WuXi AppTec (603259) Q3 2025 earnings summary

Executive summary

• Achieved record revenue and profit in the first three quarters of 2025, with total revenue of RMB 32.86 billion and adjusted non-IFRS net profit of RMB 10.54 billion, up 43.4% year-over-year.

• Q3 2025 revenue was RMB 12.06 billion, up 15.26% year-over-year; YTD net profit attributable to shareholders was RMB 12.08 billion, up 84.84% year-over-year.

• Backlog for continuing operations reached RMB 59.88 billion, up 41.2% year-over-year, driven by strong demand in small molecule and TIDES businesses.

• Announced sale of China-based clinical research services business to Hillhouse, focusing on core CRDMO business and global expansion.

• Strong growth driven by CRDMO business model, operational efficiency, and major project expansion.

Financial highlights

• Revenue from continuing operations grew 22.5% year-over-year to RMB 32.45 billion.

• Adjusted non-IFRS net profit margin improved to 32.1% from 27% in 2024.

• Net profit attributable to owners was RMB 12.08 billion, up 84.8% year-over-year, including RMB 3.2 billion investment income from partial sale of an associate.

• Operating cash flow reached RMB 11.41 billion for the first nine months, up 36.21% year-over-year.

• Diluted EPS reached RMB 4.21, up 87.9% year-over-year.

Outlook and guidance

• Raised full-year 2025 revenue guidance to RMB 43.5–44.0 billion, with continuing operations expected to grow 17–18% year-over-year.

• Adjusted non-IFRS net profit margin expected to further improve in 2025.

• CapEx for 2025 revised to RMB 5.5–6 billion, with free cash flow guidance increased to RMB 8–8.5 billion.

• CapEx outside China to increase in 2026, with further guidance to be provided next year.

• Sustained focus on CRDMO, efficiency improvements, and leveraging strong order backlog.