WuXi Biologics (2269) H1 2025 earnings summary

Executive summary

• Revenue grew 16.1% year-over-year to nearly RMB10 billion in H1 2025, driven by robust project wins, expanded service offerings, and global client base, with a record 86 new projects added.

• Net profit surged 54.8% year-over-year to RMB2,756.6 million, with net profit margin improving to 27.7%.

• Backlog reached US$20.3 billion as of June 30, 2025, supporting future growth and revenue visibility.

• Commercial and late-phase manufacturing projects grew significantly, now representing over 43% of the portfolio, with strong focus on ADCs and multispecifics.

• North America contributed 60.5% of revenue, with Asia and Rest of World showing strong growth.

Financial highlights

• Gross profit increased 27.0% year-over-year to RMB4,252.9 million; gross margin expanded to 42.7%.

• Adjusted EBITDA rose 20.5% to RMB4,305.2 million, with margin at 43.3%.

• Adjusted net profit reached RMB2,840.0 million, up 11.6% year-over-year.

• Basic EPS increased 56.8% to RMB0.58 per share; diluted EPS up 57.1% to RMB0.55.

• Free cash flow was near break-even in H1, with substantial improvement expected in H2.

Outlook and guidance

• Full-year 2025 revenue growth target raised to 14–16%, with improved profitability and record free cash flow expected.

• Anticipates continued acceleration in project wins, manufacturing, and IP-driven revenue, supported by global expansion and technology innovation.

• Focus on enhancing integrated platform, capacity optimization, and operational excellence.