WuXi Biologics Reports Solid 2025 Interim Results
- Revenue increased by 16.1% YoY to
RMB 9,953.2 million ; revenue growth from continuing operations was 20.2% - IFRS Gross profit margin expanded by 3.6% YoY to 42.7%
- EBITDA grew 50.5% YoY and IFRS net profit increased 54.8% YoY
- Adjusted EBITDA grew 20.6% YoY and adjusted net profit increased 11.6% YoY
- FY25 group revenue growth target raised to 14% – 16%
- A first-half record of 86 new integrated projects added, including 2 in late-stage
- Total integrated projects reached 864, one of the largest portfolios of complex biologics
- Late-stage and CMO revenue rose 24.9% YoY; 25 PPQs scheduled for 2025
- Total backlog increased to
US$20.34 billion ; backlog within 3 years increased toUS$4.21 billion - Optimized global operations and enhanced capacities to support sustainable growth
Financial Highlights
Revenue: The Group's revenue for the Reporting Period increased by 16.1% YoY to
Gross Profit and Gross Profit Margin: IFRS gross profit increased 27.0% YoY to
EBITDA and EBITDA Margin: EBITDA grew 50.5% to
Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 54.8% YoY to
Adjusted Net Profit: Adjusted Net Profit for the period increased 11.6% YoY to
Basic Earnings Per Share (EPS): Basic EPS rose 56.8% from
Business Highlights
- Integrated Project Wins
The Group added 86 integrated projects in the first half of 2025, bringing the total to 864. Over half of these new projects were originated from
Of the 86 new projects, 9 were post-IND wins under the Group's "Win-the-Molecule" strategy, including 2 in late-stage. Most of these involve complex modalities such as bi- and multi-specific antibodies, and ADCs.
- Research
Building on its industry-leading technology platforms and growing global recognition, the Group's Research business maintained strong momentum in the first half of 2025. Ongoing partnerships with global innovators continued to advance discovery programs across bi- and multi-specific TCEs and ADCs. These collaborations reflect strong client trust and further expand the Group's biologics pipeline. Notably, a molecule developed for GSK recently entered clinical trials, becoming the fourth WuXi Biologics–originated TCE to reach the clinic stage. To date, the Group's Research Services has enabled 50+ programs that are potentially eligible for future milestone payments and sales royalties, unlocking significant upside for the Group's long-term profitable growth.
- Development
The Group added a first-half record of 86 new integrated development projects in the first half of 2025, further expanding one of the industry's largest portfolios of complex biologics. Bi- & multi-specifics, along with ADCs, accounted for over 70% of new signs, expanding our portfolio to 168 bi- & multispecifics, 225 ADCs, 80 fusion proteins, 25 vaccines and 326 mAbs - highlighting the Group's strong execution and leadership in next-generation modalities.
During the Reporting Period, the Group's pre-IND revenue rose 35.2% YoY, driven by revenue conversion of wins across Research services and pre-IND development. Supported by the Group's proprietary cell line development platform WuXiaTM, over 600 projects with potential cell line royalty are expected by the end of 2025. Amid continued momentum in innovative drug out-licensing from
During the Reporting Period, the Group launched WuXiHigh™2.0, its next-generation high-throughput formulation platform for high concentration biologics. By leveraging proprietary excipient blends and formulation expertise, the platform enables protein concentrations of up to 230 mg/mL and reduces viscosity by up to 90% - while preserving stability and injectability. This innovative platform reflects the Group's ongoing commitment to technological advancement and empowers clients to accelerate development and enhance patient delivery.
- Manufacturing
As of
-
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Ireland : MFG6.2 successfully released three 1,000L single-use bioreactor systems, increasing total perfusion capacity from 3,000L to 6,000L. The first engineering and PPQ runs were both successfully completed during the Reporting Period. Meanwhile, MFG7 completed its second 12,000L PPQ run. In addition, MFG6 recently received its first EMA approval as a commercial manufacturing site for a global client's innovative biologic, underscoring the consistency and strength ofWuXi Biologics' quality systems. To date, theIreland site has maintained a 100% success rate for all PPQ runs. -
Singapore : Construction has begun on a new modular drug product (DP) facility, while design work is underway for a planned drug substance (DS) modular facility within the CRDMO hub. Additionally, mechanical completion was achieved at the XDC manufacturing site. Operations are expected to commence by the end of 2025, with GMP manufacturing to follow in early 2026. The Group is making solid strides according to the planned schedule to establishSingapore as another strategic hub for our global biologicsResearch, Development and Manufacturing services. -
U.S: Construction at MFG11 (Worcester, MA ) is advancing, with the facility designed to house six 6,000L single-use bioreactors connected to a single downstream line, enabling high-throughput processing and advanced automation. Once operational, MFG11 will be seamlessly integrated with MFG18 (Cranbury, NJ ), and theBoston Research Service Center , enhancing the Group's ability to deliver end-to-end services acrossResearch, Development, and Manufacturing in theU.S. This build-out further strengthens the Group's global footprint and reinforces its commitment to serving clients closer to key innovation and commercial markets. -
Chengdu, China : Construction began on a new microbial manufacturing facility, featuring a 15,000L fermenter and scalable capacity up to 60,000L. The site will utilize the recently launched EffiX™ microbial expression platform to deliver high-yield, consistent, and scalable production of biologics. -
Hangzhou, China : The first commercial PPQ campaign was completed at the 15,000L line in MFG20 -Asia's first 5,000L drug substance scale-out line using single-use bioreactors (SUBs). This achievement underscores the Group's advanced capabilities in leveraging single-use systems for large-scale commercial manufacturing.
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- Asset Optimization
During the Reporting Period, the Group executed two strategic transactions aimed at optimizing global operations and improving asset efficiency. The asset transfer of WuXi Vaccines' facility in Dundalk,
- Backlog
As of
- Quality
The Group remains steadfast in its commitment to quality, ensuring the protection of client and partner interests through a globally recognized quality management system. Since 2017, the Group has successfully completed 44 regulatory inspections by major national authorities — including 22 by the
- Talents
As of
- WBS (WuXi Biologics Business System)
Introduced in 2021 and implemented across all business units and functions, WBS continues to drive operational excellence by improving efficiency, enhancing quality, and reducing costs - delivering greater value to clients.
During the Reporting Period, the Group executed approximately 130 Kaizen projects and events, contributing to a 100-basis point improvement in gross profit margin. These initiatives also supported business growth, improved labor efficiency, lowered costs, and enhanced quality outcomes.
In parallel, ESG-focused Kaizen projects advanced the Group's sustainability goals, achieving meaningful reductions in carbon emissions, water consumption, waste generation, and energy usage. The Group remains committed to deepening WBS adoption, fostering a culture of continuous improvement, and enhancing long-term value creation through innovation and talent development.
- Sustainability
Sustainability remains a cornerstone of the Group's long-term strategy, closely integrated with its corporate vision and mission. During the Reporting Period, the Group achieved meaningful progress across key ESG pillars and received broad recognition from leading global rating agencies.
Notable accolades include inclusion in the Dow Jones Sustainability Indices,
Management Comment
Dr.
Dr.
Key Financial Ratios
(For the Six Months Ended
Key Financial Ratio |
1H 2025 |
1H 2024 |
Change |
Revenue (In RMB million) |
9,953.2 |
8,574.2 |
16.1 % |
Gross Profit (In RMB million) |
4,252.9 |
3,350.0 |
27.0 % |
Margin (%) |
42.7 % |
39.1 % |
|
Net Profit (In RMB million) |
2,756.6 |
1,780.3 |
54.8 % |
Margin (%) |
27.7 % |
20.8 % |
|
Net Profit Attributable to Owners of the |
2,339.3 |
1,499.1 |
56.0 % |
Margin (%) |
23.5 % |
17.5 % |
|
Adjusted Net Profit (In RMB million) |
2,840.0 |
2,544.8 |
11.6 % |
Margin (%) |
28.5 % |
29.7 % |
|
EBITDA (In RMB million) |
4,221.8 |
2,805.9 |
50.5 % |
Margin (%) |
42.4 % |
32.7 % |
|
Adjusted EBITDA (In RMB million) |
4,305.2 |
3,570.4 |
20.6 % |
Margin (%) |
43.3 % |
41.6 % |
|
Adjusted Basic EPS (In RMB) |
0.59 |
0.55 |
7.3 % |
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Forward-Looking Statements
This announcement may contain certain "forward-looking statements" that are not historical facts, but instead are predictions about future events based on our expectations as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients' intellectual property. Our forward-looking statements in this announcement speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.
Non-IFRS Measures
To supplement the Group's condensed consolidated financial statements which are presented in accordance with the IFRS, the Company has provided adjusted net profit, adjusted net profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic and diluted earnings per share as additional financial measures, which are not required by, or presented in accordance with, the IFRS.
The Company believes that the adjusted financial measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company's management and investors may benefit from referring to these adjusted financial measures in assessing the Group's financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group's core business. These non-IFRS financial measures, as the management of the Group believes, is widely accepted and adopted in the industry in which the Group is operating in. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the IFRS. Shareholders of the Company and potential investors should not view the adjusted results on a stand-alone basis or as a substitute for results under IFRS. And these non-IFRS financial measures may not be comparable to similarly-titled measures represented by other companies.
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