WuXi AppTec Revenue and Profit Achieved Steady QoQ Growth in 2024, Meeting Full-year Guidance; Q4 Revenue and Profit Both Reached Record Highs

Rhea-AI Summary

WuXi AppTec reported strong financial results for 2024, with Q4 revenue reaching RMB11,539 million (up 6.9% YoY) and full-year revenue of RMB39,241 million (up 5.2% YoY excluding COVID-19 projects). Key highlights include:

- Net profit of RMB9,450 million with diluted EPS of RMB3.26
- Record-high free cash flow of RMB7.98 billion
- Backlog growth of 47% YoY reaching RMB49.31 billion
- ~6,000 active customers with ~1,000 new additions in 2024

The company's CRDMO platform showed significant growth with 1,187 new molecules added in 2024, bringing the total pipeline to 3,377 molecules. Global expansion continues with new facilities in Switzerland, Delaware (US), and Singapore. For 2025, WuXi AppTec projects 10-15% YoY revenue growth, targeting RMB41.5-43.0 billion, and announces plans for increased shareholder returns through dividends and share buybacks.

Positive

• Record Q4 revenue of RMB11,539M, up 6.9% YoY
• Record-high free cash flow of RMB7.98B in 2024
• Strong backlog growth of 47% YoY to RMB49.31B
• Revenue from top 20 pharma companies up 24.1% YoY
• Record high adjusted non-IFRS net profit margin of 27.0%
• TIDES business revenue grew 70.1% YoY to RMB5.80B

Negative

• Lab testing services revenue declined 8.0% YoY
• Drug safety evaluation services revenue down 13.0% YoY
• WuXi Biology revenue remained flat YoY at RMB2.54B

• Fourth-Quarter Revenue Reached RMB11,539 Million, Up 6.9% Year-over-Year
• 2024 Revenue Reached RMB39,241 Million, Up 5.2% Year-over-Year (Excluding COVID-19 Commercial Project of 2023)
• Full-Year Net Profit Attributable to the Owners of the Company Reached RMB9,450 Million^[1], Diluted Earnings per Share (EPS) of RMB3.26^[2]
• Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached RMB10,583 Million, as 2024 Adjusted Non-IFRS Net Profit Margin Reached Record High of 27.0%; Adjusted Non-IFRS Diluted EPS of RMB3.65 in 2024
• Free Cash Flow Achieved Record High of RMB7.98 Billion

SHANGHAI, March 17, 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 year ending December 31, 2024 ("Reporting Period"): 

• Revenue reached RMB39,241 million, up 5.2% year-over-year after excluding COVID-19 commercial project in 2023.
• Adjusted non-IFRS gross profit reached RMB16,326 million. Adjusted non-IFRS gross profit margin was 41.6%. The Company continued to improve operating efficiency, and 2024 adjusted non-IFRS net profit margin reached a record high of 27.0%.
• Net profit attributable to the owners of the Company was RMB9,450 million; diluted EPS was RMB3.26. Adjusted non-IFRS net profit attributable to the owners of the Company was RMB10,583 million; adjusted diluted non-IFRS EPS was RMB3.65.
• Driven jointly by continued business growth, efficient operations, and constant improvement of financial management capabilities, free cash flow reached a record high of RMB7.98 billion in 2024.
• Demand from customers across regions continued to grow. There were ~6,000 active customers at the end of 2024. This included ~5,500 active customers for Continuing Operations, and ~1,000 new customers added in 2024 for Continuing Operations.
• By the end of 2024, backlog for Continuing Operations reached RMB49.31 billion, growing 47.0% year-over-year.
• In 2024, revenue from the top 20 global pharmaceutical companies reached RMB16.64 billion, growing 24.1% year-over-year excluding COVID-19 commercial project.
• 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 growth, with a total of 1,187 new molecules added in 2024. As of December 31, 2024, our small molecule D&M pipeline reached 3,377 molecules, with an increase of 25 projects in the commercial and phase III stages during 2024.
• In 2024, our Taixing API manufacturing site commenced operations, and capacity at both Changzhou and Taixing sites steadily increased over the course of the year. Total reactor volume of small molecule APIs is expected to reach over 4,000kL by end of 2025.
• The total reactor volume of Solid Phase Peptide Synthesizer reached 41,000L as of the end of 2024, and is expected to further increase to over 100,000L by the end of 2025.
• The Company has been accelerating global capacity expansion. We continued to invest in Couvet, Switzerland site, doubling oral dose manufacturing capacity over the course of 2024. We continued to build the Middletown, Delaware site in the US, which is expected to commence operations by the end of 2026. In May 2024, we broke ground to build the R&D and manufacturing site in Singapore, with its Phase I portion expected to commence operations in 2027.
• As an enabler of innovation and a trusted partner and contributor to the global pharmaceutical and life sciences industry, the Company actively advanced sustainability and has been consistently recognized by global rating agencies. For four consecutive years, the Company maintained an "AA" rating from MSCI and was named to the S&P Global DJSI Member. In 2024, the Company was improved to EcoVadis "Gold" Rating and CDP Water Security "A" Rating, and joined the United Nations Global Compact (UNGC). Our outstanding performance has also been widely acknowledged by major global rating agencies, including Sustainalytics and FTSE Russell.
• The Company remains steadfast in our unwavering commitment to guarding customers' IP and adhering to the highest standards for quality and compliance. In 2024, the Company has received a total of 802 quality audits and inspections conducted by global customers, regulatory authorities and independent third parties, and achieved 100% pass rate with no critical findings. Global customers also conducted 58 information security audits, with no critical findings. In addition, 24 of our main operating sites are ISO/IEC 27001 certified, including all main operating sites in China.
• To ensure that clients and patients with a pressing need for the WuXi ATU cell therapy services can continue to receive time-critical and life-saving treatments without interruption, while valued scientists, technicians and other staff of the WuXi ATU US and UK business can continue to work towards achieving the mission that "every drug can be made and every disease can be treated", the Company signed an agreement to sell the US and UK based operations of WuXi ATU at the end of 2024. In addition, to sharpen our focus on the unique CRDMO to better serve global new drug R&D customers and enhance business synergies across research, development and manufacturing services to better meet the evolving needs of our customers globally, the Company signed an agreement to sell the US medical device testing operations at the end of 2024. As of now, both transactions have been completed. The aforementioned operations, classified as Discontinued Operations in the Company's 2024 Annual Report, collectively contributed revenue of RMB1.32 billion in 2024.

[1] Net profit attributable to the owners of the Company is prepared according to Accounting Standard for Business Enterprises of PRC. Due to the different accounting treatment of long-term equity investments under IFRS, net profit attributable to the owners of the Company under IFRS is RMB9,353 million.

[2] In 2023 and 2024, WuXi AppTec had a fully-diluted weighted average share count of 2,949,887,619 and 2,893,886,763 ordinary shares, respectively.

2025 Outlook

The Company expects Continuing Operations revenue to resume double-digit growth of 10-15% YoY in 2025, targeting to deliver a total revenue of RMB41.5-43.0 billion. The Company will continue to focus on the core CRDMO business, and to improve operating efficiency amid ongoing new capacity release. Adjusted non-IFRS Net Profit Margin expects to further improve in 2025. With the acceleration of global D&M capacity expansion, capex expects to reach RMB7.0-8.0 billion in 2025. Together with business growth and efficiency improvement, free cash flow expects to reach RMB4.0-5.0 billion.

While continuously building capacity and capabilities, we remain committed to rewarding shareholders by maintaining an annual cash dividend payout ratio of 30% of net profit attributable to the owners of the Company (~RMB2.8 billion). In appreciation of shareholders' support for our strategic adjustments in challenging times, we propose an additional one-time special cash dividend of RMB1.0 billion and an increased interim dividend in 2025. In addition, the Company plans to repurchase RMB1.0 billion A-share when appropriate. Meanwhile, the Company will continue to invest in talent retention for long-term shared growth. The Company plans to launch the 2025 H-share Incentive Trust Plan, which will grant HKD1.5 billion H-shares upon achieving RMB42.0 billion revenue in 2025, and an additional HKD1.0 billion H-shares upon reaching RMB43.0 billion and above in revenue. H-shares under this plan will be purchased through open market at prevailing market prices (no dilution to existing shareholders).

Management Comment

Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "The Company remains steadfast in 'doing the right thing and doing it right'. In 2024, we achieved 5.2% year-over-year revenue growth (excluding COVID-19 commercial project of 2023), with all revenue, profit and free cash flow meeting the targets set in our annual guidance. Meanwhile, the backlog for Continuing Operations reached a record high of RMB49.3 billion, representing a 47.0% year-over-year growth."

"The Company continues to focus on our unique CRDMO business model, delivering efficient and exceptional services to our global customers and benefiting patients worldwide. Our CRDMO business model enables the Company to generate distinct industry insights and respond promptly to new molecule demands from customers, ensuring the Company's long-term business growth and sustainable returns to shareholders. Entering 2025, the Company will resume its growth trajectory, with Continuing Operations revenue expected to achieve a year-over-year double-digit growth of 10-15%, and the adjusted non-IFRS net profit margin expected to further improve."

"Thanks to the enduring trust and support from our global customers, the Company will continue to enhance our capabilities, capacity and operating efficiency, while retaining and attracting top talent to support our customers' growing efforts to bring groundbreaking therapies to patients. Together, we can 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; 2024 Revenue Up 11.2% YoY Excluding COVID-19 Commercial Project of 2023, with TIDES Revenue Up 70.1% YoY
  • WuXi Chemistry Q4 revenue was up 13.0% year-over-year to RMB8.96 billion; 2024 revenue reached RMB29.05 billion, up 11.2% year-over-year excluding COVID-19 commercial project. With continued optimization of production process and constant improvement in efficiency, 2024 adjusted non-IFRS gross profit margin steadily improved 1.2pts year-over-year to 46.4%.
  • Small molecule drug discovery services ("R") continues to generate downstream opportunities. In 2024, we successfully synthesized and delivered more than 460,000 new compounds to customers, which resulted in 10% 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 2024, 366 molecules were converted from R to D.
  • Small molecule development and manufacturing (D&M) services remains strong.
    i. 2024 revenue of small molecule D&M services reached RMB17.87 billion, up 6.4% year-over-year excluding COVID-19 commercial project.
    ii. The small molecule CDMO pipeline continued to expand. In 2024, 1,187 new molecules were added to the small molecule D&M pipeline. As of December 31, 2024, our small molecule D&M pipeline reached 3,377 molecules, including 72 commercial projects, 80 in phase III, 360 in phase II and 2,865 in phase I and pre-clinical stages, with an increase of 25 projects in the commercial and phase III stages during 2024.
    iii. In 2024, Taixing API site commenced operations, and capacity at both Changzhou and Taixing sites steadily increased over the course of the year. The total reactor volume of small molecule APIs is expected to reach over 4,000kL by end of 2025.
    iv. We continued to invest in our Switzerland (Couvet) site, doubling oral dose capacity over the course of 2024. Meanwhile, we continued to build our U.S. (Middletown) site, which is expected to commence operations by the end of 2026. In May 2024, we announced the groundbreaking of Singapore R&D and manufacturing site; Phase I expects to commence operations in 2027.
  • TIDES business (oligo and peptides) sustains rapid growth.
    i. 2024 TIDES revenue grew 70.1% year-over-year to RMB5.80 billion. By end of 2024, TIDES backlog was up 103.9% year-over-year.
    ii. TIDES D&M customers grew 15% year-over-year, while the number of TIDES molecules grew 22% year-over-year.
    iii. At the end of 2024, total reactor volume of solid phase peptide synthesizers reached 41,000L, and is expected to further increase to over 100,000L by the end of 2025.

 

• WuXi Testing^[3]: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
  • Revenue of WuXi Testing reached RMB5.67 billion. Adjusted non-IFRS gross profit margin was 33.3%.
  • 2024 revenue of lab testing services reached RMB3.86 billion, down 8.0% year-over-year due to market impact as pricing gradually reflected in revenue along with backlog conversion. Of which, drug safety evaluation services revenue was down 13.0% year-over-year, while maintaining an industry-leading position in the Asia-Pacific region.
  • In 2024, the Qidong and Chengdu facilities received the National Medical Products Administration (NMPA) and Organization for Economic Co-operation and Development (OECD) GLP qualifications. The Suzhou 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 capabilities continued to improve, and market share of nucleic acids, conjugates, and mRNA further expanded.
  • The Company is committed to actively enabling customers global licensing. WuXi AppTec has supported approximately 40% of China biotech companies that have made out-licensing deals over the past three years.
  • 2024 revenue of clinical CRO & SMO grew 2.8% year-over-year to RMB1.81 billion. Of which, SMO revenue grew 15.4% year-over-year, maintaining the industry leading position in China.
  • In 2024, Clinical CRO enabled our customers to obtain 29 IND approvals and submit for 1 NDA filing.
  • The SMO business continued steady growth, and supported 73 new drug approvals for customers in 2024. SMO supported 255 new drug approvals in total over the past decade, maintaining significant advantages in multiple areas (endocrinology, dermatology, lung cancer, cardiovascular disease, ophthalmology, rheumatology, central nervous system, medical aesthetics and rare tumors, etc.).

[3] As disclosed in 2024 Annual Report, WuXi Testing here includes only the core business of Continuing Operations (similar to 2023 baseline).

• WuXi Biology: Early Screening & In Vivo Pharmacology-Related Business Drives Growth; WuXi Biology Platform Continues to Generate Downstream Opportunities
  • With platform resources further integrated, WuXi Biology achieved steady quarter-over-quarter growth in 2024. Q4 revenue was up 9.3% quarter-over-quarter and up 9.2% year-over-year. Full-year revenue reached RMB2.54 billion, relatively flat year-over-year. Adjusted non-IFRS gross profit margin was 38.8%.
  • The Company fully leveraged the advantage of one-stop service platform with in vitro & in vivo synergies, 2024 revenue of the non-oncology business grew 29.9% year-over-year, led by growth in metabolic and neurological areas.
  • The Company continued to build a comprehensive and integrated screening platform, with related revenue gaining 18.7% year-over-year. The Company continued to build capabilities related to new modalities, which contributed more than 28% of WuXi Biology's total revenue in 2024.
  • The number of customers and projects served by the nucleic acid platform continued to increase. Cumulatively, the Company has provided services to more than 290 customers, and successfully delivered more than 1,400 projects since 2021.
  • WuXi Biology continued to generate downstream opportunities and contributed over 20% of the Company's new customers.

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 Annual Results Presentation and 2024 Annual 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 under Accounting Standard for Business Enterprises of PRC ("People's Republic of China Financial Reporting Standards"), in currency of RMB. Besides, all other financial information disclosed in this press release is prepared based on International Financial Reporting Standards (IFRS), in currency of RMB.

The 2024 Annual Report of the Company has been audited.

2024 Results by Segments
Unit: RMB million
Segment	Revenue	Change	Adjusted non-IFRS Gross Profit	Change	Adjusted non-IFRS Gross Profit Margin
WuXi Chemistry	29,052.41	(0.4) %	13,466.65	2.3 %	46.4 %
WuXi Testing	5,670.74	(4.8) %	1,888.95	(19.1) %	33.3 %
WuXi Biology	2,543.93	(0.3) %	987.23	(8.8) %	38.8 %
Others(Note 1)	650.71	(34.7) %	210.16	3.2 %	32.3 %
Discontinued Operations (Note 2)	1,323.65	(20.4) %	(226.68)	(253.3) %	(17.1) %
Total	39,241.43	(2.7) %	16,326.31	(3.6) %	41.6 %

Note 1: Others comprise the non-core business of the company, as well as income from administrative services, sales of raw materials and sales of scrap materials.

Note 2: By the end of 2024, the Company has signed an agreement to sell the US and UK based operations of WuXi ATU and the US medical device testing operations. According to IFRS, the aforementioned businesses are classified as discontinued operations. The Company completed the sales of the US and UK based operations of WuXi ATU and the US medical device testing operations as at the date of the report.

Note 3: 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 IFRS
RMB Million	Year Ended December 31, 2024			Year Ended December 31, 2023
Revenue	39,241.4					40,340.8
Cost of sales	(23,225.3)					(23,968.3)
Gross profit	16,016.1					16,372.5
Other income	1,146.1					962.5
Other gains and losses	804.4					1,350.3
Impairment losses under expected credit losses ("ECL") model, net of reversal	(334.3)					(240.9)
Impairment losses of non-financial assets	(115.6)					(67.4)
Impairment losses of goodwill	(110.4)					(49.6)
Impairment losses of assets classified as held for sale	(948.4)					-
Selling and marketing expenses	(745.4)					(701.0)
Administrative expenses	(3,009.5)					(2,994.9)
R&D expenses	(1,238.5)					(1,440.6)
Operating Profit	11,464.5					13,190.7
Share of results of associates	252.1					(35.1)
Share of results of joint ventures	(7.1)					(32.5)
Finance costs	(268.6)					(193.6)
Profit before tax	11,441.0					12,929.6
Income tax expense	(1,972.1)					(2,131.7)
Profit for the year	9,469.0					10,797.9
Profit for the year attributable to:
Owners of the Company	9,352.6					10,690.2
Non-controlling interests	116.3					107.7
	9,469.0					10,797.9
Consolidated Statement of Profit or Loss (continued) – Prepared under IFRS
		Year Ended December 31, 2024			Year Ended December 31, 2023
Weighted average number of ordinary shares for calculating EPS (express in shares)
– Basic		2,885,200,544	2,934,188,474
– Diluted		2,893,886,763	2,949,887,619
Earnings per share (expressed in RMB per Share)
– Basic		3.24	3.64
– Diluted		3.22	3.61

[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 IFRS
RMB Million	December 31,	December 31,
	2024	2023
Non-current Assets
Property, plant and equipment	25,267.8	25,844.4
Right-of-use assets	1,874.8	2,348.3
Goodwill	972.4	1,820.9
Other intangible assets	601.0	906.7
Interests in associates	2,322.2	2,180.4
Interests in joint ventures	3.4	35.2
Deferred tax assets	473.1	366.7
Financial assets at fair value through profit or    loss ("FVTPL")	8,943.4	8,626.0
Other non-current assets	114.7	105.8
Biological assets	1,063.0	1,012.5
Total Non-current Assets	41,635.7	43,246.9
Current Assets
Inventories	3,532.1	2,886.1
Contract costs	912.2	695.6
Biological assets	955.5	1,154.6
Amounts due from related parties	89.3	86.7
Trade and other receivables	9,643.7	9,372.7
Contract assets	988.8	1,234.4
Income tax recoverable	87.2	17.5
Financial assets at FVTPL	1,234.0	11.0
Derivative financial instruments	-	414.0
Other current assets	734.1	785.8
Pledged bank deposits	22.1	1.6
Term deposits with initial term of over three    months	4,865.6	3,761.4
Bank balances and cash	13,434.3	10,001.0
	36,498.8	30,422.5
Assets classified as held for sale	2,191.3	-
Total Current Assets	38,690.2	30,422.5
Total Assets	80,325.8	73,669.3

 

 

 

Consolidated Statement of Financial Position (continued) [6]– Prepared under IFRS
RMB Million	December 31,	December 31,
	2024	2023
Current Liabilities
Trade and other payables	7,025.5	7,333.5
Amounts due to related parties	15.3	11.5
Derivative financial instruments	202.0	501.9
Contract liabilities	2,251.0	1,955.4
Bank borrowings	1,278.6	3,721.6
Lease liabilities	224.2	240.5
Income tax payables	870.8	991.9
Convertible bonds	3,493.1	-
	15,360.6	14,756.3
Liabilities associated with assets classified as    held for sale	865.5	-
Total Current Liabilities	16,226.1	14,756.3
Non-current Liabilities
Bank borrowings	2,959.5	687.0
Deferred tax liabilities	522.4	530.1
Deferred income	985.6	1,079.9
Lease liabilities	546.6	1,098.6
Total Non-current Liabilities	5,014.1	3,395.6
Total Liabilities	21,240.2	18,151.9
Net Assets	59,085.6	55,517.4
Capital and Reserves
Share capital	2,888.0	2,968.8
Reserves	55,744.7	52,153.6
Equity attributable to owners of the Company	58,632.7	55,122.5
Non-controlling interests	452.9	395.0
Total Equity	59,085.6	55,517.4

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

[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	Year Ended December 31,	Year Ended December 31,
	2024	2023
Net profit attributable to the owners of the Company under PRC	9,450.3	9,606.7
GAAP difference[8]	(97.7)	1,083.4
Net profit attributable to the owners of the Company under IFRS	9,352.6	10,690.2
Add:
Share-based compensation expenses	307.0	622.0
Issuance expenses of convertible bonds	7.8	0.3
Fair value gain from derivative component of convertible bonds	-	(40.2)
Foreign exchange related losses	29.6	294.4
Amortization of acquired intangible assets from merge and acquisition	53.5	57.9
Losses from impairment and disposal of non-financial assets	134.1	129.1
Losses from divestiture and restructuring initiatives	1,165.0	-
Talent incentive and retention expenses funded by cash donation from         shareholders	151.3	151.5
Non-IFRS net profit attributable to the owners of the Company	11,200.9	11,905.2
Add:
Realized and unrealized gains from venture capital investments	(625.5)	(1,083.0)
Realized and unrealized share of losses from joint ventures	7.1	32.5
Adjusted non-IFRS net profit attributable to the owners of the Company	10,582.5	10,854.6

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

[8] Due to the different accounting treatment of long-term equity investments under IFRS, it occurs GAAP difference of RMB(97.7) 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 around 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, 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.

Continuing Operations and Discontinued Operations

The Company has signed share purchase agreement to sell the US and UK based operations of WuXi ATU and the US medical device testing operations by the end of 2024. In accordance with the International Financial Reporting Standards ("IFRS"), the aforementioned operations shall be classified 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, fair value gain or loss from derivative component of convertible bonds, foreign exchange-related gains or losses and amortization of acquired intangible assets from merger and acquisition, non-financial assets impairment, 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 IFRS.

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 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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SOURCE WuXi AppTec

FAQ

What is WuXi AppTec's revenue growth forecast for 2025?

WuXi AppTec expects 10-15% YoY revenue growth in 2025, targeting total revenue of RMB41.5-43.0 billion.

How much free cash flow did WUXAY generate in 2024?

WuXi AppTec achieved a record-high free cash flow of RMB7.98 billion in 2024.

What is WUXAY's total molecule pipeline size as of December 2024?

WuXi AppTec's small molecule D&M pipeline reached 3,377 molecules, including 72 commercial projects and 80 in phase III.

What shareholder returns did WUXAY announce for 2025?

WuXi AppTec announced a 30% cash dividend payout (~RMB2.8B), an additional RMB1.0B special dividend, and plans to repurchase RMB1.0B in A-shares.