WuXi AppTec Q1 2025 Revenue, Profit Resume Double Digit Growth, Revenue Up 21.0% YoY, Adjusted Non-IFRS Net Profit Up 40.0% YoY; Backlog for Continuing Operations Up 47.1% YoY
-- Total Revenue Reached RMB9.65 Billion, Up 21.0% Year-over-Year; among
which Revenue from Continuing Operations Reached RMB9.39 Billion, Up
23.1% Year-over-Year
-- Net Profit Attributable to the Owners of the Company Reached RMB3.67
Billion([1]), Up 89.1% Year-over-Year; Diluted Earnings per Share (EPS)
of RMB1.28([2]), Up 93.9% Year-over-Year
-- Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company
Reached RMB2.68 Billion, Up 40.0% Year-over-Year; Adjusted Non-IFRS
Diluted EPS of RMB0.94, Up 44.6% Year-over-Year
-- Backlog for Continuing Operations Reached RMB52.33 billion, Up 47.1%
Year-over-Year
-- Operating Cash Flow Achieved RMB3.03 Billion, Up 41.8% Year-over-Year
SHANGHAI, April 28, 2025 /PRNewswire/ -- WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical and life sciences industry, today announced financial results for the first quarter ending March 31, 2025 ("Reporting Period"):
-- Total revenue reached RMB9.65 billion, up 21.0% year-over-year. Revenue
from Continuing Operations reached RMB9.39 billion, up 23.1%
year-over-year.
-- Adjusted non-IFRS gross profit reached RMB4.05 billion. Adjusted
non-IFRS gross profit margin was 41.9%.
-- Net profit attributable to the owners of the Company was RMB3.67
billion, up 89.1% year-over-year; diluted EPS was RMB1.28, up 93.9%
year-over-year.
-- Adjusted non-IFRS net profit attributable to the owners of the Company
was RMB2.68 billion, up 40.0% year-over-year; adjusted non-IFRS diluted
EPS was RMB0.94, up 44.6% year-over-year.
-- As of March 31, 2025, backlog for Continuing Operations reached RMB52.33
billion, up 47.1% year-over-year.
-- Operating cash flow climbed 41.8% year-over-year to RMB3.03 billion,
driven by business growth, increases in operational efficiency, and
continued improvement of financial management capabilities.
-- The Company's sustained and steady business growth is the result of our
unique, fully integrated Contract Research, Development and
Manufacturing Organization (CRDMO) platform. WuXi Chemistry's small
molecule Development and Manufacturing (D&M) pipeline has maintained
growth, with a total of 203 new molecules added in the first quarter of
2025. As of March 31, 2025, our small molecule D&M pipeline reached
3,393 molecules, with an increase of 5 projects in phase III and
commercial stages during the first quarter of 2025.
-- The Company has been accelerating global D&M capacity expansion. In
March 2025, both the Changzhou and Taixing API manufacturing sites
successfully passed FDA inspections with no single observation. By the
end of 2025, total reactor volume of small molecule APIs is expected to
reach over 4,000kL, and the total reactor volume of Solid Phase Peptide
Synthesizers is expected to increase to more than 100,000L.
[1] Net profit attributable to the owners of the Company is prepared in accordance with China Accounting Standards for Business Enterprises (CAS).
[2] In 2024 Q1 and 2025 Q1, WuXi AppTec had a fully-diluted weighted average share count of 2,925,052,346 and 2,899,579,930 ordinary shares, respectively.
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "Revenue and profit both resumed double-digit growth during the first quarter, and our backlog for Continuing Operations sustained rapid growth, as we maintained our laser focus on leveraging WuXi AppTec's unique CRDMO platform to expand delivery of enabling services across research, development and manufacturing."
"The Company currently maintains its full-year guidance set at the beginning of the year. We expect revenue from Continuing Operations to grow 10-15% in 2025, and our adjusted non-IFRS net profit margin will further improve."
"WuXi AppTec is dedicated to 'doing the right thing and doing it right', as our services drive long-term growth, improve the health of those in need and realize our vision that 'every drug can be made and every disease can be treated'."
Business Performance by Segments
-- WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; Q1 2025
Revenue Up 32.9% YoY, with TIDES Revenue Up 187.6% YoY
-- Q1 revenue of WuXi Chemistry reached RMB7.39 billion, up 32.9%
year-over-year. With continued optimization of production process
and improvement in capacity efficiency driven by the growth of
late-stage clinical and commercial projects, Q1 adjusted non-IFRS
gross profit margin steadily improved 4.2pts year-over-year to
47.5%.
-- Small molecule drug discovery service ("R") continues to generate
downstream opportunities. In the past 12 months, we successfully
synthesized and delivered more than 460,000 new compounds to
customers, which resulted in 6% year-over-year growth. Through our
"follow-the-customer" and "follow-the-molecule" strategies, we
established trusted partnerships with our customers globally,
supporting the sustainable growth of our CRDMO business. In the
first quarter, 75 molecules were converted from R to D.
-- Small molecule D&M service remains strong.i. The small molecule CDMO
pipeline continued to expand. Q1 revenue of small molecule D&M
services was up 13.8% year-over-year to RMB3.85 billion. In the
first quarter of 2025, 203 new molecules were added to the small
molecule D&M pipeline. As of March 31, 2025, our small molecule D&M
pipeline reached 3,393 molecules, including 75 commercial projects,
82 in phase III, 368 in phase II and 2,868 in phase I and
pre-clinical stages, with an increase of 5 projects in the
commercial and phase III stages during the first quarter of 2025.ii.
We continued to build small molecule capacities. In March 2025, both
the Changzhou and Taixing API manufacturing sites successfully
passed FDA inspections with no single observation. The total reactor
volume of small molecule APIs is expected to reach over 4,000kL by
the end of 2025.
-- TIDES business (oligo and peptides) sustains rapid growth.i. With
the ramp-up of new capacities released sequentially each quarter
last year, Q1 TIDES revenue grew 187.6% year-over-year to RMB2.24
billion. As of the end of March 2025, TIDES backlog was up 105.5%
year-over-year.ii. TIDES D&M customers grew 14% year-over-year,
while the number of TIDES molecules grew 25% year-over-year.iii. We
continued to build peptide capacities in Taixing. Total reactor
volume of Solid Phase Peptide Synthesizers is expected to increase
to over 100,000L by the end of 2025.
-- WuXi Testing([3]): Drug Safety Evaluation Service & Site Management
Organization (SMO) Maintain Leading Positions
-- WuXi Testing reached RMB1.29 billion during Q1. Adjusted non-IFRS
gross profit margin was 23.4%. Q1 revenue of lab testing services
declined 4.9% year-over-year to RMB0.88 billion, due to market
impact as pricing gradually reflected in revenue along with backlog
conversion, accompanied by a decline in Q1 adjusted non-IFRS GPM. Of
which, drug safety evaluation services revenue was down 7.8%
year-over-year, while maintaining an industry-leading position in
the Asia-Pacific region.
-- New modality business continued to develop, while the Company
maintained its leading position in areas including nucleic acids,
conjugates, mRNA, multispecific antibodies and peptides.
-- The Company is committed to actively enabling customers' global
licensing. WuXi AppTec has supported approximately 40% of successful
out-licensed deals from Chinese biotech companies since 2022.
-- The Suzhou facility has successfully passed 4 consecutive FDA
on-site inspections.
-- Q1 revenue for clinical CRO & SMO declined 2.2% year-over-year to
RMB0.41 billion due to market pricing impact. Of which, SMO revenue
grew 5.5% year-over-year and maintained the industry leading
position in China. During the quarter, our clinical CRO business
supported customers to obtain 10 IND approvals.
-- The SMO business continued steady growth, and supported 28 new drug
approvals for customers in the first quarter. Over the past decade,
SMO has supported 283 new drug approvals in total, maintaining
significant advantages in multiple areas (endocrinology,
dermatology, lung cancer and cardiovascular disease, etc.).
[3] As disclosed in the 2025 First Quarterly Report, WuXi Testing here includes only the core business of Continuing Operations (similar to the 2024 baseline).
-- WuXi Biology: Continues to Generate Downstream Opportunities; In Vitro &
In Vivo Business Synergies and New Modality Business Drive Growth
-- WuXi Biology follows the science and continuously strengthens drug
discovery capabilities in emerging areas. It efficiently generates
downstream opportunities for CRDMO model by continuously
contributing more than 20% of the Company's new customers.
-- WuXi Biology's Q1 revenue rose 8.2% year-over-year to RMB0.61
billion. Due to market pricing impact, Q1 adjusted non-IFRS gross
profit margin was down 2.2pts to 36.3%.
-- The Company continuously leverage synergies between in vitro and in
vivo platforms, and efficiently supports customer demand for
one-stop drug discovery service platform. Revenue of the in vitro
integrated screening platform grew 28.9% year-over-year. Revenue of
the in vivo pharmacology platform grew 9.4% year-over-year, driven
by accelerated advancements in focused disease areas. The constantly
improved competitive edge in non-oncology business has laid a solid
foundation for sustained growth throughout the year.
-- New modality drug discovery services continue to perform well,
contributing more than 30% of WuXi Biology's total revenue.
This release provides a summary of the results and does not intend to provide a complete statement relating to the Company, its securities, or any relevant matters herein that a recipient may need in order to evaluate the Company. For additional information, please refer to the WuXi AppTec 2025 First Quarterly Results Presentation and 2025 First Quarterly Report disclosed on the Company's official website, as well as the Company's disclosure documents and information on the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited website. Investors are advised to exercise caution and be aware of the investment risks in trading Company shares.
Net profit attributable to the owners of the Company is prepared in accordance with China Accounting Standards for Business Enterprises (CAS), in currency of RMB. Besides, all other financial information disclosed in this press release is prepared in accordance with the International Financial Reporting Standards Accounting Standards ("IFRSs"), in currency of RMB.
The 2025 First Quarterly Report of the Company has not been audited.
Results by Segments
Unit: RMB million
Segment
Revenue Change Adjusted Change Adjusted non-
non-IFRS IFRS Gross
Gross
Profit Profit Margin
WuXi Chemistry 7,390.97 32.9 % 3,509.84 45.7 % 47.5 %
WuXi Testing 1,292.32 (4.0) % 301.90 (40.2) % 23.4 %
WuXi Biology 607.07 8.2 % 220.42 2.1 % 36.3 %
Others 99.73 (36.1) % 14.51 (17.4) % 14.6 %
Discontinued 264.50 (25.6) % 1.64 N/A 0.6 %
Operations (Note 1)
Total 9,654.60 21.0 % 4,048.32 31.0 % 41.9 %
Note 1: In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements were signed during the Reporting Period or the comparison year as discontinued operations.
Note 2: Any sum of the data above that is inconsistent with the total is due to rounding.
Consolidated Statement of Profit or Loss[4] - Prepared under IFRSs
RMB Million Quarter Quarter
Ended Ended
March March
31, 31,
2024
2025
Revenue 9,654.6 7,981.9
Cost of sales (5,641.5) (4,976.2)
Gross profit 4,013.1 3,005.7
Other income 311.4 242.0
Other gains and losses 1,073.3 192.9
Impairment losses under expected credit losses ("ECL") model, net of reversal (153.1) (19.7)
Impairment losses of non-financial assets (69.5)
Selling and marketing expenses (194.1) (179.1)
Administrative expenses (597.8) (610.5)
R&D expenses (224.4) (306.4)
Operating Profit 4,158.9 2,324.9
Share of results of associates 63.9 33.9
Share of results of joint ventures 0.1 0.2
Finance costs (80.2) (61.7)
Profit before tax 4,142.7 2,297.4
Income tax expense (564.4) (338.5)
Profit for the
period 3,578.3 1,958.9
Profit for the period attributable to:
Owners of the Company 3,536.3 1,942.2
Non-controlling interests 42.0 16.6
3,578.3 1,958.9
Consolidated Statement of Profit or Loss (continued) - Prepared under IFRSs
Quarter Quarter
Ended Ended
March March
31, 31,
2024
2025
Weighted average number of ordinary shares for calculating EPS
(expressed in shares)
- Basic 2,846,244,009 2,919,696,373
- Diluted 2,899,579,930 2,925,052,346
Earnings per share
(expressed in RMB per
S
hare)
- Basic 1.24 0.67
- Diluted 1.24 0.66
[4] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Consolidated Statement of Financial Position[5]
- Prepared under IFRSs
RMB Million March 31, December 31,
2025 2024
Non-current Assets
Property, plant and equipment 25,260.3 25,267.8
Right-of-use assets 1,938.3 1,874.8
Goodwill 972.1 972.4
Other intangible assets 535.4 601.0
Interests in associates 2,106.9 2,322.2
Interests in joint ventures 3.4 3.4
Deferred tax assets 489.8 473.1
Financial assets at fair value through profit or 8,707.8 8,943.4
loss ("FVTPL")
Other non-current assets 144.8 114.7
Biological assets 1,045.2 1,063.0
Total Non-current Assets 41,204.0 41,635.7
Current Assets
Inventories 4,647.0 3,532.1
Contract costs 903.5 912.2
Biological assets 941.2 955.5
Amounts due from related parties 91.9 89.3
Trade and other receivables 9,269.2 9,643.7
Contract assets 876.2 988.8
Income tax recoverable 89.7 87.2
Financial assets at FVTPL 901.0 1,234.0
Derivative financial instruments 0.6
Other current assets 736.5 734.1
Pledged bank deposits 10.2 22.1
Term deposits with initial term of over three 4,826.1 4,865.6
months
Bank balances and cash 20,014.9 13,434.3
43,308.1 36,498.8
Assets classified as held for sale 2,191.3
Total Current Assets 43,308.1 38,690.2
Total Assets 84,512.1 80,325.8
[5] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Consolidated Statement of Financial Position (continued)[6]- Prepared under IFRSs
RMB Million March 31, December 31,
2025 2024
Current Liabilities
Trade and other payables 6,863.6 7,025.5
Amounts due to related parties 7.5 15.3
Derivative financial instruments 63.1 202.0
Contract liabilities 2,349.8 2,251.0
Bank borrowings 4,829.4 1,278.6
Lease liabilities 211.5 224.2
Income tax payables 1,035.7 870.8
Convertible bonds 3,513.3 3,493.1
18,873.8 15,360.6
Liabilities associated with assets classified as 865.5
held for sale
Total Current Liabilities 18,873.8 16,226.1
Non-current Liabilities
Bank borrowings 763.3 2,959.5
Deferred tax liabilities 493.8 522.4
Deferred income 976.6 985.6
Lease liabilities 625.8 546.6
Total Non-current Liabilities 2,859.5 5,014.1
Total Liabilities 21,733.3 21,240.2
Net Assets 62,778.8 59,085.6
Capital and Reserves
Share capital 2,888.0 2,888.0
Reserves 59,444.4 55,744.7
Equity attributable to owners of the Company 62,332.4 58,632.7
Non-controlling interests 446.4 452.9
Total Equity 62,778.8 59,085.6
[6] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company[7]
RMB Million Q Q
uarter uarter
Ended Ended
March March
31, 31,
2025 2024
Net
p
rofit attributable to the owners of the Company under CAS 3,672.0 1,942.2
GAAP difference[8] (135.7)
Net
p
rofit attributable to the owners of the Company under IFRSs 3,536.3 1,942.2
Add:
Share-based compensation expenses 34.4 87.8
Issuance expenses of convertible bonds 9.8
Foreign exchange related losses 178.0 14.4
Amortization of acquired intangible assets from merger and acquisition 7.1 13.6
Losses from impairment and disposal of non-financial assets 65.0
Gains from divestiture and restructuring initiatives (56.4)
Non-IFRS net profit attributable to the owners of the Company 3,774.1 2,058.0
Add:
Realized and unrealized gains from venture capital investments (1,096.3) (144.7)
Realized and unrealized share of gains from joint ventures (0.1) (0.2)
Adjusted non-IFRS net profit attributable to the owners of the Company 2,677.7 1,913.1
[7] If the sum of the data below is inconsistent with the total, it is caused by rounding.
[8] Due to differences in accounting treatment of long-term equity investments under IFRSs, it occurs GAAP difference of RMB(135.7) million.
About WuXi AppTec
As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec's integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received an AA ESG rating from MSCI for the fourth consecutive year in 2024 and its open-access platform is enabling ~6,000 customers from over 30 countries to improve the health of those in need - and to realize the vision that "every drug can be made and every disease can be treated." Please visit: http://www.wuxiapptec.com
Forward-Looking Statements
This press release may contain certain statements that are or may be forward looking, which can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", "intends", or words of similar meaning. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan 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, our ability to meet timelines for the expansion of our service offerings or to reach the scale of our production capacity expansion plans, our ability to protect our clients' intellectual property, competition, unforeseeable change of international policy, the impact of emergencies and other force majeure. Our forward-looking statements do not constitute any profit forecast by our management nor a undertaking by WuXi AppTec Co., Ltd. ("WuXi AppTec" or the "Company") to our investors. 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. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement or information in this press release to reflect future events or circumstances, except as required under applicable law.
Continuing Operations and Discontinued Operations
In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements were signed during the Reporting Period or the comparison year as discontinued operations ("Discontinued Operations"). The remaining operations of the Company will continue to be reported as continuing operations ("Continuing Operations").
Use of Non-IFRS and Adjusted Non-IFRS Financial Measures
We provide non-IFRS gross profit and non-IFRS net profit attributable to the owners of the Company, which exclude share-based compensation expenses, issuance expenses of convertible bonds, foreign exchange related gains or losses, amortization of acquired intangible assets from merger and acquisition, gains or losses from impairment and disposal of non-financial assets, and gains or losses from divestiture and restructuring initiatives, etc. We also provide adjusted non-IFRS net profit attributable to the owners of the Company and earnings per share, which further exclude realized and unrealized gains or losses from our venture capital investments and joint ventures. Neither of the above is required by, or presented in accordance with IFRSs.
We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing our core business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and non-operating items that we do not consider indicative of the performance of our core business. Such non-IFRS financial measures, the management of the Company believes, is widely accepted and adopted in the industry the Company is operating in. However, the presentation of these adjusted 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 IFRSs. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRSs, or as being comparable to results reported or forecasted by other companies.
SOURCE WuXi AppTec
