Trinity Delta view: The approval of the Orpathys/Tagrisso combination in China is an important element for revenue growth and sustained profitability. The smooth China approval, and near-term launch, in this broader NSCLC patient group should mean that Orpathys makes an increasingly meaningful contribution to domestic sales. This NSCLC indication also underpins the major global commercial opportunity for savolitinib, and recent data support the view that similar approvals will happen in global (ex-China) markets. Yet this is only one of many components supporting HUTCHMED’s investment case. In the near-term, the novel ATTC platform could be a significant new opportunity, with further details expected by early-2026, and surufatinib in pancreatic cancer could also provide a “wildcard” upside. Our valuation is $5.86bn/£4.69bn/HK$45.74bn, or $33.64/ADS and 538p/HK$52.48 per share.
