WuXi AppTec Surpasses First Quarter 2024 Goals Amid External Obstacles, Sustaining Operational Stability

WuXi AppTec, a leading global provider of R&D and manufacturing services for the pharmaceutical and life sciences industry, has released its financial results for the first quarter ending March 31, 2024. Here’s a breakdown of the key highlights from the reporting period:

  • Revenue: Total revenue reached RMB 7,982 million, with a marginal decrease of 1.8% excluding revenue from COVID-19 commercial projects.
  • Gross Profit: Adjusted non-IFRS gross profit stood at RMB 3,090 million, maintaining a healthy gross profit margin of 38.7%.
  • Net Profit: Net profit attributable to the owners of the company amounted to RMB 1,942 million, with diluted earnings per share (EPS) of RMB 0.66. Adjusted non-IFRS net profit reached RMB 1,913 million, with adjusted diluted non-IFRS EPS of RMB 0.65.
  • Free Cash Flow: The company maintained positive free cash flow, reaching RMB 1,326 million.
  • Customer Base Expansion: WuXi AppTec added over 300 new customers during the quarter, serving a total of more than 6,000 active customers over the past year. Demand from customers across global regions continued to grow.
  • Revenue from Top Pharmaceutical Companies: Revenue from the top 20 global pharmaceutical companies reached RMB 2.70 billion, showing a 4.2% year-over-year growth excluding COVID-19 commercial projects.
  • Business Growth Drivers: The company attributes its sustained and steady growth to its unique fully integrated Contract Research, Development, and Manufacturing Organization (CRDMO) platform. WuXi Chemistry’s D&M pipeline witnessed rapid growth, with the addition of 337 new molecules during the reporting period, bringing the total to 3,286 molecules.
  • Environmental Sustainability: WuXi AppTec remains committed to environmental sustainability efforts, being recognized for its outstanding ESG performance by major global rating agencies.

In terms of segment-wise performance:

  • WuXi Chemistry: Revenue reached RMB 5.56 billion, with sustained growth driven by development and manufacturing services. The TIDES business showed strong growth, with revenue increasing by 43.1% year-over-year.
  • WuXi Testing: Revenue from drug safety evaluation services and clinical CRO & SMO grew steadily, maintaining leadership positions in the industry.
  • WuXi Biology: Revenue from new modalities grew significantly, contributing to overall revenue. The company continued to generate downstream opportunities and expand its customer base.
  • WuXi ATU: Revenue reached RMB 0.28 billion, focusing on improving its CTDMO integrated enabling platform.
  • WuXi DDSU: Revenue reached RMB 0.08 billion, supporting customers in advancing pipeline projects.

Looking ahead, Dr. Ge Li, Chairman and CEO of WuXi AppTec, expressed confidence in achieving the company’s full-year targets for 2024. Despite potential short-term uncertainties, the company remains steadfast in supporting its customers and the global pharmaceutical and life sciences industry.

For more detailed information, interested parties can refer to the WuXi AppTec 2024 First Quarterly Results Presentation and relevant announcements available on the company’s official website and stock exchange platforms.

[Note: The financial information provided in this release is prepared based on International Financial Reporting Standards (IFRS) and reported in RMB. The 2024 First Quarterly Report of the Company is unaudited.]

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