On March 24, 2026 WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development and manufacturing, reported audited results for the year ended December 31, 2025 ("Reporting Period").

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Financial Highlights

Revenue: Revenue increased 16.7% YoY to RMB21.8 billion, driven by continued execution of the Group’s "Follow and Win the Molecule" strategy, rising demands for complex biologics modalities including bispecific antibodies and ADCs, growing Research Services partnerships, and higher utilization of existing and newly expanded manufacturing capacity, including the ramp-up of the Group’s European facility.

Gross Profit and Gross Profit Margin: IFRS gross profit increased 30.9% YoY to RMB10.0 billion, with gross margin expanding 500 bps to 46.0%. Adjusted gross profit rose 25.5% YoY to RMB10.6 billion, with adjusted gross margin of 48.8%. Margin expansion was primarily driven by favorable business mix, higher capacity utilization, and efficiency gains from WBS and digitalization initiatives.

EBITDA and EBITDA Margin: EBITDA grew 38.1% YoY to RMB9.0 billion, while adjusted EBITDA increased 22.8% YoY to RMB9.8 billion. EBITDA margin reached 41.5%, with adjusted EBITDA margin expanding to 45.1%.

Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 45.3% YoY to RMB5.7 billion, while net profit attributable to owners of the Company grew 46.3% to RMB4.9 billion. These increases were primarily driven by the higher gross profits and the gains from the Group’s investment portfolio.

Adjusted Net Profit and Adjusted Net Profit Attributable to Owners of the Company: Adjusted net profit increased 22.0% YoY to RMB6.6 billion, while adjusted net profit attributable to owners of the Company rose 17.9% YoY to RMB5.6 billion.

Earnings Per Share (EPS): Basic EPS rose 48.8% to RMB1.22 (2024: RMB0.82). Diluted EPS advanced 48.7% to RMB1.16 (2024: RMB0.78)

Adjusted Earnings Per Share (Adjusted EPS): Adjusted basic EPS increased 19.7% to RMB1.40 (2024: RMB1.17), while adjusted diluted EPS reached RMB1.33, up 18.8% from RMB1.12 in the prior year.

Business Highlights

Integrated Project Adds
The Group added a record-high of 209 new integrated projects in 2025, bringing the total pipeline to 945 programs. Approximately half of the new additions originated from U.S. clients, reflecting strong momentum from the U.S. biopharma sector. With 74 late-stage and 25 commercial projects, the Group is well positioned to drive sustained manufacturing revenue growth.

Of the 209 new additions, 23 programs were post-IND wins under the Group’s "Win-the-Molecule" strategy, including 6 late-stage programs, bringing total "Win-the-Molecule" projects to 112 since 2018.

Research
Research Services delivered another phenomenal year in 2025, generating record-high upfront and total payments, and securing potential milestone and royalties over US$4 billion.

CD3 T-cell engager (TCE) partnerships continued to expand during the year, reflecting growing industry adoption of the Group’s leading CD3 platform. The platform has been adopted by many leading biopharma companies, including Vertex, Merck, GSK and Sino Biopharmaceutical.

As of year-end 2025, Research Services supported 50+ active programs eligible for milestone payments and sales royalties, providing a growing base of high-margin long-term revenue potential.

Development
The Group supported 156 IND filings in 2025, and expanded capacity to 200 INDs and 20 BLAs/MAAs annually. It also added a record number of new development projects in 2025. Bispecifics and ADCs accounted for 2/3 of new additions, with each modality growing by approximately 30% to 196 and 252 programs, respectively. Complex modalities now represent more than half of the entire project portfolio, reflecting sustained momentum in next-gen biologics and the Group’s leading market position.

Leveraging its integrated R-D-M capabilities, bi- & multi-specifics have emerged as the Group’s fastest growing modality, contributing nearly 20% of total revenue in 2025 and delivering 120%+ YoY growth. To support continued pipeline growth, the Group has expanded regulatory submission capacity to support approximately 200 INDs and 20 BLAs/MAAs annually.

During the Reporting Period, the Group introduced WuXia TrueSite, a targeted-integration CHO cell line platform that enables 6-month DNA-to-IND timelines, while delivering 8+ g/L mAb titers and >99% expression stability across 60 generations. The Group also expanded its high-dose drug delivery capabilities for clinical and commercial applications, including WuXiHighTM high-throughput formulation development, hyaluronidase co-formulation, and large-volume device solutions, further broadening their addressable commercial opportunities.

Manufacturing
In 2025, the Group supported 74 Phase III projects and 25 commercial manufacturing projects, completed 28 PPQs (process performance qualification), and has 34 PPQs scheduled for 2026 based on contracts as of Dec 31, 2025. The Group maintained a 100% PPQ campaign success rate, demonstrating consistent execution and a robust large-scale manufacturing quality system.

To support the expanding commercial pipeline and enhance global supply resilience, the Group continues to advance its "Global Dual Sourcing" strategy, scaling integrated CRDMO capabilities across geographies, while expanding its manufacturing footprint globally.

U.S.: Construction of MFG11 in Worcester, MA is progressing. Upon completion, the facility will feature six 6,000L single-use bioreactors, a dedicated downstream line, and extensive automation. MFG18 in Cranbury, NJ is also being upgraded to add commercial manufacturing capabilities in response to the strong local demands.
Singapore: Construction of a new modular drug product (DP) facility has commenced and is expected to be one of the largest modular biologics DP facilities globally, significantly enhancing the Group’s end-to-end DP service capabilities. The design of a modular drug substance (DS) facility is also underway. In addition, WuXi XDC’s Singapore site achieved mechanical completion in June 2025.
Qatar: In December 2025, the Group signed a MOU with the Qatar Free Zones Authority (QFZ), advancing plans to establish the Qatar site as a strategic hub within its global CRDMO network and extend its geographic presence into the Middle East.

Backlog
As of December 31, 2025, total backlog stood at US$23.7 billion, including US$11.5 billion service backlog and US$12.2 billion potential milestones. Backlog within 3 years reached US$4.5 billion, providing strong visibility into near-term revenue growth.

Quality
The Group maintains a comprehensive global quality management system to support clients’ regulatory and compliance requirements. From 2017 to 2025, the Group has completed 46 regulatory inspections by major national authorities, including 22 by the U.S. FDA and EU EMA, with no critical issues and zero data integrity findings.

As of December 31, 2025, the Group maintains a 100% pass rate for FDA Pre-License Inspection (PLI) and has passed more than 1,800 client GMP audits, including 230+ conducted by EU Qualified Persons, demonstrating consistent quality and compliance standards across global operations.

(Press release, WuXi Biologics, MAR 24, 2026, View Source [SID1234669264])