WuXi Biologics Records Excellent Interim Results
Revenue Up 21.0% Y-o-Y to RMB1,944.1 Million
Net Profit Up 62.6% to RMB730.7 Million
Profit Attributable to Owners of the Company Up 63.6% Y-o-Y to RMB736.1 Million
Adjusted Net Profit Up 40.7% Y-o-Y to RMB734.0 Million
Diluted EPS Up 55.9% Y-o-Y to RMB0.53
Adjusted Diluted EPS Up 38.5% Y-o-Y to RMB0.54
Total Backlog Surges to US$9,464.0 Million
Integrated Enabling Platform Continued to Drive Sustainable Growth
Total Number of Integrated Projects Grew Strongly to 286, Including
19 Late-Phase Projects
Business Continuity Plan Executed During Pandemic, Allowed for Rapid Return to Full Operations and Contributed to Multiple Global COVID-19 Therapeutic Projects
Record-Breaking 2.5 Months to IND for Critical COVID-19 Biologics Project
Global Footprint Expansion Remained on Track to Address Strong Market Demand
Despite Strong Backlog, Sufficient Capacity to Start Any Project within 4 Weeks
(Hong Kong, S.A.R., China, Aug 17, 2020) – 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, is pleased to announce its unaudited interim results for the six months ended June 30, 2020.
2020 Interim Financial Highlights
Revenue: Achieved strong revenue growth of 21.0% year-on-year to RMB1,944.1 million despite the adverse impact of COVID-19, which caused two months of low productivity and a loss of revenue due to the delay of the regulatory inspection and global clinical trials. During this difficult time, the Group not only fulfilled previous commitments to our customers without missing any key project milestones, but also actively engaged in developing potential treatments for COVID-19, adding more than 10 COVID-19 projects within three months. This fully demonstrates how the Group’s leading technology platforms, competitive development timeline, and excellent track record have contributed to increased market share.
Gross profit and gross profit margin: Despite the ramp-up of three new manufacturing facilities and the adverse impact of COVID-19, gross profit increased by 17.3% year-on-year to RMB787.3 million, achieving an excellent gross profit margin of 40.5%. The strong growth of gross profit was attributable to the Group’s robust increase in the number of integrated projects, improved capacity utilization, operational efficiency and cost optimization at our existing sites, and the favourable impact from the appreciation of USD against RMB, partially offset by the increase of share-based compensation (SBC) costs.
Net profit, profit attributable to owners of the Company and net profit margin: Net profit grew by 62.6% year-on-year to RMB730.7 million, with net profit margin up by 960 basis points to 37.6%. By excluding the minority interest of the loss from its non-wholly owned subsidiaries, profit attributable to owners of the Company grew by 63.6% year-on-year to RMB736.1 million. Besides the robust results achieved in revenue and gross profit mentioned above, the following components also contributed to the significant growth of net profit: gains from investments and foreign exchange fluctuations; income tax refunds; other non-operating income recorded.
Adjusted net profit increased by 40.7% year-on-year to RMB734.0 million, with adjusted net profit margin up 540 basis points to 37.8%.
Diluted Earnings Per Share (EPS) increased by 55.9% from RMB0.34 to RMB0.53.
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