WuXi XDC Cayman (2268) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached RMB3,701.4 million (CNY 3.7 billion), up 37% year-over-year (41.5% CER), with gross profit up 40.6% to RMB1,371.3 million.

• Adjusted net profit attributable to owners rose 37.4% to RMB1,027.3 million, with margin stable at 27.8%.

• Service backlog surged 50.4% to nearly $2 billion, with total backlog including milestones reaching $2.2 billion, up 62.2%.

• Completed BioDlink acquisition and integration, adding a second commercial project and enhancing global capabilities.

• Singapore site transitioned from construction to operation, achieving GMP release in August 2026 and supporting global supply chain resilience.

Financial highlights

• Gross margin improved to 37% (up from 36.1% YoY); standalone gross margin at 37.6%.

• Adjusted net profit margin stable at 27.8% (group) and 28.9% (standalone).

• Revenue by geography: North America 45.6%, Europe 24.6%, China 21.6%, Others 8.2%.

• Commercial backlog contributed $120 million for the first time.

• Basic EPS: RMB0.65 (up 4.8%); diluted EPS: RMB0.60 (up 5.3%).

Outlook and guidance

• Maintains guidance for at least 35% standalone revenue growth and 30% consolidated growth for 2026 at constant exchange rates.

• Targeting 30–35% CAGR through 2030, with focus on expanding manufacturing capacity and new modalities.

• By 2030, targets 20% of revenue from new XDC modalities and 20% from commercial manufacturing.

• Expects 4–6 BLA submissions in 2026 and 12–15 by 2028, with over 60 PPQ component executions by 2028.

• Anticipates margin profile to remain stable, with minor fluctuations due to Singapore ramp-up and BioDlink integration.