【招银国际】Expecting sustainable profitability-250321（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 21 Mar 2025 CMB International Global Markets|Equity Research|Company Update Hutchmed(13 HK)Expecting sustainable profitability Strong fruquintinib overseas sales drov

2、e top-line beat.HCM delivered a strong FY24 financial performance,marked by a top-line beat fueled by robust fruquintinib sales internationally.Oncology/immunology product revenue grew by 65%YoY to US$272mn,exceeding the previous guidance of 30-50%growth.FRUZAQLA(fruquintinib)generated total oversea

3、s sales of US$291mn in its first full year on the market,with US$111mn recognized as HCMs revenue.In China,oncology/immunology product revenue remained largely flat(+2%YoY).While fruquintinib and surufatinib continued to deliver growth,savolitinib encountered heightened competition.We anticipate con

4、tinuously strong momentum for FRUZAQLAs overseas sales,driven by increasing penetration in 3L CRC in the US,expanding US reimbursement coverage,and commercialization in the EU,Japan,and other global markets.We are confident in HCMs 2025 oncology business target of US$350-450mn and project 35%YoY gro

5、wth in in-market sales for its combined portfolio in FY25E.Sustainable profitability achieved ahead of schedule.Driven by robust FRUZAQLA product revenue,HCM achieved net profit of US$38mn for FY24,surpassing its original target of reaching profitability by 2025.This financial success was bolstered

6、by a 30%YoY reduction in R&D expenses to US$212mn and a 15%YoY decrease in SG&A expenses to US$113mn.With strong sales of fruquintinib from overseas markets,and one-off gain from divesting non-core business of Shanghai Hutchison,we expect the Company to realize net profit of US$340mn in FY25E.HCMs r