WuXi Biologics (2269) H2 2025 earnings summary

Executive summary

• Achieved record revenue of RMB 21.8 billion in FY2025, up 16.7% year-over-year, with gross profit margin expanding by 500bps to 46.0%.

• Added 209 new integrated projects, bringing the total to 945, with significant growth in bispecific antibodies, ADCs, and commercial manufacturing projects.

• Total backlog reached US$23.7 billion, with US$11.5 billion in service backlog and US$12.2 billion in potential milestone fees.

• Maintained a key talent retention rate of 96.4% and passed 461 regulatory inspections with 100% success.

• Business model leverages high-value modalities (bispecifics, ADCs, mAbs), driving sustainable growth and high client retention.

Financial highlights

• Adjusted EBITDA rose 22.8% to RMB 9.8 billion, with margin expanding to 45.1%.

• Adjusted net profit attributable to owners increased 17.9% to RMB 5.6 billion; net profit margin improved to 26.3%.

• Basic EPS increased 48.8% to RMB 1.22; adjusted EPS up 20% to RMB 1.40.

• Free cash inflow hit a record RMB 2.3 billion; cash on hand at year-end was RMB 15.7 billion.

• Gearing ratio decreased to 2.0% from 5.8% due to loan repayments and equity increases.

Outlook and guidance

• FY2026 revenue growth guided at 13%-17%, reflecting currency volatility, macro uncertainties, and supported by advanced technology platforms.

• IP-based revenue (upfront/milestone payments) expected to grow at a 30% CAGR over five years, despite unpredictability.

• CapEx for 2026 estimated at RMB 7.1 billion, focused on global capacity expansion.