Despite External Challenges, WuXi AppTec Revenue and Profit Continued to Grow QoQ in the First Three Quarters of 2024; the Third Quarter Revenue Back to RMB 10+ Billion, Up 14.6% YoY Excluding COVID-19 Commercial Projects; Backlog Up 35.2% YoY
WuXi AppTec reported Q3 2024 revenue of RMB10,461 million, up 14.6% YoY excluding COVID-19 commercial projects. For the first three quarters, revenue reached RMB27,702 million, growing 4.6% YoY excluding COVID-19 projects. Net profit attributable to owners was RMB6,533 million with diluted EPS of RMB2.24. The company's backlog grew 35.2% YoY to RMB43.82 billion. Operating cash flow increased 10.4% YoY with free cash flow of RMB5.56 billion. The company added over 800 new customers while maintaining 6,000+ active customers. Revenue from top 20 pharmaceutical companies grew 23.1% YoY to RMB11.22 billion excluding COVID-19 projects.
WuXi AppTec ha riportato un fatturato del terzo trimestre 2024 di 10.461 milioni di RMB, in crescita del 14,6% rispetto all'anno precedente, escludendo i progetti commerciali legati al COVID-19. Nei primi tre trimestri, il fatturato ha raggiunto 27.702 milioni di RMB, crescendo del 4,6% anno su anno, escludendo i progetti COVID-19. Il profitto netto attribuibile agli azionisti è stato di 6.533 milioni di RMB, con un utile per azione diluito di 2,24 RMB. L'ordine arretrato dell'azienda è cresciuto del 35,2% anno su anno, raggiungendo 43,82 miliardi di RMB. Il flusso di cassa operativo è aumentato del 10,4% anno su anno, con un flusso di cassa libero di 5,56 miliardi di RMB. L'azienda ha acquisito oltre 800 nuovi clienti mantenendo oltre 6.000 clienti attivi. I ricavi delle prime 20 aziende farmaceutiche sono aumentati del 23,1% anno su anno, raggiungendo 11,22 miliardi di RMB, escludendo i progetti legati al COVID-19.
WuXi AppTec reportó ingresos del tercer trimestre de 2024 de 10,461 millones de RMB, un aumento del 14.6% interanual excluyendo proyectos comerciales relacionados con COVID-19. En los primeros tres trimestres, los ingresos alcanzaron los 27,702 millones de RMB, creciendo un 4.6% interanual sin incluir proyectos de COVID-19. Las ganancias netas atribuibles a los propietarios fueron de 6,533 millones de RMB con un BPA diluido de 2.24 RMB. La cartera de proyectos de la empresa creció un 35.2% interanual, alcanzando los 43.82 mil millones de RMB. El flujo de caja operativo aumentó un 10.4% interanual con un flujo de caja libre de 5.56 mil millones de RMB. La empresa agregó más de 800 nuevos clientes, manteniendo más de 6,000 clientes activos. Los ingresos de las 20 empresas farmacéuticas más grandes crecieron un 23.1% interanual hasta alcanzar los 11.22 mil millones de RMB, excluyendo proyectos relacionados con COVID-19.
우시 앱텍은 2024년 3분기 수익이 10,461 백만 위안으로, COVID-19 상업 프로젝트를 제외할 경우 전년 대비 14.6% 증가했다고 보고했습니다. 첫 세 분기 동안 수익은 27,702 백만 위안에 이르며, COVID-19 프로젝트를 제외할 경우 전년 대비 4.6% 성장했습니다. 소유자에게 귀속되는 순이익은 6,533 백만 위안이며, 희석 주당 순이익은 2.24 위안입니다. 회사의 수주 잔고는 전년 대비 35.2% 증가하여 43.82 억 위안에 달했습니다. 운영 현금 흐름은 전년 대비 10.4% 증가하여 자유 현금 흐름은 5.56 억 위안에 이릅니다. 회사는 800개 이상의 신규 고객을 추가하며 6,000명 이상의 활성 고객을 유지했습니다. 상위 20개의 제약회사에서의 수익은 전년 대비 23.1% 증가하여 11.22 백만 위안에 달했으며, COVID-19 프로젝트는 제외되었습니다.
WuXi AppTec a annoncé un chiffre d'affaires pour le troisième trimestre 2024 de 10.461 millions de RMB, en hausse de 14,6 % par rapport à l'année précédente, hors projets commerciaux liés à la COVID-19. Pour les trois premiers trimestres, le chiffre d'affaires a atteint 27.702 millions de RMB, avec une croissance de 4,6 % par rapport à l'année précédente, hors projets COVID-19. Le bénéfice net attribuable aux propriétaires s'élevait à 6.533 millions de RMB, avec un BPA dilué de 2,24 RMB. Le carnet de commandes de l'entreprise a augmenté de 35,2 % en un an pour atteindre 43,82 milliards de RMB. Le flux de trésorerie opérationnel a augmenté de 10,4 % par rapport à l'année précédente, avec un flux de trésorerie libre de 5,56 milliards de RMB. L'entreprise a ajouté plus de 800 nouveaux clients tout en maintenant plus de 6 000 clients actifs. Les revenus des 20 plus grandes entreprises pharmaceutiques ont augmenté de 23,1 % par rapport à l'année précédente pour atteindre 11,22 milliards de RMB, hors projets liés à la COVID-19.
WuXi AppTec berichtete für das dritte Quartal 2024 von einem Umsatz von 10.461 Millionen RMB, ein Anstieg von 14,6% im Vergleich zum Vorjahr, ohne COVID-19-kommerzielle Projekte. In den ersten drei Quartalen erreichte der Umsatz 27.702 Millionen RMB und wuchs um 4,6% im Vergleich zum Vorjahr, ohne COVID-19-Projekte. Der Nettogewinn, der den Eigentümern zuzurechnen ist, belief sich auf 6.533 Millionen RMB, mit einem verwässerten EPS von 2,24 RMB. Der Auftragsbestand des Unternehmens wuchs um 35,2% im Vergleich zum Vorjahr auf 43,82 Milliarden RMB. Der operative Cashflow stieg um 10,4% im Vergleich zum Vorjahr, mit einem freien Cashflow von 5,56 Milliarden RMB. Das Unternehmen gewann über 800 neue Kunden und hielt mehr als 6.000 aktive Kunden. Der Umsatz der 20 größten Pharmaunternehmen wuchs um 23,1% im Vergleich zum Vorjahr auf 11,22 Milliarden RMB, ohne COVID-19-Projekte.
- Revenue growth of 14.6% YoY in Q3 2024 excluding COVID-19 projects
- Backlog increased 35.2% YoY to RMB43.82 billion
- Operating cash flow up 10.4% YoY with RMB5.56 billion free cash flow
- Revenue from top 20 pharma companies grew 23.1% YoY to RMB11.22 billion
- Added over 800 new customers while maintaining 6,000+ active base
- Overall Q3 revenue declined 2.0% including COVID-19 projects
- ATU segment showed negative gross profit margin of -29.7%
- WuXi DDSU revenue declined 78.2% in Q3
- Testing segment revenue decreased 9.3% in Q3
- Revenue Reached
RMB10,461 Million in the Third Quarter, Excluding COVID-19 Commercial Projects, Up14.6% Year-over-Year - Revenue Reached
RMB27,702 Million for the First Three Quarters, Excluding COVID-19 Commercial Projects, Up4.6% Year-over-Year - Net Profit Attributable to the Owners of the Company Reached
RMB6,533 Million , and Diluted Earnings per Share (EPS) ofRMB2.24 for the First Three Quarters - Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached
RMB7,346 Million , and Adjusted Non-IFRS Diluted EPS ofRMB2.52 [1] for the First Three Quarters - Operating Cash Flow Up
10.4% Year-over-Year for the Three Quarters Excluding COVID-19 commercial projects; Free Cash Flow AchievedRMB5.56 Billion
- For the first three quarters of 2024, revenue reached
RMB27,702 million , excluding COVID-19 commercial projects, revenue grew4.6% year-over-year. - Adjusted non-IFRS gross profit reached
RMB11,341 million . Adjusted non-IFRS gross profit margin was40.9% . - Net profit attributable to the owners of the Company was
RMB6,533 million ; diluted EPS wasRMB2.24 . Adjusted non-IFRS net profit attributable to the owners of the Company wasRMB7,346 million ; adjusted diluted non-IFRS EPS wasRMB2.52 . - Operating cash flow growth continued to outpace revenue growth; operating cash flow up
10.4% year-over-year for the first three quarters of 2024 excluding COVID-19 commercial projects; free cash flow achievedRMB5.56 billion . - Demand from customers across regions continued to grow. In the first three quarters of 2024, we added over 800 new customers while maintaining the existing base of over 6,000 active customers.
- As of September 30, 2024, backlog achieved
RMB43.82 billion , growing35.2% year-over-year. - In the first three quarters of 2024, revenue from the top 20 global pharmaceutical companies reached
RMB11.22 billion , growing23.1% 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 915 new molecules added in the first three quarters. As of September 30, 2024, our small molecule D&M pipeline reached 3,356 molecules, among which 20 commercial and phase III projects were added in the first three quarters.
- In January 2024, the total reactor volume of Solid Phase Peptide Synthesizer increased to 32,000L, and is expected to reach 41,000L by end of 2024; it will continue to increase in 2025.
- In May 2024, we announced the groundbreaking of the new R&D and manufacturing site in
Singapore ; Phase I is expected to commence operation in 2027.
[1] In the first three quarters of 2023 and 2024, WuXi AppTec had a fully-diluted weighted average share count of 2,949,888,986 and 2,906,724,914 ordinary shares, respectively. |
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "Despite external challenges, we delivered a steady quarter-over-quarter increase in revenue and profit as expected for the first three quarters of 2024. The third quarter revenue returned to over
"WuXi AppTec remains committed to providing exceptional service to our customers and helping patients worldwide. We firmly believe that the Company's unique integrated CRDMO business model can effectively serve customers' evolving needs while fostering the Company's ability to closely follow scientific innovations, generate industry insights, capture new molecule opportunities, and continuously drive long-term business growth. In 2024, the Company expects to achieve revenue of
Business Performance by Segments
- WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; Q3 2024 Revenue Achieved Positive YoY Growth, and Up
26.4% YoY Excluding COVID-19 Commercial Projects- Despite external challenges, WuXi Chemistry Q3 revenue grew
1.4% year-over-year toRMB7.88 billion ; excluding COVID-19 commercial projects, revenue increased26.4% year-over-year. Q1-Q3 revenue reachedRMB20.09billion , growing10.4% year-over-year excluding COVID-19 commercial projects. Q1-Q3 adjusted non-IFRS gross profit margin was45.5% . 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, which 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. Q1-Q3 revenue of small molecule D&M services reachedRMB12.47 billion , up7.0% year-over-year excluding COVID-19 commercial projects.
ii. The small molecule CDMO pipeline continued to expand. In the first three quarters, 915 new molecules were added to the small molecule D&M pipeline. As of September 30, 2024, our small molecule D&M pipeline reached 3,356 molecules, including 68 commercial projects, 79 in phase III, 357 in phase II and 2,852 in phase I and pre-clinical stages, among which 20 commercial and phase III projects were added in the first three quarters.
iii. In May 2024, we announced the groundbreaking of the new R&D and manufacturing site inSingapore ; Phase I is expected to commence operation in 2027. - Specifically, TIDES business (mainly oligo and peptides) sustains rapid growth.
i. Q1-Q3 revenue of TIDES grew strongly by71.0% year-over-year toRMB3.55 billion . TIDES full-year revenue is expected to grow over60% . As of September, 30, 2024, TIDES backlog grew196% year-over-year.
ii. TIDES D&M customers grew20% year-over-year, and the number of TIDES molecules grew22% year-over-year.
iii. In January 2024, the total reactor volume of solid phase peptide synthesizers increased to 32,000L, and is expected to reach 41,000L by end of 2024; it will continue to increase in 2025.
- Despite external challenges, WuXi Chemistry Q3 revenue grew
- WuXi Testing: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
- Q1-Q3 revenue of WuXi Testing reached
RMB4.62 billion . Adjusted non-IFRS gross profit margin was34.6% . - Q1-Q3 revenue of lab testing services was down
7.9% year-over-year toRMB3.26 billion , with Q3 revenue up5.5% quarter-over-quarter. Among which, Q1-Q3 revenue from drug safety evaluation services was down10.1% year-over-year due to market impact as pricing gradually reflected in revenue along with backlog conversion, while Q3 revenue up10.1% quarter-over-quarter, maintaining an industry leading position in theAsia-Pacific region . - In the first three quarters, the Qidong and
Chengdu facilities 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.
- The Company is committed to actively enabling customers going global, and supported
70% +China biotech companies with successful out-licensing deals in the first three quarters of 2024. - Q1-Q3 revenue of clinical CRO & SMO grew
3.4% year-over-year toRMB1.36 billion . Among which, SMO revenue grew16.0% year-over-year, maintaining industry leading position inChina . In the first three quarters, SMO supported 50 new drug approvals for customers, and Clinical CRO enabled our customers to obtain 21 IND approvals. - The 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.).
- Q1-Q3 revenue of WuXi Testing reached
- WuXi Biology: New Modality Business Drives Growth; WuXi Biology Platform Continues to Generate Downstream Opportunities
- Q1-Q3 revenue of WuXi Biology reached RMB1.83 billion. Adjusted non-IFRS gross profit margin was
38.0% . - The Company focused on improving capabilities related to new modalities. In the first three quarters, revenue from new modalities grew
6.0% year-over-year, contributing28.5% of WuXi Biology revenue. - The number of customers and projects served by the nucleic acid platform continued to increase. Cumulatively, the Company provided services to 280+ customers, and successfully delivered 1,300+ projects since 2021.
- The Company proactively built capabilities to collaboratively develop membrane proteins and peptides, leading to a 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
50% + year-over-year. - The Company continued to build a comprehensive and integrated screening platform, with related revenue up
20.2% year-over-year, among which revenue from peptide discovery services grew200% + year-over-year. - WuXi Biology continued to generate downstream opportunities and contributed over
20% of the Company's new customers.
- Q1-Q3 revenue of WuXi Biology reached RMB1.83 billion. Adjusted non-IFRS gross profit margin was
- WuXi ATU: Currently Assessing Options for Continuing Operations and Avoiding Impact on Patients due to Proposed
U.S. Legislation- Q1-Q3 revenue of WuXi ATU reached RMB0.85 billion. Adjusted non-IFRS gross profit margin was (29.7)%. Primarily due to: 1) the completion of high-margin projects in 2023; commercial projects still in the early stages of ramping up; 2) certain projects were delayed, or cancelled due to customers' considerations; 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 September 30, 2024, we provided development, testing and manufacturing services for 59 projects, including 2 commercial projects, 4 Phase III projects (1 projects in BLA preparation stage), 8 Phase II projects and 45 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 fourth quarter of 2024. Moreover, we enabled the world's first clinical trial of in vivo CAR-T therapy, providing end-to-end services of process development and GMP manufacturing for plasmids and viral vectors.
- Q1-Q3 revenue of WuXi ATU reached RMB0.85 billion. Adjusted non-IFRS gross profit margin was (29.7)%. Primarily due to: 1) the completion of high-margin projects in 2023; commercial projects still in the early stages of ramping up; 2) certain projects were delayed, or cancelled due to customers' considerations; as well as insufficient new business wins due to the proposed
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 2024 Third Quarterly Results Presentation and 2024 Third Quarterly 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.
All financial information disclosed in this press release is prepared based on International Financial Reporting Standards (IFRS), in currency of RMB.
The 2024 Third Quarterly Report of the Company has not been audited.
Third Quarter 2024 Results by Segments
Unit: RMB million
Segment | Revenue | Change | Adjusted non-IFRS Gross Profit | Change | Adjusted non- IFRS Gross Profit Margin |
WuXi Chemistry | 7,883.94 | 1.4 % | 3,790.80 | 4.9 % | 48.1 % |
WuXi Testing | 1,599.96 | (9.3) % | 514.08 | (27.2) % | 32.1 % |
WuXi Biology | 657.03 | (0.8) % | 259.90 | (13.2) % | 39.6 % |
WuXi ATU | 278.08 | (11.6) % | (95.56) | Note 1 | (34.4) % |
WuXi DDSU | 32.52 | (78.2) % | 1.97 | (96.2) % | 6.1 % |
Others | 9.54 | 44.6 % | 5.06 | (22.9) % | 53.1 % |
Total | 10,461.08 | (2.0) % | 4,476.26 | (3.9) % | 42.8 % |
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. | |||||
Year-to-Date 2024 Results by Segments
Unit: RMB million
Segment | Revenue | Change | Adjusted non-IFRS Gross Profit | Change | Adjusted non- IFRS Gross Profit Margin |
WuXi Chemistry | 20,093.81 | (5.4) % | 9,136.21 | (6.0) % | 45.5 % |
WuXi Testing | 4,618.32 | (4.9) % | 1,597.16 | (14.8) % | 34.6 % |
WuXi Biology | 1,825.94 | (3.6) % | 694.27 | (14.3) % | 38.0 % |
WuXi ATU | 853.04 | (17.0) % | (253.46) | Note 1 | (29.7) % |
WuXi DDSU | 289.70 | (41.0) % | 156.12 | 0.6 % | 53.9 % |
Others | 21.19 | (32.6) % | 11.11 | (30.5) % | 52.4 % |
Total | 27,702.00 | (6.2) % | 11,341.41 | (9.3) % | 40.9 % |
Notes: 1. Adjusted non-IFRS gross profit of WuXi ATU was compared to 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 September 30, | Nine Months Ended September 30, | ||
2024 | 2023 | 2024 | 2023 | |
Revenue | 10,461.1 | 10,670.0 | 27,702.0 | 29,541.3 |
Cost of sales | (6,063.8) | (6,154.3) | (16,603.8) | (17,469.9) |
Gross profit | 4,397.3 | 4,515.8 | 11,098.2 | 12,071.5 |
Other income | 247.6 | 182.9 | 758.6 | 622.7 |
Other gains and losses | (602.5) | 14.9 | (394.1) | 1,076.0 |
Impairment losses under expected credit losses ("ECL") model, net of reversal | (72.5) | (31.1) | (154.6) | (132.8) |
Impairment losses of non-financial assets | - | - | - | (42.9) |
Selling and marketing expenses | (189.1) | (167.7) | (546.6) | (521.2) |
Administrative expenses | (687.4) | (732.5) | (1,964.9) | (2,059.0) |
R&D expenses | (317.7) | (358.8) | (954.0) | (1,025.8) |
Operating Profit | 2,775.7 | 3,423.4 | 7,842.5 | 9,988.5 |
Share of results of associates | 87.1 | 18.1 | 202.9 | (58.4) |
Share of results of joint ventures | 0.2 | (0.9) | (4.0) | 6.8 |
Finance costs | (58.2) | (53.9) | (187.2) | (154.9) |
Profit before tax | 2,804.7 | 3,386.8 | 7,854.3 | 9,782.0 |
Income tax expense | (484.0) | (595.0) | (1,252.7) | (1,633.3) |
Profit for the period | 2,320.8 | 2,791.8 | 6,601.6 | 8,148.6 |
Profit for the period attributable to: | ||||
Owners of the Company | 2,293.1 | 2,763.3 | 6,532.9 | 8,076.4 |
Non-controlling interests | 27.7 | 28.5 | 68.7 | 72.2 |
2,320.8 | 2,791.8 | 6,601.6 | 8,148.6 | |
[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 September 30, | Nine Months Ended September 30, | |||
2024 | 2023 | 2024 | 2023 | |
Weighted average number of ordinary shares for calculating EPS (express in shares) | ||||
– Basic | 2,883,580,115 | 2,935,018,668 | 2,899,626,297 | 2,936,228,550 |
– Diluted | 2,889,573,492 | 2,945,931,775 | 2,906,724,914 | 2,949,888,986 |
Earnings per share (expressed in RMB per Share) | ||||
– Basic | 0.80 | 0.94 | 2.25 | 2.75 |
– Diluted | 0.79 | 0.94 | 2.24 | 2.73 |
[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 | September 30, | December 31, |
2024 | 2023 | |
Non-current Assets | ||
Property, plant and equipment | 26,006.8 | 25,844.4 |
Right-of-use assets | 2,441.9 | 2,348.3 |
Goodwill | 1,836.6 | 1,820.9 |
Other intangible assets | 843.1 | 906.7 |
Interests in associates | 2,345.6 | 2,180.4 |
Interests in joint ventures | 24.6 | 35.2 |
Deferred tax assets | 402.9 | 366.7 |
Financial assets at fair value through profit or loss ("FVTPL") | 8,660.7 | 8,626.0 |
Other non-current assets | 116.7 | 105.8 |
Biological assets | 1,096.7 | 1,012.5 |
43,775.5 | 43,246.9 | |
Current Assets | ||
Inventories | 3,470.8 | 2,886.1 |
Contract costs | 903.3 | 695.6 |
Biological assets | 973.7 | 1,154.6 |
Amounts due from related parties | 68.6 | 86.7 |
Trade and other receivables | 9,697.5 | 9,372.7 |
Contract assets | 1,135.0 | 1,234.4 |
Income tax recoverable | 61.5 | 17.5 |
Financial assets at FVTPL | - | 11.0 |
Derivative financial instruments | 100.9 | 414.0 |
Other current assets | - | 785.8 |
Pledged bank deposits | 1.6 | 1.6 |
Term deposits with initial term of over three months | 4,778.3 | 3,761.4 |
Bank balances and cash | 9,271.6 | 10,001.0 |
30,462.7 | 30,422.5 | |
Total Assets | 74,238.2 | 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 | September 30, | December 31, |
2024 | 2023 | |
Current Liabilities | ||
Trade and other payables | 6,687.3 | 7,333.5 |
Amounts due to related parties | 0.9 | 11.5 |
Derivative financial instruments | 64.2 | 501.9 |
Contract liabilities | 2,471.4 | 1,955.4 |
Bank borrowings | 2,739.6 | 3,721.6 |
Lease liabilities | 236.8 | 240.5 |
Income tax payables | 727.3 | 991.9 |
12,927.4 | 14,756.3 | |
Non-current Liabilities | ||
Bank borrowings | 2,911.1 | 687.0 |
Deferred tax liabilities | 593.9 | 530.1 |
Deferred income | 1,020.0 | 1,079.9 |
Lease liabilities | 1,202.5 | 1,098.6 |
5,727.6 | 3,395.6 | |
Total Liabilities | 18,655.0 | 18,151.9 |
Net Assets | 55,583.2 | 55,517.4 |
Capital and Reserves | ||
Share capital | 2,911.9 | 2,968.8 |
Reserves | 52,261.6 | 52,153.6 |
Equity attributable to owners of the Company | 55,173.5 | 55,122.5 |
Non-controlling interests | 409.7 | 395.0 |
Total Equity | 55,583.2 | 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 September 30, | Nine Months Ended September 30, | ||
2024 | 2023 | 2024 | 2023 | |
Net profit attributable to the owners of the Company under IFRS | 2,293.1 | 2,763.3 | 6,532.9 | 8,076.4 |
Add: | ||||
Share-based compensation expenses | 79.4 | 156.2 | 244.4 | 480.6 |
Issuance expenses of Convertible Bonds | - | - | - | 0.3 |
Fair value gain from derivative component of Convertible Bonds | - | - | - | (40.2) |
Foreign exchange related losses/(gains) | 629.8 | (18.3) | 658.7 | (354.8) |
Amortization of acquired intangible assets from merge and acquisition | 13.3 | 14.8 | 40.3 | 43.3 |
Non-financial assets impairment | - | - | - | 42.9 |
Non-IFRS net profit attributable to the owners of the Company | 3,015.6 | 2,916.0 | 7,476.3 | 8,248.5 |
Add: | ||||
Realized and unrealized (gains)/losses from venture capital investments | (41.9) | 155.6 | (134.6) | (74.6) |
Realized and unrealized share of (gains)/losses from joint ventures | (0.2) | 0.9 | 4.0 | (6.8) |
Adjusted non-IFRS net profit attributable to the owners of the Company | 2,973.5 | 3,072.4 | 7,345.7 | 8,167.1 |
[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 statements that are or may be forward looking, which can be recognized by the use of words such as "expects", "plans", "will", "estimates", "projects", "intends", or words of similar meaning. Such forward-looking statements are not historical facts, but instead are predictions about future events based on our beliefs, development strategy, business plan 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 or production capacity, our ability to reach the scale of our production capacity expansion plans, our ability to protect our clients' intellectual property, competition, unforeseeable change of international policy, the impact of emergencies and other force majeure. Our forward-looking statements do not constitute any profit forecast by our management nor a undertaking by WuXi AppTec Co., Ltd. ("WuXi AppTec" or the "Company") to our investors. 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 or information in this press release to reflect future events or circumstances, 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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