HUTCHMED: Fruquintinib combo approval adds to story, but sales growth remains key overhang

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HUTCHMED: Fruquintinib combo approval adds to story, but sales growth remains key overhang

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HUTCHMED

Fruquintinib combo approval adds to story,

but sales growth remains key overhang

Maintain Rating: BUY | PO: 20.00 USD | Price: 12.03 USD

Updates strengthen thesis, shifts focus to execution 21 May 2026

Approval of fruquintinib plus TYVYT for 2L mRCC reinforces our view that pipeline Equity

execution can increasingly offset near-term commercial variability, with steady progress

Alec W. Stranahan

across key assets improving visibility on value inflection. Prior debates centered on Research Analyst

durability of commercial recovery and timing of upside from the pipeline. And while this BofAS +1 646 743 2109

will likely remain an overhang in 2026, we see continued pipeline execution as shifting alec.stranahan@bofa.com

the narrative (see our pipeline update note). Beyond the NMPA approval, sovleplenib and

savolitinib remain central to near-term value, while the ATCC platform adds longer-term

optionality (see our FY25 earnings takeaways). We continue to view the story shifting Stock Data

towards new growth drivers from the pipeline; maintain Buy rating and $20 PO.

Price 12.03 USD

Late-stage progress and filing activity positive near-term Price Objective 20.00 USD

The fruquintinib update highlights continued momentum across the commercial stage Date Established 9-Mar-2026

and late-stage pipeline, including regulatory progress for core targeted oncology and Investment Opinion C-1-9

hematology programs. We model $460M in peak fruquintinib revenues to HUTCHMED, 52-Week Range 11.81 USD - 19.50 USD

primarily driven by ongoing launch in CRC, with expanded uptake in the RCC setting Mrkt Val (mn) / Shares Out 2,099 USD / 174.5

representing upside to our numbers.