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 to US$4.21 billion
Optimized global operations and enhanced capacities to support sustainable growth
HONG KONG, Aug. 19, 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 unaudited interim results for the first half of 2025 ("Reporting Period").
Financial Highlights
Revenue: The Group's revenue for the Reporting Period increased by 16.1% YoY to RMB9,953.2 million. The growth was primarily driven by: (i) the continued success of the Group's "Follow and Win the Molecule" strategies, supported by its leading technology platforms, best-in-industry timelines and strong execution record; (ii) an expanded range of services offered across the biologics value chain, including discovery, pre-IND development, and clinical and commercial manufacturing, with notable momentum in fast-growing platforms such as antibody-drug conjugates (ADCs), and bi- & multi-specific antibodies; (iii) growth in research services revenue, underpinned by the Group's cutting-edge technologies; and (iv) increased utilization of both existing and newly expanded capacity, including the ramp-up of the Group's manufacturing facility in Europe.
Gross Profit and Gross Profit Margin: IFRS gross profit increased 27.0% YoY to RMB4,252.9 million, while adjusted gross profit rose 19.2% YoY to RMB4,543.4 million. IFRS gross profit margin reached 42.7%, with adjusted gross profit margin at 45.6%. The improvement in gross profit margin was primarily driven by favorable volume and mix, enhanced efficiency and process optimization achieved through the Group's WBS and digitalization initiatives.
EBITDA and EBITDA Margin: EBITDA grew 50.5% to RMB4,221.8 million, while adjusted EBITDA increased 20.6% YoY to RMB4,305.2 million. EBITDA margin reached 42.4%, and adjusted EBITDA margin expanded to 43.3%.
Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 54.8% YoY to RMB2,756.6 million, while net profit attributable to owners of the Company grew 56.0% to RMB2,339.3 million. This growth was primarily driven by higher gross profit, the gains from the Group's investment and asset divestiture activities.
Adjusted Net Profit: Adjusted Net Profit for the period increased 11.6% YoY to RMB2,840.0 million, with an adjusted net profit margin of 28.5%.
Basic Earnings Per Share (EPS): Basic EPS rose 56.8% from RMB 0.37 for the six months ended June 30, 2024 to RMB 0.58 for the six months ended June 30, 2025. Diluted EPS increased by 57.1% from RMB 0.35 to RMB 0.55 over the same period.
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 U.S. clients, reflecting continued client trust and the resilience of the Group's CRDMO business model amid ongoing market volatility. The Group supports 67 late-stage and 24 commercial projects, establishing a strong foundation for sustained future manufacturing revenue growth.
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 China, the Group remained a critical partner in global biopharma discovery and development collaborations, supported by its industry-leading technology platforms and operational excellence.
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 June 30, 2025, the Group has supported 67 late-stage projects and 24 commercial manufacturing projects, and remains on track to complete 25 scheduled process performance qualification (PPQ) campaigns in 2025. During the Reporting Period, late-phase and commercial manufacturing revenue increased by 24.9% YoY, reflecting both evolution of projects from early-phases and the continued ramp-up of existing CMO programs. To meet the growing commercial demands ...
