Trinity Delta view: The positive 2026 outlook with Oncology/Immunology revenue guidance of $330m-$450m is supported by the recovery in China growth momentum, ongoing geographic expansion of Fruzaqla ex-US, and potential partnering opportunities. Continued commercial and R&D execution is key to ensuring sustainable profitability. Medium-term growth prospects should be boosted by potential approval of second global product, savolitinib, assuming positive pivotal data read outs in H226, and M&A and/or in-licensing. Business development, particularly with respect to the ATTC platform, would drive longer-term growth. Large pharma interest in ATTCs, if converted into deal(s) would give external validation and expedite development in a broad range of solid tumours with sizeable market potential. Our most recent HUTCHMED valuation was $5.80bn/£4.54bn/ HK$45.27bn, or $33.27/ADS and 520p/HK$51.90 per share.
