HUTCHMED Reports 2024 Full Year Results and Provides Business Updates

Core Viewpoint - HUTCHMED reported strong financial results for 2024, achieving profitability and significant growth in oncology product sales, driven by the successful commercialization of FRUZAQLA® and other key products [5][6][8]. Group 1: Financial Performance - Total revenue for 2024 was $630.2 million, a decrease from $838.0 million in 2023 [32]. - Consolidated revenue from oncology products increased by 65% to $271.5 million, driven by strong sales of FRUZAQLA® and other oncology products [8][34]. - Net income attributable to HUTCHMED was $37.7 million in 2024, down from $100.8 million in 2023, with earnings per share at $0.04 [36][44]. Group 2: Product Sales and Market Performance - FRUZAQLA® (fruquintinib) ex-China in-market sales reached $290.6 million in 2024, a significant increase from $15.1 million in 2023, reflecting rapid uptake in the US and launches in multiple countries [6][8]. - Total oncology product in-market sales increased by 134% to $501.0 million in 2024, compared to $213.6 million in 2023 [8][11]. - ELUNATE® (fruquintinib in China) sales increased by 7% to $115.0 million, maintaining a leading market share in metastatic colorectal cancer [8][34]. Group 3: Clinical Development and Regulatory Updates - Positive results were reported for savolitinib in the SACHI Phase III interim analysis for EGFRm NSCLC with MET amplification, leading to a swift NDA filing in China [6][15]. - The company presented strong data for sovleplenib in the ESLIM-01 Phase III trial, showing a durable response rate of 51.4% for ITP patients [6][22]. - HUTCHMED's new ATTC platform is expected to enhance drug development, targeting a wide range of oncology indications [7][24]. Group 4: Strategic Developments - The company agreed to dispose of its 45% equity interest in SHPL for approximately $608 million, which is expected to support its innovative drug R&D [5][27]. - HUTCHMED aims to continue its global growth strategy, focusing on expanding its pipeline and commercializing its innovative medicines [5][7]. - The company is committed to sustainability and has made progress in integrating sustainability into its operations, receiving improved ESG ratings [28][30].