BRIEF: Hutchmed profit falls on shrinking R&D income
Hutchmed (China) Ltd. (HCM.US; 0013.HK; HCM.L), a biopharmaceutical company controlled by CK Hutchison Holdings (0001.HK), said its revenue fell 24.8% last year to $630 million, according to its annual results published on Wednesday. The company also reported a second consecutive year of profitability, though last year’s profit of $37.73 million was down 62.6% from 2023.
The company said that, including overseas sales in collaboration with Japan’s Takeda Pharmaceuticals, its total oncology product sales grew by 134% last year to $501 million. The company’s overall revenue decline mainly owed to a decrease in R&D income from its partners. Notably, upfront payments, regulatory milestone payments and R&D service revenue from Takeda dropped from $345.9 million in 2023 to $67 million last year.
Meanwhile, Hutchmed and Innovent Biologics (1801.HK) jointly announced that the FRUSICA-2 China Phase II/III study for the treatment of advanced renal cell carcinoma met its primary endpoint. Hutchmed’s stock opened up 3.7% on Thursday in Hong Kong, and closed up 9.41% at HK$26.15 at the midday break.
By Lee Shih Ta
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