Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 380

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 380
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 in several E.U. countries, the United Kingdom and Switzerland during 2024.
The ATTC facility has commenced production of GMP-grade materials tailored for IND applications and clinical supply. For future ATTC production, we may consider further expansion of our facilities and/or external collaboration to scale up our biologics capacity.
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Other Ventures
Our Other Ventures include drug marketing and distribution platforms covering about 290 cities and towns in China, primarily focusing on prescription drugs through joint ventures. In December 2024, we entered into agreements to dispose of a 45% equity interest in Shanghai Hutchison Pharmaceuticals to focus on our global innovative drug discovery and development businesses. 
In 2024, our Other Ventures’ consolidated revenue decreased 14% to $266.8 million (2023: $309.4m). Consolidated net income attributable to HUTCHMED from our Other Ventures decreased by 5% to $47.7 million (2023: $50.3m) due to disposal of interests in consumer products business in December 2023, lower COVID-related prescription drug distribution sales and fluctuation in net income contributed from Shanghai Hutchison Pharmaceuticals.
Distribution Business (a 51%-held joint venture with Sinopharm): Revenue from the provision of services to third-party pharmaceutical companies in China decreased by 11% to $262.8 million (2023: $295.4m), primarily as a result of lower COVID-related prescription drug distribution sales in 2024. This excluded commercial services provided for our own products.
Shanghai Hutchison Pharmaceuticals (a non-consolidated joint venture with Shanghai Pharmaceuticals): Sales of this own-brand prescription drugs business increased by 2% to $393.5 million (2023: $385.5m) as volume growth offset price reduction in preparation for potential national implementation of volume-based procurement. Our share of equity in earnings of equity investee slightly decreased by 2% to $46.5 million (2023: $47.4m) mainly due to an increase in clinical trial investment for new products. Shanghai Hutchison Pharmaceuticals’ main product is MUSKARDIA® (also known as She Xiang Bao Xin or SXBX pill), an oral vasodilator prescription therapy for coronary artery disease and the largest botanical prescription drug in this indication in China. Sales increased by 4% to $362.3 million in 2024 (2023: $348.6m). MUSKARDIA® is fully reimbursed in all of China