WuXi AppTec Q1 2025 Revenue, Profit Resume Double Digit Growth, Revenue Up 21.0% YoY, Adjusted Non-IFRS Net Profit Up 40.0% YoY; Backlog for Continuing Operations Up 47.1% YoY

Rhea-AI Summary

WuXi AppTec (WUXAY) reported strong Q1 2025 financial results with total revenue reaching RMB9.65 billion, up 21.0% year-over-year. Revenue from continuing operations increased 23.1% to RMB9.39 billion.

Key highlights include:

• Net profit attributable to owners reached RMB3.67 billion, up 89.1% YoY
• Adjusted non-IFRS net profit grew 40.0% YoY to RMB2.68 billion
• Backlog for continuing operations increased 47.1% YoY to RMB52.33 billion
• Operating cash flow improved 41.8% YoY to RMB3.03 billion

The company's CRDMO platform showed strong performance, with WuXi Chemistry segment revenue up 32.9% YoY and TIDES revenue growing 187.6% YoY. Management maintains its 2025 guidance of 10-15% revenue growth from continuing operations.

Positive

• Revenue from continuing operations up 23.1% YoY to RMB9.39 billion
• Net profit increased 89.1% YoY to RMB3.67 billion
• Operating cash flow improved 41.8% YoY to RMB3.03 billion
• TIDES business revenue grew 187.6% YoY
• Backlog for continuing operations up 47.1% YoY to RMB52.33 billion
• WuXi Chemistry segment revenue increased 32.9% YoY

Negative

• WuXi Testing lab services revenue declined 4.9% YoY
• Drug safety evaluation services revenue down 7.8% YoY
• Clinical CRO & SMO revenue decreased 2.2% YoY
• Testing segment adjusted non-IFRS gross profit margin declined to 23.4%

• Total Revenue Reached RMB9.65 Billion, Up 21.0% Year-over-Year; among which Revenue from Continuing Operations Reached RMB9.39 Billion, Up 23.1% Year-over-Year
• Net Profit Attributable to the Owners of the Company Reached RMB3.67 Billion^[1], Up 89.1% Year-over-Year; Diluted Earnings per Share (EPS) of RMB1.28^[2], Up 93.9% Year-over-Year
• Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached RMB2.68 Billion, Up 40.0% Year-over-Year; Adjusted Non-IFRS Diluted EPS of RMB0.94, Up 44.6% Year-over-Year
• Backlog for Continuing Operations Reached RMB52.33 billion, Up 47.1% Year-over-Year
• Operating Cash Flow Achieved RMB3.03 Billion, Up 41.8% Year-over-Year

SHANGHAI, April 28, 2025 /PRNewswire/ -- 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, today announced financial results for the first quarter ending March 31, 2025 ("Reporting Period"): 

• Total revenue reached RMB9.65 billion, up 21.0% year-over-year. Revenue from Continuing Operations reached RMB9.39 billion, up 23.1% year-over-year.
• Adjusted non-IFRS gross profit reached RMB4.05 billion. Adjusted non-IFRS gross profit margin was 41.9%.
• Net profit attributable to the owners of the Company was RMB3.67 billion, up 89.1% year-over-year; diluted EPS was RMB1.28, up 93.9% year-over-year.
• Adjusted non-IFRS net profit attributable to the owners of the Company was RMB2.68 billion, up 40.0% year-over-year; adjusted non-IFRS diluted EPS was RMB0.94, up 44.6% year-over-year.
• As of March 31, 2025, backlog for Continuing Operations reached RMB52.33 billion, up 47.1% year-over-year.
• Operating cash flow climbed 41.8% year-over-year to RMB3.03 billion, driven by business growth, increases in operational 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. WuXi Chemistry's small molecule Development and Manufacturing (D&M) pipeline has maintained growth, with a total of 203 new molecules added in the first quarter of 2025. As of March 31, 2025, our small molecule D&M pipeline reached 3,393 molecules, with an increase of 5 projects in phase III and commercial stages during the first quarter of 2025.
• The Company has been accelerating global D&M capacity expansion. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA 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.

[1] Net profit attributable to the owners of the Company is prepared in accordance with China Accounting Standards for Business Enterprises (CAS).

[2] In 2024 Q1 and 2025 Q1, WuXi AppTec had a fully-diluted weighted average share count of 2,925,052,346 and 2,899,579,930 ordinary shares, respectively.

Management Comment 

Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "Revenue and profit both resumed double-digit growth during the first quarter, and our backlog for Continuing Operations sustained rapid growth, as we maintained our laser focus on leveraging WuXi AppTec's unique CRDMO platform to expand delivery of enabling services across research, development and manufacturing."

"The Company currently maintains its full-year guidance set at the beginning of the year. We expect revenue from Continuing Operations to grow 10-15% in 2025, and our adjusted non-IFRS net profit margin will further improve."

"WuXi AppTec is dedicated to 'doing the right thing and doing it right', as our services drive long-term growth, improve the health of those in need and realize our vision that 'every drug can be made and every disease can be treated'."

Business Performance by Segments

• WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; Q1 2025 Revenue Up 32.9% YoY, with TIDES Revenue Up 187.6% YoY
  • Q1 revenue of WuXi Chemistry reached RMB7.39 billion, up 32.9% 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, Q1 adjusted non-IFRS gross profit margin steadily improved 4.2pts year-over-year to 47.5%.
  • Small molecule drug discovery service ("R") continues to generate downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 460,000 new compounds to customers, which resulted in 6% 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. In the first quarter, 75 molecules were converted from R to D.
  • Small molecule D&M service remains strong.
    i. The small molecule CDMO pipeline continued to expand. Q1 revenue of small molecule D&M services was up 13.8% year-over-year to RMB3.85 billion. In the first quarter of 2025, 203 new molecules were added to the small molecule D&M pipeline. As of March 31, 2025, our small molecule D&M pipeline reached 3,393 molecules, including 75 commercial projects, 82 in phase III, 368 in phase II and 2,868 in phase I and pre-clinical stages, with an increase of 5 projects in the commercial and phase III stages during the first quarter of 2025.
    ii. We continued to build small molecule capacities. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA 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, Q1 TIDES revenue grew 187.6% year-over-year to RMB2.24 billion. As of the end of March 2025, TIDES backlog was up 105.5% year-over-year.
    ii. TIDES D&M customers grew 14% year-over-year, while the number of TIDES molecules grew 25% year-over-year.
    iii. We continued to build peptide capacities 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^[3]: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
  • WuXi Testing reached RMB1.29 billion during Q1. Adjusted non-IFRS gross profit margin was 23.4%. Q1 revenue of lab testing services declined 4.9% year-over-year to RMB0.88 billion, due to market impact as pricing gradually reflected in revenue along with backlog conversion, accompanied by a decline in Q1 adjusted non-IFRS GPM. Of which, drug safety evaluation services revenue was down 7.8% year-over-year, while maintaining an industry-leading position in the Asia-Pacific region.
  • 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 Company is committed to actively enabling customers' global licensing. WuXi AppTec has supported approximately 40% of successful out-licensed deals from Chinese biotech companies since 2022.
  • The Suzhou facility has successfully passed 4 consecutive FDA on-site inspections.
  • Q1 revenue for clinical CRO & SMO declined 2.2% year-over-year to RMB0.41 billion due to market pricing impact. Of which, SMO revenue grew 5.5% year-over-year and maintained the industry leading position in China. During the quarter, our clinical CRO business supported customers to obtain 10 IND approvals.
  • The SMO business continued steady growth, and supported 28 new drug approvals for customers in the first quarter. Over the past decade, SMO has supported 283 new drug approvals in total, maintaining significant advantages in multiple areas (endocrinology, dermatology, lung cancer and cardiovascular disease, etc.).

[3] As disclosed in the 2025 First Quarterly Report, WuXi Testing here includes only the core business of Continuing Operations (similar to the 2024 baseline).

• 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.
  • WuXi Biology's Q1 revenue rose 8.2% year-over-year to RMB0.61 billion. Due to market pricing impact, Q1 adjusted non-IFRS gross profit margin was down 2.2pts to 36.3%.
  • The Company continuously leverage synergies between in vitro and in vivo platforms, and efficiently supports customer demand for one-stop drug discovery service platform. Revenue of the in vitro integrated screening platform grew 28.9% year-over-year. Revenue of the in vivo pharmacology platform grew 9.4% year-over-year, driven by accelerated advancements in focused disease areas. 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.

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 First Quarterly Results Presentation and 2025 First 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.

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 First Quarterly Report of the Company has not been audited.

Results by Segments
Unit: RMB million
Segment	Revenue	Change	Adjusted non-IFRS Gross Profit	Change	Adjusted non- IFRS Gross Profit Margin
WuXi Chemistry	7,390.97	32.9 %	3,509.84	45.7 %	47.5 %
WuXi Testing	1,292.32	(4.0) %	301.90	(40.2) %	23.4 %
WuXi Biology	607.07	8.2 %	220.42	2.1 %	36.3 %
Others	99.73	(36.1) %	14.51	(17.4) %	14.6 %
Discontinued Operations (Note 1)	264.50	(25.6) %	1.64	N/A	0.6 %
Total	9,654.60	21.0 %	4,048.32	31.0 %	41.9 %

Note 1: In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements were signed 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[4] – Prepared under IFRSs
RMB Million	Quarter Ended March 31, 2025			Quarter Ended March 31, 2024
Revenue	9,654.6					7,981.9
Cost of sales	(5,641.5)					(4,976.2)
Gross profit	4,013.1					3,005.7
Other income	311.4					242.0
Other gains and losses	1,073.3					192.9
Impairment losses under expected credit losses ("ECL") model, net of reversal	(153.1)					(19.7)
Impairment losses of non-financial assets	(69.5)					-
Selling and marketing expenses	(194.1)					(179.1)
Administrative expenses	(597.8)					(610.5)
R&D expenses	(224.4)					(306.4)
Operating Profit	4,158.9					2,324.9
Share of results of associates	63.9					33.9
Share of results of joint ventures	0.1					0.2
Finance costs	(80.2)					(61.7)
Profit before tax	4,142.7					2,297.4
Income tax expense	(564.4)					(338.5)
Profit for the period	3,578.3					1,958.9
Profit for the period attributable to:
Owners of the Company	3,536.3					1,942.2
Non-controlling interests	42.0					16.6
	3,578.3					1,958.9
Consolidated Statement of Profit or Loss (continued) – Prepared under IFRSs
		Quarter Ended March 31, 2025			Quarter Ended March 31, 2024
Weighted average number of ordinary shares for calculating EPS (expressed in shares)
– Basic		2,846,244,009	2,919,696,373
– Diluted		2,899,579,930	2,925,052,346
Earnings per share (expressed in RMB per Share)
– Basic		1.24	0.67
– Diluted		1.24	0.66

[4] If the sum of the data below is inconsistent with the total, it is caused by rounding.

 

 

Consolidated Statement of Financial Position[5] – Prepared under IFRSs
RMB Million	March 31,	December 31,
	2025	2024
Non-current Assets
Property, plant and equipment	25,260.3	25,267.8
Right-of-use assets	1,938.3	1,874.8
Goodwill	972.1	972.4
Other intangible assets	535.4	601.0
Interests in associates	2,106.9	2,322.2
Interests in joint ventures	3.4	3.4
Deferred tax assets	489.8	473.1
Financial assets at fair value through profit or    loss ("FVTPL")	8,707.8	8,943.4
Other non-current assets	144.8	114.7
Biological assets	1,045.2	1,063.0
Total Non-current Assets	41,204.0	41,635.7
Current Assets
Inventories	4,647.0	3,532.1
Contract costs	903.5	912.2
Biological assets	941.2	955.5
Amounts due from related parties	91.9	89.3
Trade and other receivables	9,269.2	9,643.7
Contract assets	876.2	988.8
Income tax recoverable	89.7	87.2
Financial assets at FVTPL	901.0	1,234.0
Derivative financial instruments	0.6	-
Other current assets	736.5	734.1
Pledged bank deposits	10.2	22.1
Term deposits with initial term of over three    months	4,826.1	4,865.6
Bank balances and cash	20,014.9	13,434.3
	43,308.1	36,498.8
Assets classified as held for sale	-	2,191.3
Total Current Assets	43,308.1	38,690.2
Total Assets	84,512.1	80,325.8

[5] If the sum of the data below is inconsistent with the total, it is caused by rounding.

 

 

Consolidated Statement of Financial Position (continued)[6]– Prepared under IFRSs
RMB Million	March 31,	December 31,
	2025	2024
Current Liabilities
Trade and other payables	6,863.6	7,025.5
Amounts due to related parties	7.5	15.3
Derivative financial instruments	63.1	202.0
Contract liabilities	2,349.8	2,251.0
Bank borrowings	4,829.4	1,278.6
Lease liabilities	211.5	224.2
Income tax payables	1,035.7	870.8
Convertible bonds	3,513.3	3,493.1
	18,873.8	15,360.6
Liabilities associated with assets classified as    held for sale	-	865.5
Total Current Liabilities	18,873.8	16,226.1
Non-current Liabilities
Bank borrowings	763.3	2,959.5
Deferred tax liabilities	493.8	522.4
Deferred income	976.6	985.6
Lease liabilities	625.8	546.6
Total Non-current Liabilities	2,859.5	5,014.1
Total Liabilities	21,733.3	21,240.2
Net Assets	62,778.8	59,085.6
Capital and Reserves
Share capital	2,888.0	2,888.0
Reserves	59,444.4	55,744.7
Equity attributable to owners of the Company	62,332.4	58,632.7
Non-controlling interests	446.4	452.9
Total Equity	62,778.8	59,085.6

[6] 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[7]
RMB Million	Quarter Ended March 31,	Quarter Ended March 31,
	2025	2024
Net profit attributable to the owners of the Company under CAS	3,672.0	1,942.2
GAAP difference[8]	(135.7)	-
Net profit attributable to the owners of the Company under IFRSs	3,536.3	1,942.2
Add:
Share-based compensation expenses	34.4	87.8
Issuance expenses of convertible bonds	9.8	-
Foreign exchange related losses	178.0	14.4
Amortization of acquired intangible assets from merger and acquisition	7.1	13.6
Losses from impairment and disposal of non-financial assets	65.0	-
Gains from divestiture and restructuring initiatives	(56.4)	-
Non-IFRS net profit attributable to the owners of the Company	3,774.1	2,058.0
Add:
Realized and unrealized gains from venture capital investments	(1,096.3)	(144.7)
Realized and unrealized share of gains from joint ventures	(0.1)	(0.2)
Adjusted non-IFRS net profit attributable to the owners of the Company	2,677.7	1,913.1

[7] If the sum of the data below is inconsistent with the total, it is caused by rounding.

[8] Due to differences in accounting treatment of long-term equity investments under IFRSs, it occurs GAAP difference of RMB(135.7) million.

About WuXi AppTec

As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec's integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received an AA ESG rating from MSCI for the fourth consecutive year in 2024 and its open-access platform is enabling ~6,000 customers from over 30 countries to improve the health of those in need – and to realize the vision that "every drug can be made and every disease can be treated." Please visit: http://www.wuxiapptec.com

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, our ability to meet timelines for the expansion of our service offerings or 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.

Continuing Operations and Discontinued Operations

In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements were signed during the Reporting Period or the comparison year as discontinued operations ("Discontinued Operations"). The remaining operations of the Company will continue to be reported as continuing operations ("Continuing Operations").

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, foreign exchange related gains or losses, amortization of acquired intangible assets from merger and acquisition, gains or losses from impairment and disposal of non-financial assets, and gains or losses from divestiture and restructuring initiatives, 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 of the above is required by, or presented in accordance with IFRSs.

We believe that the adjusted financial measures used in this presentation 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 non-IFRS financial measures, 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 IFRSs. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRSs, or as being comparable to results reported or forecasted by other companies.

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FAQ

What is WuXi AppTec's Q1 2025 revenue growth and key financial metrics?

WuXi AppTec's Q1 2025 total revenue grew 21.0% YoY to RMB9.65 billion, with net profit up 89.1% to RMB3.67 billion and adjusted non-IFRS profit increasing 40.0% to RMB2.68 billion.

How much did WuXi AppTec's TIDES business grow in Q1 2025?

WuXi AppTec's TIDES business revenue grew 187.6% year-over-year to RMB2.24 billion in Q1 2025, with TIDES backlog up 105.5% YoY.

What is WuXi AppTec's revenue guidance for 2025?

WuXi AppTec expects revenue from Continuing Operations to grow 10-15% in 2025, with further improvement in adjusted non-IFRS net profit margin.

How large is WuXi AppTec's small molecule D&M pipeline as of Q1 2025?

As of March 31, 2025, WuXi AppTec's small molecule D&M pipeline reached 3,393 molecules, including 75 commercial projects, 82 in phase III, 368 in phase II, and 2,868 in phase I and pre-clinical stages.