WuXi Biologics Reports Solid 2024 Annual Results and Expects Accelerated Growth in 2025
Revenue grew 9.6% YoY to RMB 18,675.4 million, with non-COVID revenue up 13.1% YoY
Adjusted EBITDA grew 14.4% YoY to RMB7,999.3 million and Adjusted Net Profit increased 9.0% YoY to RMB5,396.9 million
Added 151 new integrated projects, including 13 in late-stage and commercial stage
Total integrated projects reached 817, one of the largest portfolios of complex biologics
Research Services enabled 7 global programs for molecule discovery, eligible to receive ~$140 million in near-term payments
Completed 16 PPQs in 2024, with 24 PPQs scheduled for 2025
Strengthened global presence to support continued business momentum
HONG KONG, March 25, 2025 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, is pleased to announce its audited annual results for the year ended December 31, 2024 ("Reporting Period").
Financial Highlights
Revenue: For the year ended December 31, 2024, the Group's revenue grew 9.6% YoY to RMB18,675.4 million, with non-COVID revenue increasing 13.1% YoY. The growth was primarily driven by: (i) the successful execution of the Group's "Follow and Win the Molecule" strategies, coupled with the leading technology platform, best-in-industry timeline and excellent execution track record; (ii) enlarged spectrum of services offered to the biologics industry, fast growing technology platforms including ADCs and bispecific antibodies; (iii) growth of research services revenue generated from the Group's various cutting-edge technologies; and (iv) the utilization of existing and newly expanded capacities, including ramp-up of the manufacturing sites in Europe.
Gross Profit and Gross Profit Margin: IFRS gross profit increased 12.1% YoY to RMB7,650.8 million, while adjusted gross profit rose 9.8% YoY to RMB8,479.5 million. IFRS gross profit margin reached 41.0%, with an adjusted gross profit margin of 45.4%. The increase in gross profit and margin was primarily due to the efficiency improvements driven from WBS and digitalization, and also the improvements of the ramp-up impacts from the recently commissioned facilities in Europe and the U.S. as expected.
EBITDA and EBITDA Margin: For the year ended December 31, 2024, EBITDA grew 16.7% to RMB6,547.8 million, while adjusted EBITDA increased 14.4% YoY to RMB7,999.3 million. EBITDA margin reached 35.1%, with an adjusted EBITDA margin of 42.8%.
Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 10.5% YoY to RMB3,945.4 million. Net profit attributable to owners of the Company was RMB3,356.1 million, reflecting a slight YoY decline of 1.3%.
Adjusted Net Profit: Adjusted Net Profit for the period increased 9.0% YoY to RMB5,396.9 million. Adjusted net profit margin was 28.9%.
Basic Earnings Per Share (EPS): The Group's basic earnings per share (EPS) remained flat at RMB 0.82 for the years ended December 31, 2024 and 2023. Diluted EPS slightly increased by 1.3% from RMB 0.77 for the year ended December 31, 2023 to RMB 0.78 for the year ended December 31, 2024.
Business Highlights
Integrated Project WinsThe Group added 151 integrated projects in 2024, bringing the total to 817. Notably, over half of the new projects originated from U.S. clients, reflecting strong client trusts and the Group's resilience amid a dynamic environment. The Group supported 66 Phase III projects and 21 non-COVID commercial projects, strengthening its manufacturing pipeline.During the Reporting Period, the Group continued to execute its "Win-the-Molecule" strategy, securing 20 post-IND projects, including 13 in late-phase and commercial stage, bringing total wins to 89 since 2018.
ResearchBy leveraging industry-leading technology platforms, the Group's Research business has reached an inflection point following years of strategic cultivation. The Group has developed a portfolio of leading Immune Cell Engager (ICE) technologies, extending beyond traditional T-cell engagers (TCEs). Our diverse immune cell-targeting modalities—including CD3 Bispecific T Cell Engagers, Non-cytotoxic T Cell Engagers, γδ T Cell Engagers, NK Engagers, and Macrophage Engagers—are designed to unlock novel therapeutic potential in oncology and autoimmune diseases.The Group is advancing these innovations in close collaboration with its clients and partners, driving the development of next-generation anti-tumor and autoimmune therapies. In 2024, the Group enabled seven global programs for molecule discovery and is eligible to receive approximately $140 million in near-term payments, with total potential payments exceeding $2.3 billion. To date, the Group's Research Services has enabled 50+ programs that are potentially eligible for future milestone payments and sales royalties, establishing a consistent revenue and profit stream.
DevelopmentThe Group added 148 new development projects in 2024, further strengthening one of the industry's largest portfolios of complex biologics. This portfolio includes 151 bispecifics & multispecifics, 194 ADCs, 80 fusion proteins and 24 vaccines. The Group continues to advance cutting-edge technology platforms that accelerate biologics development and manufacturing. Key platforms include WuXia™ (cell line development), WuXiDARx™ (drug-to-antibody ratio technology), WuXiHigh™ (high concentration and high-throughput DP Development), WuXiUI™ (ultra-intensified fed-batch platform) and WuXiUP™ (ultra-high productivity continuous bioprocessing platform).Highlighting the unique advantages of its CRDMO platform and industry-leading technologies, the Group's client, Curon Biopharmaceutical's investigational B-cell depletion therapy, CN201, was acquired by Merck & Co., Inc. in 2024. This asset was discovered through the Group's proprietary TCE and WuXiBody™ platforms, while WuXiUP™ effectively addresses complex CMC challenges.The Group has shortened the development timeline for monoclonal antibody projects from DNA to IND to just nine months and successfully supported over ...
