HUTCHMED (China) Ltd: 1H26 O/I Beat; H2 R&D Revenue Key to Guidance

Research evidence excerpt

M

Update

August 5, 2026 06:06 AM GMT

Morgan Stanley Asia Limited+

HUTCHMED (China) Ltd | Asia Pacific

Jack Lin

Equity Analyst

1H26 O/I Beat; H2 R&D Revenue

Key to Guidance

Vanessa Liao

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest shortfall

Modest revision lower

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

HUTCHMED (China) Ltd (HCM.O, HCM US)

China Healthcare | China

operating losses and impairments and moderately above R&D expense (+5.9% vs.

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 4, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

MSe).

Fiscal Year Ending

Company expects base business to achieve the lower-end of the US$330-450mn

EPS (US$)**

Prior EPS (US$)**

Revenue, net (US$ mn)

EBITDA (US$ mn)

ModelWare net inc (US

$ mn)

P/BV

RNOA (%)

ROE (%)

FCF yld ratio (%)**

Key Takeaways

Total revenue was in-line with MSe (+1%) and below VA (-5.4%). Oncology/

Immunology revenue beat (+6.9% vs. MSe) was led by ELUNATE and SULANDA.

Net income miss (-45.3% vs. MSe/-82.2% VA cons.) largely attributable to non-

FY26 Oncology/Immunology revenue guidance, with BD executing gating

guidance upside.

PhIII SANOVO (China 1L EGFR/MET-amp NSCLC)/SAFFRON (Global 2L+ EGFR/

MET-amp NSCLC) readouts remain key catalyst in 2H26 (see our Preview)

HMPL-A251/A580 in Phase I dose escalation; initial data disclosure targeted for

2027.

HCM recorded 1H26 revenue of c.US$278mn (+1% vs. MSe), with O/I revenue of US

Equal-weight

Attractive

US$13.60

18

US$11.57

US$18.30-9.77

177

US$2,053

US$2,223

US$1

12/25 12/26e 12/27e 12/28e

2.62

549

474

457

0.36

625

15

63

0.24

660

(3)

42

0.13

682

(26)

23

1.9

68.8

60.1

23.7

1.6

0.6

5.1

3.2

1.5

(0.2)

3.2

2.8

1.5

(1.4)

1.7

1.8

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

$162mn beating MSe (+6.9%). Marketed-product revenue of US$121mn beat MSe by

18.2%, led by ELUNATE at US$47mn (+40% YoY; +16% MSe) from 2L EMC NRDL

…