Bank of America just raised its EUR/USD forecast
HONG KONG - Hutchmed (China) Limited (HKEX: 13; Nasdaq/AIM: HCM) has reported a net income of $37.7 million for the fiscal year ended December 31, 2024, marking a significant milestone of financial self-reliance for the biopharmaceutical company. The growth was primarily driven by a 65% increase in consolidated revenue from oncology products, amounting to $271.5 million.
The company’s financial success is attributed to the strong performance of FRUZAQLA® (fruquintinib), which generated in-market sales of $290.6 million outside of China by Takeda. This rapid uptake in the U.S. and launch in the EU and Japan has triggered a sales milestone payment from Takeda. Overall, total oncology products in-market sales rose by 134% to $501.0 million.
Hutchmed has also made strides in its clinical pipeline, with several key developments. The company reported positive Phase III results for savolitinib in EGFRm NSCLC with MET amplification, leading to a swift NDA filing and priority review by the NMPA. Additionally, the positive Phase II results for savolitinib in combination with TAGRISSO® for EGFRm NSCLC patients were shared with global regulatory authorities by AstraZeneca (NASDAQ:AZN).
The company’s pioneering ATTC platform has also been highlighted as a new frontier in antibody-drug conjugates, with the potential to create more selective and tolerable drug candidates.
Dr. Dan Eldar, Non-executive Chairman of Hutchmed, expressed pride in the company’s achievements amid global uncertainty and emphasized the focus on long-term shareholder interests and patient benefits. Dr. Weiguo Su, CEO and Chief Scientific Officer, pointed out the successful delivery against their strategy and the milestone of reaching profitability.
The partial disposal of equity in the SHPL joint venture for $608 million has further bolstered Hutchmed’s financial position, enabling the company to expedite the rollout of its ATTC platform for long-term value creation.
Looking ahead, Hutchmed aims to continue its global growth with further sales in the U.S. and other regions while advancing its clinical pipeline. The company’s financial guidance for 2025 projects Oncology/Immunology consolidated revenue to be between $350 million and $450 million.
This article is based on a press release statement from Hutchmed (China) Limited.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.