the the pop band read out been delayed from first half to second half? And the third question is the last question is about to elaborate more on the

Johnny Cheng Ltd): Thank you, Matthew. For the first question, I would refer to Lorenzo, and the second and third questions to Guang, Dr. Dai. Lorenzo?

Indication of the ATC platform. The first two candidates into the clinics—for example, the 8251, is my understanding right? There are more, like on the post and her to the refractory breast cancer that you know. What kind of setting they're looking at in the future? Yeah, thanks.

Johnny Cheng ): Thank you, Matthew. For the first question, I would refer to Lorenzo, and the second and third questions to Guang, Dr. Dai. Lorenzo?

Lorenso Chiu Ltd): Yeah. About the guidance as. Hi, Matthew. Thanks for your questions. About the guidance, as you pointed out, for 2025, there was a decline in the product sales. As you can see, in the second half, we saw a strong momentum of recovery. We expect that this will continue in the 2026. Together, we'd like to highlight that we're expecting more growth coming from the new indications. As you can see, we have the ELUNATE RCC, which is currently under reviewed. We believe that, with that approval, that will bring in more revenue under growth. Also, about the FRUZAQLA, there's a strong growth in 2026 expected due to the continued expansions, particularly.

Lorenso Chiu ): Yeah. About the guidance as. Hi, Matthew. Thanks for your questions. About the guidance, as you pointed out, for 2025, there was a decline in the product sales. As you can see, in the second half, we saw a strong momentum of recovery. We expect that this will continue in the 2026. Together, we'd like to highlight that we're expecting more growth coming from the new indications. As you can see, we have the ELUNATE RCC, which is currently under reviewed. We believe that, with that approval, that will bring in more revenue under growth. Also, about the FRUZAQLA, there's a strong growth in 2026 expected due to the continued expansions, particularly.

Uh, thank you Matthew. So for the first question, I would refer to Lorenzo and the second and third questions to uh uh Dr. Die Lorenzo. Yep. Um about the guidance as uh hi Matthew. Thanks for your questions.

about the guidance that you found out, uh, for 2 to 5, there was a decline in the product sales

Lorenso Chiu Ltd): We can see that there are more and more countries now in the market. With that full year penetrations in 2026, that will continue the growth. Johnny, do you have anything to add?

Lorenso Chiu ): We can see that there are more and more countries now in the market. With that full year penetrations in 2026, that will continue the growth. Johnny, do you have anything to add?

And some of recovery and we, uh, expected. Uh, this will continue in the, in the 226 and together. We like to highlight that that we expecting more growth coming from the, uh, new indications. As you can see, we have the an RCC, which is currently under reviewed. And we believe that, uh, with that approval that we bring in more revenue and the growth and also, uh, about the recycler, um, there's a strong growth, uh, in 2 to 6 expect, uh, due to the continuous expansions, uh, particular and also we can see that, uh, there are more and more countries are now in the market. And then with that 2 year, penetrations in 2, to 6, that will continue the growth. Uh,

Johnny Cheng Ltd): Okay. Second and third question, Guangxu, Dr. Dai?

Johnny Cheng ): Okay. Second and third question, Guangxu, Dr. Dai?

Guangxiu Dai Ltd): Yes. The SAFFRON readout is expected to happen in mid 2026. The third question, HMPL-A251 now is enrolling HER2 expressing solid tumor patients, now restricted to post in HER2 patients.

Guangxiu Dai: Yes. The SAFFRON readout is expected to happen in mid 2026. The third question, HMPL-A251 now is enrolling HER2 expressing solid tumor patients, now restricted to post in HER2 patients.

Journey will have anything to add. Okay, so, uh, second and third question, uh, go to Dr. D.

Yes. Um, so the cell phone read out is expected uh, to happen in May 2026. Uh, and the, the third question, uh, 8251 now is uh, in, in, in Rolling, uh, her to expressing, uh, solid tumor patients. Uh, now restricted to post in her 2, um, patients,

George Yuan Ltd): Great. Thank you.

George Yuan ): Great. Thank you.

Johnny Cheng Ltd): All right, David.

Johnny Cheng ): All right, David.

Great. Thank you.

David Ng Ltd): Okay. Thank you, Matthew. The next question come from Matthew Guggenheimer. Matthew, your line is now unmuted. You can ask your question now. Go ahead, Matthew.

David Ng ): Okay. Thank you, Matthew. The next question come from Matthew Guggenheimer. Matthew, your line is now unmuted. You can ask your question now. Go ahead, Matthew.

All right, David. Okay. Thank you, Matthew. Um, the next question comes from uh uh um, Matthew Jen biller, um, Matthew, your line is now unmuted. You can ask your question now.

Matthew Guggenheimer: Hey, can you hear me okay?

Matthew Guggenbiller: Hey, can you hear me okay?

Uh, go ahead. Matthew

David Ng Ltd): Yes.

David Ng ): Yes.

Matthew Guggenheimer: Great. This is Matthew on for Alec Stranahan from Bank of America. I guess two questions from us. On the SAFFRON readout, you said expected May 2026. Could you maybe clarify, you know, expected location of that medical meeting versus company event? For ATTC readouts, can you just maybe clarify, you know, expected patient number, sort of follow-up we can expect from those? Thanks.

Matthew Guggenbiller: Great. This is Matthew on for Alec Stranahan from Bank of America. I guess two questions from us. On the SAFFRON readout, you said expected May 2026. Could you maybe clarify, you know, expected location of that medical meeting versus company event? For ATTC readouts, can you just maybe clarify, you know, expected patient number, sort of follow-up we can expect from those? Thanks.

Hey, can you hear me? Okay? Yes.

Great. Uh, this is Matthew on for Alex Jan, from Bank of America, I guess, 2 questions from us, uh, on the saffron readout you said, uh, expected May 2026. Can you maybe clarify, uh, you know, expected location of that medical meeting versus company event and then for ATC readouts, um,

Can you just maybe clarify? Uh,

No expected, patient number sort of follow up, we can expect from those thanks.

Johnny Cheng Ltd): Dr. Dai.

Johnny Cheng ): Dr. Dai.

Uh, Dr. Die

Guangxiu Dai Ltd): Okay. The SAFFRON readout will be in, like I said, in the mid-2026. We'll share the data as soon as you know, a lead informs us of the results. What's your second question? Can you repeat your question?

Guangxiu Dai: Okay. The SAFFRON readout will be in, like I said, in the mid-2026. We'll share the data as soon as you know, a lead informs us of the results. What's your second question? Can you repeat your question?

Okay. Uh, so the saffron readout will be in like I said in the mid 2026, uh, although share the data as soon as um it you know, it it informs us of of the results. Uh what's your second session?

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

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

Can you repeat the question?

Guangxiu Dai Ltd): The trial is still at early stage. We don't have a definitive timeline for the data readouts.

Guangxiu Dai: The trial is still at early stage. We don't have a definitive timeline for the data readouts.

yeah, in terms of uh initial clinical data for the ATC assets, uh, sort of size and scope of those, in terms of patient, number follow-up,

Matthew Guggenheimer: Gotcha. Then maybe one on commercial dynamics as well. You know, I think first half had some headwinds from off-label sales, increased generic competition, and sort of sales force turnover. I guess, can you speak to, you know, how those trends are looking in the second half and whether you expect those to stabilize throughout 2026? Thanks.

Matthew Guggenbiller: Gotcha. Then maybe one on commercial dynamics as well. You know, I think first half had some headwinds from off-label sales, increased generic competition, and sort of sales force turnover. I guess, can you speak to, you know, how those trends are looking in the second half and whether you expect those to stabilize throughout 2026? Thanks.

Uh, the trial is still, as early stage. Uh, we don't have a definitive, uh, timeline for the data laid out.

Johnny Cheng Ltd): Okay. Matthew, we'll invite our Head of Commercial, George, to answer this question.

Johnny Cheng ): Okay. Matthew, we'll invite our Head of Commercial, George, to answer this question.

Uh, you know, I think first half had some headwinds from off label sales increased, generic competition, uh, and sort of Salesforce turnover, I guess. Can you speak to, you know, how those Trends are looking, uh, in the second half and whether you expect those to stabilize throughout 26?

George Yuan Ltd): Yeah. We, because we cannot, for the GC, last year, we faced some GC setback. The indication is not yet approved. That's why if you look at our sales force, the original setting is we prepare for the GC, so the field force is a little bit over capacity when we lost the GC indication. That's why we rationalize the team and also we try to focus more on the top hospitals. That's why we have some kind of reorg in the team, which lead to some kind of performance issue in the Q1 and the first half. Everything is moving into the right direction. The turnover rate is significantly reduced. Also, the vacancy is already filled.

George Yuan ): Yeah. We, because we cannot, for the GC, last year, we faced some GC setback. The indication is not yet approved. That's why if you look at our sales force, the original setting is we prepare for the GC, so the field force is a little bit over capacity when we lost the GC indication. That's why we rationalize the team and also we try to focus more on the top hospitals. That's why we have some kind of reorg in the team, which lead to some kind of performance issue in the Q1 and the first half. Everything is moving into the right direction. The turnover rate is significantly reduced. Also, the vacancy is already filled.

Okay, Misty. Um, we invite our head of commercial, uh, George to answer this question. Yeah. We, uh, because we we cannot uh, uh, the for the GC way last year. We have we faced some GC setbacks. The indication is not a get approved. That's why if you look at the sales force, the original, the original setting is we prepare for the GC. So the fuel force is a little bit over capacity when we lost the GC indication. So that's why we recognize the team. And also we uh we try to focus more on the top hospitals and that's why we have a SIM card. We all in the team, which lead to some kind of uh uh uh, performance issue in the queue, the q1 and the first half. But everything is uh,

George Yuan Ltd): That's why we have a very strong team now, and those kind of momentum will carry over to the 2026.

George Yuan ): That's why we have a very strong team now, and those kind of momentum will carry over to the 2026.

Moving into the right direction. The toy is significant reduced also uh, the vacancy is already fueled, that's why we have a very strong key now and those kind of momentum will carry over to the 2026.

Johnny Cheng Ltd): Okay.

Johnny Cheng ): Okay.

George Yuan Ltd): Thank you, George.

George Yuan ): Thank you, George.

Johnny Cheng Ltd): No follow-up question then, David. Yep.

Johnny Cheng ): No follow-up question then, David. Yep.

David Ng Ltd): Thank you. Next question from Cavendish, Adam. Adam, your line is now unmuted. You can ask your question.

David Ng ): Thank you. Next question from Cavendish, Adam. Adam, your line is now unmuted. You can ask your question.

No. Follow-up question then David? Yep, thank you. Um, next question from Cavendish uh Adam, um, Adam, your line is now unmuted. You can ask your question.

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

[Analyst] (Cavendish): Thanks very much. Thanks for the presentation. A couple of questions. Yeah, just in today's announcement, I noticed that you mentioned that AstraZeneca continues its efforts to increase MET testing as a standard of care in late stage non-small cell lung cancer. Could you comment on how the pace of MET testing adoption might influence the potential uptake of savolitinib in the SACHI setting in China and then globally if SAFFRON is successful?

Continues his, his efforts to increase me met testing as a standard of care in late stage non small cell lung cancer. And could you comment on how the pace of met testing adoption might influence the potential uptake of savate and the Saatchi setting in China and then globally of saffron is successful

Johnny Cheng Ltd): Yeah. Dr. Dai and... Yep.

Johnny Cheng ): Yeah. Dr. Dai and... Yep.

Guangxiu Dai Ltd): We do not have additional information on this question.

Yeah, so, um, Dr. Dai, and yep.

Guangxiu Dai: We do not have additional information on this question.

Oh, um, we do not have additional information on this question.

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

[Analyst] (Cavendish): Okay. No, no problem. Thanks very much. Just on the second question then. On the ATTC platform, could you elaborate on your partnering strategy you're pursuing with the multinational pharmaceutical companies? More specifically, are you considering out-licensing certain assets earlier in development to accelerate validation of the platform while potentially regaining greater control over other assets to maximize longer term value?

Okay, no, no problem. Thanks, thanks so much. It's just on on the second question then. So on on the ATC platform,

Could you elaborate on your your partnering strategy? You're pursuing with a multinational pharmaceutical? Pharmaceutical companies and more specifically, are you considering out licensing, certain assets earlier, in development to accelerate accelerate validation of the platform while potentially regaining greater control over other assets to maximize longer term value?

Johnny Cheng Ltd): Well, I think I will answer these questions. In terms of our strategy for the partnering with the ATTC program. First of all, I think, as you can see, we have a strong pipeline already building up for this ATTC platform. We now have positive responses from potential partners and many of which are multinational companies. We have ongoing discussion with all those potential partners. With our large portfolio that we anticipate that we will build on, I think, we want to advance and accelerate this development. Hence we have considered to potentially license out some of these programs. Also in addition, I think, the, we also have this AI capability which we can further develop some more candidates into our platform.

Johnny Cheng ): Well, I think I will answer these questions. In terms of our strategy for the partnering with the ATTC program. First of all, I think, as you can see, we have a strong pipeline already building up for this ATTC platform. We now have positive responses from potential partners and many of which are multinational companies. We have ongoing discussion with all those potential partners. With our large portfolio that we anticipate that we will build on, I think, we want to advance and accelerate this development. Hence we have considered to potentially license out some of these programs. Also in addition, I think, the, we also have this AI capability which we can further develop some more candidates into our platform.

Well, I think I will answer this question, uh, in terms of our strategy.

uh, for the partnering with the AT&T C program, first of all, I think. Um, as you can see, we have um, strong pipeline already building up for this ATC platform.

So we now have positive responses from potential partners, many of which are multinational companies.

Uh, we have ongoing discussion with, uh, all those, uh, potential partners.

So, with our large, uh, portfolio, that we anticipate that we will build on, I think, uh, we want to advance and accelerate this development. So, hence we have considered to uh, uh, potentially license out some of this, uh, this this programs. So, also, in addition,

Johnny Cheng Ltd): As a result, I think this is why we also consider potential partnering opportunities. Furthermore, I think as this platform is really one of our next wave. We would also like to validate this through this partnering strategy.

Johnny Cheng ): As a result, I think this is why we also consider potential partnering opportunities. Furthermore, I think as this platform is really one of our next wave. We would also like to validate this through this partnering strategy.

I think, uh, the uh, we, we also have this AI capability, which we can further develop, uh, some more candidates into our platform. Um, as, as a result, I think this is, this is why we also consider, uh, potential partnering opportunities. Furthermore, I think, um, as as this platform is, um,

Really 1 of our next wave. We will also like to validate uh this through this partner partnering uh strategy.

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

[Analyst] (Cavendish): That's great. Thank you. I guess, just if I could try my hand at a third, final question. It's just sort of maybe a broader one. As we think about the HUTCHMED story going forward, how should investors balance the contribution of the existing commercial portfolio against the emerging opportunity from the ATTC platform? In particular, do you see the next phase of value creation increasingly driven by the pipeline and the platform assets rather than the marketed product?

That that's great. Thank you and I guess just if I could try my hand at a final question, it's just sort of maybe a broader 1. Um as we think about the hutchmed story going forward, how should investors balance the contribution of the existing commercial portfolio against the emerging opportunity from the ATC platform. And in particular, do you see the next phase of value creation? Increasingly driven by the pipeline and the platform assets rather than the marketed product?

Johnny Cheng Ltd): Well, we see as we have our second wave of, as we mentioned, hematology asset that will be going into the commercial side that would adding to our existing commercial, already commercialized, portfolio. That would increasing our balance of our investment in R&D. We will continue to ramp up our R&D expenditure. Last year in 2025, in terms of our investment in R&D was probably the lowest in recent years, mainly due to a lot of programs were waiting for approval, pending for approval. We are also at the early stage of development of this ATTC program. Going forward, we do take this accelerate our global development strategy for ATTC.

Johnny Cheng ): Well, we see as we have our second wave of, as we mentioned, hematology asset that will be going into the commercial side that would adding to our existing commercial, already commercialized, portfolio. That would increasing our balance of our investment in R&D. We will continue to ramp up our R&D expenditure. Last year in 2025, in terms of our investment in R&D was probably the lowest in recent years, mainly due to a lot of programs were waiting for approval, pending for approval. We are also at the early stage of development of this ATTC program. Going forward, we do take this accelerate our global development strategy for ATTC.

well uh, we see as we have our second wave

Of as we mentioned, uh, hematology asset that that uh, will be going into the commercial side that would adding to our existing uh commercial already commercialized um uh portfolio.

Johnny Cheng Ltd): At the same time, with the expanded commercial assets, we will be able to generate more income so we can balance out our ATTC investment.

So that would increase in our uh balance of our investment in in R&D. So we will continue to ramp up our R&D expenditure uh last year in uh 2025. Um, in terms of our investment in R&D was probably the the lowest in, uh, in recent years. Uh, mainly due to, uh, a lot of programs were waiting for approval pending for approval. And uh, we are also at the early stage of development of this, uh, ATC program. But going forward, we do take this x-ray, our Global development strategy for AT&T

Johnny Cheng ): At the same time, with the expanded commercial assets, we will be able to generate more income so we can balance out our ATTC investment.

And uh at the same time um with the expanded uh commercial assets we will be able to generate more income so we can balance out our um our ATC investment.

Adam McCarter: That's excellent. Thank you very much, and thanks for taking my questions.

[Analyst] (Cavendish): That's excellent. Thank you very much, and thanks for taking my questions.

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

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

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

Chen Chen: Thank you for taking my question. Well, my first question is on surufatinib. We see that it has started this three patient enrollment. I'm interested in is like partner strategy. Are you considering like a BD, like after data readout? Or you are now in talks with any potential partners right now? Because the Phase III will enroll like a few hundred people, so it would be very expensive. Thank you.

Thank you, Adam. Uh the next question is coming from UBS Chen, Chen. Uh, Chen board, your line is now admit a meter. You can ask your question.

Thank you for taking my question.

Three will involve, uh, like a few hundred people, so it would be very expensive.

Johnny Cheng Ltd): Okay. I will answer from a strategic side, then I will invite Dr. Dai to comment further. We have no, at the moment, not, no intention to partner this this program out. Dr. Dai, in terms of the status of our development, perhaps you can comment a little bit.

Johnny Cheng ): Okay. I will answer from a strategic side, then I will invite Dr. Dai to comment further. We have no, at the moment, not, no intention to partner this this program out. Dr. Dai, in terms of the status of our development, perhaps you can comment a little bit.

Thank you.

Okay, I answer from a strategic site and then I will invite, uh, Dr. D to comments further. Uh,

Guangxiu Dai Ltd): Sure, Johnny. The Phase III first patient in has was achieved in December 2025. We hope to finish the Phase III enrollment in the next 15 months. We hope that surufatinib can provide another therapeutic option for the first-line PDAC patients. Agree with Johnny that currently we don't have a licensing plan.

Guangxiu Dai: Sure, Johnny. The Phase III first patient in has was achieved in December 2025. We hope to finish the Phase III enrollment in the next 15 months. We hope that surufatinib can provide another therapeutic option for the first-line PDAC patients. Agree with Johnny that currently we don't have a licensing plan.

Chen Chen: I see. That's very clear. Well, my second question is on your, like, R&D guidance in this year. We noticed that you have started like a few phase III trials, such as like surufatinib, as we discussed just now, and also like BTK, DLBCL, and also a few like early stage trials, such as ATTC candidates. I'm just wondering, like, what's your guidance for your R&D expense this year?

We have no, uh, at the moment. Not no intention to, uh, partner this, uh, this program out. But Dr. D in terms of uh, the status of our development, you can come in a little bit. Sure. Tell me. Uh, so the phase 3, uh, first patient Inc has um, was achieved in uh, in December 2025. And uh, we hope to finish the phase 3 enrollment uh in the next 15 months. Um and um uh we hope that you will find it. Um uh can provide another therapeutic option for the first time, pdac, patients and agree with Johnny that is currently we don't have our licensing plan.

I see that's very clear.

Uh well, so my second question is um your like aren't the guidance in this year?

So, we notice that you have started, like, a few phase three trials, such as, like, sul fatening up, uh, as we discussed just now, and also, like, BTK DLBCL, and also a few, like, early stage trials, such as ATC candidates. Uh, so I'm just wondering, like, what's your guidance for your

Are in the expense this year.

Johnny Cheng Ltd): Okay, just to clarify, we do not give out any public guidance on R&D expenditure. As we mentioned that, 2025 was the lowest level. We do intend to ramp up as you also mentioned a number of programs that we are actually advancing, as well as our strategy on accelerating our ATTC program. Going forward in the next few years, we do want to ramp up to a very reasonable kind of higher level of investment on R&D. In the range of, you know, in the range of $250 to 300 million, I think that would be the ideal level of R&D investment. Of course, we will be stick to our commitment to the investors that we will be profitable in a sustainable situation.

Johnny Cheng ): Okay, just to clarify, we do not give out any public guidance on R&D expenditure. As we mentioned that, 2025 was the lowest level. We do intend to ramp up as you also mentioned a number of programs that we are actually advancing, as well as our strategy on accelerating our ATTC program. Going forward in the next few years, we do want to ramp up to a very reasonable kind of higher level of investment on R&D. In the range of, you know, in the range of $250 to 300 million, I think that would be the ideal level of R&D investment. Of course, we will be stick to our commitment to the investors that we will be profitable in a sustainable situation.

Okay, just to clarify, we do not give out any public guidance on R&D expenditure, but as we mentioned that, uh, 2 2025 was the lowest level. Uh, we do intend to ramp up as you also mentioned a number of programs that we are actually advancing uh, as well as our strategy on uh accelerating our ATC program. So going forward in the next few years, we do want to uh RAM up to a very reasonable kind of um higher level of investment on R&D.

Johnny Cheng Ltd): Therefore, we will be investing as we will be able to generate sufficient commercial income to cover our R&D investment.

Johnny Cheng ): Therefore, we will be investing as we will be able to generate sufficient commercial income to cover our R&D investment.

In the range of, uh, pool, you know, in the range of $250 million to $300 million. I think that would be the ideal level of, uh, R&D investment. Of course, we will be, uh, stick to our commitment, to the investors, that we will, we will be, uh, profitable, uh, in a sustainable situation. So therefore, uh, we will be investing as we will be able to, uh, to generate sufficient commercial income to cover our R&D investment.

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

Okay great. Uh maybe uh the last question for me. So I saw that you have very strong cash position by the end of 2025 and you also mentioned that you are planning to do some like in licenses and also some m&a. So can you please elaborate a bit more?

Thank you.

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

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

Yes, so, yep. $1.4 billion of cash on hand, so our priority is, of course, as we mentioned, accelerating our global development for the ATC program.

Uh, we are open because with with this cache resources, we are open. If the opportunity arise for uh in licensing late, stage, commercial assets or potentially some assets. That b is complimentary to our portfolio.

But uh, I think, I think M and A and uh, this in licensing opportunity, we are open-minded because we are in a good financial position.

But we have no fixed Target at at this stage.

Chen Chen: Okay. That's very clear. Thank you so much.

David Ng Ltd): Thank you, Chenbo. The next question come from Panmure, Julie Simmonds. Julie, your line is now unmuted. You can ask your question.

David Ng ): Thank you, Chenbo. The next question come from Panmure, Julie Simmonds. Julie, your line is now unmuted. You can ask your question.

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

Thank you. Uh, the next question, uh, come from, uh, Premier uh, Julie Simmons, uh, Julie your line is now unmuted. You can ask your question.

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

Johnny Cheng Ltd): Thank you, Julia.

Johnny Cheng ): Thank you, Julia.

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

Lorenso Chiu Ltd): Yeah.

Lorenso Chiu ): Yeah.

Johnny Cheng Ltd): would you like to comment on this? Thank you.

Johnny Cheng ): would you like to comment on this? Thank you.

Lorenso Chiu Ltd): Yeah. Because hematology is a very specialized team, that's why we already start up a new business unit with dedicated sales, marketing, and medical capability to address this kind of market opportunity. With the future pipeline adding to the business, we will expand the team.

Lorenso Chiu ): Yeah. Because hematology is a very specialized team, that's why we already start up a new business unit with dedicated sales, marketing, and medical capability to address this kind of market opportunity. With the future pipeline adding to the business, we will expand the team.

Thank you, uh Julia. Uh, so George would you like to comment on this? Thank you. Yeah, uh, because hematology is a a very, uh, specialized team. That's why we already start up a new business unit with dedicated sales, marketing and medical capability to address this kind of Market opportunity and with the future pipeline adding to the to the business, we will expand the team.

Julie Simmonds: Lovely. Thank you. Secondly, just on the impact in the US of the Medicare Part D changes, just wondering how much impact you expect that to have on sales in 2026, whether you can make any comment.

day changes just wondering how much impact you expect that to have on sales in 2026, whether you can make any comment,

Johnny Cheng Ltd): Sorry, I didn't hear your question. Could you repeat again?

Johnny Cheng ): Sorry, I didn't hear your question. Could you repeat again?

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

Sorry, I didn't hear your question. Uh could you repeat again?

um, yes, just just questioning about the, the changes to Medicare Part D that went on in the states, um, that were obviously impacting your

Johnny Cheng Ltd): We have received no new changes so far. The impact factors into 2025 has been reflected. Despite that impact for US, I mean, we still achieve a 26% growth for our FRUZAQLA through our partners. We do anticipate that in 2026 we will be expanding, rolling out of all the ex-US countries. So far, already 38 countries have been commercialized in terms of this FRUZAQLA. We continue to see that the NRDL in those countries will be expanded.

Johnny Cheng ): We have received no new changes so far. The impact factors into 2025 has been reflected. Despite that impact for US, I mean, we still achieve a 26% growth for our FRUZAQLA through our partners. We do anticipate that in 2026 we will be expanding, rolling out of all the ex-US countries. So far, already 38 countries have been commercialized in terms of this FRUZAQLA. We continue to see that the NRDL in those countries will be expanded.

Sales, um, there. And if you've got any thoughts on what impact that might have into 2026,

we have received a no new, um, uh, changes so far, the impact, uh, factors into 2025, has been reflected, despite that impact for us. I mean, we still achieve a 26% growth, uh, for for our, for sector, uh, through our partners. So, uh, we do anticipate that in 20, sorry, 2026. We will, we will be

Expanding, uh, rolling out of all the EX us uh, countries so far. Already 38 countries, uh, have been and, uh, uh, commercialized in terms of this, uh, food sector. And, uh, we continue to see that the nld in those countries will be expanded.

Julie Simmonds: Okay.

Johnny Cheng Ltd): The total impact for ex-China sales, we see that US will continue to grow. Also outside of US, that is the key driver also.

Johnny Cheng ): The total impact for ex-China sales, we see that US will continue to grow. Also outside of US, that is the key driver also.

Julie Simmonds: Thank you.

So the the the total impact for China sails, we we see that the US will continue to grow. Um, but also outside of us uh, that is the the, the key driver also

Thank you.

David Ng Ltd): Thank you, Julie. Next question coming from Daiwa, Wilfred Yuen. Wilfred, your line is now unmuted. You can ask your question.

David Ng ): Thank you, Julie. Next question coming from Daiwa, Wilfred Yuen. Wilfred, your line is now unmuted. You can ask your question.

Thank you Julie. Uh next question coming from Daiwa. Uh Wilfred un Wilfred your line is now uh unmuted. You can ask your question.

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

Johnny Cheng Ltd): Lorenzo, would you like to tackle this question? I will add to it.

Johnny Cheng ): Lorenzo, would you like to tackle this question? I will add to it.

Thank you. Uh, thanks again. My question, uh, I want to follow up on the revenue guidance, that range from 3030 to 450 million uh which is a wide range uh first last year. Anyway, uh maybe can, can you give us more color as to the breakdown between the oncology product sales and the R&D mountains payment, uh, you expecting some additional Milestone? Um, you know, um, maybe to hit the high end of the guidance 450. Thanks.

Lorenso Chiu Ltd): Yep. Yep. Further to what I explained earlier, I think you can look in this way, because we did not give any guidance of particular items within this revenue guidance. For your information, I think it would be worth to note that in 2025, our revenue has included some of the upfront and milestones, which, if you exclude those, the base would be lower. For the 2026, the guidance reflect a kind of sort of growth from 2025. In addition, I think some of the factors that I've mentioned, the growth from our China products with the new label expansions and also the new indications, would drive further growth. I hope that could address the questions.

Lorenso Chiu ): Yep. Yep. Further to what I explained earlier, I think you can look in this way, because we did not give any guidance of particular items within this revenue guidance. For your information, I think it would be worth to note that in 2025, our revenue has included some of the upfront and milestones, which, if you exclude those, the base would be lower. For the 2026, the guidance reflect a kind of sort of growth from 2025. In addition, I think some of the factors that I've mentioned, the growth from our China products with the new label expansions and also the new indications, would drive further growth. I hope that could address the questions.

Lorenzo, would you like to tackle this question? I will add add to it. Yep. Yep. Um, further to what I explained earlier, I think you can look in this way, um, because, um, we do not give any guidance or particular, uh, items within this, uh, Revenue guidance. But, um, for your information, I think, uh, it will be worth to note that, uh, in 2 to 5, um, Revenue has included, uh, some of the upfront and Milestones, uh, which uh, in in exclude those. Um, the base will be lower and then, uh, for the 2226, the guidance, reflect a kind of

Uh, sort of growth uh, from 2 to 5. Um,

Lorenso Chiu Ltd): John, do you want to add some more comments on this?

Lorenso Chiu ): John, do you want to add some more comments on this?

Johnny Cheng Ltd): Wilfred, I think, basically, you should take the guidance as the middle of this range, right? The lower end potentially, if some of the, you know, I think, the low end of the guidance is where we are very confident, and we are also very confident that to achieve higher of this guidance. $330 has factored in, as Lorenzo said, many of the organic growth. In addition, we also factor in for a kind of baseline growth for our ex-China sales, which of course is run by our partner. Conservative speaking, we are very conservative to give this low-end guidance. You can expect the mid-range of that is almost like a 36% growth.

Johnny Cheng ): Wilfred, I think, basically, you should take the guidance as the middle of this range, right? The lower end potentially, if some of the, you know, I think, the low end of the guidance is where we are very confident, and we are also very confident that to achieve higher of this guidance. $330 has factored in, as Lorenzo said, many of the organic growth. In addition, we also factor in for a kind of baseline growth for our ex-China sales, which of course is run by our partner. Conservative speaking, we are very conservative to give this low-end guidance. You can expect the mid-range of that is almost like a 36% growth.

In addition, I think, um, some of the factors as I mentioned the growth from our China, China products with the new labor expansions, and also the new indications would drive further growth. So, um, I hope that could address, uh, the questions, uh, joining the ones that have some more comments on this.

So, well, but I think—I think, uh, basically...

The you should take the guidance as uh the middle of this uh range. Right?

uh,

so, the low end potentially if, uh,

some of the, you know, at least we, I think, uh,

The low end of the guidance is where we are very confident. And we also very confident that to achieve higher of this guidance.

Johnny Cheng Ltd): Between $330 to $450 is about $390. That is more like 36% growth versus this year's 2025's performance. I think this is guidance that basically can reflect the business growth as well as the potential. If we have licensing, of course, we won't take all the upfront income. We will potentially apportion part of the upfront income and factoring into the upside. Got it. Thanks for the color. Thanks.

Johnny Cheng ): Between $330 to $450 is about $390. That is more like 36% growth versus this year's 2025's performance. I think this is guidance that basically can reflect the business growth as well as the potential. If we have licensing, of course, we won't take all the upfront income. We will potentially apportion part of the upfront income and factoring into the upside. Got it. Thanks for the color. Thanks.

Uh, so 330, uh, has factored in, as Lorenzo said, uh, many of the, uh, organic growth. Uh, in addition we also factor in for a uh, base kind of Baseline growth for our exchange China uh sales which of course is uh is run by our partner. So uh conservative, speaking we are very conservative to give this uh low-end guidance but uh you can expect uh the mid-range of that is almost like a 36% growth uh between 3:30 to 4. 450 is about 390.

Uh that is more like 36% growth versus uh this year's uh 2025 uh performance. So I think I think this this is uh guidance that uh

Basically can reflect the, uh, the the business growth as well as the potential if we have a licensing. Of course we we won't take all the upfront income. We will, we will potentially a portion part of the often income and factoring into into the upside.

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

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

Got it. Thanks, thanks. Thanks for the call. Thank you.

Coming from Goldman Sachs. Uh, poor Choy. Pour your line is now unmuted, you can ask your question.

Paul Choi: Hello, and thank you for taking our question. My question is on savolitinib and assuming, you know, clinical success coming up here with SAFFRON. Can you maybe comment on how you think a Tagrisso savolitinib combination would be sequenced in the treatment paradigm given the recent launch of J&J's Rybrevant bispecific? Just, you know, how you think about guidelines involving directing oral options versus bispecific options. Thank you very much for taking our question.

Hello uh and thank you for taking our question. Um, my question is on several lnib and uh assuming um, you know, clinical success coming up here with with with with saffron. Um can you maybe comment on how you think?

Uh, a tagrisso have a lit. Uh combination would would be sequenced in the treatment Paradigm, given the recent launch of J&J's rival rant uh by specific and just, you know, how you think about guidelines evolving, directing, uh, oral options versus by specific options. Thank you very much for taking our question.

Johnny Cheng Ltd): Yeah, thank you. Josh, you have any color to share on this?

Johnny Cheng ): Yeah, thank you. Josh, you have any color to share on this?

George Yuan Ltd): Yeah.

George Yuan ): Yeah.

Johnny Cheng Ltd): Yeah.

Johnny Cheng ): Yeah.

George Yuan Ltd): Yeah. This is, I think, this first thing is, this provides an oral, two oral products for those EGFR resistant MET amplification patients. This is, we provide very efficacy and as well as convenience. We do know that J&J bispecific mon-motor antibody do provides another options. All depends on doctor's perception regarding how the treatment paradigm shifts. Is still precision medicine win the game or not? The testing, the second, third testing win the game or not? It depends on how AstraZeneca shaping the treatment.

George Yuan ): Yeah. This is, I think, this first thing is, this provides an oral, two oral products for those EGFR resistant MET amplification patients. This is, we provide very efficacy and as well as convenience. We do know that J&J bispecific mon-motor antibody do provides another options. All depends on doctor's perception regarding how the treatment paradigm shifts. Is still precision medicine win the game or not? The testing, the second, third testing win the game or not? It depends on how AstraZeneca shaping the treatment.

Yeah, thank you. So Josh, you have any color to to share on this? Yeah, yeah, this is, I think, uh, this first thing is this provides an order to oral products for those, uh, EGF. Uh, resistant metal, amplification patients. So, this is we provide very efficacy and as well as the convenience, but we do know the J&J by specific motor, antibody do provide another another options, but all depends on, uh, doctor's perception. Regarding how the treatment paradigm shift is due, uh, Precision medicine. When the game or not, the testing, the secondary testing win the game or not, so it depends on how

Astrozen shaping the the the trim.

Paul Choi: Okay. Thank you.

Thank you.

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

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

Uh, thank you Paul. Um, I see a couple of questions um, on uh, in the chat box. Um, some of that actually has been kind of answered already. Um, there's a question. Um, this is Johnny this is the question is what is the thoughts about the need to decide uh appointment of a permanent CEO? Um, or we happy with the current situation

Johnny Cheng Ltd): The company have made an announcement in August. No status change as yet regarding the announcement. Dr. Su is focusing on his health right now and yep. We have this interim arrangement and, as you can see, we have a lot of talents within our management team. Today, we have Dr. Dai and also we have Lorenso Chiu joining this webcast. The company have been running for 20 odd years, and we have a very loyal and also capable talents within our talent pool. Everything has been running very, very smoothly and also progressing in terms of our pipeline as well as our commercial strategy. Everything it is now working as per plan.

Johnny Cheng ): The company have made an announcement in August. No status change as yet regarding the announcement. Dr. Su is focusing on his health right now and yep. We have this interim arrangement and, as you can see, we have a lot of talents within our management team. Today, we have Dr. Dai and also we have Lorenso Chiu joining this webcast. The company have been running for 20 odd years, and we have a very loyal and also capable talents within our talent pool. Everything has been running very, very smoothly and also progressing in terms of our pipeline as well as our commercial strategy. Everything it is now working as per plan.

Okay, I think, uh, we have uh, the company have made an announcement in August, I think no status change as yet, uh, regarding the announcements. So, uh, Dr. Shu is, uh, focusing on his health right now and uh, yep. So we have this, uh, intrum uh, Arrangement and uh, as you can see, we have, um, a lot of talents within our management team today. We have a Dr. D. And also, we have Lorenzo Jill, uh, joining this uh, webcast. So, uh,

The company have been running for 20 odd years and we have a very loyal and also capable talents uh, within our talent pool. So and uh, everything has been running uh, very, very uh, smoothly and also progressing in terms of our pipeline, as well as our commercial uh, strategy everything it is now working, uh, as, as per plan

David Ng Ltd): Thank you, Johnny. I don't see any outstanding questions right now. Just as a reminder, if anyone has any question, please press the raise hand button or type your question in the Q&A box. There's another question talking about SAFFRON readout delay from first half to second half. As you know, Dr. Dai has mentioned the most likely scenario will be around mid-2026. If no further questions, Johnny, would you like to do a concluding remark?

David Ng ): Thank you, Johnny. I don't see any outstanding questions right now. Just as a reminder, if anyone has any question, please press the raise hand button or type your question in the Q&A box. There's another question talking about SAFFRON readout delay from first half to second half. As you know, Dr. Dai has mentioned the most likely scenario will be around mid-2026. If no further questions, Johnny, would you like to do a concluding remark?

Johnny Cheng Ltd): No, I think thank you again, everyone for spending the time to attend this webcast. If you have further questions, please by all means to feed through our IR colleagues. Thank you.

Johnny Cheng ): No, I think thank you again, everyone for spending the time to attend this webcast. If you have further questions, please by all means to feed through our IR colleagues. Thank you.

Thank you, Johnny. Um, I don't see any, uh, outstanding questions right now. Just just, just a reminder, you, you, uh, if anyone has any question, please. Press the raise, uh, hand button or type your question in the Q&A box. Um, there's, um, there's another question talking about, saffron, retail Delay from first, half to second half but as you know, Dr. D has mentioned, uh, the more likely most likely scenario will be around around mid. Uh, 26. Um, if no further questions, Johnny would you like to do a concluding remark?

David Ng Ltd): Thank you everyone, this conclude our results presentation. Thank you very one. Thank you very much.

David Ng ): Thank you everyone, this conclude our results presentation. Thank you very one. Thank you very much.

No, I think thank you again. Uh everyone for uh spending the time to attend this uh webcast. And uh if you have further questions uh please by all means uh to fit through our eel. Uh colleagues. Thank you.

Thank you, everyone. And this conclude our results presentation.

Thank you very much. Thank you very much.

Matthew Guggenheimer: Goodbye.

Operator: Goodbye.

Goodbye.

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