CLSA has adjusted its forecasts for HUTCHMED (00013), lowering its sales projections for this year and next by 21% and 16%, respectively. Net profit estimates for the same periods were reduced by 50% and 27%. The firm's target price was cut from HK$31.40 to HK$30.40, while its "Outperform" rating was maintained. HUTCHMED's 2025 results were mixed, with sales falling short of expectations due to commercial headwinds, although net profit exceeded forecasts. The report indicated that 2026 oncology business guidance suggests a commercial recovery is on the horizon, with the new ATTC pipeline expected to be a key growth driver in the coming years.