WuXi AppTec (603259) 44th Annual J.P. Morgan Healthcare Conference summary

Business Performance and Financial Highlights

• Achieved record revenue of RMB 45.5 billion in 2025, up 21.4% year over year, with adjusted net profit of RMB 15 billion and a net profit margin of 32.9%, a 5.9 percentage point improvement.

• Backlog exceeded RMB 55 billion, supporting sustainable future growth and continued investment in capabilities and capacity.

• Free cash flow reached a new record, with CapEx expected at RMB 5.5–6 billion in 2025 and over RMB 7 billion returned to shareholders via dividends and buybacks, representing over 70% of 2024 net profit.

• Over the past seven years, more than RMB 20 billion has been returned to shareholders, exceeding 40% of cumulative net profit since IPO, and basic earnings per share improved nearly 10x since IPO.

• Profit growth driven by strong GLP-1 demand, robust performance across all business segments, and support for 24 GLP-1 drugs, securing 25% market share.

Operational Achievements and Platform Expansion

• Expanded total reactor volume for small molecule APIs to over 4 million liters and solid phase peptide synthesizer capacity to over 100,000 liters by end of 2025.

• Small molecule CDMO pipeline grew to over 3,400 molecules, with 621 newly added in the first three quarters of 2025.

• Supported 16% of global clinical stage small molecule new drugs and 27% of FDA-approved small molecule drugs in 2025, including 8 of 30 US FDA approvals.

• Tides business (peptides and oligonucleotides) saw rapid growth, with revenue expected to grow over 90% in 2025 and reach RMB 5.8 billion, with further capacity expansion planned for 2026.

• Nearly 30% of R&D projects are jointly supported by integrated solutions, accelerating timelines and delivery.

Strategic Vision, Focus, and Future Outlook

• Committed to enabling innovation and delivering breakthrough treatments globally, with a vision that every drug can be made and every disease can be treated.

• Operates a unique, integrated CRDMO platform spanning research, development, and manufacturing, supporting customers from discovery to commercial production.

• Plans to build a new peptide plant in 2026, with ongoing investments in capacity for peptides, oligonucleotides, and small molecules.

• Guidance for 2026 will be provided in March, with expectations for performance at least similar to 2025.

• Continued focus on operational excellence, organizational agility, and investment in talent to ensure sustained growth and resilience.