Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 296

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 1
Chunk 296
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 2024 from $79.8 million for the year ended December 31, 2023. This was primarily due to a $11.1 million decrease in administrative expenses incurred by Oncology/Immunology, primarily contributed by further reorganization of our U. S. Oncology/Immunology operations in 2024. Administrative expenses as a percentage of our revenue increased to 10.2% from 9.5% across these periods, primarily due to lower revenue from upfront and milestones.

Other Income/(Expense)

Our net other income increased by 6.7% to $42.6 million for the year ended December 31, 2024 from $39.9 million for the year ended December 31, 2023, primarily due to increase in interest income.

Income Tax (Expense)/Benefit

Our income tax expense increased by 59.5% to $7.2 million for the year ended December 31, 2024 from $4.5 million for the year ended December 31, 2023, primarily due to an increase in provision of valuation allowance for deferred tax assets on tax losses resulting from further reorganization of our U. S. Oncology/Immunology operations.

Equity in Earnings of Equity Investees

Our equity in earnings of equity investees, net of tax, slightly decreased by 1.7% to $46.5 million for the year ended December 31, 2024 from $47.3 million for the year ended December 31, 2023, primarily due to negative exchange impact of RMB against U. S. dollar in Shanghai Hutchison Pharmaceuticals for the year ended December 31, 2024.

Table of Contents

Shanghai Hutchison Pharmaceuticals

The following table shows a summary of the results of operations of Shanghai Hutchison Pharmaceuticals for the years indicated. The consolidated financial statements of Shanghai Hutchison Pharmaceuticals are prepared in accordance with IFRS as issued by the IASB and are presented separately elsewhere in this annual report.

                                                                             Year Ended December 31,                                         
                                                                                                2024                       2023              
                                                                                           ($ ’ 000)           %      ($ ’ 000)           %  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                                                                                    393,525       100.0        385,483       100.0  
  Cost of sales                                                                            (107,001)      (27.2)