Following the release of HUTCHMED’s (HCM) FY25 results, we have revised our FY26E-FY27E estimates and introduced maiden FY28E forecasts. While management has taken appropriate actions to address the challenges faced in China, we believe competitive headwinds are likely to persist in the near term, leading us to revise our FY26E HUTCHMED oncology/immunology consolidated revenue to US$334m (previously US$360m), towards the lower end of the company’s US$330m-US$450m revenue guidance. Our FY26E esti ....
