On July 30, 2026 HUTCHMED (China) Limited ("HUTCHMED", the "Company" or "we") (Nasdaq/AIM:HCM; HKEX:13) reported its financial results for the six months ended June 30, 2026 and provides updates on key clinical and commercial developments.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
All amounts are expressed in US dollars unless otherwise stated. A glossary of abbreviations is on page 36.
Global sales growth driven by China rebound and FRUZAQLA geographical expansion
● In-market sales from key China commercial products up over 40% compared to the first half of 2025. ELUNATE (fruquintinib in China) up 41% to $60.8 million as it expanded reimbursement coverage for endometrial cancer and was approved for kidney cancer. SULANDA up 45% to $18.4 million, boosted by upgraded recommendation in Chinese Society of Clinical Oncology guidelines for neuroendocrine tumors.
● In-market sales of FRUZAQLA (fruquintinib ex-China) ex-US up ~70% to $68.9 million during first half of 2026, alongside steady US sales, driven by the need for novel non-chemo treatment options in mCRC and ongoing positive experiences of oncologists in third line setting.
● Profitability maintained amid higher R&D investment, with net income attributable to HUTCHMED at $15.9 million (H1-25: $455.0m including $416.3m gain on divestment of 45% of Shanghai Hutchison Pharmaceuticals Limited (SHPL)), which allowed the Company to maintain a strong cash balance of $1.37 billion.
Multiple first-in-class Antibody-Targeted Therapy Conjugate (ATTC) candidates in clinical trials
● Initiated clinical trial of HMPL-A251 (PI3K/PIKK-HER2) in December 2025 and of HMPL-A580 (PI3K/PIKK-EGFR) in March 2026 and presented preclinical data at American Association for Cancer Research (AACR) (Free AACR Whitepaper) Annual Meeting. Both ATTCs are progressing through dose escalation as planned.
● HMPL-A830 clinical trial application approved in July 2026, based on a different ATTC payload platform.
Regulatory and clinical achievements across late-stage clinical portfolio
● New Drug Application (NDA) approval of ELUNATE with sintilimab for second-line kidney cancer in China in May 2026, supported by FRUSICA-2 Phase III data showing median progression-free survival (PFS) of 22.2 months vs. 6.9 months in control group.
● NDA acceptance of sovleplenib for warm autoimmune hemolytic anemia (wAIHA) in China in April 2026, supported by ESLIM-02 Phase III data presented at European Hematology Association (EHA) (Free EHA Whitepaper) Congress with durable response rate of 66.0%, along with NDA acceptance for immune thrombocytopenia (ITP) in China in February 2026; both wAIHA and ITP indications received priority review status.
● Positive SACHI Phase III data of ORPATHYS in combination with TAGRISSO (osimertinib) sub-group analysis published in The Lancet in January 2026 with median overall survival (OS) of 22.9 months vs. 7.9 months with chemotherapy. NDA approval for third-line MET-amplified gastric cancer in China in June 2026, supported by Phase II data presented at American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting with objective response rate of 32.3%.
● Positive pivotal Phase II data of fanregratinib (FGFR inhibitor) in intrahepatic cholangiocarcinoma presented at European Society for Medical Oncology Gastrointestinal Cancers Congress.
● Initiated Phase III trial of HMPL-760 (BTK inhibitor) in combination with rituximab and chemotherapy for second-line diffuse large B-cell lymphoma in March 2026.
HUTCHMED to host results webcasts today at 8:00 a.m. EDT / 1:00 p.m. BST / 8:00 p.m. HKT in English on Thursday, July 30, 2026, and tomorrow at 8:30 a.m. HKT in Chinese (Putonghua) on Friday, July 31, 2026. After registration, investors may access the live webcast at www.hutch-med.com/event.
Dr Dan Eldar, Non-executive Chairman of HUTCHMED, said, "HUTCHMED has a clear strategic focus: to build a globally competitive oncology portfolio anchored by differentiated innovation. This future is shaped by our global first-in-class Antibody-Targeted Therapy Conjugate (ATTC) novel payload platforms and other emerging large-molecule modalities. These give us multiple opportunities to pursue first-in-class or best-in-class assets, with potential to be used in combination with standard-of-care or newer medicines, in turn conferring front-line treatment prospects. As these programs advance, multinational partnerships – some presently under discussion – can provide important external validation, broaden development reach and accelerate access to major international markets. We will continue to invest in our world-class R&D organization and deploy our resources in areas where HUTCHMED can create significant impact on the lives of patients globally, harnessing the most advanced scientific modalities, while creating commercial and shareholder value."
Mr Johnny Cheng, Acting Chief Executive Officer and Chief Financial Officer of HUTCHMED, said, "Strong in-market sales growth from ELUNATE and SULANDA in the first half reflects the impact of last year’s streamlining of our salesforce, enhancing productivity with more focused marketing strategies, as we structured our commercial organization to meet the changing China market regulatory guidelines for a sustainable future. We are accelerating ATTC development and strengthening discovery operations through expanding talent and AI capabilities. We are also pursuing business development discussions with multinational partners to expedite global development and commercialization of our most promising programs."
Dr Weiguo Su, Chief Executive Officer (currently on leave of absence) and Chief Scientific Officer of HUTCHMED, said, "The acceptance by the NMPA of the NDA filings for sovleplenib in ITP and wAIHA during the first half of 2026 reflects the strength of the clinical data package, supporting its potential for regulatory and commercial success. Sovleplenib once again attests to the importance of target selectivity, differentiating efficacy and toxicity profiles of our assets. Our ATTC drug candidates are guided by the same principles, designed to navigate our proprietary potent small-molecule targeted therapy payloads to tumor cells while sparing healthy tissues and decreasing side-effects. Pre-clinical data has shown encouraging tumor shrinkage as compared to standard-of-care treatments and emerging therapies recently launched or in development. With three highly novel molecules from two ATTC payload platforms progressing through or about to start first-in-human clinical development, and additional candidates advancing behind them, we are building a science-driven pipeline designed to translate differentiated biology into meaningful clinical benefit."
2026 Interim Results & Business Updates
I. COMMERCIAL OPERATIONS
There was a strong rebound in China in-market sales, achieving $94.4 million in H1 2026, up 32% vs H1 2025 ($71.6 million) as our sales team continues to improve productivity. This contributed to total in-market sales for oncology products of $279.8 million in H1 2026 (H1-25: $234.4 million).
ELUNATE in-market sales were up 41% to $60.8 million, successfully expanded NRDL coverage to include 2L EMC with pMMR in combination with sintilimab. It also renewed coverage in metastatic CRC for patients who have been previously treated with chemotherapy, and those who have previously received or are not suitable for receiving anti-VEGF or anti-EGFR (RAS wild-type).
SULANDA in-market sales were up 45% to $18.4 million, driven by an update to Chinese Society of Clinical Oncology guidelines upgrading the usage for SULANDA in neuroendocrine tumors to the highest Level I recommendation standard over competing SSA products. It also benefited from shifting marketing strategies to focus on key hospitals.
FRUZAQLA in-market sales growth was primarily driven by sales outside the US, which had growth of ~70%, contributed by approvals or launches in 41 countries to date, including securing reimbursement in France in Q1 2026 and late 2025 launches in Portugal, Belgium, South Korea and Mexico. This helped boost global in-market sales to $185.4 million.
Total consolidated revenue for oncology products increased 23% to $121.4 million as compared to H1 2025, primarily due to strong in-market sales growth in ELUNATE and SULANDA.
Other Oncology/Immunology revenue, consisting of upfront, regulatory milestones, R&D services and licensing revenue was $40.9 million, including an $18.1 million milestone payment from Eli Lilly, triggered by China approval for 2L RCC. Other Ventures revenue, mainly from prescription drug distribution was $116.0 million, leading to total consolidated revenue of $278.3 million.
($ in millions)
In-market Sales*
Consolidated Revenue**
H1 2026
H1 2025
%Change (CER)
H1 2026
H1 2025
%Change (CER)
FRUZAQLA
$
185.4
$
162.8
+14%(+14%)
$
43.1
$
43.1
— —
ELUNATE
$
60.8
$
43.0
+41%(+33%)
$
47.1
$
33.6
+40%(+32%)
SULANDA
$
18.4
$
12.7
+45%(+37%)
$
18.4
$
12.7
+45%(+37%)
ORPATHYS
$
15.7
$
15.2
+3%(-3%)
$
13.3
$
9.0
+48%(+39%)
TAZVERIK***
$
(0.5)
$
0.7
— —
$
(0.5)
$
0.7
— —
Oncology Products
$
279.8
$
234.4
+19%(+17%)
$
121.4
$
99.1
+23%(+18%)
Takeda upfront, regulatory milestones and R&D services
$
20.7
$
29.5
-30%(-30%)
Other revenue (R&D services and licensing)
$
20.2
$
14.9
+35%(+35%)
Total Oncology/Immunology
$
162.3
$
143.5
+13%(+10%)
Other Ventures
$
116.0
$
134.2
-14%(-19%)
Total Revenue
$
278.3
$
277.7
— (-4%)
* FRUZAQLA, ELUNATE and ORPATHYS mainly represent total sales to third parties as provided by Takeda, Eli Lilly and AstraZeneca, respectively.
** FRUZAQLA represents manufacturing revenue and royalties paid by Takeda to HUTCHMED; ELUNATE represents manufacturing revenue, promotion and marketing services revenue and royalties paid by Eli Lilly to HUTCHMED, and sales to other third parties invoiced by HUTCHMED; ORPATHYS represents manufacturing revenue and royalties paid by AstraZeneca to HUTCHMED and sales to other third parties invoiced by HUTCHMED; SULANDA and TAZVERIK represent HUTCHMED’s sales of the products to third parties.
*** Ipsen is the Marketing Authorization Holder for TAZVERIK, for which HUTCHMED acts as domestic agent/licensee. In March 2026 Ipsen voluntarily withdrew TAZVERIK from all Ipsen markets, effective immediately, following emerging safety data from the ongoing SYMPHONY‑1 trial.
II. 2026 REGULATORY UPDATES
● Savolitinib sNDA approved by NMPA in 3L MET-amplified GC in June 2026.
● Savolitinib MAA approved (temporary authorization) by Swissmedic in combination with TAGRISSO for 2L EGFRm NSCLC with MET amplification and/or overexpression in February 2026.
● Fruquintinib sNDA approved by NMPA in combination with sintilimab for 2L RCC in May 2026.
● Sovleplenib NDA accepted by NMPA for 2L wAIHA in April 2026.
● Sovleplenib NDA resubmission accepted by NMPA for 2L ITP in February 2026.
● Tazemetostat voluntary withdrawal by Ipsen in China in March 2026.
III. 2026 LATE-STAGE CLINICAL DEVELOPMENT ACTIVITIES
Savolitinib (ORPATHYS in China), a highly selective oral inhibitor of MET
● Expecting topline results in H2 2026 for SAFFRON and SANOVO, following full enrollment in H2 2025:
◾ SAFFRON global Phase III study for 2L/3L EGFRm NSCLC patients with MET amplification and/or overexpression could support global filings (NCT05261399).
◾ SANOVO China Phase III study for 1L EGFRm NSCLC patients with MET overexpression could support China filing (NCT05009836).
● Published sub-group analysis of SACHI China Phase III study for 2L EGFRm NSCLC patients with MET amplification in The Lancet in January 2026, showing mOS of 22.9 months vs 7.9 months with chemotherapy (HR 0.32) when excluding control group patients who received subsequent MET inhibitor.
● Presented and published positive China Phase II pivotal study data in 3L MET-amplified GC at ASCO (Free ASCO Whitepaper) 2026 and in Nature Medicine in June 2026, respectively, with IRC-assessed ORR of 32.3%, mPFS of 4.0 months and mOS of 6.9 months (NCT04923932).
Sovleplenib (HMPL-523), an investigative and highly selective oral inhibitor of Syk
● Presented positive ESLIM-02 China Phase III study data in 2L wAIHA at EHA (Free EHA Whitepaper) 2026 Congress in June 2026, having met its primary endpoint of durable response rate of 66.0%, showing median time to response of 3.1 weeks and median cumulative duration of response of 16.1 weeks.
Fanregratinib (HMPL-453), a novel, highly selective and potent inhibitor targeting FGFR 1, 2 and 3
● Presented positive China Phase II pivotal study data in 2L FGFR2 fusion/rearrangement ICC at ESMO (Free ESMO Whitepaper) Gastrointestinal Cancers Congress in July 2026, having met its primary endpoint of IRC-assessed ORR of 42.5%, as well as showing mPFS of 6.9 months and mOS of 16.6 months. An NDA for 2L ICC was accepted by NMPA with priority review status in December 2025 (NCT04353375).
HMPL-760, a non-covalent, third generation BTK inhibitor, targeting wild-type and C481S-mutated BTK
● Initiated China Phase III study in combination with R-GemOx (rituximab, gemcitabine and oxaliplatin) in patients with 2L relapsed/refractory DLBCL versus placebo in combination with R-GemOx in March 2026 (NCT07409428). Primary endpoints are investigator-assessed PFS and OS.
IV. ANTIBODY-DRUG CONJUGATES RESEARCH & DEVELOPMENT
HMPL-A251, a first-in-class PI3K/PIKK-HER2 ATTC comprising of a highly selective and potent PI3K/PIKK inhibitor payload linked to a humanized anti-HER2 IgG1 antibody, via a cleavable linker
● Progressing a dose-escalation and expansion trial for unresectable, advanced or metastatic HER2-expressing solid tumors with first patient dosed in December 2025 (NCT07228247).
● Preclinical data showed anti-tumor activity in DXd-resistant cell line and good efficacy and safety when in combination with chemotherapy via a differentiated mechanism of action.
HMPL-A580, a first-in-class PI3K/PIKK-EGFR ATTC comprising of a highly selective and potent PI3K/PIKK inhibitor payload linked to an anti-EGFR IgG1 antibody, via a cleavable linker
● Progressing a dose-escalation and expansion trial for solid tumors, including NSCLC, CRC, HNSCC and ESCC with first patient dosed in March 2026 (NCT07396584).
● Preclinical data presented at AACR (Free AACR Whitepaper) 2026 showing tumor shrinkage in osimertinib-resistant EGFRm NSCLC cell line and good efficacy and safety when used in combination with osimertinib in EGFRm PAM non-altered NSCLC cell line.
HMPL-A830 China/US INDs cleared
● Plans for global clinical trial initiation in H2 2026. Preclinical data showed superior potency and safety profiles to antibodies or small molecules with the same target, with data to be presented at a scientific conference.
V. COLLABORATION UPDATES
ImageneBio is developing IMG-007, a non-T cell depleting, antibody-dependent cell-mediated cytotoxicity-silenced OX40 antagonist discovered by HUTCHMED
● Phase IIb trial (NCT07037901) in patients with moderate-to-severe atopic dermatitis progressing, with an amended protocol and topline data anticipated in the fourth quarter of 2027.
● Phase II trial initiation in patients with alopecia areata expected in 2026, with initial data expected in 2028.
VI. OTHER VENTURES
● Other Ventures consolidated revenue decreased to $116.0 million for the six months ended June 30, 2026 (H1-25: $134.2 million) which has minimal impact on profitability as the segment is predominantly low-margin prescription drug distribution business in China and HUTCHMED continues to optimize working capital management.
● Consolidated net income attributable to HUTCHMED from Other Ventures decreased to $3.8 million (H1-25: $24.0m), primarily due to lower equity earnings from SHPL following our 45.0% equity interest disposal in 2025.
VII. SUSTAINABILITY
The 2025 Sustainability Report was published in April 2026 alongside the 2025 Annual Report. We have initiated a new target-setting cycle. A list of potential focus initiatives has been identified under our five sustainability pillars: Innovation, Climate Action, Human Capital, Access to Healthcare, and Ethics and Transparency. In 2026, we will develop this into a final list, including a roadmap for achievement and monitoring.
In 2026, our sustainability initiatives have continued to receive strong recognition. Most recently, our commitment was reflected in an upgraded AA rating by MSCI, recognizing HUTCHMED as a Leader, and placing us among the top 19% of pharmaceutical companies. For its second consecutive year, HUTCHMED was recognized as Most Honored Company and ranked 1st place in ESG in its sector by Extel, formerly Institutional Investor Research, in its 16th Asia Executive Team Survey. It achieved top rankings across several areas – leading CEO, CFO, Investor Relations, ESG and Corporate Governance – earning the Most Honored Company designation. HUTCHMED was the only company to earn these designations in 2026 in All Asia (ex-Mainland China) Biopharmaceuticals.
Financial Highlights
Revenue for the six months ended June 30, 2026 was $278.3 million compared to $277.7 million for the six months ended June 30, 2025.
● Oncology/Immunology consolidated revenue amounted to $162.3 million (H1-25: $143.5m):
◾ ELUNATE revenue was $47.1 million, up 40% (H1-25: $33.6m), comprising manufacturing revenue, promotion and marketing services revenue and royalties, supported by ongoing label expansions.
◾ SULANDA revenue was $18.4 million, up 45% (H1-25: $12.7m), driven by marketing strategies focusing on key hospitals and supported by recent oncology clinical guideline upgrades.
◾ ORPATHYS revenue was $13.3 million, up 48% (H1-25: $9.0m), driven by higher manufacturing sales to AstraZeneca in preparation for the 3L MET-amplified GC launch.
◾ FRUZAQLA revenue was $43.1 million (H1-25: $43.1m), reflecting continued growth in royalties, offset by reduced manufacturing revenue compared to the prior period, driven by strong in-market sales growth following approvals/launches in 41 countries to date.
◾ Takeda upfront, regulatory milestones and R&D services revenue were $20.7 million (H1-25: $29.5m), due to less R&D and regulatory support services to Takeda.
◾ Other revenue of $20.2 million (H1-25: $14.9m), includes an $18.1 million milestone payment from Eli Lilly triggered by China approval of ELUNATE in combination with sintilimab for 2L RCC (H1-25: $11.1 million regulatory milestone from AstraZeneca following China NDA approval for SACHI).
● Other Ventures consolidated revenue of $116.0 million (H1-25: $134.2m), primarily due to scaling down low-margin logistics distribution sales after considering working capital.
Net Expenses for the six months ended June 30, 2026 were $262.4 million compared to $239.0 million for the six months ended June 30, 2025.
● Cost of Revenue was $152.2 million (H1-25: $167.6m), predominantly due to a lower cost of sales related to the prescription drug distribution business. Cost of revenue as a percentage of oncology product revenue improved to 33% (H1-25: 39%) driven by enhanced productivity and efficiency.
● R&D Expenses were $78.8 million (H1-25: $72.0m) as we initiated early-stage global clinical programs for our ATTC assets and we maintain ongoing investment in discovery to deliver sustained innovation.
● S&A Expenses were $46.5 million (H1-25: $41.6m), driven by strong performance of our Oncology/Immunology commercial operations and enhanced productivity.
● Other Items generated net income of $15.1 million (H1-25: $42.2m), which mainly includes interest income and expense, foreign exchange, equity in earnings of SHPL and taxes. The decrease was mainly due to lower equity earnings from SHPL following our 45.0% equity interest disposal in 2025.
Net Income attributable to HUTCHMED for the six months ended June 30, 2026 was $15.9 million compared to $455.0 million for the six months ended June 30, 2025.
● $0.02 basic earnings per ordinary share / $0.09 basic earnings per ADS in the first half of 2026 (H1-25: $0.53 basic earnings per ordinary share / $2.65 basic earnings per ADS).
Cash, Cash Equivalents and Short-Term Investments were $1,374.8 million as of June 30, 2026 compared to $1,367.3 million as of December 31, 2025.
● Adjusted Group (non-GAAP) net cash inflow excluding financing activities in the first half of 2026 was $10.5 million mainly due to net income of $16.2 million less $5.6 million in capital expenditures (H1-25: net cash inflow of $519.1m mainly due to the $549.0m net proceeds from the partial divestment of SHPL less a $10.0m regulatory approval milestone payment and $9.2m in capital expenditures).
● Net cash used in financing activities in the first half of 2026 totaled $2.9 million mainly due to net repayments of bank borrowings (H1-25: net cash inflow of $9.3m mainly due to proceeds from bank borrowings of $8.2m).
Foreign exchange impact: The RMB appreciated against the US dollar on average by approximately 5% during the first half of 2026, which has impacted consolidated financial results as highlighted.
Use of Non-GAAP Financial Measures and Reconciliation – References in this announcement to adjusted Group net cash flows excluding financing activities and financial measures reported at CER are based on non-GAAP financial measures. Please see the "Use of Non-GAAP Financial Measures and Reconciliation" for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures, respectively.
FINANCIAL GUIDANCE
HUTCHMED reiterates full year 2026 guidance for Oncology/Immunology consolidated revenue in the range of $330 million to $450 million. HUTCHMED will leverage its strong cash resources to accelerate ATTC global development and explore investment opportunities. Shareholders and investors should note that:
● The Company does not provide any guarantee that the statements contained in the financial guidance will materialize or that the financial results contained therein will be achieved or are likely to be achieved; and
● The Company has in the past revised its financial guidance and reference should be made to announcements it publishes regarding any updates to the financial guidance after the publication of this announcement.
Financial Summary
Condensed Consolidated Balance Sheets Data
(in $’000)
As of
As of
June 30, 2026
December 31, 2025
Assets
(Unaudited)
Cash and cash equivalents and short-term investments
1,374,817
1,367,275
Accounts receivable
117,556
126,750
Other current assets
61,036
73,317
Property, plant and equipment
93,788
94,623
Investment in equity investees
11,020
10,865
Other non-current assets
78,210
80,267
Total assets
1,736,427
1,753,097
Liabilities and shareholders’ equity
Accounts payable
33,646
45,533
Other payables and accruals
197,627
208,892
Bank borrowings
94,508
93,160
Deferred revenue
27,630
51,547
Other liabilities
108,048
102,703
Total liabilities
461,459
501,835
Company’s shareholders’ equity
1,260,776
1,237,926
Non-controlling interests
14,192
13,336
Total liabilities and shareholders’ equity
1,736,427
1,753,097
Condensed Consolidated Statements of Operations Data
(Unaudited, in $’000, except share and per share data)
Six months ended June 30,
2026
2025
Revenue:
Oncology/Immunology – Marketed Products
121,434
99,039
Oncology/Immunology – R&D
40,887
44,408
Oncology/Immunology Consolidated Revenue
162,321
143,447
Other Ventures
115,966
134,230
Total revenue
278,287
277,677
Operating expenses:
Cost of revenue
(152,158)
(167,577)
Research and development expenses
(78,783)
(71,990)
Selling and administrative expenses
(46,477)
(41,624)
Total operating expenses
(277,418)
(281,191)
Gain on divestment of an equity investee
—
477,456
Other income, net
12,784
21,650
Income before income taxes and equity in earnings of equity investees
13,653
495,592
Income tax expense
(1,209)
(2,029)
Income tax expense – Divestment of an equity investee
—
(61,133)
Equity in earnings of equity investees, net of tax
3,798
23,125
Net income
16,242
455,555
Less: Net income attributable to non-controlling interests
(314)
(601)
Net income attributable to HUTCHMED
15,928
454,954
Earnings per share attributable to HUTCHMED (US$per share)
– basic
0.02
0.53
– diluted
0.02
0.52
Number of shares used in per share calculation
– basic
865,770,498
857,038,725
– diluted
872,869,494
872,564,513
Earnings per ADS attributable to HUTCHMED (US$per ADS)
– basic
0.09
2.65
– diluted
0.09
2.61
Number of ADSs used in per ADS calculation
– basic
173,154,100
171,407,745
– diluted
174,573,899
174,512,903
(Press release, Hutchison China MediTech, JUL 30, 2026, View Source [SID1234669532])