External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales outside China.</li><li>The consolidated revenue from oncology/immunology including R&amp;D services and Takeda collaboration revenue, reached US$169mn in 1H24, representing 48% of the midpoint of the FY24 guidance range of US$300-400mn.</li><li>In 2Q24, fruquintinib recorded strong sales in the US market, +53% QoQ to JPY11.9bn (or c. US$80mn), up from JPY7.8bn (or c. US$52mn) in 1Q24. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales outside China.The consolidated revenue from oncology/immunology including R&amp;D services and Takeda collaboration revenue, reached US$169mn in 1H24, representing 48% of the midpoint of the FY24 guidance range of US$300-400mn.In 2Q24, fruquintinib recorded strong sales in the US market, +53% QoQ to JPY11.9bn (or c. US$80mn), up from JPY7.8bn (or c. US$52mn) in 1Q24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hutchmed (13 HK) - Fruquintinib’s Overseas Sales Beat

<ul><li>Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in FY22), close to the upper limit of its US$450-550mn guidance.</li><li>The in-market product sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of fruquintinib in China increased 15% YoY (22% at CER) to US$108mn, maintaining leadership in patient share (47%) in 3L CRC.</li><li>Fruquintinib recorded US$15mn in sales in the overseas market in 2023 since the launch in Nov. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23 (vs US$164mn in FY22), close to the upper limit of its US$450-550mn guidance.The in-market product sales increased 28% YoY (35% at CER) to US$214mn in FY23, among which sales of fruquintinib in China increased 15% YoY (22% at CER) to US$108mn, maintaining leadership in patient share (47%) in 3L CRC.Fruquintinib recorded US$15mn in sales in the overseas market in 2023 since the launch in Nov. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hutchmed (13 HK) – A Fruitful 2024 on the Way

Thematic (Sector/Industry)

<ul><li>Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.</li><li>SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.</li><li>SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kelun-Biotech: Promising Ph2 results of SKB264+A167 in 1L NSCLC.SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189 and 9.7 months mPFS of tislelizumab+chemo in RATIONALE304.SKB264’s Ph3 dose of Q2W could deliver even better efficacy, in our view. SKB264+A167 also showed strong potential in PD-L1 negative NSCLC. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

<ul><li>A landmark step of globalization with fruquintinib’s FDA approval.</li><li>HCM’s partner Takeda received FDA approval for fruquintinib for the treatment of mCRC patients who were previously treated with chemo therapy, an anti-VEGF therapy, and, if RAS wild-type, an anti-EGFR therapy.</li><li>The approval was received under Priority Review more 20 days ahead of the scheduled PDUFA date of 30th Nov. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

A landmark step of globalization with fruquintinib’s FDA approval.HCM’s partner Takeda received FDA approval for fruquintinib for the treatment of mCRC patients who were previously treated with chemo therapy, an anti-VEGF therapy, and, if RAS wild-type, an anti-EGFR therapy.The approval was received under Priority Review more 20 days ahead of the scheduled PDUFA date of 30th Nov. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hutchmed (13 HK) – Big Milestone Achieved with Fruquintinib Successfully Approved by US FDA

<ul><li>HCM’s consolidated revenues from oncology/immunology increased 294% YoY to US$359mn in 1H23, mainly driven by the US$259mn income recognition related to the total US$400mn upfront payment received from Takeda.</li><li>The in-market product sales increased 16% YoY (25% at CER) to US$101mn in 1H23, among which sales of fruquintinib increased 12% YoY (20% at CER) to US$56mn, maintaining leadership in patient share (47%) in 3L CRC in China.</li><li>Surufatinib’s in-market sales in 1H23 increased 66% YoY (79% at CER) to US$23mn, driven by increase in DoT and additional hospital listings. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCM’s consolidated revenues from oncology/immunology increased 294% YoY to US$359mn in 1H23, mainly driven by the US$259mn income recognition related to the total US$400mn upfront payment received from Takeda.The in-market product sales increased 16% YoY (25% at CER) to US$101mn in 1H23, among which sales of fruquintinib increased 12% YoY (20% at CER) to US$56mn, maintaining leadership in patient share (47%) in 3L CRC in China.Surufatinib’s in-market sales in 1H23 increased 66% YoY (79% at CER) to US$23mn, driven by increase in DoT and additional hospital listings. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hutchmed (13 HK) – Eyes on the FDA Approval of Fruquintinib in Nov

Hong Kong

HUTCHMED (China) Limited develops, manufactures, and sells pharmaceutical products. The Company offers drugs for oncology and autoimmune diseases treatment. HUTCHMED (China) markets its products worldwide.

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Hutchmed China Ltd (13 HK)

Hutchmed (13 HK) - Fruquintinib’s Overseas Sales Beat

HCM’s oncology/immunology product revenue reached US$128mn in 1H24 (+59.6% YoY), including US$43mn revenue recognised from fruquintinib’s sales...

CMB International

Hutchmed (13 HK) – A Fruitful 2024 on the Way

Including US$312mn upfront and milestone payments from Takeda, HCM’s consolidated revenues from oncology/immunology reached US$529mn in FY23

CMB International

Healthcare - Chinese Biopharma Releasing Promising Data at ASCO

SKB264 (Q3W)+A167 (PD-L1)’s 15.4 months of mPFS in 1L NSCLC was much better than the SoC – 9.0 months mPFS of Keytruda+chemo in KEYNOTE189

CMB International

Hutchmed (13 HK) – Big Milestone Achieved with Fruquintinib Successfully Approved by US FDA

The approval was based on the Ph3 MRCT FRESCO-2 (18% patients enrolled from the US) as well as the China FRESCO trial, implying the recognition of...

CMB International

Hutchmed (13 HK) – Eyes on the FDA Approval of Fruquintinib in Nov

HCM’s consolidated revenues from oncology/immunology increased 294% YoY to US$359mn in 1H23, mainly driven by the US$259mn income recognition

CMB International

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