HUTCHMED (China) Ltd
hutch-med.comWhat Do They Do?
Develops and sells targeted medicines for cancer and immunological diseases, and manufactures, markets and distributes prescription drugs and healthcare products in China.
20-F for FY2025, filed Mar 5, 2026We are a global commercial-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted…View ↗
Commercially launching products while continuing to discover new assets. In China, three of our internally developed drugs, savolitinib…View ↗
Long-standing drug marketing and distribution experience to support the realization of in-house oncology innovations in China. We have…View ↗
How Do They Make Money?
Customers are invoiced for goods when delivery is completed; the company also earns service fees as work is delivered, plus collaboration payments such as upfront and milestone amounts and royalties on partners’ net sales.
20-F for FY2025, filed Mar 5, 2026The Group principally generates revenue from (1) sales of goods, which are the manufacture or purchase and distribution of pharmaceutical…View ↗
Revenue from sales of goods is recognized when the customer takes possession of the goods. This usually occurs upon completed delivery of…View ↗
Revenue from provision of services is recognized when the benefits of the services transfer to the customer over time, which is based on…View ↗
License and collaboration agreement with Takeda PharmaceuticalsView ↗
The transaction price for these performance obligations includes the upfront payment, service cost reimbursements, milestone payments and…View ↗
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20-F for FY2025, filed Mar 5, 2026
FY2025 revenue by product or service ↗
$548.5M
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20-F for FY2025, filed Mar 5, 2026
$548.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Invoiced Goods-Marketed Products
Sold outright
20-F for FY2025, filed Mar 5, 2026 |
18%
FY2022: 13%
|
Invoiced Goods-Marketed Products, FY2025
$100.6M Sources
|
Sold outright |
|
Invoiced Goods-Distribution
Sold outright
20-F for FY2025, filed Mar 5, 2026 |
48%
FY2022: 62%
|
Invoiced Goods-Distribution, FY2025
$263M Sources
|
Sold outright |
|
Services-Commercialization of Marketed Products
Recurring
|
8.3%
FY2022: 9.7%
|
Services-Commercialization of Marketed Products, FY2025
$45.3M Sources
|
Recurring |
|
License & Collaborations-Services
Recurring
|
5.1%
FY2022: 5.6%
|
License & Collaborations-Services, FY2025
$27.9M Sources
|
Recurring |
|
Other collaboration revenue -royalties
Licensed
20-F for FY2025, filed Mar 5, 2026 |
12%
FY2022: 6.2%
|
Other collaboration revenue -royalties, FY2025
$68.4M Sources
|
Licensed |
|
Other collaboration revenue -licensing
Licensed
|
2.2%
FY2022: 3.5%
|
Other collaboration revenue -licensing, FY2025
$12.1M Sources
|
Licensed |
|
License & Collaborations-Manufacturing supply
Sold outright
|
5.7% |
License & Collaborations-Manufacturing supply, FY2025
$31.2M Sources
|
Sold outright |
Who Are Their Customers?
Customers take delivery of pharmaceutical and healthcare products in China; pharmaceutical manufacturers also engage the company for sales, distribution and marketing services. Its oncology medicines are commercialized with partners including Eli Lilly, Takeda and AstraZeneca.
20-F for FY2025, filed Mar 5, 2026The Group principally generates revenue from (1) sales of goods, which are the manufacture or purchase and distribution of pharmaceutical…View ↗
Fruquintinib is partnered with Eli Lilly under the brand of Elunate in China. HUTCHMED manages all on-the-ground medical detailing…View ↗
Fruquintinib is partnered with Takeda under the brand of Fruzaqla outside of China. Takeda launched Fruzaqla in the U.S. within 24 hours…View ↗
Commercially launching products while continuing to discover new assets. In China, three of our internally developed drugs, savolitinib…View ↗
20-F for FY2025, filed Mar 5, 2026
In 2023, 2024 and 2025, Sinopharm, which jointly owns the Distribution Business with us, was one of our five largest customers. Sales to…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 83 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$78.8M.
20-F for FY2025, filed Mar 5, 2026
−$39.2MView ↗
20-F for FY2025, filed Mar 5, 2026
$456.9MView ↗
20-F for FY2025, filed Mar 5, 2026
−$78.8MView ↗
How Are They Changing?
Growing. Revenue grew 54% in 4 years, from $356.1M in FY2021 to $548.5M in FY2025, about 11% a year.
Overseas drug sales
The older report described fruquintinib and the other commercial drugs as still in late-stage development outside China; the latest says Fruzaqla is marketed outside China by Takeda and approved across multiple markets.
20-F for FY2022, filed Feb 28, 2023 20-F for FY2025, filed Mar 5, 2026Commercially launching products while continuing to discover new assets. In China, three of our internally developed drugs, Elunate…View ↗
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