HUTCHMED Reports 2024 Full Year Results and Provides Business Updates

Core Insights - HUTCHMED reported a significant growth in oncology products revenue, achieving a 65% increase to $271.5 million in 2024, driven by a 134$501.0 million [6][8][10] - The company reached profitability ahead of schedule, with a net income of $37.7 million for 2024, supported by a strong cash balance of$836.1 million as of December 31, 2024 [6][36][37] - HUTCHMED is advancing its pipeline with promising clinical results and the introduction of a new Antibody-Targeted Therapy Conjugate (ATTC) platform, which is expected to enhance drug development [5][24][38] Commercial Operations - Oncology product in-market sales increased by 134% to $501.0 million in 2024, compared to$213.6 million in 2023, with FRUZAQLA (fruquintinib) ex-China sales reaching $290.6 million [8][12] - ELUNATE (fruquintinib in China) sales grew by 7$115.0 million, maintaining a leading market share in metastatic colorectal cancer [9][34] - The company achieved a consolidated revenue of $630.2 million in 2024, down from$838.0 million in 2023, primarily due to lower revenue from other ventures [32][39] Pipeline Progress - HUTCHMED's pipeline includes several key products, with savolitinib achieving positive interim analysis results in the SACHI Phase III trial for EGFRm NSCLC, leading to a swift NDA filing [6][16][18] - Positive results from the SAVANNAH global pivotal Phase II trial for savolitinib in combination with TAGRISSO were shared with global regulatory authorities [6][18] - The ATTC platform is expected to yield new drug candidates that are more selective and tolerable than previous generations, enhancing the company's R&D capabilities [24][29] Financial Performance - The company reported a net income of $37.7 million in 2024, a decrease from$100.8 million in 2023, with earnings per share dropping to $0.04 from$0.12 [36][44] - Total operating expenses decreased to $673.9 million in 2024 from$819.6 million in 2023, reflecting strong cost control measures [35][44] - Cash and cash equivalents decreased to $836.1 million as of December 31, 2024, compared to$886.3 million in the previous year [37][43] Regulatory Updates - Savolitinib received NDA acceptance with Priority Review status for 2L EGFRm NSCLC patients with MET amplification, and full approval for METex14 NSCLC was granted in January 2025 [16][19] - Fruquintinib was approved in multiple countries, including the EU and Japan, for colorectal cancer, with significant sales milestones achieved [19][24] - The company is actively engaging with regulatory authorities to expedite the approval process for its innovative medicines [6][16]