Orient Securities forecasts HUTCHMED's (00013) 2025-2027 revenue at $600 million, $706 million, and $797 million respectively. Based on comparable companies, the firm assigns a 2026 P/S multiple of 5.29x, deriving a target price of HK$33.29 (exchange rate ~7.78), reiterating its "Buy" rating.

The company recently held an R&D Day, showcasing advancements in cancer and immune disease treatments, including its novel ATTC (next-gen antibody-targeted drug conjugate) platform and pipeline. Key insights follow:

**ATTC Platform Ushers in New Wave of Innovative Drugs** The proprietary ATTC platform represents a breakthrough therapy that links monoclonal antibodies with targeted small-molecule inhibitor payloads, achieving superior synergistic effects. Unlike traditional ADC platforms, ATTC-based drugs demonstrate enhanced efficacy while minimizing off-target toxicity, balancing potency and safety.

**Lead Candidate Demonstrates Broad Anti-Tumor Activity** HMPL-A251, the first ATTC candidate, conjugates a PI3K/PIKK inhibitor payload with a HER2 antibody, simultaneously targeting HER2 and PI3K pathways for synergistic anti-tumor action. Preclinical data show robust activity in both HER2-positive and HER2-low tumor models. Compared to trastuzumab deruxtecan (the leading HER2 ADC), HMPL-A251 achieved comparable or superior efficacy at equivalent doses in most test models. Clinical development is expected to commence by year-end, evaluating potential across HER2/PAM-altered tumors, with future plans to explore frontline combination therapies with chemotherapy.

**Core Pipeline Progress: Savolitinib Global Phase III Data Imminent** HUTCHMED recently completed enrollment for the global Phase III SAFFRON study evaluating savolitinib-osimertinib combo therapy in second-line EGFR-mutated NSCLC. Top-line data are anticipated in H1 2025, with subsequent FDA submission expected to drive global commercialization.