WuXi Biologics Raises 2026 Revenue Guidance to 20%-23% as Half-Year Adjusted Profit Up 38.4%

WuXi Biologics has released its 2026 interim results, reporting net profit attributable to shareholders of RMB 2.44 billion for the first half, up 4.3% year-on-year, while adjusted net profit attributable to shareholders increased 38.4% to RMB 3.31 billion. The company raised its full-year revenue growth guidance to 20%-23% and set a 20% compound annual growth target for revenue over the next three years, with commercial manufacturing (M-end) targeted at 30% growth.

The wide gap between reported and adjusted net profit growth reflects two non-operating factors. First, unrealised foreign-exchange losses of RMB 586 million resulted from depreciation of the US dollar and euro against the renminbi in the first half, compared with a RMB 17 million gain in the corresponding period of 2025. Second, equity investment fair values swung to a loss: the company recorded RMB 710 million of income from biotech equity holdings in the first half of 2025, but in the first half of 2026 reported a RMB 201 million fair-value loss on listed equity securities and a RMB 30 million gain on unlisted holdings. Gross profit from core operations rose 28.1% year-on-year, and adjusted gross margin improved 2.8 percentage points to 48.4%.

By business segment, research services (R-end) revenue grew 27.2% to RMB 5.28 billion; early clinical development (D-end) revenue rose 9.7% to RMB 1.46 billion; and late-stage clinical and commercial manufacturing (M-end) revenue increased 10.5% to RMB 4.74 billion. The company won 123 new projects organically in the first half, up 43%, with complex molecules accounting for more than 70% of the total. Sixteen won molecules were secured, up 78%, including five Phase III or commercial projects. Commercial projects totalled 28, up 17%. On process performance validation (PPQ) scheduling, 34 are planned for 2026 and 30 for 2027.

Regionally, North America revenue rose 14% year-on-year, accounting for 58% of total revenue; Europe grew 1%, representing 17%; China increased 51%, also 17% of the total; and other regions were up 43%, at 8%. China returned to strong growth after a 5% decline in the first half of 2025.

As of 30 June 2026, the order backlog stood at USD 25.1 billion, up 24% year-on-year, of which USD 5.5 billion is due within three years, up 30%. The combined project count reached 1,064, up 23%, comprising 221 bispecific and multispecific antibody projects (up 32%), 328 antibody-drug conjugate (ADC) projects (up 46%) and 352 monoclonal antibody projects. First-in-Class projects numbered 399. Complex molecules now account for more than 50% of the total project pool, and bispecific and ADC projects contributed 55% of total revenue.

Total bioreactor capacity exceeds 500,000 litres across 26 upstream and 18 formulation plants. Capacity expansion projects — MFG11 in the US, the Singapore formulation facility, the Chengdu microbial site and MFG17 in Shanghai — are progressing, and the company plans to acquire Transcenta-related assets in Hangzhou. Free cash flow was RMB 1.5 billion, positive for the fifth consecutive year. Cash stood at RMB 13.7 billion and the debt-to-asset ratio at 1.2%. WuXi Biologics will divest its 51.1% stake in BACOLON in December 2026, a move the company said sharpens its focus on the core CRDMO business. The biosimilars pipeline comprises 17 projects, with 20 committed over the next three years and a further 10 under discussion.