HUTCHMED (China) Conference Call Summary Company Overview - **Company**: HUTCHMED (China) (NasdaqGS:HCM) - **Event**: Jefferies Global Healthcare Conference - **Date**: November 17, 2025 Key Points Industry and Company Pipeline - HUTCHMED is a globally commercialized biotech company with a focus on oncology products, including FRUZAQLA, a colorectal cancer drug with half-year sales of approximately $160 million [2][3] - The company is also advancing ORPATHYS, a c-Met inhibitor for lung cancer, with expectations for U.S. approval by 2027 following successful phase three trials [3][4] Financial Performance and Guidance - The company has revised its 2025 oncology revenue guidance to a range of $270 million to $350 million due to competitive pressures and restructuring of sales infrastructure [9][10] - HUTCHMED has been profitable since 2023, driven by sales and milestone payments from its products [3][4] Strategic Focus - HUTCHMED prioritizes growth in both China and global markets, leveraging its R&D capabilities and partnerships with multinational pharmaceutical companies [6][7] - The company has opted to partner with established firms for global distribution rather than relying solely on its sales team [8] ATTC Platform Development - The ATTC (Antibody Targeted Therapy Conjugate) platform is a key focus, offering a chemo-free alternative to traditional ADCs, potentially reducing toxicity and improving selectivity [4][11] - Human trials for the ATTC platform are set to begin soon, with strong interest from multinational pharma for potential partnerships [12][18] Product Launches and Market Opportunities - FRUZAQLA has been successfully launched globally, with significant growth expected from Europe and Japan [21][22] - The company is also working on expanding FRUZAQLA's indications in China, with potential approvals for kidney cancer expected in the second half of next year [24][25] Competitive Landscape - HUTCHMED faces increasing competition in the oncology space, particularly in China, where generic products are emerging [9][10] - The company is focused on differentiating its products, such as targeting c-Met-amplified patients in lung cancer, which have worse prognoses [29][30] Future Milestones - Key upcoming milestones include the approval of FRUZAQLA for kidney cancer in China and the readout of phase three trial data for ORPATHYS in the first half of next year [25][28] - The company aims to enhance its market position through strategic partnerships and aggressive clinical strategies [19][20] Additional Insights - HUTCHMED is optimistic about the potential of its ATTC platform to revitalize previously shelved small molecule drugs, expanding its pipeline and market reach [14][15] - The company is also developing a SYK inhibitor for ITP, with a target approval and launch in China by 2027 [33][34] Conclusion HUTCHMED is positioned for growth with a robust pipeline and strategic partnerships, focusing on innovative therapies in oncology while navigating a competitive landscape. The upcoming milestones and the development of the ATTC platform are critical for the company's future success.

Core Insights - HUTCHMED has introduced its innovative Antibody-Targeted Therapy Conjugate (ATTC) platform, which aims to redefine precision oncology through a dual-mechanism of action [1][2] - The lead candidate HMPL-A251, a selective PI3K/PIKK inhibitor, has shown promising preclinical efficacy and safety, positioning HUTCHMED's late-stage pipeline for further development [1][4] - The company is making significant progress in global and China trials, including studies for fruquintinib, surufatinib, and fanregratinib, enhancing its late-stage pipeline [1][9] ATTC Platform and Lead Candidate - The ATTC platform integrates monoclonal antibodies with small-molecule inhibitor payloads, providing synergistic anti-tumor activity and improved safety profiles compared to traditional antibody-drug conjugates [2][3] - HMPL-A251 is designed to target the PAM signaling pathway, which is often associated with poor prognosis in various cancers, and aims to enhance targeted delivery while minimizing systemic exposure [3][4] - Preclinical data indicates that HMPL-A251 exhibits strong anti-tumor activity, particularly in HER2-positive tumors, and shows potential for improved efficacy compared to existing therapies like trastuzumab deruxtecan [4][5] Clinical Development Plans - HUTCHMED plans to advance HMPL-A251 into clinical development in late 2025, focusing on various cancer types with different HER2 and PAM alteration statuses [5] - The company aims to explore a broader range of antibody selections and payload options to enhance treatment outcomes and overcome resistance [6] Late-stage Program Updates - The company reported significant progress in late-stage programs, including the FRUSICA-2 study for fruquintinib, which demonstrated a progression-free survival of 22.2 months compared to 6.9 months with standard treatments [9] - Recruitment for the SANOVO study in first-line EGFR-mutated non-small cell lung cancer has been completed, with further studies for surufatinib and fanregratinib also advancing [9]