56.6% Year-on-Year Revenue Growth to RMB2,534.5 Million
Net Profit 249.6% of Same Period Last Year to RMB 630.5 Million
Adjusted Net Profit 173.6% of Same Period Last Year to RMB751.5 Million
Total Backlog Surged 146.2% to USD 3.6 Billion
* * *
Continued to Gain Market Share and Added 57 New Integrated Projects
Total Integrated Projects Increased to 205 Including 13 Late-Phase Projects
Chinese Market Accelerated to 105.7% Growth in H2 2018
WuXiBody™ Platform Successfully Launched
"Global Dual Sourcing within WuXi Bio" Demonstrated Success
Construction of All New Facilities on Track
Sufficient Capacities to Start any Project in 4 Weeks
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, announces its audited annual results for the year ended December 31, 2018 today.
Financial Highlights
- Robust revenue growth of 56.6% year-on-year to RMB2,534.5 million.
- Gross profit rose 54.1% to RMB1,017.8 million. Gross profit margin was 40.2%, slightly lower than 40.8% of last year due to slightly higher share-based compensation cost, currency impact and ramp-up of operations of the 2nd and 3rd GMP manufacturing facility (MFG2 & MFG3), partially offset by efficiency enhancement gained from our current manufacturing facilities (MFG1) and overall operations.
- Net profit grew 149.6% year-on-year to RMB630.5 million, higher than 145.0% announced in Profit Alert Announcement. This record growth was due to the Group's leading technology platforms and strong execution track record contributing to increased market share. Specifically, strong growth in revenue, including milestone revenues with relatively high gross margin, considerable interest income and foreign exchange gains drove net profit growth. Excluding the impact of foreign exchange gains and share-based compensation, the adjusted net profit[1] grew 73.6% year-over-year to RMB751.5 million.
- Net profit margin and adjusted net profit margin were 24.9% and 29.7% respectively, up 930 basis points and 300 basis points year-on-year, respectively, compared to 2017 due to strong growth in revenue, interest income, and foreign exchange gains.
- Diluted EPS and adjusted diluted EPS increased significantly by 118.2% and 54.1% to RMB0.48 and RMB0.57, respectively.
Operational Highlights
- The Group continued to capture attractive market growth opportunities and gain market share globally. The number of ongoing integrated projects[2] increased from 161 as of December 31, 2017, to 205 as of December 31, 2018, with late-phase (phase III) projects increasing from 8 to 13. 57 new integrated projects were added in 2018 far exceeding our expectations. A total of 10 projects have been transferred to the Company from other global peers demonstrating our industry-leading technical capabilities and strong execution track record. Based on revenue, our global market share[3] increased to 3.2% vs 2.4% in 2017 while Chinese market share jumped to 75.6% vs 63.5% in 2017.
- As a result, total backlog surged 146.2% year-on-year to USD 3,639 million, with service revenue backlog substantially increasing by 243.1% year-on-year from USD476 million as of December 31, 2017 to USD1,633 million as of December 31, 2018. This was due to increasing market share on new integrated projects and signing of additional commercial manufacturing contracts. Upcoming potential milestone fees[4] doubled from USD1,002 million as of December 31, 2017 to USD2,006 million as of December 31, 2018 due ...
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