HUTCHMED’s pipeline should deliver several catalysts over the next 12-24 months as the seven programmes currently in 14 registration/registration-intent trials yield potential near- to mid- term regulatory filings. Imminent detailed savolitinib data at ASCO could help de-risk ex-China opportunities, whilst potential China launch in the EGFR TKI refractory setting should aid revenue growth. The novel ATTC platform is a potentially significant new opportunity with further disclosures anticipated by early-2026. Wildcard surufatinib in pancreatic cancer could also provide upside. HUTCHMED continues to aim for self-sustainability driven by revenue growth but, near-term, this could be impacted by external headwinds. Our updated valuation is $5.86bn/£4.69bn/HK$45.74bn, or $33.64/ADS and 538p/HK$52.48 per share.
