♦ 57.2% Revenue Growth to RMB3,983.7 Million
♦ 60.0% Gross Profit Growth to RMB1,658.8 Million
♦ Adjusted Net Profit Up 60.3% to RMB1,205.0 Million
♦ Diluted EPS of RMB0.76 and Adjusted Diluted EPS of RMB0.91, Increasing 58.3% and 59.6%
♦ Backlog Increased 40.2% to US$5.1 Billion
♦ Milestone Payments Surged 83.7% to US$55.1 Million
* * *
♦ Sustainable High Growth Driven by Multiple Technology-Enabling Platforms Across the Full Value Chain
♦ Added 59 Integrated Projects with Total Integrated Projects Reaching 250, Including 16 at Late-Phase
♦ Reduced Target IND Project Timeline from 15 Months to Industry-Leading 12 Months
♦ WuXi Biologics’ Subsidiary WuXi Vaccines Signed US$3 Billion Long-Term Vaccine Manufacturing Contract with a Global Vaccine Leader
♦ Adding 1,000 Staff in 2020 and Increasing IND-Enabling Capacity from 60 to 80 Projects per Year and BLA Projects from 5 to 7
♦ Accelerated Global Footprint Expansion in the U.S., Ireland, and Germany
WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group," stock code: 2269.HK), a leading global open-access biologics technology platform company offering end-to-end solutions for biologics discovery, development and manufacturing, announced its audited annual results for the year ended December 31, 2019.
Financial Highlights
• Revenue growth continued to be robust, up 57.2% year-on-year to RMB3,983.7 million, reflecting the successful execution of the company’s "Follow-the-Molecule" business model. The Group’s leading technology platforms, best-in-industry timelines and excellent track record for executing projects contributed to increased market share and additional integrated projects in the company’s pipeline.
• Gross profit recorded 63.0% growth year-on-year to RMB1,658.8 million, with gross profit margin up 140 basis points to 41.6%, which was primarily attributed to greater milestone payments received, increased utilization of the MFG3, and efficiency improvements, offset by impact of ramp-up of new facilities in H2 2019.
• Net profit amounted to RMB1,010.3 million, which resulted in 60.2% growth. Net profit margin increased 50 basis points to 25.4% and adjusted net profit margin climbed 50 basis points to 30.2%, with this growth resulting from the same factors mentioned above in gross margin but offs...
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