WuXi XDC Achieved Another Remarkable Year with Extraordinary Business Performance and Financial Results for 2024
Revenue increased by 90.8% YoY to RMB 4,052 million
Gross profit grew by 121.6% YoY to RMB 1,240 million, with its margin of 30.6%, a 4.3 percentage points increase compared to that of 2023
Net profit surged by 277.2% YoY to RMB 1,070 million, with its margin of 26.4%, a 13.0 percentage points increase compared to that of 2023
The total global customer base expanded to 499, adding 154 new customers in 2024
The total number of iCMC projects reached 194, adding 53 new iCMC projects to the portfolio
The total backlog grew to US$991 million, representing a 71.3% YoY growth
Launched a new production line, BCM2 Line 2, at the Wuxi site, further increased manufacturing capacities
The construction of Singapore commercial site is progressing smoothly and well on track for operation commencement by the end of 2025
Winner of the "Best CDMO" Award consecutively in 2023 and 2024
Continue to invest in frontier technology, solidifying the Group's competitiveness and leadership position
SHANGHAI, March 24, 2025 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2024 (the "Reporting Period").
Dr. Jimmy Li, CEO of WuXi XDC, stated, "The year 2024 has been another year of exceptional growth and remarkable achievements for us, even as we navigated a dynamic macro environment. Our strong performances reflect the relentless dedication of our entire organization, as well as the trust and support from our customers, investors, and stakeholders. We have made significant strides in expanding our global presence, enhancing our in-house technology capabilities, and solidifying our position as a leading CRDMO in the ADC and bioconjugate market. Our focus on customer needs and innovative trends has driven our success, enabling us to deliver high-quality services and solutions. The Singapore commercial site is on track and to be operational by the end of 2025, underscoring our unwavering commitment to a robust global presence by delivering top-tier commercial manufacturing capabilities. Looking ahead, we are excited by the vast market opportunities in the bioconjugate space. We believe that with our strong expertise and integrated capabilities, we will continue to win customers, and increase our market share going forward."
Financial Highlights
Revenue
The Group's revenue increased by 90.8% YoY to RMB4,052.3 million for the year ended December 31, 2024. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) our increasing market share through the Group's established position as a leading bioconjugate CRDMO service provider, and (iii) the advancement of the Group's projects into later stages.
Gross Profit and Its Margin
The Group's gross profit increased by 121.6% YoY to RMB 1,239.8 million, with a gross profit margin of 30.6% and a 4.3 percent points increased compared to 2023. This improvement is driven by (i) further improving utilization rate of our manufacturing facilities including the swift ramp-up of new production line (BCM2 L1), (ii) the enhanced overall operation and manufacturing efficiency, (iii) the continuous efforts in cost control, and (iv) the continuous efforts in procurement strategy optimization.
Adjusted Net Profit Before Interest Income and Expense and Its Margin
The Group's adjusted net profit before interest income and expense increased by 171.3% YoY to RMB 992.0 million. The margin of adjusted net profit before interest income and expense improved to 24.5% in 2024, a 7.3 percent points increase compared to that of 2023.
Adjusted Net Profit and Its Margin
The Group's adjusted net profit increased by 184.8% YoY to RMB 1174.0 million. The margin of adjusted net profit improved to 29.0% in 2024, ...
