Summary:
Revenue up 61.2% to a Record High of RMB1,054.4 Million
Net Profit 270.7% of Same Period Last Year to RMB249.6 Million
Diluted EPS 211.1% of Same Period Last Year
* * *
Commenced Commercial Production of "TrogarzoTM"
Total Integrated Projects Increased to 187 Including
10 Late-Phase Projects
Phenomenal Growth in Total Backlog to US$1,782 Million
Global Expansion Will Bring the Total Capacity to Approximately 220,000L
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 unaudited interim results for the six months ended June 30, 2018 today.
First-Half 2018 Financial Highlights
- Phenomenal revenue growth of 61.2% Year-on-year to RMB1,054.4 million; the U.S. revenue grew 60.0% to RMB547.6 million while EU revenue surged 172.7% to RMB52.9 million.
- Gross profit rose 56.9% to RMB414.7 million. Gross profit margin was 39.3%, as compared to 40.4% of same period last year. Excluding foreign currency impact, it would have been approximately 41.4%.
- Net profit was 270.7% of same period last year to approximately RMB249.6 million (as compared to 250.0% announced in Profit Alert Announcement). Excluding the impact of foreign exchange gains and losses, listing expenses incurred last year, and share-based compensation, the adjusted net profit increased by 94.2% year-on-year to RMB296.7 million.
- Net profit margin and adjusted net profit margin were 23.7% and 28.1% respectively, up 960 basis points and 470 basis points year-on-year, respectively.
- Diluted EPS was 211.1% of same period last year (as compared to 200.0% announced in Profit Alert Announcement), reached RMB0.19 in the first half 2018 from RMB0.09 of same period last year.
- Adjusted diluted EPS was 153.3% of same period last year, reached RMB0.23 in the first half 2018 from RMB0.15 of same period last year.
First-Half 2018 Operational Highlights
- Total backlog grew significantly from US$1,478 million as of December 31, 2017 to US$1,782 million as of June 30, 2018. The sustainable and solid growth of our current backlog is sufficient to support substantial revenue growth. Furthermore, as we continue to gain market share, add early-phase projects, and more projects progress to late-phase, we expect significant growth of total backlog.
- The number of ongoing integrated projects significantly increased by 39.6% year-on-year from 134 as of June 30, 2017 to 187 as of June 30, 2018.
- Commenced our first commercial manufacturing project. More late-phase projects were initiated, demonstrating our commercial manufacturing capacity, advanced capabilities, and premier FDA-approved quality system.
- Continue to achieve great success with pre-IND projects increasing to 98 projects as of June 30, 2018. The number of early-phase (Phase I&II) projects increased to 78 and the number of late-phase (Phase III) projects increased from 6 to 10 from June 30, 2017 to June 30, 2018, and 1 project was in commercial manufacturing.
- Five early-phase projects and one late-phase project have been transferred to WuXi Biologics from the U.S. and EU competitors due to our industry leading technical capabilities and unparalleled capacities.
Management Comments
In the...
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