Despite External Challenges, WuXi AppTec Maintained Stable Operations in First Half of 2024; Revenue and Profit of the Second Quarter Both Steadily Improved QoQ as Expected, with Revenue Up 16.0% QoQ and Adjusted Non-IFRS Net Profit Up 28.5% QoQ
WuXi AppTec reported financial results for the first half of 2024. Revenue for Q2 2024 was RMB9,259 million, up 16.0% QoQ. Adjusted non-IFRS net profit increased by 28.5% QoQ to RMB4,372 million. For H1 2024, revenue excluding COVID-19 projects was RMB17,241 million, down 0.7% YoY, with an adjusted gross profit margin of 39.8%. The net profit attributable to shareholders was RMB4,240 million. Operating cash flow grew 48.3% YoY. The company added over 500 new customers and achieved a backlog of RMB43.10 billion, up 33.2% YoY. WuXi Chemistry recorded H1 revenue of RMB12.21 billion, growing 2.1% YoY. TIDES business revenue grew 57.2% YoY. WuXi Testing saw a 5.4% decline in lab testing revenue. WuXi ATU revenue dropped 19.4% YoY due to U.S. legislation impacts. For the full year, WuXi AppTec aims for revenue between RMB38.3-40.5 billion and free cash flow of RMB4-5 billion.
WuXi AppTec ha comunicato i risultati finanziari per il primo semestre del 2024. Nel secondo trimestre del 2024, i ricavi sono stati di 9.259 milioni di RMB, con un incremento del 16,0% rispetto al trimestre precedente. Il profitto netto non IFRS rettificato è aumentato del 28,5% rispetto al trimestre precedente, raggiungendo 4.372 milioni di RMB. Per il primo semestre del 2024, i ricavi al di fuori dei progetti COVID-19 ammontano a 17.241 milioni di RMB, in calo dello 0,7% rispetto all'anno precedente, con un margine di profitto lordo rettificato del 39,8%. Il profitto netto attribuibile agli azionisti è stato di 4.240 milioni di RMB. Il flusso di cassa operativo è cresciuto del 48,3% rispetto all'anno precedente. L'azienda ha acquisito oltre 500 nuovi clienti e ha raggiunto un portafoglio ordini di 43,10 miliardi di RMB, in aumento del 33,2% su base annua. WuXi Chemistry ha registrato un fatturato del primo semestre di 12,21 miliardi di RMB, con una crescita del 2,1% su base annua. I ricavi del business TIDES sono cresciuti del 57,2% su base annua. WuXi Testing ha visto una diminuzione del 5,4% nei ricavi dei test di laboratorio. I ricavi di WuXi ATU sono diminuiti del 19,4% su base annua a causa degli impatti della legislazione negli Stati Uniti. Per l'intero anno, WuXi AppTec prevede ricavi compresi tra 38,3 e 40,5 miliardi di RMB e un flusso di cassa libero di 4-5 miliardi di RMB.
WuXi AppTec informó sobre los resultados financieros para la primera mitad de 2024. Los ingresos del segundo trimestre de 2024 fueron de 9,259 millones de RMB, un aumento del 16,0% respecto al trimestre anterior. El beneficio neto ajustado y no IFRS creció un 28,5% trimestre a trimestre, alcanzando los 4,372 millones de RMB. Para la primera mitad de 2024, los ingresos excluyendo proyectos de COVID-19 fueron de 17,241 millones de RMB, una disminución del 0,7% interanual, con un margen de beneficio bruto ajustado del 39,8%. El beneficio neto atribuible a los accionistas fue de 4,240 millones de RMB. El flujo de caja operativo creció un 48,3% interanual. La empresa añadió más de 500 nuevos clientes y logró un backlog de 43.10 mil millones de RMB, un aumento del 33,2% interanual. WuXi Chemistry registró ingresos de 12.21 mil millones de RMB en la primera mitad del año, creciendo un 2,1% interanual. Los ingresos del negocio TIDES crecieron un 57,2% interanual. WuXi Testing experimentó una disminución del 5,4% en los ingresos por pruebas de laboratorio. Los ingresos de WuXi ATU cayeron un 19,4% interanual debido a los impactos de la legislación en EE.UU. Para el año completo, WuXi AppTec apunta a ingresos de entre 38.3 y 40.5 mil millones de RMB y un flujo de caja libre de 4-5 mil millones de RMB.
WuXi AppTec은 2024년 상반기 재무 결과를 발표했습니다. 2024년 2분기 수익은 92억 5,900만 위안으로, 전 분기 대비 16.0% 증가했습니다. 조정된 비 IFRS 순이익은 28.5% 증가한 43억 7,200만 위안에 달했습니다. 2024년 상반기 중 COVID-19 프로젝트를 제외한 수익은 172억 4,100만 위안으로, 전년 대비 0.7% 감소했으며, 조정된 총 이익률은 39.8%였습니다. 주주에게 귀속된 순이익은 42억 4,000만 위안이었습니다. 운영 현금 흐름은 전년 대비 48.3% 증가했습니다. 이 회사는 500명 이상의 신규 고객을 추가하고 4,310억 위안의 미결 주문을 기록하여 전년 대비 33.2% 증가했습니다. WuXi Chemistry는 상반기 수익을 122억 1,000만 위안으로 기록하며 전년 대비 2.1% 성장했습니다. TIDES 사업의 수익은 전년 대비 57.2% 증가했습니다. WuXi Testing은 실험실 테스트 수익이 5.4% 감소했습니다. WuXi ATU의 수익은 미국 법안의 영향으로 전년 대비 19.4% 감소했습니다. WuXi AppTec은 올해 전체 수익을 383억~405억 위안, 자유 현금 흐름을 40억~50억 위안으로 목표하고 있습니다.
WuXi AppTec a publié les résultats financiers pour le premier semestre 2024. Les revenus pour le deuxième trimestre 2024 s'élevaient à 9,259 millions de RMB, en hausse de 16,0% par rapport au trimestre précédent. Le bénéfice net ajusté, non conforme aux IFRS, a augmenté de 28,5% par rapport au trimestre précédent, atteignant 4,372 millions de RMB. Pour le premier semestre 2024, les revenus hors projets COVID-19 s'élevaient à 17,241 millions de RMB, en baisse de 0,7% par rapport à l'année précédente, avec une marge brute ajustée de 39,8%. Le bénéfice net attribuable aux actionnaires a été de 4,240 millions de RMB. Le flux de trésorerie opérationnel a augmenté de 48,3% par rapport à l'année précédente. L'entreprise a ajouté plus de 500 nouveaux clients et a atteint un carnet de commandes de 43,10 milliards de RMB, en hausse de 33,2% sur un an. WuXi Chemistry a enregistré des revenus de 12,21 milliards de RMB pour le premier semestre, soit une croissance de 2,1% par rapport à l'année précédente. Les revenus du secteur TIDES ont augmenté de 57,2% d'une année sur l'autre. WuXi Testing a constaté une baisse de 5,4% des revenus liés aux tests de laboratoire. Les revenus de WuXi ATU ont chuté de 19,4% par rapport à l'année précédente en raison des impacts de la législation américaine. Pour l'année entière, WuXi AppTec vise des revenus compris entre 38,3 et 40,5 milliards de RMB et un flux de trésorerie libre de 4 à 5 milliards de RMB.
WuXi AppTec hat die finanziellen Ergebnisse für das erste Halbjahr 2024 berichtet. Die Umsätze für das zweite Quartal 2024 betrugen 9.259 Millionen RMB, was einem Anstieg von 16,0% gegenüber dem vorherigen Quartal entspricht. Der bereinigte Nettogewinn nach nicht IFRS-Standards stieg um 28,5% im Vergleich zum vorherigen Quartal auf 4.372 Millionen RMB. Für das erste Halbjahr 2024 beliefen sich die Umsätze ohne COVID-19-Projekte auf 17.241 Millionen RMB, was einem Rückgang von 0,7% im Jahresvergleich entspricht, mit einer bereinigten Bruttomarge von 39,8%. Der Nettogewinn, der den Aktionären zurechenbar ist, betrug 4.240 Millionen RMB. Der operative Cashflow wuchs um 48,3% im Jahresvergleich. Das Unternehmen gewann über 500 neue Kunden und erzielte einen Auftragsbestand von 43,10 Milliarden RMB, was einem Anstieg von 33,2% im Jahresvergleich entspricht. WuXi Chemistry verzeichnete im ersten Halbjahr einen Umsatz von 12,21 Milliarden RMB, was einem Wachstum von 2,1% im Jahresvergleich entspricht. Die TIDES-Geschäftsumsätze stiegen um 57,2% im Jahresvergleich. WuXi Testing verzeichnete einen Rückgang der Labortestumsätze um 5,4%. Die Umsätze von WuXi ATU fielen im Jahresvergleich um 19,4% aufgrund von Auswirkungen der US-Gesetzgebung. Für das gesamte Jahr strebt WuXi AppTec Umsätze zwischen 38,3 und 40,5 Milliarden RMB und einen freien Cashflow von 4-5 Milliarden RMB an.
- Q2 2024 revenue up 16.0% QoQ to RMB9,259 million.
- Adjusted non-IFRS net profit for Q2 2024 increased 28.5% QoQ.
- Operating cash flow grew 48.3% YoY.
- Backlog achieved RMB43.10 billion, up 33.2% YoY.
- WuXi Chemistry's H1 revenue grew 2.1% YoY to RMB12.21 billion.
- TIDES business revenue grew 57.2% YoY.
- H1 2024 revenue excluding COVID-19 projects down 0.7% YoY.
- Net profit attributable to owners for H1 2024 decreased to RMB4,240 million.
- WuXi Testing lab services revenue dropped 5.4% YoY.
- WuXi ATU revenue fell 19.4% YoY due to U.S. legislation impacts.
- Overall revenue for H1 2024 decreased 8.6% YoY.
- Revenue Reached
RMB9,259 Million in the Second Quarter, Excluding COVID-19 Commercial Projects, Up0.3% Year-over-Year - Revenue Reached
RMB17,241 Million for the First Half, Excluding COVID-19 Commercial Projects, Down0.7% Year-over-Year - Net Profit Attributable to the Owners of the Company Reached
RMB4,240 Million , and Diluted Earnings per Share (EPS) ofRMB1.45 for the First Half - Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached
RMB4,372 Million , and Adjusted Non-IFRS Diluted EPS ofRMB1.50 [1] for the First Half - Excluding COVID-19 commercial projects, Operating Cash Flow Up
48.3% /RMB1.50 billion Year-over-Year for the First Half
- For the first half of 2024, revenue reached
RMB17,241 million , excluding COVID-19 commercial projects, revenue down0.7% year-over-year. - Adjusted non-IFRS gross profit reached
RMB6,865 million . Adjusted non-IFRS gross profit margin was39.8% . - Net profit attributable to the owners of the Company was
RMB4,240 million ; diluted EPS wasRMB1.45 . Adjusted non-IFRS net profit attributable to the owners of the Company wasRMB4,372 million ; adjusted diluted non-IFRS EPS wasRMB1.50 . - Excluding COVID-19 commercial projects, operating cash flow grew
48.3% /RMB1.50 billion year-over-year for the first half of 2024. - In the first half of 2024, we added over 500 new customers in addition to maintaining the existing base of over 6,000 active customers. Demand from customers across regions continued to grow.
- As of June 30, 2024, backlog achieved
RMB43.10 billion , growing33.2% year-over-year excluding COVID-19 commercial projects. - During the Reporting Period, revenue from the top 20 global pharmaceutical companies was
RMB6.59 billion , growing11.9% year-over-year excluding COVID-19 commercial projects. - The sustained and steady business growth is attributed to our unique fully integrated Contract Research, Development and Manufacturing Organization (CRDMO) platform. WuXi Chemistry's small molecule D&M pipeline has maintained rapid growth, with a total of 644 new molecules added in the Reporting Period. As of June 30, 2024, our small molecule D&M pipeline reached 3,319 molecules, among which 14 commercial and phase III projects were added during the Reporting Period.
- In January 2024, total reactor volume of Solid Phase Peptide Synthesizer increased to 32,000L. In May 2024, we announced the groundbreaking of the new R&D and manufacturing site in
Singapore . - Our unique integrated CRDMO business model continues to meet customer demand. The Company keeps investing in D&M capacity, and expects D&M capex to increase more than
50% year-over-year in 2025. - As an enabler of innovation and a trusted partner and contributor to the global pharmaceutical and life sciences industry, the Company actively promotes sustainability and enhances our global ESG leadership. The Company joined the United Nations Global Compact (UNGC) in 2024, and was named to FTSE4Good Index consecutively in 2023 and 2024. Our outstanding ESG performance has also been widely acknowledged by major global ESG rating agencies, including MSCI, CDP, EcoVadis, S&P and Sustainalytics.
[1] In the first half year of 2023 and 2024, WuXi AppTec had a fully-diluted weighted average share count of 2,949,311,622 and 2,913,355,532 ordinary shares, respectively. |
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "Despite external challenges, both our revenue and profit in the second quarter of 2024 steadily improved quarter-over-quarter as expected. We achieved backlog of
"The Company's performance in the first half of 2024 again demonstrated that WuXi AppTec's unique integrated CRDMO business model can effectively meet the growing demand of customers worldwide. It enables the Company to closely follow scientific innovations, develop distinct industry insights, instantly seize opportunities in new molecules as they rise, and continue to drive solid business growth. We aim to deliver revenue of
Business Performance by Segments
- WuXi Chemistry: CRDMO Business Model Drives Continuous Growth
- Despite external challenges, H1 revenue of WuXi Chemistry reached RMB12.21 billion, growing
2.1% year-over-year excluding COVID-19 commercial projects. H1 adjusted non-IFRS gross profit margin was43.8% . With the continued business growth in the second half, full-year gross profit margin is expected to keep flat as last year. - Small molecule drug discovery services ("R") continues to generate downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 450,000 new compounds to customers, and resulted in
7% year-over-year growth. 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. The number of molecules converted from R to D&M continued to grow. - Small molecule development and manufacturing (D&M) services remains strong.
i. H1 revenue of small molecule D&M services reachedRMB7.39 billion . Excluding COVID-19 commercial projects, H1 revenue was down2.7% year-over-year on top of the strong base of over50% year-over-year growth in the first half of 2023, and full-year revenue is expected to maintain positive growth.
ii. Small molecule CDMO pipeline continued to expand. In the first half, 644 new molecules were added to the small molecule D&M pipeline. As of June 30, 2024, our small molecule D&M pipeline reached 3,319 molecules, including 67 commercial projects, 74 in phase III, 353 in phase II and 2,825 in phase I and pre-clinical stages, among which 14 commercial and phase III projects were added during the Reporting Period.
iii. In May 2024, we announced the groundbreaking of the new R&D and manufacturing site inSingapore . - Specifically, TIDES business (mainly oligo and peptides) sustains rapid growth.
i. H1 revenue of TIDES grew strongly by57.2% year-over-year toRMB2.08 billion . As of June, 30, 2024, TIDES backlog grew147% year-over-year.
ii. The number of TIDES D&M customers increased25% year-over-year to 151, and the number of TIDES molecules increased39% year-over-year to 288.
iii. In January 2024, the total reactor volume of solid phase peptide synthesizers increased to 32,000L.
- Despite external challenges, H1 revenue of WuXi Chemistry reached RMB12.21 billion, growing
- WuXi Testing: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
- H1 revenue of WuXi Testing reached RMB3.02 billion. Adjusted non-IFRS gross profit margin was
35.9% . - H1 revenue of lab testing services was down
5.4% year-over-year toRMB2.12 billion . Among which, revenue from drug safety evaluation services was down6.3% year-over-year due to market impact, while we maintained an industry leading position in theAsia-Pacific region . - In the first half, the Qidong and
Chengdu facilities both received the National Medical Products Administration (NMPA) and Organization for Economic Co-operation and Development (OECD) GLP qualifications. TheSuzhou facility was reviewed for the first time by the Japan Pharmaceuticals and Medical Devices Agency (PMDA) for on-site audit and successfully passed. - New modality business continued to develop, while new vaccine capability continued to improve, and market share of nucleic acids, conjugates, and mRNA further expanded.
- H1 revenue of clinical CRO & SMO grew
5.8% year-over-year toRMB0 .89 billion. Among which, SMO revenue grew20.4% year-over-year, maintaining industry leading position inChina . In the Reporting Period, SMO supported 31 new drug approvals for customers, and Clinical CRO enabled our customers to obtain 14 IND approvals. - SMO business continued steady growth, maintaining significant advantages in multiple therapeutic areas (cardiovascular disease, ophthalmology, rheumatology, central nervous system, endocrinology, medical aesthetics and rare tumors, etc.).
- H1 revenue of WuXi Testing reached RMB3.02 billion. Adjusted non-IFRS gross profit margin was
- WuXi Biology: New Modality Business Drives Growth; WuXi Biology Platform Continues to Generate Downstream Opportunities
- H1 revenue of WuXi Biology reached RMB1.17 billion. Adjusted non-IFRS gross profit margin was
37.2% . - The Company focused on improving capabilities related to new modalities. In the Reporting Period, revenue from new modalities grew
8.1% year-over-year, contributing29.0% of WuXi Biology revenue. - Number of customers and projects served by the nucleic acid platform continued to increase. Cumulatively, the Company provided services to 260+ customers, and successfully delivered 1,200+ projects since 2021.
- The Company proactively built capabilities to collaboratively develop membrane proteins and peptides, leading to remarkable increase in business volume of related protein production, screening and subsequent validation services.
- The Company further integrated resources of the in vivo pharmacology platform, and continued to improve platform capabilities and efficiency. The Company also fully leveraged the advantage of the one-stop service platform with in vitro & in vivo synergy to further gain market share in metabolic, cardiovascular and neurological areas, and the number of customers served grew
30% + year-over-year. - WuXi Biology continued to generate downstream opportunities and contributed over
20% of the Company's new customers.
- H1 revenue of WuXi Biology reached RMB1.17 billion. Adjusted non-IFRS gross profit margin was
- WuXi ATU: Commercial and Existing Clinical Stage Projects Continue to Advance; Revenue and Profit below Expectation due to Proposed
U.S. Legislation- H1 revenue of WuXi ATU reached RMB0.57 billion. Adjusted non-IFRS gross profit margin was (27.5)%. Primarily due to: 1) the completion of high-margin projects in 2023; commercial projects are still in early stage of ramping up; 2) certain projects were delayed, or cancelled due to customers' pipeline prioritization or funding issue; as well as insufficient new business wins due to the proposed
U.S. legislation. - The Company continues to improve our CTDMO integrated enabling platform. As of June 30, 2024, we provided development, testing and manufacturing services for 64 projects, including 2 commercial projects, 5 Phase III projects (2 projects in BLA preparation stage), 8 Phase II projects and 49 pre-clinical and Phase I projects, among which, the world's first innovative TIL-based therapy was approved by the
U.S. Food and Drug Administration (FDA) in February 2024. - We are preparing for BLA filing to manufacture the lentiviral vector (LVV) used in a commercial CAR-T product. We completed process performance qualification (PPQ), started post-PPQ manufacturing, and expect to file pre-approval submission (PAS) to FDA in the second half of 2024. Moreover, we expect to complete PPQ in the second half of 2024 and file PAS to FDA in the first half of 2025 for a blockbuster commercial CAR-T product.
- H1 revenue of WuXi ATU reached RMB0.57 billion. Adjusted non-IFRS gross profit margin was (27.5)%. Primarily due to: 1) the completion of high-margin projects in 2023; commercial projects are still in early stage of ramping up; 2) certain projects were delayed, or cancelled due to customers' pipeline prioritization or funding issue; as well as insufficient new business wins due to the proposed
This release provides a summary of the results and is not intended to be a comprehensive report. For additional information, please refer to the WuXi AppTec 2024 Interim Results Presentation and 2024 Interim Report disclosed on the Company's official website, as well as the 2024 Interim Report and other relevant announcements published on the websites of the Shanghai Stock Exchange (www.sse.com.cn) and the Stock Exchange of
All financial information disclosed in this press release is prepared based on International Financial Reporting Standards (IFRS), in currency of RMB.
The 2024 Interim Report of the Company has not been audited.
Second Quarter 2024 Results by Segments
Unit: RMB million
Segment | Revenue | Change | Adjusted | Change | Adjusted non- Margin |
WuXi Chemistry | 6,647.24 | (5.5) % | 2,936.36 | (8.7) % | 44.2 % |
WuXi Testing | 1,527.75 | (6.7) % | 551.98 | (13.8) % | 36.1 % |
WuXi Biology | 608.10 | (7.3) % | 218.53 | (19.5) % | 35.9 % |
WuXi ATU | 294.69 | (24.3) % | (65.94) | Note 1 | (22.4) % |
WuXi DDSU | 177.10 | 0.6 % | 132.59 | 110.2 % | 74.9 % |
Others | 4.11 | (71.1) % | 1.91 | (32.7) % | 46.3 % |
Total | 9,258.98 | (6.5) % | 3,775.42 | (9.6) % | 40.8 % |
Notes: 1. Adjusted non-IFRS gross profit of WuXi ATU was | |||||
2. Any sum of the data above that is inconsistent with the total is due to rounding. | |||||
First-Half 2024 Results by Segments
Unit: RMB million
Segment | Revenue | Change | Adjusted | Change | Adjusted non- |
WuXi Chemistry | 12,209.87 | (9.3) % | 5,345.41 | (12.4) % | 43.8 % |
WuXi Testing | 3,018.36 | (2.4) % | 1,083.08 | (7.3) % | 35.9 % |
WuXi Biology | 1,168.91 | (5.2) % | 434.37 | (15.0) % | 37.2 % |
WuXi ATU | 574.95 | (19.4) % | (157.90) | Note 1 | (27.5) % |
WuXi DDSU | 257.18 | (24.8) % | 154.15 | 49.7 % | 59.9 % |
Others | 11.66 | (53.1) % | 6.04 | (35.7) % | 51.9 % |
Total | 17,240.92 | (8.6) % | 6,865.16 | (12.6) % | 39.8 % |
Notes: 1. Adjusted non-IFRS gross profit of WuXi ATU was | |||||
2. Any sum of the data above that is inconsistent with the total is due to rounding. | |||||
Consolidated Statement of Profit or Loss[2] – Prepared under IFRS | |||||||||
RMB Million | Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Revenue | 9,259.0 | 9,907.5 | 17,240.9 | 18,871.3 | |||||
Cost of sales | (5,563.8) | (5,877.5) | (10,540.0) | (11,315.6) | |||||
Gross profit | 3,695.1 | 4,030.0 | 6,700.9 | 7,555.7 | |||||
Other income | 269.0 | 243.8 | 511.0 | 439.8 | |||||
Other gains and losses | 15.5 | 863.4 | 208.4 | 1,061.2 | |||||
Impairment losses under expected credit losses | (62.4) | (95.4) | (82.1) | (101.7) | |||||
Impairment losses of non-financial assets | - | (42.9) | - | (42.9) | |||||
Selling and marketing expenses | (178.4) | (177.6) | (357.5) | (353.5) | |||||
Administrative expenses | (667.0) | (657.1) | (1,277.5) | (1,326.5) | |||||
R&D expenses | (329.9) | (309.7) | (636.3) | (667.0) | |||||
Operating Profit | 2,741.9 | 3,854.5 | 5,066.8 | 6,565.1 | |||||
Share of results of associates | 81.9 | (30.7) | 115.8 | (76.5) | |||||
Share of results of joint ventures | (4.4) | (0.6) | (4.2) | 7.7 | |||||
Finance costs | (67.3) | (36.9) | (128.9) | (101.1) | |||||
Profit before tax | 2,752.2 | 3,786.3 | 5,049.6 | 6,395.2 | |||||
Income tax expense | (430.2) | (615.2) | (768.7) | (1,038.3) | |||||
Profit for the period | 2,322.0 | 3,171.1 | 4,280.8 | 5,356.9 | |||||
Profit for the period attributable to: | |||||||||
Owners of the Company | 2,297.6 | 3,145.0 | 4,239.8 | 5,313.1 | |||||
Non-controlling interests | 24.4 | 26.1 | 41.0 | 43.8 | |||||
2,322.0 | 3,171.1 | 4,280.8 | 5,356.9 | ||||||
[2] If the sum of the data below is inconsistent with the total, it is caused by rounding | |||||||||
Consolidated Statement of Profit or Loss[3] (continued) – Prepared under IFRS | |||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||
Weighted average number of ordinary shares for | |||||||||
– Basic | 2,895,745,826 | 2,940,013,234 | 2,907,737,554 | 2,936,843,517 | |||||
– Diluted | 2,899,828,193 | 2,948,738,581 | 2,913,355,532 | 2,949,311,622 | |||||
Earnings per share (expressed in RMB per Share) | |||||||||
– Basic | 0.79 | 1.07 | 1.46 | 1.81 | |||||
– Diluted | 0.79 | 1.07 | 1.45 | 1.79 | |||||
[3] If the sum of the data below is inconsistent with the total, it is caused by rounding | |||||||||
Consolidated Statement of Financial Position[4] – Prepared under IFRS | |||||||||
RMB Million | June 30, | December 31, | |||||||
2024 | 2023 | ||||||||
Non-current Assets | |||||||||
Property, plant and equipment | 26,033.9 | 25,844.4 | |||||||
Right-of-use assets | 2,358.1 | 2,348.3 | |||||||
Goodwill | 1,841.2 | 1,820.9 | |||||||
Other intangible assets | 876.6 | 906.7 | |||||||
Interests in associates | 2,356.4 | 2,180.4 | |||||||
Interests in joint ventures | 25.5 | 35.2 | |||||||
Deferred tax assets | 489.5 | 366.7 | |||||||
Financial assets at fair value through profit or | 8,939.3 | 8,626.0 | |||||||
Other non-current assets | 117.7 | 105.8 | |||||||
Biological assets | 1,097.9 | 1,012.5 | |||||||
44,136.2 | 43,246.9 | ||||||||
Current Assets | |||||||||
Inventories | 3,291.6 | 2,886.1 | |||||||
Contract costs | 878.3 | 695.6 | |||||||
Biological assets | 1,062.0 | 1,154.6 | |||||||
Amounts due from related parties | 57.7 | 86.7 | |||||||
Trade and other receivables | 9,093.7 | 9,372.7 | |||||||
Contract assets | 1,200.8 | 1,234.4 | |||||||
Income tax recoverable | 4.9 | 17.5 | |||||||
Financial assets at FVTPL | - | 11.0 | |||||||
Derivative financial instruments | - | 414.0 | |||||||
Other current assets | - | 785.8 | |||||||
Pledged bank deposits | 1.6 | 1.6 | |||||||
Term deposits with initial term of over three | 4,971.0 | 3,761.4 | |||||||
Bank balances and cash | 9,699.5 | 10,001.0 | |||||||
30,261.1 | 30,422.5 | ||||||||
Total Assets | 74,397.3 | 73,669.3 | |||||||
[4] If the sum of the data below is inconsistent with the total, it is caused by rounding | |||||||||
Consolidated Statement of Financial Position (continued) [5]– Prepared under IFRS | |||||||||
RMB Million | June 30, | December 31, | |||||||
2024 | 2023 | ||||||||
Current Liabilities | |||||||||
Trade and other payables | 6,777.4 | 7,333.5 | |||||||
Amounts due to related parties | 14.3 | 11.5 | |||||||
Derivative financial instruments | 659.7 | 501.9 | |||||||
Contract liabilities | 2,522.7 | 1,955.4 | |||||||
Bank borrowings | 2,919.3 | 3,721.6 | |||||||
Lease liabilities | 234.7 | 240.5 | |||||||
Income tax payables | 520.3 | 991.9 | |||||||
13,648.4 | 14,756.3 | ||||||||
Non-current Liabilities | |||||||||
Bank borrowings | 2,892.3 | 687.0 | |||||||
Deferred tax liabilities | 596.9 | 530.1 | |||||||
Deferred income | 1,045.1 | 1,079.9 | |||||||
Lease liabilities | 1,119.8 | 1,098.6 | |||||||
5,654.2 | 3,395.6 | ||||||||
Total Liabilities | 19,302.6 | 18,151.9 | |||||||
Net Assets | 55,094.8 | 55,517.4 | |||||||
Capital and Reserves | |||||||||
Share capital | 2,911.9 | 2,968.8 | |||||||
Reserves | 51,802.0 | 52,153.6 | |||||||
Equity attributable to owners of the Company | 54,713.9 | 55,122.5 | |||||||
Non-controlling interests | 380.8 | 395.0 | |||||||
Total Equity | 55,094.8 | 55,517.4 | |||||||
[5] 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[6] | |||||||||
RMB Million | Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | ||||||
Net profit attributable to the owners of the Company under | 2,297.6 | 3,145.0 | 4,239.8 | 5,313.1 | |||||
Add: | |||||||||
Share-based compensation expenses | 77.2 | 158.1 | 165.0 | 324.4 | |||||
Issuance expenses of Convertible Bonds | - | - | - | 0.3 | |||||
Fair value gain from derivative component of Convertible | - | - | - | (40.2) | |||||
Foreign exchange related losses/(gains) | 14.6 | (500.7) | 29.0 | (336.5) | |||||
Amortization of acquired intangible assets from merge and | 13.4 | 14.4 | 27.0 | 28.5 | |||||
Non-financial assets impairment | - | 42.9 | - | 42.9 | |||||
Non-IFRS net profit attributable to the owners of the Company | 2,402.7 | 2,859.7 | 4,460.7 | 5,332.5 | |||||
Add: | |||||||||
Realized and unrealized losses/(gains) from venture capital | 51.9 | (107.8) | (92.7) | (230.2) | |||||
Realized and unrealized share of losses/(gains) from joint | 4.4 | 0.6 | 4.2 | (7.7) | |||||
Adjusted non-IFRS net profit attributable to the owners of the | 2,459.1 | 2,752.6 | 4,372.2 | 5,094.7 | |||||
[6] If the sum of the data below is inconsistent with the total, it is caused by rounding | |||||||||
About WuXi AppTec
As a global company with operations across
Forward-Looking Statements
This press release may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, our ability to protect our customers' intellectual property, unforeseeable international tension, competition, the impact of emergencies and other force majeure. Our forward-looking statements in this press release speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-IFRS and Adjusted Non-IFRS Financial Measures
We provide non-IFRS gross profit and non-IFRS net profit attributable to the owners of the Company, which exclude share-based compensation expenses, issuance expenses of convertible bonds, fair value gain or loss from derivative component of convertible bonds, foreign exchange-related gains or losses, amortization of acquired intangible assets from merge and acquisition, non-financial assets impairment, talent incentive and retention expenses funded by cash donation from shareholders, etc. We also provide adjusted non-IFRS net profit attributable to the owners of the Company and earnings per share, which further exclude realized and unrealized gains or losses from our venture capital investments and joint ventures. Neither is required by, or presented in accordance with IFRS.
We believe that the adjusted financial measures used in this press release are useful for understanding and assessing our core business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and non-operating items that we do not consider indicative of the performance of our core business. Such adjusted non-IFRS net profit attributable to the owners of the Company, the management of the Company believes, is widely accepted and adopted in the industry the Company is operating in. However, the presentation of these adjusted non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
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