Hutchmed China Ltd on Wednesday hailed results of a clinical trial evaluating its kidney cancer treatment in China, while it reported an annual revenue dive.

The Hong Kong-based biopharmaceutical firm said it swung to a pretax loss of $1.1 million in 2024, from a profit of $58.3 million in 2023.

Revenue fell 25% to $630.2 million in 2024 from $838.0 million in 2023. Operating costs decreased 18% to $673.9 million from $819.6 million.

Meanwhile, the company celebrated that its and China-based Innovent Biologics Inc’s phase 2/3 clinical trial evaluating fruquintinib in combination with sintilimab as second-line treatment for locally advanced or metastatic renal cell carcinoma, RCC, in China has met its primary endpoint of progression free survival, as assessed by blinded independent central review.

Renal cell carcinoma is the most common type of kidney cancer.

Hutchmed Chief Medical Officer Michael Shi said: ‘The encouraging results from our study provide clear evidence for the combination of fruquintinib and sintilimab as a viable new treatment option for advanced renal cell carcinoma patients who have progressed on previous therapy. This not only reaffirms our commitment to advancing cancer therapies but also represents an important step forward in addressing unmet medical needs within this patient population.’

Hutchmed shares rose 6.1% to 244.00 pence each on Wednesday afternoon in London, giving it a market capitalisation of £2.17 billion. Shares in Innovent Biologics closed 2.2% higher at HK$41.70 each in Hong Kong, for a market cap of HK$68.33 billion, around £6.78 billion.

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