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GLOBAL COMMERCIAL PORTFOLIO NEXT - GENERATION INNOVATIVE PLATFORM November 2025 Nasdaq/AIM:HCM | HKEX:13 1
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The performance and results of operations of the Group contained within this presentation are historical in nature, and past performance is no guarantee of future results of the Group . This presentation contains forward - looking statements within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 . These forward - looking statements can be identified by words like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “pipeline,” “could,” “potential,” “first - in - class,” “best - in - class,” “designed to,” “objective,” “guidance,” “pursue,” or similar terms, or by express or implied discussions regarding potential drug candidates, potential indications for drug candidates or by discussions of strategy, plans, expectations or intentions . You should not place undue reliance on these statements . Such forward - looking statements are based on the current beliefs and expectations of management regarding future events and are subject to significant known and unknown risks and uncertainties . Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward - looking statements . There can be no guarantee that any of our drug candidates will be approved for sale in any market, that any approvals which have been obtained will continue to remain valid and effective in the future, or that the sales of products marketed or otherwise commercialized by HUTCHMED and/or its collaboration partners (collectively, “HUTCHMED’s Products”) will achieve any particular revenue or net income levels . In particular, management’s expectations could be affected by, among other things : unexpected regulatory actions or delays or government regulation generally ; the uncertainties inherent in research and development, including the inability to meet our key study assumptions regarding enrollment rates, timing and availability of subjects meeting a study’s inclusion and exclusion criteria and funding requirements, changes to clinical protocols, unexpected adverse events or safety, quality or manufacturing issues ; the delay or inability of a drug candidate to meet the primary or secondary endpoint of a study ; the delay or inability of a drug candidate to obtain regulatory approval in different jurisdictions or the utilization, market acceptance and commercial success of HUTCHMED’s Products after obtaining regulatory approval ; discovery, development and/or commercialization of competing products and drug candidates that may be superior to, or more cost effective than, HUTCHMED’s Products and drug candidates ; the impact of studies (whether conducted by HUTCHMED or others and whether mandated or voluntary) or recommendations and guidelines from governmental authorities and other third parties on the commercial success of HUTCHMED’s Products and drug candidates in development ; the ability of HUTCHMED to manufacture and manage supply chains, including various third party services, for multiple products and drug candidates ; the availability and extent of reimbursement of HUTCHMED’s Products from third - party payers, including private payer healthcare and insurance programs and government insurance programs ; the costs of developing, producing and selling HUTCHMED’s Products ; the ability to obtain additional funding when needed ; the ability to obtain and maintain protection of intellectual property for HUTCHMED’s Products and drug candidates ; the ability of HUTCHMED to meet any of its financial projections or guidance and changes to the assumptions underlying those projections or guidance ; the successful disposition of its non - core business ; global trends toward health care cost containment, including ongoing pricing pressures ; uncertainties regarding actual or potential legal proceedings, including, among others, actual or potential product liability litigation, litigation and investigations regarding sales and marketing practices, intellectual property disputes, and government investigations generally ; and general economic and industry conditions, including uncertainties regarding the effects of the persistently weak economic and financial environment in many countries, uncertainties regarding future global exchange rates, uncertainties in global interest rates, and geopolitical relations, sanctions and tariffs . For further discussion of these and other risks, see HUTCHMED’s filings with the US Securities and Exchange Commission, on AIM and on HKEX . HUTCHMED is providing the information in this announcement as of this date and does not undertake any obligation to update any forward - looking statements as a result of new information, future events or otherwise This presentation is intended for investors only . Information concerning pharmaceuticals (including com pounds under development) contained within this material is not intended as advertising or medical advice . Nothing in this presentation or in any accompanying management discussion of this presentation consti tutes, nor is it intended to constitute or form any part of : (i) an invitation or inducement to engage in any investment activity, whether in the United States, the United Kingdom, Hong Kong or in any other jurisdic tion ; (ii) any recommendation or advice in respect of any securities of HUTCHMED ; or (iii) any offer or an invitation to induce an offer by any person for the sale, purchase or subscription of any securities of HUTCHMED . Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice . In addition, this presentation contains statistical data, third - party clinical data and estimates that HUTCHMED obtained from industry publications and reports generated by third - party market research firms, including Frost & Sullivan, IQVIA, independent market research firms, clinical data of competitors, and other publicly available data . All patient population, market size and market share estimates are based on Frost & Sullivan or QuintilesIMS/IQVIA research, unless otherwise noted . Although HUTCHMED believes that the publications, reports, surveys and third - party clinical data are reliable, HUTCHMED has not independently verified the data and cannot guarantee the accuracy or completeness of such data . You are cautioned not to give undue weight to this data . Such data involves risks and uncertainties and are subject to change based on various factors, including those discussed above . No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein . Neither HUTCHMED, nor any of HUTCHMED’s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation . The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially . All references to “HUTCHMED” as used throughout this presentation refer to HUTCHMED (China) Limited and its consolidated subsidiaries and joint ventures unless otherwise stated or indicated by context . This presentation should be read in conjunction with HUTCHMED’s results for the period ended June 30 , 2025 and HUTCHMED’s other SEC filings and announcements published in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited copies of which are available on HUTCHMED’s website ( www . hutch - med . com ) . Use of Non - GAAP Financial Measures - This presentation may include certain non - GAAP financial measures . Please see the section of the HUTCHMED results announcement titled “U se of Non - GAAP Financial Measures and Reconciliation” for further information relevant to the interpretation of these financial measures and reconciliations of these financial measures to the most comparable GAAP measures . Company names and logos are trademarks of their respective holders . The performance and results of operations of the HUTCHMED Group contained within this presentation are historical in nature, and past performance is no guarantee of future results. Safe harbor statement & disclaimer 2
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HUTCHMED today and beyond… 3 • FRUZAQLA® : H1 2025 up + 25% to $162.8m • ORPATHYS® : 2 nd potential global commercial success • ELUNATE ®: n ew indication (EMC) approved Potential events next 12 - months: • SAFFRON recruitment completion • Surufatinib PDAC Phase II readout • Fanregratinib NDA submission • Savo GC NDA submissions • Fruquintinib RCC NMPA approval • SAMETA and SAFFRON Phase III readout Antibody - Targeted Therapy Conjugate (ATTC) platform with m ultiple selective, efficacious and tolerable drug candidates ✓ First candidate US + China clinical trial initiation in H2 2025 • In - licensing and out - licensing options Global commercial success Upcoming catalysts Next - generation technology platform Profitable, ~$2.7bn market cap, $1.4bn cash (In US$)
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Financial review & outlook Underpinned by strong financial & strategic fundamentals
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Condensed Consolidated Balance Sheets ( i n US$ millions) Jun 30, Dec 31, 2025 2024 Assets Cash, cash equivalents & short - term investments [1] 1 1,364.5 8 36.1 Accounts receivable 147.0 155.5 Other current assets 69.9 67.0 Property, plant and equipment 94.6 92.5 Investment in an equity investee 2 3.6 77.8 Amount s due from related parties 3 50.7 7.9 Other non - current assets 45.6 37.4 Total assets 1,775.9 1,274.2 Liabilities and shareholders’ equity Accounts payable 43.7 42.5 Other payables, accruals and advance receipts 221.1 256.1 Other current liabilities 5.1 4.5 Deferred revenue 77.6 98.5 Bank borrowings [2] 93.4 82.8 Other non - current liabilities 4 9 3.1 18.0 Total liabilities 534.0 502.4 Company’s shareholders’ equity 1,229.1 759.9 Non - controlling interests (NCI) 12.8 11.9 Total liabilities and shareholders’ equity 1,775.9 1,274.2 5 Str ong cash position - [1] Short - term investments: deposits over 3 months; [2] Bank borrowings of $25.6m under current liabilities and $67.8m under non - current liabilities. As of June 30, 2025 1. Cash r esources • $1,365m cash & ST investments (including proceeds from the divestment of SHPL) 2. Partial divestment of SHPL • D ives tment of 45% equity interest in SHPL, retaining 5%, resulting in gross proceeds of $609m 3. Amounts due from related parties • Increase mainly from dividend receivable of $50m from SHPL 4. Other non - current liabilities • Increase mainly from $77m provision for profit guarantee in relation to the divestment of SHPL To accelerate global ATTC development and explore investment opportunities
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Condensed Consolidated P&L (in US$ millions) H1 2025 H1 2024 Revenue: Oncology Revenue 1 143.5 168.7 Other Ventures 134.2 137.0 Total revenue 277.7 305.7 Operating expenses: Cost of revenue ( 167.6 ) (180.2 ) R&D expenses 2 (72.0 ) (95.3 ) Selling & admin. expenses (41.6 ) (57.8 ) Total operating expenses (281.2 ) (333.3 ) (3.5 ) (27.6 ) Gain on divestment of SHPL 3 477.5 - Other income , net 21.6 22.8 I ncome /(loss) before income taxes & equity investee 495.6 (4.8 ) Income tax expense 3 (63.1 ) (2.9 ) Equity investee, net of tax (SHPL) 23.1 33.8 Net income 455.6 26.1 Less: Net income attributable to NCI (0.6 ) (0.3 ) Net income attributable to HUTCHMED 455.0 25.8 6 H1 2025 Financial Overview [1] For FRUZAQLA®, represents manufacturing revenue , royalties paid by Takeda; for ELUNATE®, represents manufacturing revenue , promotion and marketing services revenue and royalties paid by Eli Lilly, and sales to other third parties invoiced by HUTCHMED; for SULANDA® and TAZVERIK®, represents HUTCHMED’s sales of the products to third parties ; for ORPATHYS®, represents manufacturing revenue and royalties paid by AstraZeneca and sales to other third parties invoiced by HUTCHMED . 1. $144m Oncology Revenue including: • Oncology products revenue [1] $99m (H1 2024: $ 128 m) • Upfront, milestones, R&D services & other $44m (H1 2024: $ 41 m) 2. R&D expense s • Phasing of China clinical programs (NDAs pending review) o China: $64m (H1 2024: $80m) • Ex - China clinical programs substantially closed out and streamlined operating structure o Ex - China: $8m (H1 2024: $15m) 3. Divestment of SHPL • Divested 45% partial stake of SHPL & recognized capital gain tax $ 455 m profits driven by gain on divestment of SHPL
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2025 Oncology Revenue Guidance - Revision 7 ➢ Triggering of milestone income from Partners phased to 2026 & onwards ➢ Sovleplenib China NDA review completion estimated to be delayed after 2025 Revision predominantly due to: Latest 2025 Oncology Revenue Guidance: $270m to $350m (previous: $350m to $450m)
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Commercial delivery Novel oncology products continue to bring growth
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[1] For FRUZAQLA® , ELUNATE®, and ORPATHYS®, mainly represents total sales to third parties as provided by Takeda, Lilly and Ast raZeneca, respectively. They are not necessarily equal to consolidated product revenue booked by HUTCHMED. 9 Savolitinib Tablets (In US$ millions) H1 2025 H1 2024 %Δ ( CER) Oncology Medicines In - market Sales [1] FRUZAQLA ® (fruquintinib) $162.8 $130.5 +25% (+25%) ELUNATE® (fruquintinib) $43.0 $61.0 - 29% ( - 29%) SULANDA® (surufatinib) $12.7 $25.4 - 50% ( - 50%) ORPATHYS® (savolitinib) $15.2 $25.9 - 41% ( - 41%) TAZVERIK® (tazemetostat) $0 .7 $0.5 +49% (+49%) Oncology Products $234.4 $243.3 - 4% ( - 4%) In - market Sales Global in - market sales growth momentum to continue
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290.6 130.5 162.8 2024 H1 2024 H1 2025 Colon cancer is the 3 rd most common cancer and 2 nd leading cause of cancer - related deaths worldwide [1] NICE = National Institute for Health and Clinical Excellence; NHS = National Health Service [1] International Agency for Research on Cancer FRUZAQLA ® : ex - China strong sales & rapid global expansion 10 Proven global strategy delivering outstanding performance • Room to expand reimbursement and market share in 2025 • JP: strong initial launch and reimbursement since Nov 2024, leveraging Takeda’s strong CRC position with VECTIBIX® • Approved or launched in more than 30 countries; Q2 launches include Italy, Korea and Argentina • NICE recommended NHS UK reimbursement in England and Wales • Key drivers include the need for treatment options and ongoing positive feedback from oncologists >30 jurisdictions/ countries launched: +25% CER In - market sales ( in US$ millions)
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115.0 61.0 43.0 2024 H1 2024 H1 2025 CSCO = New treatment guidelines with Chinese Society of Clinical Oncology, CACA = Chinese Anti - Cancer Association, NCCN = N ational Comprehensive Cancer Network ELUNATE® remains market leader in 3L CRC in China 11 Continued to be the leader in 3L CRC market • ~105,000 est. 3L CRC new patients per year in China 2 nd indication EMC approved in China 3 rd indication RCC China NDA acceptance MoM Growing In - market sales (in US$ millions) - 29% CER Jan Feb Mar Apr May Jun Jul EST. ELUNATE® 2025 monthly consumption Inclusion in CSCO, CACA CRC Guidelines, Pan - Asian mCRC Clinical Practice and NCCN Guidelines
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ORPATHYS® (savolitinib) first - in - class MET inhibitor 12 45.5 25.9 15.2 2024 H1 2024 H1 2025 C hina NMPA approval in Jun 2025: 2L NSCLC MET amplification • Eligible for potential NRDL negotiation Full approval for 1L & 2L METex14 NSCLC • NRDL successfully renewed at current terms, starting from 2025 Inclusion in key treatment guidelines • NHC, CSCO, CACA, CMA, CTONG • MET testing now recommended as SOC for late - stage NSCLC Potential NSCLC indications in combination with TAGRISSO® • Bioma r ker specific approach • Partnered with AZ worldwide ELCC = European Lung Cancer Congress; WCLC = W orld Conference on Lung Cancer ; NHC = National Health Commission; CSCO = Chinese Society of Clinical Oncology; CACA = Chinese Anti - Cancer Association; CMA = Chi na Medical Association; CTONG = Chinese Thoracic Oncology Group In - market sales (in US$ millions) - 41% CER
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CSCO = New treatment guidelines with Chinese Society of Clinical Oncology, CACA = Chinese Anti - Cancer Association, GEP = Gastroe nteropancreatic, CMA = China Medical Association [1] IQVIA NET Tracking Study conducted Q3 2024 SULANDA ® (surufatinib) increasing patient access & brand awareness 13 49.0 25.4 12.7 2024 H1 2024 H1 2025 In - market sales (in US$ millions) Increasing brand awareness amongst doctors and improving NET diagnosis drives prescription growth • ~40,000 est. new NET patients per year in China Maintaining market share position • Included in CSCO & CACA NENs Guidelines, China GEP NETs Expert Consensus and CMA NENs Consensus • Ranked the 2 nd brand in NET market since Q3 2022, surpassed Sutent® & Afinitor® (IQVIA [1] ) - 50% CER
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ATTC platform & pipeline updates >10 potential NDAs & sNDAs in the next 3 years Next - generation Antibody - Targeted Therapy Conjugate (ATTC) platform
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MET - amp = MET amplified; MET - oe = MET overexpressed; LPI = last - patient - in * In collaboration with AstraZeneca ^ In collaboration with Ipsen ^^ In collaboration with Lilly HUTCHMED diversified and validated late - stage pipeline Drug Study Target Disease Status Fruquintinib^^ FRUSICA - 1 2L pMMR EMC China conditional approval in Dec 2024 FRUSICA - 2 2L RCC China NDA acceptance in Jun 2025; data readout at ESMO 2025 Savolitinib * SACHI 2L EGFRm MET - amp NSCLC China NMPA approval in Jun 2025 SAVANNAH 2/3L EGFRm MET - amp/ oe NSCLC A high, clinically meaningful and durable ORR SAFFRON 2/3L EGFRm MET - amp/oe NSCLC Enrollment target reached (data readout H1 2026) SANOVO 1L MET - oe NSCLC Fully enrolled in Aug 2025 Registration 3L MET - amp GC Fully enrolled in Apr 2025 (potential NDA in 2025) SAMETA 1L MET - driven PRCC Fully enrolled Surufatinib Phase II/III 1L PDAC Phase II fully enrolled; data readout H2 2025 Tazemetostat ^ Bridging 3L r/r FL China NMPA approval in Mar 2025 SYMPHONY - 1 2L FL Ongoing (HUTCHMED conducts the study in China) Sovleplenib ESLIM - 01 2L ITP Target re - submission will be in first half of 2026 (China NDA acceptance in 2024) ESLIM - 02 2L wAIHA LPI in June 2025 (potential NDA in Q2 2026) Fanregratinib (HMPL - 453) Registration 2L FGFR2 fusion/rearrangement IHCC LPI in F eb 2025 (potential NDA by the end of 2025) Ranosidenib (HMPL - 306) RAPHAEL 2L IDH1/2+ r/r AML FPI in May 2024 15
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NPM1 = Nucleophosmin 1. HUTCHMED e arly - stage pipeline D rug Target Indication Status Rights HMPL - 760 BTK R/R DLBCL Ongoing Global China Phase II HMPL - 506 Menin MLL - rearranged/NPM1 - mutant acute myeloid leukemia Ongoing Global China Phase I ATTC 1 HMPL - A251 PI3K/PIKK, HER2 Solid tumor s P hase I initiation H2 2025: China IND filed & US IND approved Global Pre - clinical ATTC 2 HMPL - A580 Undisclosed Solid tumors P hase I initiation H1 2026: China & US Global Pre - clinical ATTC 3 HMPL - A830 Undisclosed Solid tumors P hase I initiation H2 2026: China & US Global Pre - clinical 16
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Target specific drivers, alleviate chemo - based toxicities, enable combination with frontline chemo - based SOCs HUTCHMED ATTCs design objectives Better Efficacy • Antibody - small molecule inhibitor combo synergy • Overcome resistance • More readily combine with chemo for frontline use vs. toxin - based ADCs Improved Safety • Reduce on - target/off tumor and off - target tox associated with SMI • Less myelo - suppression than ADCs and better QoL • long - term use possible Pharmacokinetics • Oral bioavailability no longer an issue • Lower risk of DDI • Deliver high molecular weight SMIs, such as PPI, PROTAC, etc • Antibody selection for max synergy with small - molecule inhibitors (SMI) • Linker optimization to accommodate the physicochemical properties of SMI • Potency crucial for SMI 17 Antibody - Targeted Therapy Conjugate platform Key considerations and challenges for ATTC
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Traditional Antibody - Drug Conjugates (ADC) HUTCHMED Antibody - Targeted Therapy Conjugates (ATTC) How it works • Cytotoxin payload • Target rapidly dividing cells (mostly cancer cells) • Target proteins required for cancer growth • Synergistic combination effect with antibody • Ability to combine with IO/chemo - based frontline SOC or other target therapy • Overcome chemo resistance • Can be dosed long term Side effects Antibody based toxicities Cytotoxin - related key toxicities [1] • Hematological toxicity • Hepatotoxicity • Gastrointestinal toxicity • Neurotoxicity, ocular toxicity • Interstitial lung disease Antibody based toxicities Targeted therapy (TT) payload based • Low on - target and off - tumor toxicity • Low compound base toxicity such as liver, QT, etc • Non - genotoxic, low myelotox , amenable for long term use Limitation Resistance to chemotherapy, not specific Resistance to target therapy? Predictive biomarker / Sensitive population No/Not clear Patients with genetic drivers do worse Clear Patients with genetic drivers should benefit most [1]. Cancers (Basel). 2023 Feb; 15(3): 713. Traditional ADCs vs. HUTCHMED ATTCs 18 ATTC
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Rationale for a PI3K/PIKK inhibitor conjugated to a HER2 - targeted antibody, HMPL - A251. • Aberrant activation of PI3K - AKT - mTOR pathway (PAM) is associated with poor prognosis and resistance to anti - HER2 therapies [1 - 2] . • Despite the synergistic effects of dual HER2 and PAM inhibition, systemic toxicity associated with PAM inhibitors limits thei r c linical application [ 3] , providing the rationale for developing HMPL - A251. [1]. Berns K et al. Cancer Cell. 2007;12(4):395 - 402. [2]. Nagata Y et al. Cancer Cell. 2004;6(2):117 - 127. [3]. LoRusso PM et a l. J Clin Oncol. 2016;34(31):3803 - 3815. [4]. Oh DY et al. Nat Rev Clin Oncol. 2020;17(1):33 - 48. [5]. Krüger S et al. Int J Cance r. 2002;102(5):514 - 518. [6]. Luo H et al. PLoS One. 2018;13(1):e0191972. [7]. Slamon DJ et al. Science. 1987;235(4785):177 - 182. [8]. Press MF et al. Cancer Res. 1993;53(20):4 960 - 4970. 9. Raghav K et al. JCO Precis Oncol. 2019; 3:1 - 13. Introduction 19 HMA000352 Humanized anti - HER2 IgG1 antibody (trastuzumab biosimilar) 609 payload (PI3K/PIKK inhibitor) DAR: ~4 Cleavable linker • Stable in human and monkey plasma • Cleaved by cathepsin B, a protease highly expressed in cancer cells • Highly potent against PI3K and PIKK kinases • Synergizes with anti - HER2 antibody to improve efficacy • PIKK inhibition provides potential for combination with chemotherapy • Bystander effect to kill antigen negative tumor cells • HER2 overexpression are found in a variety of solid tumors [4] • HER2 overexpression are associated with poor prognosis [5 - 7] , increased risk of disease recurrence [8] , and resistance to anti - cancer treatment [9] ATTC
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Potent cell growth inhibition with good bystander and ADCC effect ADCC = Antibody - dependent cellular cytotoxicity; mAb = monoclonal antibody; hPBMCs = human peripheral blood mononuclear cells HMPL - A251: cell - based anti - tumor activity 20 Kill Antigen 1 - negative cells through bystander effect Anti - tumor activity correlates with A ntigen 1 expression Maintain the ADCC effect of naked mAb ATTC ADCC of Antigen 1 – positive cells with hPBMCs HMPL - A251 Naked mAb Control Concentration (nM) ADCC activity (%) Cell growth inhibition of HMPL - A251 Cell growth inhibition of HMPL - A251
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*:p<0.05, **: p<0.01. iv: intravenous; ip : intraperitoneal; D1: day 1; BIW: twice a week Proof of concept: HMPL - A251 in a tumor model 21 • Robust anti - tumor activity with durable response following a single HMPL - A251 administration • HMPL - A251 showed stronger activity than mAb + SMI (small - molecule inhibitor) combo, suggesting synergy • HMPL - A251 demonstrated improved safety/tolerability than SMI alone ATTC 609 (PI3K/PIKK) 0.5 mg/kg ip BIW T rastuzumab + 609 (PI3K/PIKK)
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Improve efficacy of SoC chemotherapy to move to earlier lines of therapy HMPL - A251: in combination with SoC chemotherapy 22 Combo SoC Chemo in Solid Tumor A ATTC Solid Tumor B
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Preliminary Global Clinical Development Strategy A data driven plan for US and China trials • Single agent dose escalation • RP2D ± MTD • Population: o HER2 + or low o PAM status will be tested retrospectively HER2 positive and PAM ( - ) HER2 low and PAM (+) Dose escalation MTD + RP2D Dose expansion D efine biomarker strategy in various indications Proof of Concept Safety and efficacy 23 HER2 positive and PAM (+) Solid Tumor A HER2 positive and PAM +/ - • Mono therapy: ≥ 2L, inclusive of prior anti - HER2 therapies • A251 + chemo: 1L or 2L Solid Tumor B HER2 positive and PAM +/ - • Mono therapy: ≥ 2L , inclusive of prior chemo and IO therapies • A251 + chemo: 1L Solid Tumor C HER2 positive and PAM +/ - • Mono therapy: ≥ 2L, inclusive of prior chemo and IO therapies • A251 + chemo: 1L Solid Tumor A HER2 low with PAM + • Mono therapy: ≥ 2L, inclusive of prior anti - HER2 therapies ATTC
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PAM pathway may address a huge unmet medical need. [1] Glaviano, A., et al. (2023). PI3K/AKT/mTOR signaling transduction pathway and targeted therapies in cancer. Molecule Canc er. 2023 Aug 18;22:138. doi : 10.1186/s12943 - 023 - 01827 - 6 [2] Gajendra S.,et al (2016). The value of genomics in dissecting the RAS - network and in guiding therapeutics for RAS - driven cancers. Semin Cell Dev Biol. 2016 Jun 20;58:108 – 117. doi : 10.1016/j.semcdb.2016.06.012 [3] Jaeyun J., et al (2023). Clinical Implication of HER2 Aberration in Patients With Metastatic Cancer Using Next - Generation Sequencing: A Pan - Tumor Analysi s. Precision Oncology, Volume 7. doi.org/10.1200/PO.22.00537 [4] Minkyue S., et al (2025). Epidermal Growth Factor Receptor Aberrations Identified by Next - Generation Sequencing in Patients with Metast atic Cancers. Journal of Korean Cancer Association 2025;57(4):932 - 941. DOI: https://doi.org/10.4143/crt.2024.564 [5] Aditya S., et al (2023) ALK fusions in the pan - cancer setting: another tumor - agnostic target? Precision Oncology Volume 7, Article number: 101 (2023) [6] Cancer Today. (2022). Global cancer data visualization tools (GLOBOCAN estimates) [7] Li Y., et al. (2023). Comprehensive characterization of HER2 - low breast cancers: implications in prognosis and treatment. BioMedicine . 2023;91:104571 [8] Celcuity . (2025). Investor Presentation: Detailed Data ESMO, October 20, 2025. Retrieved from https://ir.celcuity.com/wp - content/uploads /2025/10/Celcuity - Investor - Presentation - Detailed - DataESMO10.20.25 - Final.pdf 24 Multiple indications with significant market potential 3% 6% 9% 30% 50% ALK[5] EGFR[4] HER2[3] RAS[2] PAM[1] Major Cancers US/EU/JP/CN Incidence [6] Breast Cancer 1,280,984 Prostate Cancer 941,610 Gastric Cancer 646,560 Ovarian cancer 162,404 Market Potential of PAM+ HER2 - 2L Breast Cancer [8] • ~37,000 patients • US$5 billion 15 - 20% 40 - 50% 35 - 40% HER2-positive HER2-low HER2-negative PAM is the most frequently altered pathway in solid tumors E.g. ALK [5] EGFR [4] HER2 [3] RAS [2] PAM [1] Bigger Market for HER2+/HER2 - low Breast Cancer [7] ATTC
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Antibody - payload tumor signaling synergy; combination with SOC in frontline line intended for all comers. #, Adenocarcinoma ; ##, Squamous cell carcinoma ; [1]. CA Cancer J Clin. 2024 May - Jun;74(3):229 - 263. [2]. Nat Rev Clin Oncol. 2020;17(1):33 - 48. [3]. Annu Rev Med. 2024;75:31 - 48.; [4] Cells 2021, 10, 1206; [5], Cancer Cell. 2017 Apr 10;31(4):501 - 515.e8.; [6], Cancer Res 2017;77(13 Suppl):Abstract nr 42 Antibody selection strategy: delivery of and combination with the payload 25 Lung Breast Colorectum Prostate Stomach Bladder Pancreas Ovary HNSCC ATTC
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7 potential registration studies: 3 global & 4 in China: advancing multiple indications and market opportunities Savolitinib: global and China progress driving future growth 26 H1 2025 achievement G lobal 2/3L TAGRISSO® ref. NSCLC with MET aberration SAVANNAH study: high, clinically meaningful and durable ORR ORR: 56% (investigator); 55% (BICR) China METex14 skipping NSCLC Confirmatory Phase IIIb study: 1L and 2L full approval in 2025 China 2L EGFR TKI ref. NSCLC with MET amplification SACHI study: • China NMPA approval in Jun 2025 • Potential for earlier line treatment • Savolitinib + TAGRISSO® Phase III registration study Global MET - driven Papillary Renal Cell Carcinoma (PRCC) SAMETA study : • Enrollment completed in 2024 • Savolitinib + IMFINZI® vs. SUTENT® vs. IMFINZI® • Phase III registration study Ongoing enrollment G lobal 2/3L TAGRISSO® refractory NSCLC with MET aberration SAFFRON study: Savolitinib + TAGRISSO® Phase III registration study Enrollment target reached in Oct 2025 China 1L EGFRm+ NSCLC with MET overexpression SANOVO study: Savolitinib + TAGRISSO® Phase III registration study China Gastric cancer with MET amplification Potential NDA by end of 2025 Registration cohort FPI Mar 2023 AACR 2023 C hina BTD China BTD Priority Review Sovleplenib S urufatinib Tazemetostat Fruquintinib Savolitinib BTD = Breakthrough Therapy Designation WCLC 2022 ELCC 2024 ELC C 2025 ELCC 2025 ASCO 2025
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• China NMPA approval in June 2025, eligible for potential NRDL negotiation • Demonstrated statistically significant and clinically meaningful improvement ITT = Intend - to - tread; HR = hazard ratio Shun L, et al; Savolitinib combined with osimertinib versus chemotherapy in EGFR - mutant and MET - amplified advanced NSCLC after d isease progression on EGFR tyrosine kinase inhibitor: results from a randomized phase 3 SACHI study; ASCO 2025 SACHI: savolitinib + TAGRISSO® Phase III registration study in China 27 Chemo N=105 Savo + Osi N=106 ORR, % 34 58 DCR, % 67 89 mDoR (m) 3.2 8.4 Tumor Response in ITT: Investigator 4.5 8.2 5.4 9.8 3.0 6.9 Chemo (n=105) Savo+Osi (n=106) Chemo (n=68) Savo+Osi (n=69) Chemo (n=37) Savo+Osi (n=37) P<0.0001 HR: 0.32 P<0.0001 HR: 0.34 P<0.0001 HR: 0.34 PFS: Investigator Prior 1 st /2 nd G EGFR - TKI ITT Prior 3 rd G EGFR - TKI Sovleplenib S urufatinib Tazemetostat Fruquintinib Savolitinib
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ITT = Intend - to - tread; HR = hazard ratio [1] Califano R, Amivantamab plus chemotherapy vs chemotherapy in EGFR - mutant advanced NSCLC after disease progression on osimert inib: Outcomes by osimertinib resistance mechanisms in MARIPOSA - 2, ASCO 2025, Abstract# 8639; DOI: 10.1200/JCO.2025.43.16_suppl. 8639 [2] Passaro A, Amivantamab plus chemotherapy (with or without Lazertinib) vs chemotherapy in EGFR - mutated, advanced NSCLC after progression on osimertinib, ESMO 2023 Abstract #LBA15, DOI: 10.1016/j.annonc.2023.10.117 [3] Shun L, et al; Savolitinib combined with osimertinib versus chemotherapy in EGFR - mutant and MET - amplified advanced NSCLC aft er disease progression on EGFR tyrosine kinase inhibitor: results from a randomized phase 3 SACHI study; ASCO 2025 Comparison of SACHI and MARIPOSA - 2 for patients progressed on 3 rd gen EGFR TKI with MET amplification MARIPOSA - 2 [1][2] Amivantamab+chemo vs chemo ITT: 120 vs 221 SACHI [3] Savolitinib+Osimertinib vs chemo ITT: 106 vs 105 Comments METamp detection ctDNA NGS Tissue FISH HUTCHMED unpublished data: only ~30% FISH positive are ctDNA positive Precision detection – tissue biopsy is needed Post 3 rd gen EGFR TKI with METamp subgroup 12 vs 30 37 vs 37 Administration Multiple injections Chemo toxicities Oral Chemo free mPFS (m) 4.4 vs 3.1 (4.2 for ITT) HR: 0.51 ( p =0.078) 6.9 vs 3.0 HR: 0.32 ( p <0.0001) MET amplification is a poor prognostic factor Evidence of CNS efficacy No data Yes, both from SAVANNAH and SACHI 28 14% ~30%+ Sovleplenib S urufatinib Tazemetostat Fruquintinib Savolitinib
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79(0) 79(0) 77(0) 75(1) 75(1) 73(1) 71(1) 70(1) 65(1) 63(1) 60(1) 58(1) 57(1) 57(1) 56(1) 52(1) 50(1) 50(1) 50(1) 48(2) 42(8) 36(12) 31(16) 26(20) 24(20) 21(23) 16(26) 15(27) 13(28) 10(30) 9(31) 5(34) 3(35) 3(35) 3(35) 3(35) 2(36) 2(36) 1(37) 0(38) 87(0) 86(0) 86(0) 85(0) 85(0) 80(0) 79(0) 78(0) 74(0) 73(0) 71(0) 69(0) 68(0) 66(0) 64(0) 63(0) 61(0) 56(0) 53(0) 51(1) 49(1) 48(1) 47(1) 46(2) 44(2) 44(2) 43(2) 42(2) 41(3) 39(3) 38(3) 34(7) 32(9) 27(14) 24(17) 15(25) 6(34) 2(38) 1(39) 0(40) Previously treated Treatment naïve 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Time (Months) 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 Cohort 2 Cohort 1 Subjects at risk (number censored) Treatment naïve N=87 Previously treated N=79 41 (51.9%) 25.3mo (20.5, 30.5) Treatment naïve Previously treated Treatment naïve 36 - mo OS rate: 44.7% (95%CI: 33.7%, 55.0%) Previously treated 24 - mo OS rate: 51.7% (95%CI: 39.1%, 62.9%) Phase IIIb study (NCT04923945) demonstrated survival benefit in advanced or metastatic NSCLC METex14, particularly in treatment naïve patients YF Yu, et al., Final Overall Survival and Long - term Safety Outcomes of Savolitinib in Patients with Locally Advanced or Metastat ic NSCLC Harboring MET Exon 14 (METex14) Mutation: An Update from a Phase 3b Study. ELCC 2025 FPN:80P Savolitinib: longest OS among all MET inhibitors 29 Sovleplenib S urufatinib Tazemetostat Fruquintinib Savolitinib Kaplan - Meier Plot of Overall Survival Death, n (%) 47 (54.0%) mOS (95%CI) 28.3mo (17.5, – )
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Fruquintinib with sintilimab for 2L EMC and 2L RCC in China, respectively IRC = Independent Review Committee; CPI = checkpoint inhibitor [1] Xiaohua W. et al. Fruquintinib plus Sintilimab in Treated Advanced Endometrial Cancer (EMC) Patients (Pts) with pMMR Stat us: Results From a Multicenter, Single - Arm Phase 2 Study. ASCO 2024 . Abstract5619 Fruquintinib: two new indications in China 30 IRC A ssessment (ASCO 2024) [1] N 87 (efficacy evaluable pts) ORR 35.6% DCR 88.5% mPFS 9.5 months (N=98, cutoff date Nov 15, 2023) Primary endpoint: PFS (BIRC) Secondary endpoints: Tumor response (ORR, DCR, DoR), OS , Safety Conditional approval in Dec 2024 A new treatment for 2L pMMR EMC patients One of new chemo - free combo therapies approved in China over a decade NDA acceptance in Jun 2025 To be presented at ESMO 2025 FRUSICA - 2 trial Phase III study First CPI - TKI combo in 2L RCC in China Sovleplenib S urufatinib Tazemetostat Fruquintinib Savolitinib ✓ PFS improvement: 22.2 vs 6.9 months by BIRC (HR 0.373, p <0.0001) ✓ ORR benefit: 60.5% vs 24.3% by BIRC (Odds Ratio 4.622, p<0.0001)
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China bridging study 2021 - TAZ - 00CH1 • r/r FL 1 - 3a • EZH2 mutation • ≥ 2 prior systemic therapies, including anti - CD20 therapy Taz 800mg BID PO Primary endpoint EHA 2025 ORR (EZH2 MT): • IRC: 63.6% • Investigator: 68.2% Approved 2025 March • Tazemetostat in r/r FL with EZH2m • China is participating global Phase III EZH - 302/SYMPHONY - 1 (NCT04224493) evaluating TAZ+R2 for r/r FL patients Tazemetostat: 3L FL China approval in 2025 31 N=22 IRC = Independent Review Committee J, Cao, et al., A phase 2 study of tazemetostat (TAZ) in Chinese patients (pts) with relapsed or refractory (R/R) follicular lym phoma (FL) harboringenhancer - of - zeste - homolog - 2 mutations (EZH2mut); EHA 2025 PF910 18.2 63.6 90.9 18.2 68.2 95.5 0 20 40 60 80 100 Complete Response Rate Overall Response Rate Clinical Benefit Rate Rate (%) IRC-assessed INV-assessed Sovleplenib S urufatinib Tazemetostat Savolitinib Fruquintinib
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• Significant unmet needs highlight growing demand for effective treatments • The phase II stage was fully enrolled NASCA: surufatinib+ camrelizumab+nab - paclitaxel+S1; AG: nab - paclitaxel+ gemcitabine [1] Pancreatic Cancer Action Network. Accessed June 28, 2024 [2] Sumit S. et al. Current and Future Therapies for Pancreatic Ductal Adenocarcinoma. Cancers (Basel) 2022 May; 14 (10): 2417 [3] 2025 ASCO Abstract # 4161; DOI: 10.1200/JCO.2025.43.16_suppl.4161 S urufatinib for Pancreatic Ductal Adenocarcinoma ( PDAC) 32 Hard to treat Immunologically cold tumor , lacks sufficient mutations for the immune system to recognize tumor - specific antigens Limited treatment efficacy c hemotherapy, surgery, and radiation have not significantly improved patient outcomes; s urgery eligible only in 10 - 20% of patients [2] Low survival rate average five - year survival rate <13% [1] G lobal Market： Incidence 510K [1] China Market ： $800m - $1bn Incidence 100K [1] ORR: 51.1% mPFS: 7.9mo Market size Investigator - initiated trial results in 1L PDAC [3] ORR: 24.4% mPFS: 5.4mo NASCA AG vs. (In US$) Sovleplenib S urufatinib Tazemetostat Savolitinib Fruquintinib
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• Target re - submission will be in first half of 2026, with additional data submitted on a rolling basis during second half of 2026. In the future, will look to continue overseas development [1] Hu, Y. (2024, December 8). Long - Term Sovleplenib Treatment of Adults with Primary Immune Thrombocytopenia in China [Conferen ce presentation]. 2024 ASH Annual Meeting, Abstract #2558 Sovleplenib ESLIM - 01 extension study update 33 • O verall response: 81.0%; durable response: 51.4% ESLIM - 01 at EHA : overall response 70.6%; durable response 48.4% • M edian cumulative duration of platelet count ≥50 × 10 ⁹/L: 38.9 weeks • U se of rescue therapy: 22.9% • Well tolerated, with a safety profile consistent with previous studies and no new safety signals were identified 81.0% 51.4% 59.8% 83.0% 43.4% 64.2% Overall response rate Durable response rate Long-term durable response Response Rates All Sov P-Sov Median Platelet Count During Treatment Note: * the number of patients with platelet counts value at the related visits Long - term treatment was effective in increasing and maintaining platelet count with well tolerated safety A Follow - on, open - label sub - study [1] (Total N=179: 126 initial + 53 P - Sov crossover) Median platelet count was above 60× 10 ⁹/L since week 12 Sovleplenib S urufatinib Tazemetostat Savolitinib Fruquintinib
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• N o disease - targeted therapies approved, despite the unmet medical need that exists for these patients • Sovleplenib achieved an overall response of 66.7% and durable response of 47.6% in wAIHA patients by 24 weeks • Registrational phase III trial completed enrollment Lancet Haematol ogy . 2024 Aug;11(8):e567 - e579 Warm antibody autoimmune hemolytic anemia (wAIHA) ESLIM - 02 Phase II demonstrated encouraging results 34 Efficacy Definition Week 0 - 8 (Double blind) Week 8 - 24 (Open label) Week 0 - 24 (Double blind + Open label) Sovleplenib (n=16) Placebo (n=5) Cross - over from placebo (n=5) All sovleplenib (n=21) Overall response, % (n) Hb ≥100 g/L with an increase of ≥20 g/L from baseline 43.8% (7/16) 0% (0) 60.0% (3/5) 66.7% (14/21) Durable response, % (n) Hb ≥ 100 g/L with an increase of ≥20 g/L from baseline on 3 consecutive visits with at least 7 days interval 18.8% (3/16) 0% (0) 40.0% (2/5) 47.6% (10/21) Sovleplenib S urufatinib Tazemetostat Savolitinib Fruquintinib
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Our strategy Revenue growth & strategic actions on path to self - sustaining
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• Completion of our non - core assets SHPL partial divestment for $608m • Near - term: expecting improved sales growth in H2 2025 o Savolitinib growth driven by: • SACHI approval in China in 2L EGFRm NSCLC with MET amplification, potentially enter NRDL negotiation • Potential International approvals supported by SAFFRON study o Fruquintinib growth driven by: • FRUZAQLA® continue driven by international launches, and reimbursement expansion • New indications expand China sales including EMC and RCC (NDA acceptance by NMPA) • Mid - term: • Leveraging strong cash to acquire products for China commercialization and investment opportunities • ATTC platform enriching global pipeline and BD opportunities • Longer - term: rapidly progressing ATTCs into clinic, and if successful, ensuring robust future growth H1 2025 highlights and outlook for the future 36
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HUTCHMED medium - term & longer - term plan* The path of a self - sustaining business 37 Sustaining Growth • 6 - 7 products in China and 2 - 3 globally • New wave of novel candidates into registration trials • ATTCs proof - of - concept in global clinical trials *Subject to successful clinical development and regulatory approval 2027 2029 2025 Fruquintinib EMC China launch ed Savolitinib 1L Met Exon14+ NSCLC China launched Tazemetostat 3L FL China launch Savolitinib 2L NSCLC C hina launch Fruquintinib 2L RCC C hina launch Fanregratinib I HCC C hina launch Savolitinib 2L NSCLC global launch Sovleplenib wAIHA China launch R anosidenib AML China launch Savolitinib 3L GC C hina launch Tazemetostat 2L FL China launch Surufatinib 1L PDAC China launch HMPL - 760 2L DLBCL China launch AMBITION to mature and grow as a profitable biopharma VISION discovering, developing & bringing new innovative medicines to patients worldwide Accelerating Growth Launch of new products, new indications and in new territories Sovleplenib ITP China launch
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www.hutch - med.com Q&A
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ADS = American depositary share. AIHA = autoimmune hemolytic anemia. ALK = anaplastic lymphoma kinase. ALL = acute Lymphoblastic Leukemia. AML = acute myeloid leukemia. API = active pharmaceutical ingredient. ASCO = American Society of Clinical Oncology. ASCO GI = ASCO (American Society of Clinical Oncology) Gastrointestinal Cancers Symposium. ASH = American Society of Hematology. bsAb = bi - specific antibody. BID = twice daily. BRAF = B - Raf. BSC = best supportive care. BTK = bruton’s tyrosine kinase. CBCL= cutaneous B - cell lymphoma. CER = constant exchange rate. CI = confidence interval. CLL/SLL = chronic lymphocytic leukemia and small lymphocytic lymphoma. CRC = colorectal cancer. CRL = complete response letter. CSF - 1R = colony - stimulating factor 1 receptor. DCO = data cutoff. DDI = drug - drug interactions. DLBCL = diffuse large B - cell lymphoma. dMMR = deficient mismatch. DoR = duration of response. DRR = durable response rate. epNET = extra - pancreatic neuroendocrine tumor. EGFR = epidermal growth factor receptor. EGFRm+ = epidermal growth factor receptor mutated. EMA = European Medicines Agency. EMC = endometrial cancer. Epizyme = Epizyme Inc. ERK = extracellular signal - regulated kinase. ES = epithelioid sarcoma. EU = European Union. EZH2 = enhancer of zeste homolog 2. FISH = fluorescence in situ hybridization. FISH5+ = MET amplification as detected by FISH with MET copy number ≥ 5 and/or MET: CEP signal ratio ≥ 2. FISH10+ = MET amplification as detected by FISH with MET copy number ≥ 10. FDA = Food and Drug Administration. FGFR = fibroblast growth factor receptor. FL = follicular lymphoma. FPI = first patient in. GAAP = Generally Accepted Accounting Principles. GC = gastric cancer. GEJ = gastroesophageal junction. GI = gastrointestinal. HKEX = The Main Board of The Stock Exchange of Hong Kong Limited. HL = Hodgkin’s lymphoma. HR = hazard ratio. Hutchison Sinopharm = Hutchison Whampoa Sinopharm Pharmaceuticals (Shanghai) Company Limited. IDH1/2 = Isocitrate dehydrogenase - 1 OR isocitrate dehydrogenase - 2. In - market sales = total sales to third parties provided by Eli Lilly (ELUNATE®), Takeda (FRUZAQLA®), AstraZeneca (ORPATHYS®) and HUTCHMED (ELUNATE®, SULANDA®, ORPATHYS® and TAZVERIK®). HCPs = healthcare professionals. ICI = immune checkpoint inhibitor. IHC = immunohistochemistry. IHC50+ = MET overexpression as detected by IHC with 3+ in ≥ 50% tumor cells. IHC90+ = MET overexpression as detected by IHC with 3+ in ≥ 90% tumor cells. ILD = interstitial lung disease. iNHL = indolent Non - Hodgkin’s Lymphoma. I/O = Immuno - oncology. IND = Investigational New Drug (application). IR = independent review. IRC = independent review committee. ITP = Immune thrombocytopenia purpura. ITT=I ntent - to - treat. Lilly = Eli Lilly and Company. MAA = Marketing Authorization Application. MAPK pathway = RAS - RAF - MEK - ERK signaling cascade. Mab = monoclonal antibody. MCL = mantle cell lymphoma. MDS/MPN = myelodysplastic/myeloproliferative neoplasms. MET = mesenchymal epithelial transition factor. MRCT = multi - regional clinical trial. MSI - H = high levels of microsatellite instability. MSL: Medical Science Liaison. MSS / pMMR = microsatellite stable / mismatch repair proficient. MZL = marginal zone lymphoma. na = not available. NDA = New Drug Application. NEC = neuroendocrine carcinoma. NETs = neuroendocrine tumors. NHL = Non - Hodgkin’s Lymphoma. NME = new molecular entity. NR = not reached. NRDL = National Reimbursement Drug List. NSCLC = non - small cell lung cancer. ORR = objective response rate. OS = overall survival. QD = once daily. PD = progressive disease. PD - L1 = programmed cell death ligand 1. PFS = progression - free survival. PI3K δ = phosphoinositide 3 - kinase delta. PJP = pneumocystis jirovecii pneumonia. PMDA = Pharmaceuticals and Medical Devices Agency. pNET = pancreatic neuroendocrine tumor. ccRCC = clear cell renal cell carcinoma. PDAC = pancreatic d uctal adenocarcinoma. pMMR = Proficient mismatch repair. PRCC = papillary renal cell carcinoma. PTCL = peripheral T - cell lymphomas. R&D = research and development. ROS - 1 = c - ros oncogene 1. SHPL = Shanghai Hutchison Pharmaceuticals Limited. sNDA = supplemental New Drug Application. SOC = standard of care. Syk = spleen tyrosine kinase. TEAE = treatment emergent adverse events. TNBC = triple negative breast cancer. TGCT = tenosynovial giant cell tumor. TKI = tyrosine kinase inhibitor. TPO - RA = thrombopoietin receptor agonists. Tx = treatment. VEGF = vascular endothelial growth factor. VEGFR = vascular endothelial growth factor receptor. VET = venous thromboembolism. wAIHA = warm antibody autoimmune hemolytic anemia. WM/LPL = Waldenström macroglobulinemia and lymphoplasmacytic lymphoma. WT = wild - type. WCLC = IASLC World Conference on Lung Cancer. References & Abbreviations 39
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A PPENDIX
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>10 programs for seven drug candidates supporting potential near - term NDA filings * In collaboration with AstraZeneca ^ In collaboration with Ipsen ^^ In collaboration with Lilly ** Subject to successful clinical development and regulatory approval MET - amp = MET amplified, MET - oe = MET overexpressed, HMPL - 453 = fanregratinib (FANR), HMPL - 306 = ranosidenib (RANO) HUTCHMED registration/potential registration studies Drug Study Target Disease Region Design (N, arms, endpoint) Status Est. (s)NDA filing if positive** SAVO * SACHI 2L EGFRm MET - amp NSCLC China ~250, combo w/ TAGRISSO® vs. chemo, PFS NDA in China accepted Dec 2024 P riority review status Approved TAZ^ Bridging 3L r/r FL China ~40, 2 arms (EZH2+ or wt ), ORR NDA in China accepted J ul 2024 Priority review status Approved SOVLE ESLIM - 01 2L ITP China ~180, vs. placebo, DRR NDA in China accepted Jan 2024 Priority review status Review ongoing FRUQ ^^ FRUSICA - 2 2L RCC China 234, combo w/ TYVYT® vs. axitinib or everolimus , PFS NDA in China accepted Jun 2025 Review ongoing SAVO * SAVANNAH 2/3L EGFRm MET - amp/ oe NSCLC Global ~360, 1 arm, combo w/ TAGRISSO® , ORR P ositive topline Oct 2024 SAVO * SAFFRON 2/3L EGFRm MET - amp/oe NSCLC Global ~320, combo w/ TAGRISSO® vs. chemo, PFS E nrollment target reached 2026 SAVO * SAMETA 1L MET - driven PRCC Global 140, combo w/ IMFINZI® vs. IMFINZI® or SUTENT®, PFS LPI D ec 2024 2026 SAVO* Registration 3L MET - amp GC China ~60, 1 arm, ORR LPI Apr 2025 2026 FANR (453) Registration 2L FGFR2 fusion/rearrangement IHCC China 87, 1 arm, ORR LPI Feb 2025 2026 SOVLE ESLIM - 02 2L wAIHA China ~110, vs. placebo, Hb response LPI Jun 2025 2026 SAVO * SANOVO 1L MET - oe NSCLC China ~320, combo w/ TAGRISSO® vs. TAGRISSO®, PFS LPI Aug 2025 2027 TAZ^ SYMPHONY - 1 2L FL Global ~568 (China mainland 88), 2 arms, PFS Enrolling 2027 RANO (306) RAPHAEL 2L IDH1/2+ r/r AML China ~320, vs. chemo, OS FPI May’24 2027 FRUQ ^^ FRUSICA - 3 2L pMMR EMC China ~410, vs. chemo, OS FPI Dec’24 2028 SURU Phase II/III 1L PDAC China 62 (Ph II), combo w/ AiRuiKa® + chemo vs. chemo, OS LPI Nov’24 2028 2024 approved trials include FRESCO - 2 (Global 3L+ CRC), FRUSICA - 1 (China 2L pMMR EMC) and savolitinib confirmatory trial (China 1L/2L METex14 NSCLC) 41
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Competitive profile demonstrated in multi - regional clinical trial Note: Illustrative comparison only. No head - to - head studies have been conducted. Study parameters differ. [1] Dasari A, et al. Fruquintinib versus placebo in patients with refractory metastatic colorectal cancer (FRESCO - 2): an international, multicentre , randomised , double - blind, phase 3 study. Lancet . 2023;402(10395):41 - 53. doi:10.1016/S0140 - 6736(23)00772 - 9; [2] Grothey A, et al. Regorafenib monotherapy for previously treated metastatic colorectal cancer (CORRECT): an international, multicentre , randomised , placebo - controlled, phase 3 trial. Lancet . 2013;381(9863):303 - 312. doi:10.1016/S0140 - 6736(12)61900 - X; [3] Mayer RJ, et al. Randomized trial of TAS - 102 for refractory met astatic colorectal cancer. N Engl J Med . 2015;372(20):1909 - 1919. doi:10.1056/NEJMoa1414325; [4] USPI. Fruquintinib 3L CRC: US FDA approved Nov 2023 FRESCO - 2 CORRECT RECOURSE 4.8 7.4 Fruquintinib Placebo Median Overall Survival 5.3 7.1 TAS - 102 Placebo 5.0 6.4 Regorafenib Placebo +2.6 mo. HR = 0.66 +1.4 mo. HR = 0.77 +1.8 mo. HR = 0.68 Δ mOS 1.8 3.7 Fruquintinib Placebo Median Progression Free Survival 1.7 2.0 TAS - 102 Placebo 1.7 1.9 Regorafenib Placebo +1.9 mo. HR = 0.32 +0.2 mo. HR = 0.49 +0.3 mo. HR = 0.48 Δ mPFS Tolerability FRESCO - 2 [1] [4] CORRECT [2] [4] RECOURSE [3] [4] Fruquintinib Placebo Regorafenib Placebo TAS - 102 Placebo Fruquintinib is well tolerated with a safety profile consistent with the previously established monotherapy profile Discontinuation due to AE 20% 21% 17% 12% 4% 2% TEAE Grade ≥ 3 63% 50% 54% 14% 69% 52% Major TEAE Grade ≥ 3 Hypertension 14% 1% 7% 1% n/a n/a Hand - foot syndrome 6% 0% 17% <1% n/a n/a Asthenia / fatigue 8% 4% 15% 9% 7% 9% Other AEs of note • No black box warning • Monitor blood pressure weekly for the first month and at least monthly thereafter as clinically indicated • Blackbox warning on hepatoxicity • Monitor liver function prior to and monthly or more frequently during treatment • Severe myelosuppression • Obtain complete blood counts prior to and on day 15 of each cycle 16.1% 55.5% Fruquintinib Placebo Disease Control Rate 16.3% 44.0% TAS - 102 Placebo 14.9% 41.0% Regorafenib Placebo +39.4% +26.1% +27.7% Δ DCR 42
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Savolitinib:2L EGFRm+ NSCLC with MET aberration market potential 43 [1] American Cancer Society. What is Lung Cancer? Accessed on 28 Aug 2024 [2] Estelamari R, et al. Prevalence of EGFR mutation testing in early - stage lung cancer: Implications of the ADAURA trial for clinical practic e. Jo urnal of Clinical Oncology May 28 2021, volume 39, number 15_suppl [3] Barbara M, et al. Worldwide Prevalence of Epidermal Growth Factor Receptor Mutations in Non - Small Cell Lung Cancer: A Meta - A nalysis. Molecular Diagnosis & Therapy 2022, volume 27, page 7 - 18 [4] WCLC 2022 Abstract # EP08.02 - 140. DOI: 10.1016/j.jtho.2022.07.823; China Market $850m - $1.2bn US Market $750m – $1.1bn NSCLC ~85% of all lung cancer [1] EGFR mutations ➢ ~20% in US [2] ➢ ~50% in Asia [3] MET positive - high 34% of EGFRm NSCLC patients [4] (In US$)
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SAVANNAH MET specific ( 100% post TAGRISSO ® ; Phase II) [1] All comers, not MET specific efficacy data of EGFRm pts MET positive – high: IHC90+ and/or FISH10+ MARIPOSA - 2 [2] (Phase III) ORIENT - 31 [3] [4] (Phase III) HARMONi - A [5] (Phase III) OptiTROP - Lung03 [6] (Phase II) Chemo - free Patient Screening Post Osimertinib nsqNSCLC after EGFR - TKI Post EGFR - TKI Post EGFR - TKI 100% 3rd gen 37% 3rd gen 86% 3rd gen 93% 3rd gen Oral All IV drugs Amivantamab (EGFR/MET) +chemo Sintilimab (PD - 1) + bev +c hemo Ivonescimab (PD - 1/VEGF) +chemo SKB264 ( TROP2 ADC) Primary efficacy population =80 No of EGFRm p ts n=131 n=158 n=322 n =91 ORR ORR PFS (m) 7.4 7.5 PFS (m) 6.3 7.2 7.06 6.9 DoR (m) 7.1 9.9 DoR (m) 6.9 8.5 n/a n/a 53% 48% 51% 45% An oral - only, chemo - free option for MET+ patients whose EGFRm NSCLC progressed on TAGRISSO® Demonstrated a high, clinically meaningful and durable ORR SAVANNAH: 2L EGFRm NSCLC with MET aberration BICR = Blinded Independent Central Review [1] A hn MJ, et al., SAVANNAH: Savolitinib + osimertinib in patients with EGFRm advanced NSCLC and MET overexpression and / or amplification followin g progressive disease on osimertinib ; ELCC 2025 Proffered Paper 2O [2] ESMO 2023 Abstract #LBA15, DOI: 10.1016/j.annonc.2023.10.117 ; [3] The Lancet Respiratory Medicine 2023 , DOI: 10.1016/S2213 - 2600(23)00135 - 2; [4] ESMO 2022 Abstract #LBA58, DOI: 10.1016/j.annonc.2022.08.060 ; [5] JAMA. doi:10.1001/jama.2024.10613 ; [6] ASCO 2025 Abstract #8507, DOI 10.1200/JCO.2025.43.16_suppl.8507. 44 56% 55% Investigator BICR present ed at ELCC 2025
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Large growing market with limited options [1] Kim DS. Recent advances in treatments of adult immune thrombocytopenia. Blood Res 2022; 57: 112 – 19 [2] Mathias SD, Gao SK, Miller KL, et al. Impact of chronic immune thrombocytopenic purpura (ITP) on health - related quality of life: a conceptual model starting with the patient perspective. Health Qual Life Outcomes 2008; 6: 13 [3] IQVIA analysis; [4] Clarivate,; Immune Thrombocytopenic Purpura Niche & Rare Disease Landscape & Forecast. 2018 Apr [5] Prevalence estimated based on Rigel presentation and DelveInsight , only considering China and 7MM markets Sovleplenib: immune thrombocytopenia purpura ( ITP) C hina market: $500m – $700m Limited treatment options • Many patients do not respond or relapse to treatments like glucocorticoids, and TPO/TPO - RA [1] • Fostamatinib, the only FDA approved Syk inhibitor, has a limited durable response rate of 18% Poor quality of life • ITP negatively effects quality of life due to fatigue, activity restrictions and anxiety [2] 256,000 Actively treated patients 41,000 New diagnosed patients 215,000 Follow - up patients 215,000 Lost to follow - up& Potential adult ITP addressable patients [3] 45 G lobal market : incidence 57k [4] Prevalence 520K [5] (In US$)
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Syk Syk Sovleplenib Sovleplenib Adapted from Newland A, et al. Immunotherapy (2018) 10(1), 9 – 25 Phagocytosis / degradation Unmet medical needs to be addressed with next - gen Syk inhibitor Sovleplenib (HMPL - 523) Sovleplenib: a highly selective Syk inhibitor 46 Tackling Root Causes Current treatments target Treg, megakaryocyte and B cells ✓ Long - term efficacy tapers off ✓ All patients become refractory and will run out of options Syk is a validated target for ITP ✓ Syk offers a different mechanism by targeting both B cells & macrophages ✓ Fostamatinib approved in the US, Europe and Japan, moderate efficacy, dose limited by tox
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[1]Definition of durable response: Romiplostim: platelets ≥ 50 x 10 9 /L for any 6 of the last 8 weeks of the 24 - week, without rescue medication Eltrombopag : platelets ≥ 50 x 10 9 /L and ≤ 400 x 10 9 /L for 6 out of the last 8 weeks of the 26 - week treatment period Avatrombopag: proportion of participants with platelet count ≥ 50 × 10 9 /L and < 400 × 10 9 /L in ≥ 75% of weeks after the first platelet response Hetrombopag : p roportion of patients who responded at ≥ 75% of their platelet count assessments throughout 24 - week treatment Rilzabrutinib : platelets ≥ 50 × 10 9 /L on ≥8 of the last 12 weeks, without rescue medication Efgartigimod: platelets ≥ 50 x 10 9 /L on at least 4 of the last 6 scheduled visits between weeks 19 and 24 of treatment without intercurrent events Fostamatinib: same with sovleplenib; platelet ≥50 × 10 ⁹/L on at least 4 of 6 visits during weeks 14 and 24, without rescue therapy Sovleplenib shows high response rate in pre - treated patients 81.0% 43.0% 72.2% 65.0% 84.5% 83.1% 79.0% 14.0% 47.0% 33.0% 22.4% 7.1% 28.0% 0% 20% 40% 60% 80% 100% HMPL-523(Ph1) Fostamatinib Efgartigimod Rilzabrutinib Herombopag Romiplostim Eltrombopag No Placebo Durable response [1] Overall response [2] 51.4% 18.0% 21.8% 23.0% 39.9% 43.8% 49.0% 60.0% 0.0% 2.0% 5.0% 0.0% 0.0% 2.0% 10.0% 0% 20% 40% 60% 80% 100% Sovleplenib(Ph1) Fostamatinib Efgartigimod Rilzabrutinib Hetrombopag Avatrombopag Romiplostim Eltrombopag Efficacy comparison of Sovleplenib vs other development products Sovleplenib Treated Placebo Treated Placebo Sovleplenib 47 [2]Definition of overall response: Romiplostim: either a durable or a transient platelet response; Eltrombopag : a shift from ≤ 30 x 10 9 /L to ≥ 50 x 10 9 /L at any time during the treatment period Rilzabrutinib : achieved platelet counts ≥ 50 x 10 9 /L; Efgartigimod: ≥ 1 platelets count ≥ 50 x 10 9 /L within 24 weeks of treatment Avatrombopag: non - disclosed Hetrombopag : p roportion of patients who responded at least once within 8 weeks Fostamatinib: ≥1 platelet count ≥ 50 × 10 ⁹/L within the first 12 weeks on treatment ; Sovleplenib : ≥ 1 platelet count ≥ 50 × 10 ⁹/L, without rescue therapy ; ASH 2024 Durable response rate for sovleplenib and TPO - RAs were similar, even 75% patients were prior treated with TPO/TPO - RA The efficacy of sovleplenib is better than fostamatinib
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Over target platelet count increased and thromboembolism are potential risks of TPO - RA for ITP. The incidence of thrombosis in ITP treated with avatrombopag is as high as 7% [1] The ITP patient population is relatively young, and once thrombosis occurs, it will have a serious impact on the patient 's quality of life [1] DOPTELET® (avatrombopag) FDA label [2] James Bussel, et al. Am J Hematol . 2018;93:921 – 930. [3] Mei et al. J Hematol Oncol (2021) 14:37. S ovleplenib: No thrombotic events were observed in ESLIM - 01 study TEAE , n ( % ) Sovleplenib ELISM - 01 (n=126) Fostamatinib FIT1 & FIT2 (n=102) [2] Herombopag China pivotal study ( n=339) [3] Eltrombopag China label (n=466) Romiplostim China NDA review (n=653) Avatrombopag US label Platelet count increased over ULN 1(0.8%) Not reported 39 (11.5%) / Reported as normal ADR Not reported Thromboembolic events 0 Not reported 1 case of acute myocardial infarction 1 case of subclavian vein embolism 17 (3.8%) 39 (6.0%) 9 (7%) 48
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N o disease - targeted therapies approved, despite the unmet medical need that exists for these patients [1] Eaton WW, Rose NR, Kalaydjian A, Pedersen MG, Mortensen PB. Epidemiology of autoimmune diseases in Denmark. J Autoimmun . 2007; 29 (1):1 - 9. doi : 10.1016/j.jaut.2007.05.002. [2] Roumier M, Loustau V, Guillaud C, et al. Characteristics and outcome of warm autoimmune hemolytic anemia in adults: new insights based on a single - center experience with 60 patients. Am J Hematol . 2014; 89 (9):E150 - 5. doi : 10.1002/ajh.23767. [3] Hansen D.L., Möller S., Andersen K., Gaist D., Frederiksen H. Increasing Incidence and Prevalence of Acquired Hemolytic Anemias in Denmark, 1980 – 2016. Clin. Epidemiol . 2020;12:497 – 508. doi : 10.2147/CLEP.S250250 [4] Gehrs BC, Friedberg RC. Autoimmune haemolytic anemia . Am J Hematol . 2002; 69:258 – 271. doi : 10.1002/ajh.10062. [5] Cotran Ramzi S, Kumar Vinay, Fausto Nelson, Nelso Fausto, Robbins Stanley L, Abbas Abul K. Robbins and Cotran pathologic basis of disease. St. Louis, Mo: Elsevier Saunders; 2005. p. 637. S ovleplenib: w arm antibody autoimmune hemolytic anemia (wAIHA) 49 AIHA Incidence: 0.8 - 3.0/100,000 [1] AIHA Prevalence: 9.5 - 17/100,000 [2] [3] Death rate: 8% - 11% [5] Global I ncidence 150,000 [2] [4] C hina Incidence 26,000 [2] [4] wAIHA represents 75 - 80% of AIHA case [4]
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HMPL - 306 for IDH1/2 - mutated Acute Myeloid Leukemia ( AML) [1] Lin J et al. І DH1 and І DH2 mutation analysis in Chinese patients with acute myeloid leukemia and myelodysplastic syndrome. Ann Hematol . 2012;91(4):519 - 525. doi:10.1007/s00277 - 011 - 1352 - 7. [2] AbbVie. (2024). Acute myeloid leukemia (AML). AbbVie Science. Retrieved July 1, 2024, from https://www.abbviescience.com/cancer - types/acute - myeloid - leukemia.html [3] Guillermo Bravo et al. The role of IDH mutations in acute myeloid leukemia . Future Oncology 2018 (14) 10: 979 - 993 [4] Mianmian Gu et al. The prevalence, risk factors, and prognostic value of anxiety and depression in refractory or relapsed acute myeloid leukemia patients of North China. Medicine 98(50):p e18196, Dec 2019 50 Initiated RAPHAEL registrational p hase III trial in May 2024 І DH1/2 mutations ~15 - 25% of AML patients [3] Nearly 25% of AML patients fail to achieve remission after treatment [4] No dual inhibitor targeting both ІDH1 and ІDH2 mutants has been approved • One ІDH1 inhibitor in China • Two IDH1 inhibitors and 1 IDH2 inhibitor in the US China Market Incidence 20K [1] $100m - $200m Global Market I ncidence 190k [2] (In US$)
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*Patients with FLT3/RAS mutation were excluded CR = complete remission; CRh = CR with partial hematologic recovery; RP2D = recommended phase 2 dose [1] EHA 2024 #P532 HMPL - 306: CR+CRh rates in patients with IDH1 / IDH2 mutation CR+CRh rates in patients with IDH1 mutation CR+CRh rates in patients with IDH2 mutation 51 50.0 33.3 45.5 26.7 0 10 20 30 40 50 60 RP2D* 150/250mg group* RP2D 150/250mg group CR+CRh rate (%) 62.5 35.7 50.0 30.0 0 20 40 60 80 RP2D* 150/250mg group* RP2D 150/250mg group CR+CRh rate (%) Phase I study [1] OS event, n (%) Median OS (95% CI), month 150/250 mg group 8 (53.3) 13.4 (1.2 - NR) RP2D group 4 (36.4) NR (0.9 - NR) OS event, n (%) Median OS (95% CI), month 150/250 mg group 13 (65.0) 13.1 (2.3 - 16.9) RP2D group 4 (33.3) NR (1.3 - NR)
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Good progress on 11 sustainability goals, including emissions intensity reductions Substantial sustainability delivery in 2024 52 1. Improved Scope 3 data accuracy 13% of Scope 3 data from activity - based calculations 2. Reduced intensity of emissions and energy 3. Commitment on social contributions 4. Published Biodiversity Policy 5. Verified ESG disclosures referencing latest standards and guidelines ▪ SASB , ISSB , GRI, TCFD standards ▪ HKEX, NASDAQ, LSE ESG guidelines/requirements 55 % carbon emission intensity 2024 vs 2020 44% energy intensity 2024 vs 2020 1.4% business air travel emissions 2024 vs 2023 Full Access to Medicines Three medicines included in NRDL ELUNATE® / FRUZAQLA® eligible for reimbursement in Canada, Hong Kong, Japan and Spain (at year end 2024) 6. Steady improvements in ESG Ratings Highly b alanced workforce 54% female overall Management 56% female Ratings Current ratings MSCI ESG A S&P Global ESG 53 93 rd percentile 2025 Yearbook Sustainalytics 27.3 Medium Risk ISS ESG C+ Prime HSI / HKQAA A - Top 130 of ~900 CDP Climate: C Water Security: C Supplier Engagement : B - (first year) Sustainability Yearbook . China Member .
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H1 2025 in - market sales and consolidated revenue (Unaudited, $ in USD millions) In-market Sales* Consolidated Revenue** H1 2025 H1 2024 %Δ (CER) H1 2025 H1 2024 %Δ (CER) FRUZAQLA® $162.8 $130.5 +25%(+25%) $43.1 $42.8 +1%(+1%) ELUNATE® $43.0 $61.0 -29%(-29%) $33.6 $46.0 -27%(-27%) SULANDA® $12.7 $25.4 -50%(-50%) $12.7 $25.4 -50%(-50%) ORPATHYS® $15.2 $25.9 -41%(-41%) $9.0 $13.1 -32%(-32%) TAZVERIK® $0.7 $0.5 +49%(+49%) $0.7 $0.5 +49%(+49%) Oncology Products $234.4 $243.3 -4% (-4%) $99.1 $127.8 -22% (-22%) Takeda upfront, regulatory milestones and R&D services $29.5 $33.8 -13%(-13%) Other revenue (R&D services and licensing) $14.9 $7.1 +111%(+111%) Total Oncology/Immunology $143.5 $168.7 -15% (-15%) Other Ventures $134.2 $137.0 -2%(-1%) Total Revenue $277.7 $305.7 -9% (-9%) 53