WuXi AppTec Reports First Half 2024 Financial Results
WuXi AppTec, a global leader in R&D and manufacturing services for the pharmaceutical and life sciences sectors, has announced its financial results for the first half of 2024, ending June 30.
- Revenue: RMB 17,241 million, a slight decrease of 0.7% year-over-year, excluding COVID-19 commercial projects.
- Adjusted Non-IFRS Gross Profit: RMB 6,865 million, with a gross profit margin of 39.8%.
- Net Profit: RMB 4,240 million; diluted EPS of RMB 1.45. Adjusted non-IFRS net profit was RMB 4,372 million, with an adjusted diluted EPS of RMB 1.50.
- Operating Cash Flow: Excluding COVID-19 projects, grew 48.3% year-over-year to RMB 1.50 billion.
- Customer Growth: Over 500 new customers added, maintaining a base of over 6,000 active customers. Demand across regions continued to rise.
- Backlog: Reached RMB 43.10 billion, a 33.2% increase year-over-year, excluding COVID-19 projects.
- Revenue from Top 20 Pharma Companies: RMB 6.59 billion, up 11.9% year-over-year, excluding COVID-19 projects.
Key Developments:
- CRDMO Platform: The company’s fully integrated CRDMO model is driving business growth. WuXi Chemistry’s small molecule D&M pipeline added 644 new molecules, reaching a total of 3,319.
- Capacity Expansion: Increased reactor volume of Solid Phase Peptide Synthesizer to 32,000L and announced the groundbreaking of a new R&D and manufacturing site in Singapore.
- Sustainability: Joined the United Nations Global Compact and continued to be recognized on the FTSE4Good Index. The company’s strong ESG performance has been acknowledged by major rating agencies.
Management Commentary:
Dr. Ge Li, Chairman and CEO, stated, “Despite external challenges, our revenue and profit improved steadily in Q2 2024. The strong backlog growth reflects our ability to meet global demand effectively. We aim for 2024 revenue of RMB 38.3-40.5 billion and free cash flow of RMB 4-5 billion, while maintaining adjusted non-IFRS NPM at similar levels as last year. We remain committed to enhancing our capabilities and supporting the industry.”
Segment Performance:
- WuXi Chemistry: H1 revenue reached RMB 12.21 billion, growing 2.1% year-over-year, excluding COVID-19 projects. Small molecule D&M services revenue was RMB 7.39 billion. The TIDES business saw a 57.2% revenue increase.
- WuXi Testing: H1 revenue was RMB 3.02 billion, with a gross profit margin of 35.9%. Clinical CRO & SMO revenue grew 5.8% year-over-year to RMB 0.89 billion.
- WuXi Biology: H1 revenue reached RMB 1.17 billion, with a gross profit margin of 37.2%. Revenue from new modalities grew 8.1% year-over-year.
- WuXi ATU: H1 revenue was RMB 0.57 billion. Despite challenges from proposed U.S. legislation, the company is advancing several clinical-stage projects.
For more details, please refer to the WuXi AppTec 2024 Interim Results Presentation and 2024 Interim Report available on the company’s official website and other relevant financial platforms.
