WuXi Biologics posts record 2025 results

Financial performance

Revenue rose 16.7% to RMB21.8bn; IFRS gross profit RMB10.0bn with margin up 500bps to 46.0%; adjusted gross margin 48.8%. EBITDA RMB9.0bn (+38.1%), adjusted EBITDA RMB9.8bn; IFRS net profit RMB5.7bn (+45.3%); adjusted net profit RMB6.6bn (+22%); free cash flow RMB2.3bn (+≈70%).

Pipeline and backlog

Added 209 integrated projects in 2025 (total 945), including 74 Phase III and 25 commercial programs; two-thirds of new signings were bispecifics and ADCs; total backlog US$23.7bn with US$4.5bn within three years.

R‑D capacity and platform advances

Supported 156 INDs in 2025 and expanded capacity to ~200 INDs and 20 BLAs/MAAs annually; completed 28 PPQs (+75% YoY) with 34 PPQs scheduled for 2026; launched WuXia TrueSite targeted‑integration CHO platform delivering 6‑month DNA‑to‑IND timelines, ≥8 g/L mAb titers and >99% stability across 60 generations; bi‑ and multi‑specifics grew >120% YoY and contributed ~20% of revenue.

Manufacturing footprint

Manufacturing revenue growth supported by PPQs, Phase II/III progress and facility ramp-ups; U.S. sites: MFG11 (Worcester, MA) under construction with six 6,000L single‑use bioreactors and MFG18 (Cranbury, NJ) upgrades; Singapore: modular drug‑product facility and drug‑substance design, XDC site mechanically complete June 2025; signed MOU with Qatar Free Zones Authority in Dec 2025 to establish a regional hub.

Quality and operations

From 2017–2025 completed 46 regulatory inspections (22 by FDA/EMA) with no critical issues or data integrity findings; 100% FDA PLI pass rate and >1,800 client GMP audits; WBS and digitalization delivered 430+ Kaizen initiatives, contributing ~150bps gross margin improvement via productivity and process optimization.