On July 28, 2025 WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical and life sciences industry, reported financial results for the first half ending June 30, 2025 ("Reporting Period") (Press release, WuXi AppTec, JUL 28, 2025, View Source;h1-revenue-from-continuing-operations1-up-24-2-yoy-and-adjusted-non-ifrs-net-profit-up-44-4-yoy-backlog-for-continuing-operations-up-37-2-yoy-302514805.html [SID1234654584]):
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For the first half of 2025, total revenue reached RMB20.80 billion, up 20.6% year-over-year. Revenue from Continuing Operations reached RMB20.41 billion, up 24.2% year-over-year.
Adjusted non-IFRS gross profit reached RMB9.26 billion, with the adjusted non-IFRS gross profit margin up 4.7pts year-over-year to 44.5%.
Net profit attributable to the owners of the Company was RMB8.56 billion, up 101.9% year-over-year; diluted EPS was RMB2.99, up 106.2% year-over-year.
Adjusted non-IFRS net profit attributable to the owners of the Company was RMB6.31 billion, up 44.4% year-over-year; adjusted non-IFRS net profit margin up 5.0pts year-over-year to 30.4%; adjusted non-IFRS diluted EPS was RMB2.20, up 46.7% year-over-year.
With continuous capacity expansion to better meet customer demand, backlog for Continuing Operations reached RMB56.69 billion as of June 30, 2025, up 37.2% year-over-year.
Operating cash flow climbed 49.1% year-over-year to RMB7.07 billion, driven by business growth, increase in operating efficiency, and continued improvement of financial management capabilities.
The Company’s sustained and steady business growth is the result of our unique, fully integrated Contract Research, Development and Manufacturing Organization (CRDMO) platform. Driven by "follow the molecule" and "win the molecule" strategies, WuXi Chemistry’s small molecule CRDMO pipeline continues to efficiently convert and capture high-quality molecules, delivering sustained business growth. In the first half of 2025, a total of 412 new molecules have been added to the small molecule Development and Manufacturing (D&M) pipeline. As of June 30, 2025, our small molecule D&M pipeline reached 3,409 molecules, representing an increase of 8 projects in phase III and commercial stages during the first half of 2025.
The Company has been accelerating global expansion and capacity construction. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA on-site inspections with no single observation. By the end of 2025, total reactor volume of small molecule APIs is expected to reach over 4,000kL, and the total reactor volume of Solid Phase Peptide Synthesizers is expected to increase to more than 100,000L.
As an enabler of innovation and a trusted partner and contributor to the global pharmaceutical and life sciences industry, the Company actively advanced sustainability and has been extensively recognized by global rating agencies. The Company has achieved the highest "AAA" rating from MSCI for the first time, becoming the first A-share listed company in the life sciences industry to achieve this milestone. In addition, the Company’s near-term emissions reduction targets have been validated by Science Based Targets initiatives (SBTi). Our accomplishments have also been acknowledged by major global rating agencies, including EcoVadis, CDP, United Nations Global Compact (UNGC), Sustainalytics and FTSE Russell.
The Company remains committed to rewarding shareholders and actively supporting the Company’s value. In the first half of 2025, the Company distributed a total of RMB3.84 billion in cash dividends, including RMB2.83 billion for the 2024 annual cash dividend and RMB1.01 billion for the 2025 special cash dividend. Meanwhile, the Company also completed the repurchase and cancellation of RMB1.0 billion worth of A-shares in the first half. An additional, previously announced RMB1.0 billion worth of A-share repurchase and cancellation plan is currently being implemented, with approximately RMB0.5 billion worth of A-shares repurchased as of now. Moreover, the Company’s Board of Directors approved WuXi AppTec’s first interim dividend plan, distributing RMB3.50 cash dividend for every 10 shares (approximately RMB1.0 billion in total) to shareholders.
[1] As disclosed in 2025 Interim Report, Continuing Operations include WuXi Chemistry, WuXi Testing, WuXi Biology and Others, the scope of which may change following adjustments to the Company’s business strategy.
[2] Net profit attributable to the owners of the Company is prepared in accordance with China Accounting Standards for Business Enterprises (CAS).
[3] In 2024 H1 and 2025 H1, WuXi AppTec had a fully-diluted weighted average share count of 2,913,355,532 and 2,897,449,552 ordinary shares, respectively.
2025 Full-Year Outlook
With confidence in customers’ ongoing demand for enabling services, our CRDMO business model and management execution, the Company has raised full-year guidance despite external uncertainties.
The Company expects Continuing Operations revenue to resume double-digit growth in 2025, with its year-over-year growth rate raised to 13-17%, up from the prior 10-15%. As a result, the Company expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion.
As it focuses on the core CRDMO business and continuously improved production and operating efficiency, the Company is confident and expects to further improve the adjusted non-IFRS net profit margin in 2025.
Capex is expected to reach RMB7.0-8.0 billion in 2025. Together with business growth and efficiency improvement, free cash flow is expected to increase from RMB4.0-5.0 billion to RMB5.0-6.0 billion.
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "WuXi AppTec once again delivered robust double-digit growth in both revenue and profit in the second quarter, demonstrating the strength of our unique CRDMO business model and the dedication of our global teams. In the first half of 2025, we achieved revenue of RMB20.8 billion, with Continuing Operations revenue growing 24.2% year-over-year, and adjusted non-IFRS net profit growing 44.4% year-over-year, while our backlog for Continuing Operations reached a new record high of RMB56.7 billion."
"Building on this strong momentum and consistent execution, we have raised our 2025 full-year revenue target to RMB42.5-43.5 billion, with Continuing Operations now expected to achieve 13-17% year-over-year double-digit growth, and correspondingly, the free cash flow target up to RMB5.0-6.0 billion. We remain focused on enhancing our core capabilities, expanding capacity, and improving operating efficiency to create greater value for our customers and shareholders."
"Guided by our vision that ‘Every drug can be made and every disease can be treated,’ we are committed to enabling our partners to deliver innovative therapies to patients worldwide. Together, we will continue to advance healthcare innovation and improve lives."
Business Performance by Segments
WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; H1 2025 Revenue Up 33.5% YoY, with TIDES Revenue Up 141.6% YoY
H1 revenue of WuXi Chemistry reached RMB16.30 billion, up 33.5% year-over-year. With continued optimization of production process and improvement in capacity efficiency driven by the growth of late-stage clinical and commercial projects, H1 adjusted non-IFRS gross profit margin steadily improved 5.2pts year-over-year to 49.0%.
Small molecule drug discovery service ("R") continues to generate downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 440,000 new compounds to customers. In the meantime, 158 molecules were converted from R to D phase in the first half of 2025.Through our "follow-the-customer" and "follow-the-molecule" strategies, we established trusted partnerships with our customers globally, supporting the sustainable growth of our CRDMO business.
Small molecule D&M service remains strong.
i. The small molecule CDMO pipeline continued to expand. H1 revenue of small molecule D&M services rose 17.5% year-over-year to RMB8.68 billion. In the first half of 2025, 412 new molecules were added to the small molecule D&M pipeline. As of June 30, 2025, our small molecule D&M pipeline reached 3,409 molecules, including 76 commercial projects, 84 in phase III, 368 in phase II and 2,881 in phase I and pre-clinical stages. That represents an increase of 8 projects in the commercial and phase III stages during the first half of 2025.
ii. We continued to build small molecule capacity. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA on-site inspections with no single observation. The total reactor volume of small molecule APIs is expected to reach over 4,000kL by the end of 2025.
TIDES business (oligo and peptides) sustains rapid growth.
i. With the ramp-up of new capacities released sequentially each quarter last year, H1 TIDES revenue grew 141.6% year-over-year to RMB5.03 billion. As of June 30, 2025, TIDES backlog was up 48.8% year-over-year.
ii. TIDES D&M customers grew 12% year-over-year, while the number of TIDES molecules grew 16% year-over-year.
iii. We continued to build peptide capacity in Taixing. Total reactor volume of Solid Phase Peptide Synthesizers is expected to increase to over 100,000L by the end of 2025.
WuXi Testing[4]: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
WuXi Testing revenue reached RMB2.69 billion in H1, and H1 adjusted non-IFRS gross profit margin was 25.1%.
Q2 revenue of lab testing services reached RMB1.00 billion, growing 5.5% year-over-year and 13.2% quarter-over-quarter. Of which, drug safety evaluation services revenue grew 3.4% year-over-year and 10.2% quarter-over-quarter.
H1 revenue of lab testing services grew 0.4% year-over-year to RMB1.89 billion. Due to market impact, its H1 adjusted non-IFRS GPM declined as pricing gradually reflected in revenue along with backlog conversion. Of which, drug safety evaluation services revenue was down 2.2% year-over-year, while maintaining an industry-leading position in the Asia-Pacific region.
The Company is committed to actively enabling customers’ global licensing. New modality business continued to develop, while the Company maintained its leading position in areas including nucleic acids, conjugates, mRNA, multispecific antibodies and peptides.
The Suzhou facility has successfully passed 4 consecutive FDA on-site inspections.
H1 revenue for clinical CRO & SMO declined 4.7% year-over-year to RMB0.80 billion due to market pricing impact. Of which, SMO revenue grew 1.5% year-over-year and maintained the industry leading position in China.
During the first half of 2025, our clinical CRO business supported customers to obtain 12 IND approvals and submit for 2 NDA filings; the SMO business supported 61 new drug approvals for customers. The SMO business has supported 317 new drug approvals in total over the past decade, maintaining significant advantages in multiple areas (endocrinology, dermatology, lung cancer and cardiovascular disease, etc.).
WuXi Biology: Continues to Generate Downstream Opportunities; In Vitro & In Vivo Business Synergies and New Modality Business Drive Growth
WuXi Biology follows the science and continuously strengthens drug discovery capabilities in emerging areas. It efficiently generates downstream opportunities for CRDMO model by continuously contributing more than 20% of the Company’s new customers.
Through platform integration, cross-regional collaboration and comprehensive service transformation, we efficiently enable our customers. WuXi Biology revenue reached RMB1.25 billion in H1 2025, a year-over-year increase of 7.1%. Due to market pricing impact, H1 adjusted non-IFRS gross profit margin was down 0.7pts to 36.4%.
We accelerated advancements in in vitro integrated screening technologies and in vivo pharmacology capabilities, driving continued rapid year-over-year revenue growth. The constantly improved competitive edge in non-oncology business has laid a solid foundation for sustained growth throughout the year.
New modality drug discovery services continue to perform well, contributing more than 30% of WuXi Biology’s total revenue.
[4] As disclosed in the 2025 First Quarterly Report, WuXi Testing here includes only the core business of Continuing Operations (similar to the 2024 baseline).
This release provides a summary of the results and does not intend to provide a complete statement relating to the Company, its securities, or any relevant matters herein that a recipient may need in order to evaluate the Company. For additional information, please refer to the WuXi AppTec 2025 Interim Results Presentation and 2025 Interim Report disclosed on the Company’s official website, as well as the Company’s disclosure documents and information on the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited website. Investors are advised to exercise caution and be aware of the investment risks in trading Company shares.
Net profit attributable to the owners of the Company is prepared in accordance with China Accounting Standards for Business Enterprises (CAS), in currency of RMB. Besides, all other financial information disclosed in this press release is prepared in accordance with the International Financial Reporting Standards Accounting Standards ("IFRSs"), in currency of RMB.
The 2025 Interim Report of the Company has not been audited.
Second Quarter 2025 Results by Segments
Unit: RMB million
Segment
Revenue
Change
Adjusted
non-IFRS
Gross Profit
Change
Adjusted non-
IFRS Gross
Profit Margin
WuXi Chemistry
8,910.40
34.0 %
4,475.02
52.4 %
50.2 %
WuXi Testing
1,396.33
1.6 %
373.99
-27.1 %
26.8 %
WuXi Biology
644.53
6.0 %
235.47
7.8 %
36.5 %
Others
93.89
-55.7 %
67.23
-55.3 %
71.6 %
Discontinued
Operations (Note 1)
99.54
-76.1 %
57.93
N/A
58.2 %
Total
11,144.69
20.4 %
5,209.65
38.0 %
46.7 %
First Half 2025 Results by Segments
Unit: RMB million
Segment
Revenue
Change
Adjusted
non-IFRS
Gross Profit
Change
Adjusted non-
IFRS Gross
Profit Margin
WuXi Chemistry
16,301.37
33.5 %
7,984.86
49.4 %
49.0 %
WuXi Testing
2,688.65
-1.2 %
675.89
-33.6 %
25.1 %
WuXi Biology
1,251.60
7.1 %
455.89
5.0 %
36.4 %
Others
163.48
-49.6 %
97.31
-48.0 %
59.5 %
Discontinued
Operations (Note 1)
394.18
-51.7 %
44.02
N/A
11.2 %
Total
20,799.28
20.6 %
9,257.96
34.9 %
44.5 %
Note 1: In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements
were signed or sales were completed during the Reporting Period or the comparison year as discontinued operations.
Note 2: Any sum of the data above that is inconsistent with the total is due to rounding.
Consolidated Statement of Profit or Loss[5] – Prepared under IFRSs
RMB Million
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Revenue
11,144.7
9,259.0
20,799.3
17,240.9
Cost of sales
(6,045.5)
(5,563.8)
(11,687.0)
(10,540.0)
Gross profit
5,099.2
3,695.1
9,112.2
6,700.9
Other income
328.2
269.0
639.5
511.0
Other gains and losses
1,375.7
15.5
2,448.9
208.4
Impairment losses under expected credit losses
("ECL") model, net of reversal
(137.5)
(62.4)
(290.6)
(82.1)
Impairment losses of non-financial assets
(4.0)
–
(73.5)
–
Impairment losses of assets classified as held for sale
(120.7)
–
(120.7)
–
Selling and marketing expenses
(200.3)
(178.4)
(394.4)
(357.5)
Administrative expenses
(649.9)
(667.0)
(1,247.7)
(1,277.5)
R&D expenses
(290.0)
(329.9)
(514.4)
(636.3)
Operating Profit
5,400.5
2,741.9
9,559.4
5,066.8
Share of results of associates
176.3
81.9
240.2
115.8
Share of results of joint ventures
–
(4.4)
0.1
(4.2)
Finance costs
(88.6)
(67.3)
(168.8)
(128.9)
Profit before tax
5,488.1
2,752.2
9,630.8
5,049.6
Income tax expense
(682.6)
(430.2)
(1,247.1)
(768.7)
Profit for the period
4,805.5
2,322.0
8,383.8
4,280.8
Profit for the period attributable to:
Owners of the Company
4,751.1
2,297.6
8,287.3
4,239.8
Non-controlling interests
54.4
24.4
96.4
41.0
4,805.5
2,322.0
8,383.8
4,280.8
[5] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Consolidated Statement of Profit or Loss[6] (continued) – Prepared under IFRSs
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Weighted average number of ordinary shares for calculating EPS
(expressed in shares)
– Basic
2,834,045,549
2,895,745,826
2,840,111,082
2,907,737,554
– Diluted
2,892,304,153
2,899,828,193
2,897,449,552
2,913,355,532
Earnings per share (expressed in RMB per Share)
– Basic
1.68
0.79
2.92
1.46
– Diluted
1.66
0.79
2.89
1.45
[6] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Consolidated Statement of Financial Position[7] – Prepared under IFRSs
RMB Million
June 30,
December 31,
2025
2024
Non-current Assets
Property, plant and equipment
25,725.6
25,267.8
Right-of-use assets
1,901.4
1,874.8
Goodwill
971.6
972.4
Other intangible assets
511.7
601.0
Interests in associates
1,887.1
2,322.2
Interests in joint ventures
3.4
3.4
Deferred tax assets
511.1
473.1
Financial assets at fair value through profit or
loss ("FVTPL")
8,504.4
8,943.4
Other non-current assets
153.6
114.7
Biological assets
1,065.1
1,063.0
Total Non-current Assets
41,235.0
41,635.7
Current Assets
Inventories
5,293.6
3,532.1
Contract costs
925.8
912.2
Biological assets
931.8
955.5
Amounts due from related parties
85.9
89.3
Trade and other receivables
9,137.4
9,643.7
Contract assets
825.7
988.8
Income tax recoverable
39.8
87.2
Financial assets at FVTPL
2,942.4
1,234.0
Derivative financial instruments
2.6
–
Other current assets
735.6
734.1
Pledged bank deposits
12.2
22.1
Term deposits with initial term of over three months
3,937.5
4,865.6
Bank balances and cash
17,535.5
13,434.3
42,406.0
36,498.8
Assets classified as held for sale
182.8
2,191.3
Total Current Assets
42,588.7
38,690.2
Total Assets
83,823.8
80,325.8
[7] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Consolidated Statement of Financial Position (continued)[8]– Prepared under IFRSs
RMB Million
June 30,
December 31,
2025
2024
Current Liabilities
Trade and other payables
7,410.2
7,025.5
Amounts due to related parties
12.5
15.3
Derivative financial instruments
–
202.0
Contract liabilities
2,227.1
2,251.0
Bank borrowings
5,798.2
1,278.6
Lease liabilities
220.9
224.2
Income tax payables
1,296.3
870.8
Convertible bonds
3,517.4
3,493.1
20,482.6
15,360.6
Liabilities directly associated with assets
classified as held for sale
36.4
865.5
Total Current Liabilities
20,518.9
16,226.1
Non-current Liabilities
Bank borrowings
904.9
2,959.5
Deferred tax liabilities
439.4
522.4
Deferred income
959.4
985.6
Lease liabilities
592.1
546.6
Total Non-current Liabilities
2,895.8
5,014.1
Total Liabilities
23,414.7
21,240.2
Net Assets
60,409.1
59,085.6
Capital and Reserves
Share capital
2,872.2
2,888.0
Reserves
57,039.5
55,744.7
Equity attributable to owners of the Company
59,911.7
58,632.7
Non-controlling interests
497.4
452.9
Total Equity
60,409.1
59,085.6
[8] If the sum of the data below is inconsistent with the total, it is caused by rounding.
Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company[9]
RMB Million
Three Months Ended June 30,
Six Months Ended June 30,
2025
2024
2025
2024
Net profit attributable to the owners of the Company under CAS
4,888.9
2,297.6
8,560.9
4,239.8
GAAP difference[10]
(137.9)
–
(273.6)
–
Net profit attributable to the owners of the Company under IFRSs
4,751.1
2,297.6
8,287.3
4,239.8
Add:
Share-based compensation expenses
142.0
77.2
176.4
165.0
Issuance expenses of convertible bonds
9.8
–
19.6
–
Foreign exchange related losses
270.0
14.6
448.0
29.0
Amortization of acquired intangible assets from merger and
acquisition
6.7
13.4
13.8
27.0
Gains or losses from divestiture, restructuring and resource
integration initiatives
131.3
–
139.9
–
Non-IFRS net profit attributable to the owners of the Company
5,310.9
2,402.7
9,085.0
4,460.7
Add:
Realized and unrealized (gains)losses from venture capital investments
(1,673.8)
51.9
(2,770.1)
(92.7)
Realized and unrealized share of (gains)losses from joint ventures
(0.0)
4.4
(0.1)
4.2
Adjusted non-IFRS net profit attributable to the owners of the Company
3,637.1
2,459.1
6,314.8
4,372.2