HCM

MKT CAP:$2B

HUTCHMED (China) Limited

Market Cap

$2B

Healthcare·Drug Manufacturers - Specialty & Generic·🇭🇰 Hong Kong·NASDAQ

Healthcare·Drug·🇭🇰·NASDAQ

Stock Price

$14.87+$1.22 (+8.94%)

Apr 21, 2026

Company Details

HUTCHMED (China) Limited discovers, develops, and commercializes targeted therapeutics and immunotherapies for cancer and immunological diseases in HongKong and internationally. It operates in Oncology/Immunology and Other Ventures segments...

CEO

Chig Fung Cheng

IPO Date

Mar 16, 2016

Website

www.hutch-med.com

Key Metrics TTM

Revenue

$602M

-1.4% YoY

Net Income

$467M

EPS (Diluted)

$2.65

Free Cash Flow

-$50M

Revenue / Share

$3.45

Gross Margin

8.9%

Operating Margin

-3.3%

Net Margin

77.5%

FCF Margin

-8.2%

P/S

4.1x

P/E

5.3x

Earnings Reports

FY 2025

Mar 5, 2026

$550M-12.7%EPS $2.60

Q2 2025

Aug 7, 2025

$139M-9.2%EPS $1.30

Q1 2025

Mar 31, 2025

$139M-9.2%EPS $1.30

FY 2024

Mar 19, 2025

$630M-24.8%EPS $0.22

Q4 2024

Mar 19, 2025

$162M+6.4%EPS $0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$61M	-$42M	-$59M
Q3 21	$99M	-$56M	-$92M
Q1 22	$101M	-$59M	-$98M
Q2 22	$202M	$65M	-$197M
Q3 22	$112M	-$77M	-$105M
Q4 22	$112M	-$77M	-$105M
Q1 23	$266M	$162M	$56M
Q2 23	$266M	$162M	$56M
Q3 23	$153M	-$14M	-$47M
Q4 23	$153M	-$14M	-$47M
Q1 24	$153M	$63M	-$14M
Q2 24	$153M	$63M	-$14M
Q3 24	$162M	-$28M	-$8M
Q4 24	$162M	-$28M	-$8M
Q1 25	$139M	$55M	-$2M
Q2 25	$139M	$55M	-$2M

Valuation

Quarter	P/S	P/E
Q4 20	14.3x	—
Q3 21	23.6x	—
Q1 22	9.8x	—
Q2 22	4.8x	—
Q3 22	2.8x	—
Q4 22	5.7x	—
Q1 23	3.2x	—
Q2 23	2.7x	—
Q3 23	3.6x	79.9x
Q4 23	3.3x	27.4x
Q1 24	4.0x	98.1x
Q2 24	6.9x	—
Q3 24	7.5x	—
Q4 24	5.4x	90.7x
Q1 25	5.8x	14.2x
Q2 25	6.0x	7.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$17M	-$19M
Q3 21	-$66M	-$70M
Q1 22	-$45M	-$53M
Q2 22	-$90M	-$106M
Q3 22	-$89M	-$100M
Q4 22	-$89M	-$100M
Q1 23	$113M	$101M
Q2 23	$113M	$101M
Q3 23	-$4M	-$8M
Q4 23	-$4M	-$8M
Q1 24	-$20M	-$25M
Q2 24	-$20M	-$25M
Q3 24	$20M	$16M
Q4 24	$20M	$16M
Q1 25	-$36M	-$41M
Q2 25	-$36M	-$41M

Capital Expenditures

Quarter	CapEx
Q4 20	$2M
Q3 21	$4M
Q1 22	$8M
Q2 22	$16M
Q3 22	$10M
Q4 22	$10M
Q1 23	$12M
Q2 23	$12M
Q3 23	$4M
Q4 23	$4M
Q1 24	$5M
Q2 24	$5M
Q3 24	$4M
Q4 24	$4M
Q1 25	$5M
Q2 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	+3.0%	+62.8%
Q3 21	-14.4%	+22.5%
Q1 22	+104.7%	+133.8%
Q2 22	+233.4%	+232.7%
Q3 22	+85.1%	+81.6%
Q4 22	+12.9%	+13.6%
Q1 23	+163.7%	+5.6%
Q2 23	+31.9%	-47.2%
Q3 23	+36.0%	-8.5%
Q4 23	+36.0%	-8.5%
Q1 24	-42.6%	-20.9%
Q2 24	-42.6%	-20.9%
Q3 24	+6.4%	-14.5%
Q4 24	+6.4%	-14.5%
Q1 25	-9.2%	-15.6%
Q2 25	-9.2%	-15.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$6M	10.5%
Q3 21	$12M	11.9%
Q1 22	$8M	7.6%
Q2 22	$8M	3.8%
Q3 22	$8M	6.8%
Q4 22	$8M	6.8%
Q1 23	$7M	2.6%
Q2 23	$7M	2.6%
Q3 23	$11M	7.5%
Q4 23	$11M	7.5%
Q1 24	$6M	3.7%
Q2 24	$6M	3.7%
Q3 24	$5M	3.2%
Q4 24	$5M	3.2%
Q1 25	$4M	2.8%
Q2 25	$4M	2.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 20	—	$17M	$86M
Q3 21	$88M	$26M	$10M
Q1 22	$91M	$29M	$11M
Q2 22	$182M	$29M	$11M
Q3 22	$105M	$17M	$11M
Q4 22	$105M	$17M	$11M
Q1 23	$72M	$21M	$13M
Q2 23	$72M	$21M	$13M
Q3 23	$79M	$19M	$13M
Q4 23	$79M	$19M	$13M
Q1 24	$48M	$15M	$14M
Q2 24	$48M	$15M	$14M
Q3 24	$59M	$32M	$24M
Q4 24	$59M	$32M	$24M
Q1 25	$36M	$14M	$7M
Q2 25	$36M	$14M	$7M

Revenue Segments

Quarter	Collaboration Research And Development	Commercialization Services	Other Collaboration Licensing Revenue	Other Collaboration Royalties Revenue	Product	Research And Development Services
Q2 22	$12M	$22M	$15M	$14M	$137M	$263.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$378M	$634M	$1.0B
Q1 22	$468M	$362M	$830M
Q2 22	$468M	$359M	$826M
Q3 22	$313M	$320M	$633M
Q4 22	$313M	$318M	$631M
Q1 23	$223M	$635M	$858M
Q2 23	$223M	$633M	$856M
Q3 23	$284M	$605M	$889M
Q4 23	$284M	$603M	$886M
Q1 24	$204M	$600M	$804M
Q2 24	$204M	$600M	$804M
Q3 24	$154M	$685M	$839M
Q4 24	$154M	$682M	$836M
Q1 25	$111M	$1.3B	$1.4B
Q2 25	$1.4B	$0	$1.4B
Q4 25	$71M	$1.3B	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	145M	+1.8%	+8.9%
Q3 21	171M	+18.4%	+28.7%
Q1 22	170M	-0.8%	+27.6%
Q2 22	170M	0.0%	+19.5%
Q3 22	169M	-0.5%	+16.8%
Q4 22	169M	0.0%	-1.3%
Q1 23	173M	+2.6%	+2.1%
Q2 23	173M	0.0%	+2.1%
Q3 23	170M	-1.7%	+0.9%
Q4 23	170M	0.0%	+0.9%
Q1 24	175M	+2.4%	+0.6%
Q2 24	175M	0.0%	+0.6%
Q3 24	175M	+0.1%	+2.4%
Q4 24	175M	0.0%	+2.4%
Q1 25	175M	-0.1%	+0.0%
Q2 25	175M	0.0%	+0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$47.3K	1K
Q3 21	$77.6K	1K
Q1 22	$35.0K	3K
Q2 22	$70.1K	3K
Q3 22	$38.9K	3K
Q4 22	$55.4K	2K
Q1 23	$131.6K	2K
Q2 23	$131.6K	2K
Q3 23	$75.3K	2K
Q4 23	$76.7K	2K
Q1 24	$76.9K	2K
Q2 24	$76.9K	2K
Q3 24	$81.6K	2K
Q4 24	$89.6K	2K
Q1 25	$76.7K	2K
Q2 25	$76.7K	2K

Revenue / Employee