WuXi AppTec Reports H1 2022 Net Profit Surge of Over 70% Year-on-Year

Our Staff Reporter Li Yanan

On the evening of July 11, Wuxi AppTec released its 2022 semi-annual earnings forecast, expecting to achieve operating revenue of approximately 17.756 billion yuan in the first half of the year, representing a year-on-year increase of about 68.52%; net profit attributable to parent company shareholders is expected to reach approximately 4.636 billion yuan, reflecting a year-on-year growth of about 73.29%.

Notably, WuXi AppTec achieved a year-on-year revenue growth of approximately 66.16% in the second quarter, surpassing the previously announced expected growth rate of 63% to 65% for Q2.

Regarding the significant growth in performance, WuXi AppTec stated that the company continues to strengthen its unique integrated CRDMO (Contract Research, Development, and Manufacturing Organization) and CTDMO (Contract Testing, Development, and Manufacturing Organization) business models. At the same time, it actively cooperates with the implementation of COVID-19 prevention and control measures in Shanghai, leveraging the advantages of its global presence, multi-site operations, and full coverage of the industrial chain. The company promptly formulates and efficiently executes business continuity plans to ensure the achievement of overall performance targets.

WuXi AppTec stated that by continuously optimizing operational efficiency, the utilization rate of production capacity has been steadily increasing, and economies of scale have become more apparent.

According to a research report by GF Securities, the industry in which WuXi AppTec operates is highly prosperous with a full order book, and the company has strong future growth momentum. The demand for pharmaceutical R&D innovation is robust both in China and internationally, and the pharmaceutical outsourcing industry is thriving. As a platform-based leading enterprise in the CXO sector with international competitiveness, WuXi AppTec boasts a unique integrated CRDMO business model, a full order book of new and existing contracts, and strong growth certainty.

(Edited by Zhang Yupeng, Li Bo)