WuXi XDC Cayman (2268) H1 2026 earnings summary

Executive summary

• Consolidated revenue for H1 2026 reached RMB3,701.4 million, up 37.0% year-over-year (AER), with CER growth at 41.5%.

• Gross profit rose 40.6% to RMB1,371.3 million, with gross margin improving to 37.0% from 36.1%.

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

• BioDlink acquisition completed in March 2026, strengthening manufacturing, customer network, and global capabilities.

• Singapore manufacturing facility achieved GMP release in August 2026, marking the first operational site outside China and supporting global supply chain resilience.

Financial highlights

• Revenue: RMB3,701.4 million (up 37.0% AER, 41.5% CER year-over-year).

• Gross profit: RMB1,371.3 million (up 40.6% year-over-year); gross margin: 37.0%.

• Adjusted net profit: RMB1,027.3 million (up 37.4% year-over-year); margin: 27.8%.

• Standalone revenue (excluding BioDlink): RMB3,556.0 million, up 31.7% AER; standalone gross margin at 37.6%.

• Service backlog increased 50.4% to nearly $2 billion; total backlog including milestones up 62.2% to $2.2 billion.

Outlook and guidance

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

• Commercialization strategy aims for 20% of revenue from XDC modalities and 20% from manufacturing projects by 2030.

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

• Anticipate 4-6 BLA submissions in 2026 and 12-15 by 2028.

• The global ADC market is projected to grow at a 30.3% CAGR, reaching USD66.2 billion by 2030.