Hutchmed (china) Limited AIM:HCM
- Incorporated
- Cayman Islands
- Chief executive
- Weiguo Su
- Reports in
- USD
Read straight from the annual reports
222c at close on 7 Oct 2026 · 9 reported years, 2017–2025
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USD millions, negatives in brackets. Per-share lines in cents, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
9 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
HUTCHMED (China) Limited develops, makes and sells medicines for cancer and immune diseases, mainly in China. Revenue for 2025 fell 13.0% to $548.5m, but profit after tax jumped to $456.9m from $37.7m the year before. The profit came almost entirely from a one-off: the company sold most of its stake in Shanghai Hutchison Pharmaceuticals, a side business, for a gain of $416 million after tax. Its day-to-day business still made a loss, although research spending fell. Revenue dropped mainly because less income came in from deals that let partners such as Takeda and AstraZeneca sell its medicines. Cash at the year end was $71.3m, with further large sums held in longer bank deposits, against borrowings of $93.2m. Almost no money was raised from shareholders, and the company has never paid a dividend. Management pointed to a new Shanghai factory passing a US inspection. The auditor gave a clean opinion, and the company says it has enough money for the next twelve months. It has set aside $80.0m for possible payments to the buyers of the stake it sold, and it depends heavily on a few partners.
Oncology/Immunology marketed products (Elunate, Sulanda, Orpathys)
Reported total oncology product revenue of $214 million from the three marketed medicines ($106m from HUTCHMED commercial team)
page 215Takeda licensing/royalty/milestone payments for Fruzaqla (fruquintinib) outside China
Revenue recognized under the Takeda Agreement: $141.1m (2025) vs $177.8m (2024) vs $353.1m (2023), including manufacturing supply, R&D services, royalties and licensing
page 312Gain on divestment of 45% equity interest in Shanghai Hutchison Pharmaceuticals Limited (SHPL)
Gain on divestment of an equity investee of $476,896 thousand recognized in 2025 operating results, driving net income of $457.7m
page 263R&D expense reduction
R&D expenses fell from $212,109k (2024) to $148,295k (2025), mainly lower clinical trial related costs ($80,072k vs $135,652k)
page 313Commercial and financial goals: reported total oncology product revenue of $214 million... and triggered regulatory and R&D services revenue of $52 million; in particular reported net income of $457 million driven by the non-core disposal gain net of tax of $416 million
page 215The Group evaluated subsequent events through March 5, 2026 (the date the consolidated financial statements were issued); no material subsequent events specifically disclosed beyond standard statement
page 310HUTCHMED (China) Limited has never declared or paid dividends on its ordinary shares and currently expects to retain all future earnings for use in operations and expansion; no present plan to pay dividends
page 234PricewaterhouseCoopers Zhong Tian LLP (PCAOB ID 1424) issued an unqualified opinion on both the consolidated financial statements and internal control over financial reporting as of/for the year ended December 31, 2025. Critical audit matters: (1) allowance for credit losses on accounts receivable ($126.8m gross, $3.0k allowance); (2) valuation of the $80.0m provision for profit guarantee related to the SHPL divestment, based on discounted cash flow assumptions including forecasted revenue and discount rate. Liquidity note confirms cash, short-term investments and unutilized bank facilities considered sufficient for at least the next twelve months
page 259- Dependence on third-party collaboration partners (Takeda, AstraZeneca, Eli Lilly) for ex-China/co-commercialization revenue; relationship with CK Hutchison group continuing availability not assuredp.303
- PRC foreign exchange controls may limit ability to receive and use revenue effectively / restrict dividend repatriationp.235
- Litigation with Luye Pharma over Seroquel distribution rights termination, with appeal pendingp.311
- Cybersecurity risk management reliant on third-party service providers; no material incidents reported in 2025 but no guarantee against future undetected incidentsp.253
Read from C000638-AR-2025-website.
7 annual reports read, FY2018 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (7)
FY2026Next report expected 10 Mar 2027
FY2019No annual report read for this year