HutchMED (China) LIMITED income statement HMDCF

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, HutchMED (China) LIMITED reported revenue of $548.5 million, down 13.0% from the year before. Net income was $456.9 million, a profit margin of 83.3%. The operating loss came to $39.2 million, an operating margin of -7.1%. Diluted earnings per share were $0.52. Across the 10 fiscal years shown, revenue grew from $216.1 million in fiscal 2016 to $548.5 million in fiscal 2025, about 10.9% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	549 -13.0%	630 -24.8%	838 +96.5%	426 +19.7%	356 +56.2%	228 +11.3%	205 -4.3%	214 -11.2%	241 +11.6%	216
Cost of revenue	336 -3.6%	349	—	—	—	—	—	—	170 +13.8%	149
Gross profit	212 -24.6%	281	—	—	—	—	—	—	71 +6.7%	67
Research and development	148 -30.1%	212 -29.8%	302 -21.9%	387 +29.4%	299 +71.1%	175 +26.5%	138 +21.0%	114 +51.2%	76 +12.9%	67
Selling, general and administrative	103 -8.8%	113 -15.2%	133 -2.2%	136 +7.1%	127 +107.2%	61 +15.9%	53 +8.8%	49 +12.4%	43 +9.3%	40
Operating expenses	251 -22.7%	325	—	—	—	—	—	—	—	—
Operating income	-39 +10.4%	-44 -337.9%	18 +104.5%	-408 -24.2%	-328 -66.9%	-197 -34.3%	-146 -58.0%	-93 -73.4%	-53 -14.4%	-47
Pretax income	499 +45148.9%	-1 -101.9%	58 +114.2%	-410 -90.2%	-216 -13.7%	-190 -34.5%	-141 -62.8%	-87 -61.9%	-54 -13.1%	-47
Equity in earnings of affiliates	23 -51.3%	46 -1.7%	47 -4.9%	50 -17.9%	61 -23.3%	79 +94.2%	41 +110.5%	19 -42.6%	34 -49.2%	66
Income tax	64 +784.5%	7 +59.5%	5 +1693.3%	-0 -102.4%	12 +146.8%	5 +47.5%	3 -17.4%	4 +28.7%	3 -28.9%	4
Net income	457 +1111.0%	38 -62.6%	101 +127.9%	-361 -85.4%	-195 -54.8%	-126 -18.6%	-106 -41.7%	-75 -179.8%	-27 -328.6%	12
Basic EPS	0.53 +1225.0%	0.04 -66.7%	0.12 +127.9%	-0.43 -72.0%	-0.25 -38.9%	-0.18 -12.5%	-0.16 -45.5%	-0.11 -175.0%	-0.04 -120.0%	0.20
Diluted EPS	0.52 +1200.0%	0.04 -66.7%	0.12 +127.9%	-0.43 -72.0%	-0.25	—	—	-1.13 -162.8%	-0.43 -315.0%	0.20
Weighted average shares, basic	858 +0.3%	855 +0.7%	850 +0.3%	847 +6.9%	793 +13.6%	698 +4.8%	666 +0.2%	664 +7.6%	617 +933.5%	60
Weighted average shares, diluted	873 +0.0%	873 +0.4%	869 +2.6%	847 +6.9%	793	—	—	66 +7.6%	62 +2.9%	60
Other measures
Depreciation and amortization	13 +7.8%	12 +50.4%	8 -5.3%	9 +20.5%	7 +18.6%	6 +22.6%	5 +37.7%	4 +39.3%	3 +10.1%	2
EBITDA	-26 +17.6%	-31 -218.0%	27 +106.7%	-399 -24.3%	-321 -68.5%	-191 -34.8%	-141 -58.8%	-89 -75.2%	-51 -14.6%	-44
Interest coverage	-13.67x	-15.22x	—	—	—	—	—	—	—	—
Margins
Gross margin	38.68%	44.64%	—	—	—	—	—	—	29.62%	30.98%
Operating margin	-7.14%	-6.94%	2.19%	-95.61%	-92.19%	-86.27%	-71.45%	-43.27%	-22.15%	-21.61%
Pretax margin	90.92%	-0.18%	6.96%	-96.25%	-60.58%	-83.23%	-68.87%	-40.47%	-22.20%	-21.92%
Profit margin	83.30%	5.99%	12.03%	-84.62%	-54.66%	-55.15%	-51.75%	-34.94%	-11.08%	5.41%
EBITDA margin	-4.71%	-4.98%	3.17%	-93.58%	-90.17%	-83.61%	-69.03%	-41.59%	-21.08%	-20.53%
Effective tax rate	12.76%	—	7.73%	—	—	—	—	—	—	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Pharmaceutical Preparations (SIC 2834)
Listed as: HCM (Nasdaq), HMDCF (OTC)
Incorporated in: Cayman Islands
Headquarters: Hong Kong
SEC filer status: Large accelerated filer
SEC CIK: 1648257
Former names: Hutchison China MediTech Ltd (until Apr 29, 2021)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.