On March 25, 2025 WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, reported its audited annual results for the year ended December 31, 2024 ("Reporting Period") (Press release, WuXi Biologics, MAR 25, 2025, View Source [SID1234651428]).
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Financial Highlights
Revenue: For the year ended December 31, 2024, the Group’s revenue grew 9.6% YoY to RMB18,675.4 million, with non-COVID revenue increasing 13.1% YoY. The growth was primarily driven by: (i) the successful execution of the Group’s "Follow and Win the Molecule" strategies, coupled with the leading technology platform, best-in-industry timeline and excellent execution track record; (ii) enlarged spectrum of services offered to the biologics industry, fast growing technology platforms including ADCs and bispecific antibodies; (iii) growth of research services revenue generated from the Group’s various cutting-edge technologies; and (iv) the utilization of existing and newly expanded capacities, including ramp-up of the manufacturing sites in Europe.
Gross Profit and Gross Profit Margin: IFRS gross profit increased 12.1% YoY to RMB7,650.8 million, while adjusted gross profit rose 9.8% YoY to RMB8,479.5 million. IFRS gross profit margin reached 41.0%, with an adjusted gross profit margin of 45.4%. The increase in gross profit and margin was primarily due to the efficiency improvements driven from WBS and digitalization, and also the improvements of the ramp-up impacts from the recently commissioned facilities in Europe and the U.S. as expected.
EBITDA and EBITDA Margin: For the year ended December 31, 2024, EBITDA grew 16.7% to RMB6,547.8 million, while adjusted EBITDA increased 14.4% YoY to RMB7,999.3 million. EBITDA margin reached 35.1%, with an adjusted EBITDA margin of 42.8%.
Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 10.5% YoY to RMB3,945.4 million. Net profit attributable to owners of the Company was RMB3,356.1 million, reflecting a slight YoY decline of 1.3%.
Adjusted Net Profit: Adjusted Net Profit for the period increased 9.0% YoY to RMB5,396.9 million. Adjusted net profit margin was 28.9%.
Basic Earnings Per Share (EPS): The Group’s basic earnings per share (EPS) remained flat at RMB 0.82 for the years ended December 31, 2024 and 2023. Diluted EPS slightly increased by 1.3% from RMB 0.77 for the year ended December 31, 2023 to RMB 0.78 for the year ended December 31, 2024.
Business Highlights
Integrated Project Wins
The Group added 151 integrated projects in 2024, bringing the total to 817. Notably, over half of the new projects originated from U.S. clients, reflecting strong client trusts and the Group’s resilience amid a dynamic environment. The Group supported 66 Phase III projects and 21 non-COVID commercial projects, strengthening its manufacturing pipeline.
During the Reporting Period, the Group continued to execute its "Win-the-Molecule" strategy, securing 20 post-IND projects, including 13 in late-phase and commercial stage, bringing total wins to 89 since 2018.
Research
By leveraging industry-leading technology platforms, the Group’s Research business has reached an inflection point following years of strategic cultivation. The Group has developed a portfolio of leading Immune Cell Engager (ICE) technologies, extending beyond traditional T-cell engagers (TCEs). Our diverse immune cell-targeting modalities—including CD3 Bispecific T Cell Engagers, Non-cytotoxic T Cell Engagers, γδ T Cell Engagers, NK Engagers, and Macrophage Engagers—are designed to unlock novel therapeutic potential in oncology and autoimmune diseases.
The Group is advancing these innovations in close collaboration with its clients and partners, driving the development of next-generation anti-tumor and autoimmune therapies. In 2024, the Group enabled seven global programs for molecule discovery and is eligible to receive approximately $140 million in near-term payments, with total potential payments exceeding $2.3 billion. To date, the Group’s Research Services has enabled 50+ programs that are potentially eligible for future milestone payments and sales royalties, establishing a consistent revenue and profit stream.
Development
The Group added 148 new development projects in 2024, further strengthening one of the industry’s largest portfolios of complex biologics. This portfolio includes 151 bispecifics & multispecifics, 194 ADCs, 80 fusion proteins and 24 vaccines. The Group continues to advance cutting-edge technology platforms that accelerate biologics development and manufacturing. Key platforms include WuXia (cell line development), WuXiDARx (drug-to-antibody ratio technology), WuXiHigh (high concentration and high-throughput DP Development), WuXiUI (ultra-intensified fed-batch platform) and WuXiUP (ultra-high productivity continuous bioprocessing platform).
Highlighting the unique advantages of its CRDMO platform and industry-leading technologies, the Group’s client, Curon Biopharmaceutical’s investigational B-cell depletion therapy, CN201, was acquired by Merck & Co., Inc. in 2024. This asset was discovered through the Group’s proprietary TCE and WuXiBody platforms, while WuXiUP effectively addresses complex CMC challenges.
The Group has shortened the development timeline for monoclonal antibody projects from DNA to IND to just nine months and successfully supported over 600 IND applications by the end of the Reporting Period. These advancements help clients accelerate development cycles and achieve cost-effective solutions across the biologics value chain.
Manufacturing
In 2024, the Group supported 66 Phase III projects and 21 non-COVID commercial manufacturing projects, completed 16 process performance qualification (PPQ) projects, with 24 scheduled for 2025. The Group also achieved a DS and DP PPQ success rate exceeding 98%, establishing a solid foundation for commercial manufacturing operations.
To further support its growing commercial pipeline and meet client needs, the Group continues to execute its "Global Dual Sourcing" strategy, providing comprehensive manufacturing services through its global network.
Ireland: All three facilities have secured GMP certification from the Irish Health Products Regulatory Authority (HPRA) and completed multiple 16,000-liter PPQ runs. The site also initiated commercial production in 2024.
Singapore: The lifting of fabricated modules for XDC’s Production Facility has been completed, with critical utilities in the final phase of design and construction. Additionally, significant progress has been made in the design of Biologics’ Production Assets.
U.S: The Group continues the expansion of MFG11 at Worcester, MA, one of the largest single-use-technology facilities in the U.S., featuring six 6,000L upstream tanks connected to a single downstream line, with high-throughput processing and extensive automation. Upon completion, MFG11 will be integrated with MFG18 (Cranbury, NJ), and Boston Research Service Center, enabling the Group to offer end-to-end capabilities in the U.S., from research, development, clinical manufacturing, to both small- and large-scale commercial manufacturing.
Asset optimization
In January 2025, the Group and MSD International GmbH entered into an agreement for the asset transfer of WuXi Vaccine’s Dundalk, Ireland facility. This transaction enables MSD International GmbH to better integrate vaccine production within its global network while enhancing the Group’s operational flexibility, asset efficiency and margins. The Group will focus on its vaccines CDMO services from WuXi Vaccines’ Suzhou, China site.
Backlog
As of December 31, 2024, total backlog stood at US$18.5 billion, comprising US$10.5 billion in service backlog and US$8.0 billion in potential milestones. Backlog within 3 years was US$3.7 billion. Following the announced asset transaction with MSD International GmbH, approximately US$3 billion in services backlog was removed. Adjusting for this divestiture, backlog grew by approximately US$0.9 billion YoY.
Quality
The Group remains committed to the highest quality standards, safeguarding the interests of clients and patients. Backed by a world-class quality system, the Group has successfully completed 42 regulatory inspections by various national regulatory agencies since 2017, including 22 by EU EMA and U.S. FDA, with no critical issues and zero data integrity findings. In Q4 2024, the Group successfully passed the HPRA inspection in Ireland with no critical observations. These regulatory milestones further validate the Group’s premier quality system, which adheres to the highest global quality standards.
Talents
People are WuXi Biologics’ greatest assets. As of December 31, 2024, the Group’s total employee count reached 12,575, including 4,383 scientists, with a key talent retention rate of 95.8%. The Group’s successful global recruitment efforts strengthened its worldwide operations, enabling it to efficiently deliver project commitments and drive continuous innovation.
WBS (WuXi Biologics Business System)
The Group has been continuously focusing on its WBS initiatives, driving operational excellence and efficiency. In 2024, the Group executed over 260 WBS Kaizen events, achieving 1-point improvement in gross profit margin through cost-savings, enhanced labor productivities, and inventory reductions. Additionally, ESG-focused Kaizen projects reduced carbon emissions, water usage, waste generation, and material consumption. The Group remains committed to establishing WBS as a lean management system, fostering continuous improvement, talent development, and further enhancing value creation for its clients.
Sustainability
The Group has integrated Sustainability as a core pillar of its business growth strategy, earning widespread recognition from leading ESG rating agencies and institutional investors. Notable achievements encompass the inclusion in the Dow Jones Sustainability Indices, an AAA rating from MSCI ESG Ratings, a Platinum Medal from EcoVadis, and recognition as an ESG Industry Top-Rated and APAC Regional Top-Rated Company by Sustainalytics.
During the Reporting Period, the Group was also selected in the S&P Global Sustainability Yearbook 2024, MSCI ESG Leaders Indexes 2024, FTSE4Good Index Series, and Hang Seng ESG 50 Index.
Management Comment
Dr. Chris Chen, CEO of WuXi Biologics, stated, "In 2024, we navigated many crosscurrents in the macro environment, remained resilient and delivered a solid 9.6% YoY growth in the Group revenue. Empowered by our unique CRDMO business model and well-established ‘Follow and Win the Molecule’ strategies, we are confident in our ability to provide unparalleled support to our clients, ensuring the delivery of sustainable outcomes in 2025 and beyond."
Dr. Chen added, "Looking ahead, we anticipate accelerated and profitable growth in 2025 and beyond, driven by strong performances across all Research, Development, and Manufacturing platforms. With enhanced operational efficiencies, increasing adoption of next-generation technology platforms, and disciplined execution of our strategic initiatives, we are well-positioned to capture new opportunities and drive innovation."
Dr. Ge Li, Chairman of WuXi Biologics, concluded, "In 2024, we remained steadfast in our mission and vision – to empower anyone and any company to discover, develop and manufacture biologics from concept to commercial manufacturing. As we look ahead, we are committed to delivering exceptional value to our partners, reinforcing our position as a premier, one-stop service provider for the biologics industry, and advancing our vision that ‘every biologic can be made’."
Key Financial Ratios
(For the Twelve Months Ended Dec. 31)
Key Financial Ratio
2024
2023
Change
Revenue (In RMB million)
18,675.4
17,034.3
9.6 %
Gross Profit (In RMB million)
7,650.8
6,827.9
12.1 %
Margin (%)
41.0 %
40.1 %
Net Profit (In RMB million)
3,945.4
3,570.6
10.5 %
Margin (%)
21.1 %
21.0 %
Net Profit Attributable to Owners of
the Company (In RMB million)
3,356.1
3,399.7
(1.3 %)
Margin (%)
18.0 %
20.0 %
Adjusted Net Profit (In RMB million)
5,396.9
4,950.4
9.0 %
Margin (%)
28.9 %
29.1 %
EBITDA (In RMB million)
6,547.8
5,613.2
16.7 %
Margin (%)
35.1 %
33.0 %
Adjusted EBITDA (In RMB million)
7,999.3
6,993.0
14.4 %
Margin (%)
42.8 %
41.1 %
Adjusted Basic EPS (In RMB)
1.17
1.13
3.5 %