Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 275

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 1
Chunk 275
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 Other Ventures, which primarily manufacture, market and distribute prescription drugs and healthcare products in China. Net income attributable to our company generated from our Other Ventures operations was $54.6 million, $50.3 million and $47.7 million for the years ended December 31, 2022, 2023 and 2024, respectively. In addition to helping fund our Oncology/Immunology operations, we utilize the know-how from our Other Ventures to support the commercialization of our internally developed Oncology/Immunology products in China.

Our consolidated revenue was $426.4 million, $838.0 million and $630.2 million for the years ended December 31, 2022, 2023 and 2024, respectively. Net loss attributable to our company was $360.8 million for the years ended December 31, 2022 and net income attributable to our company was $100.8 million and $37.7 million for the years ended December 31, 2023 and 2024, respectively.

Table of Contents

We continue to deliver on our strategy to create value, prioritize our portfolio and bring innovative medicines to patients globally. To focus on our core business of discovering, developing and commercializing novel therapies for the treatment of cancers and immunological diseases including the advancement of next-generation ATTC programs, we have been exploring opportunities to monetize the underlying value of our joint venture. In December 2024, we entered into sale and purchase agreements (“ SPA”) to sell aggregate 45% equity interest in our joint venture out of our current 50% equity interest. For more information on the transactions, see “ Key Components of Results of Operations - Equity in Earnings of Equity Investees.”

Basis of Presentation

Our consolidated statements of operations data presented herein for the years ended December 31, 2024, 2023 and 2022 and our consolidated balance sheet data presented herein as of December 31, 2024 and 2023 have been derived from our audited consolidated financial statements, which were prepared in accordance with US GAAP, and should be read in conjunction with those statements which are included elsewhere in this annual report.

We have two strategic operations, Oncology/Immunology and Other Ventures, that offer different products and services. Our Shanghai Hutchison Pharmaceuticals joint venture under our Other Ventures operations is accounted for under the equity accounting method as non-consolidated entity in our consolidated financial statements, and the consolidated financial statements of Shanghai Hutchison Pharmaceuticals were