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HCM

HUTCHMED (China) Limited

HCM

HUTCHMED (China) Limited • NASDAQ
$14.42 ▲ 0.70% (+0.10)
Market Cap $2.52 B
52w High $19.50
52w Low $11.51
Dividend Yield 0%
P/E 5.44
Volume 14.28K
Outstanding Shares 174.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $138.839M $56.807M $227.477M 163.843% $1.35 $1.302M
Q1-2025 $138.839M ▼ $56.807M ▲ $227.477M ▲ 163.843% ▲ $1.35 ▲ $1.302M ▲
Q4-2024 $162.26M $-20.077M $5.964M 3.676% $0.035 $-5.047M
Q3-2024 $162.26M ▲ $-20.077M ▼ $5.964M ▼ 3.676% ▼ $0.035 ▼ $-5.047M ▲
Q2-2024 $152.84M $76.534M $12.9M 8.44% $0.075 $-10.634M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.365B ▼ $1.776B $534.017M $1.229B
Q1-2025 $1.366B ▲ $1.776B ▲ $534.017M ▲ $1.229B ▲
Q4-2024 $836.11M ▼ $1.274B $502.343M $759.929M
Q3-2024 $838.757M ▲ $1.274B ▲ $502.343M ▼ $759.929M ▲
Q2-2024 $803.51M $1.261B $508.85M $740.084M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $227.477M $-36.447M $8.796M $4.66M $0 $-41.081M
Q1-2025 $227.477M ▲ $-36.447M ▼ $8.796M ▲ $4.66M ▲ $0 $-41.081M ▼
Q4-2024 $5.964M $20.165M $-45.313M $947.5K $0 ▲ $16.252M
Q3-2024 $5.964M ▼ $20.165M ▲ $-45.313M ▼ $947.5K ▲ $-203.953M ▼ $16.252M ▲
Q2-2024 $12.9M $-19.916M $-2.717M $-16.281M $203.953M $-24.97M

Revenue by Products

Product Q2-2021Q2-2022Q2-2023Q4-2023
Collaboration Research And Development
Collaboration Research And Development
 $0 ▲$10.00M ▲$30.00M ▲$50.00M ▲
Commercialization Services
Commercialization Services
 $20.00M ▲$20.00M ▲$30.00M ▲$20.00M ▼
Other Collaboration Licensing Revenue
Other Collaboration Licensing Revenue
 $0 ▲$10.00M ▲$250.00M ▲$30.00M ▼
Other Collaboration Royalties Revenue
Other Collaboration Royalties Revenue
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Research And Development Services
Research And Development Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Seroquel
Seroquel
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $130.00M ▲$140.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement HUTCHMED’s income statement shows a company moving from an R&D‑heavy, loss‑making phase into early profitability. Revenue has been climbing steadily over the past several years, suggesting that its oncology drugs and partnerships are gaining commercial traction. Profitability metrics have improved meaningfully: the company moved from sizable losses to modest operating and net profits in the most recent years. Margins have strengthened as sales have scaled faster than costs, helped by the shift from pure development to a mix of development and commercialization. The main watchpoints are the company’s dependence on continued growth from a relatively concentrated portfolio and the inherent volatility of earnings in a drug-development business, where trial outcomes, pricing changes, and one‑time milestones can swing results.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a mid‑stage biopharma company. Total assets and shareholders’ equity are healthy, reflecting the value of its developed products, pipeline, and prior capital raises. Cash levels are substantial, even after a recent step down, giving the company a cushion to fund research and commercialization without heavy near‑term refinancing pressure. Debt appears modest relative to the asset base, suggesting a conservative use of leverage. The main risk is that, as the pipeline advances and more late‑stage trials begin, funding needs can rise quickly, so the current strength will need to be maintained through disciplined spending and successful product launches.

Cash Flow

Cash Flow Cash flow has improved materially over the last few years. The company moved from burning cash in its operations to roughly breaking even, and at one point generating clearly positive operating cash flow as commercialization ramped up. Free cash flow has followed a similar pattern, turning from deep negative to close to neutral, as investment needs stayed manageable and capital spending remained modest. This shows better alignment between R&D spending and revenue generation. However, cash flows can still be lumpy, driven by milestone payments, licensing deals, and the timing of clinical programs, so current stability is encouraging but not yet guaranteed to be durable over a long period.

Competitive Edge

Competitive Edge HUTCHMED has built a differentiated competitive position in oncology and immunology, especially within China. Its edge rests on three main pillars: a strong in‑house discovery engine that consistently produces new drug candidates; a broad, on‑the‑ground commercial network across Chinese hospitals and oncologists; and deep partnerships with large global pharma companies. This mix gives it both scientific strength and commercial reach, particularly in a complex and highly regulated Chinese market, which raises barriers for new entrants. The company’s approved drugs and late‑stage assets already address clear unmet medical needs. Key competitive risks include intense global competition in targeted oncology, possible pricing pressure from regulators and payers, and the need to keep delivering differentiated clinical results to stay ahead.

Innovation and R&D

Innovation and R&D Innovation is at the core of HUTCHMED’s strategy. It has repeatedly taken drugs from its own labs through to approval, which is a strong sign of R&D execution. The company focuses on highly selective small‑molecule therapies to improve effectiveness while limiting side effects. More recently, it has launched a next‑generation Antibody‑Targeted Therapy Conjugate platform, which aims to go beyond traditional antibody‑drug conjugates by using its own targeted inhibitors as payloads. If this works in humans as early data suggest in preclinical work, it could offer a powerful new way to treat tumors and tackle resistance. The pipeline includes both new mechanisms and label expansions for existing drugs, which can deepen and broaden the revenue base. As with all biotech innovation, there is meaningful risk: clinical setbacks, regulatory delays, or safety issues could slow progress or reduce the commercial value of specific projects.

Summary

Overall, HUTCHMED appears to be in the midst of a key transition: from a research‑driven story to a commercial oncology business with a growing portfolio of products. Financial performance has moved from persistent losses to early, modest profitability, supported by rising revenue, improving margins, and more balanced cash flows. The balance sheet is sound, with ample cash and limited debt, giving it room to continue funding its pipeline. Competitively, the company benefits from strong R&D capabilities, a scaled commercial platform in China, and credible global partners, all of which support its long‑term positioning. At the same time, it remains exposed to the usual biopharma risks: trial outcomes, regulatory decisions, reliance on a limited number of flagship drugs, and potential pricing or policy changes in China and abroad. The company’s future path will largely depend on how well it can convert its deep pipeline and new platforms, like ATTC, into durable, globally relevant oncology franchises while maintaining financial discipline.

NEWS

November 26, 2025 · 7:00 PM UTC

HUTCHMED Highlights Clinical Data to be Presented at the 2025 ESMO Asia Congress and the 2025 ASH Annual Meeting

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November 2, 2025 · 7:00 PM UTC

HUTCHMED Highlights Pipeline and Business Progress at R&D Updates Event

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October 28, 2025 · 5:19 PM UTC

Terrestrial Energy Inc. Completes Business Combination with HCM II Acquisition Corp.

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October 20, 2025 · 5:37 PM UTC

HCM II Acquisition Corp. Shareholders Approve Business Combination with Terrestrial Energy

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October 14, 2025 · 4:30 AM UTC

HUTCHMED Announces Appointment of Independent Non-executive Director and Member of Board Committee

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