WuXi AppTec Beat Full-Year Guidance and Achieved Record Performance in 2025

• 2025 Total Revenue Reached RMB 45.46 Billion; Revenue from Continuing Operations Up 21.4% YoY
• Adjusted Non-IFRS Net Profit Up 41.3% YoY to RMB 14.96 Billion
• Backlog for Continuing Operations Up 28.8% YoY to RMB 58.00 billion

SHANGHAI, March 23, 2026 /PRNewswire/ -- WuXi AppTec (stock code: 603259.SH / 2359.HK), a leading global pharmaceutical CRDMO (Contract Research, Development, and Manufacturing Organization), today announced financial results for the full year ended December 31, 2025 ("Reporting Period"): 

• Total revenue reached RMB 45.46 billion, up 15.8% YoY. Revenue from Continuing Operations reached RMB 43.42 billion, up 21.4% YoY.
• Adjusted non-IFRS gross profit margin up 6.6pts YoY to 48.2%.
• Adjusted non-IFRS net profit attributable to the owners of the Company up 41.3% YoY to RMB 14.96 billion; adjusted non-IFRS net profit margin up 5.9pts YoY to 32.9%; adjusted non-IFRS diluted EPS up 41.4% YoY to RMB 5.16.
• Net profit attributable to the owners of the Company^[1] up 102.6% YoY to RMB 19.15 billion; diluted EPS up 102.8% YoY to RMB 6.61.
• With continuous capacity expansion to better meet customer demand, backlog for Continuing Operations reached RMB 58.00 billion as of year-end, up 28.8% YoY. 
• Adjusted operating cash flow^[2] up 39.1% YoY to RMB 16.67 billion, driven by sustained business growth and enhanced operational efficiency and financial management.
• Sustained and steady business growth driven by our unique, fully integrated Contract Research, Development and Manufacturing Organization (CRDMO) platform. Guided by "follow the molecule" and "win the molecule" strategies, WuXi Chemistry's small molecule CRDMO pipeline continues to efficiently convert and capture high-quality molecules, delivering sustained business growth. In 2025, we added 839 new molecules to the small molecule Development and Manufacturing (D&M) pipeline, bringing the total to 3,452 molecules as of year-end. Notably, commercial and phase III projects increased by 22 during the year.
• Accelerating global expansion, capacity construction and capability development. In 2025, Changzhou, Taixing and Jinshan API sites successfully passed FDA on-site inspections with no single observation. By year-end, our total reactor volume of small molecule APIs has reached over 4,000kL, while total reactor volume of Solid Phase Peptide Synthesizers has reached over 100,000L.
• Driving sustainability, embracing initiatives, with sustained recognition by leading global ratings. In 2025, we achieved our first MSCI "AAA" and CDP Climate Change "A" ratings, maintained CDP Water Security "A" and EcoVadis "Gold" ratings. Meanwhile, our near-term GHG emissions reduction targets have been successfully validated by SBTi. As a committed UNGC participant and PSCI Supplier Partner, we actively embrace global initiatives and are dedicated to integrating sustainability into our business strategy and operations.
• Unwavering commitment to safeguarding customers' IP and adhering to the highest standards of quality & compliance. In 2025, the Company completed 741 quality audits and inspections conducted by global customers, regulatory authorities and independent third parties, as well as 60 information security audits by global customers, all with no critical findings. Currently, 20 of our main sites are ISO/IEC 27001 certified, covering all main sites in China.

2026 Outlook

With customers' ongoing demand for enabling services, our CRDMO business model and management execution, the Company is confident to sustain rapid business growth. We expect total revenue to reach RMB 51.3-53.0 billion in 2026, with Continuing Operations revenue growing 18-22% YoY.

By continuously driving quality growth, realizing scale efficiency and enhancing operational excellence, while proactively managing new capacity ramp-up and FX challenges, we are confident in maintaining a stable and resilient adjusted non-IFRS NPM in 2026.

2026 capex is expected to reach RMB 6.5-7.5 billion. Along with business growth and efficiency improvements, adjusted free cash flow^[2] is expected to reach RMB 10.5-11.5 billion.

While accelerating global capacity and capability enhancement, we remain committed to rewarding shareholders. We propose a cash dividend distribution plan totaling a record RMB 5.7 billion in 2026.

To invest in talents for long-term shared growth, we propose to launch the 2026 H-share Incentive Trust Plan, which will grant no more than HKD1.5 billion H-shares upon achieving RMB 51.3 billion revenue in 2026, and an additional HKD1.0 billion H-shares upon reaching RMB 53.0 billion and above. Underlying H-shares will be purchased in the open market at prevailing market prices, with no dilution to existing shareholders.

Management Comment

Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "In 2025, WuXi AppTec achieved record performance with strong growth in revenue, profit and cash flow. Meanwhile, our backlog for Continuing Operations reached RMB 58.0 billion - a 28.8% YoY increase, demonstrating the strength of our unique CRDMO business model and the exceptional execution of our global team."

"Entering 2026, with a sharpened focus on our core CRDMO strategy, we are accelerating the growth of our global capabilities and capacity, further improving production and operational efficiency, and delivering greater value for customers and shareholders. For 2026, we expect total revenue to reach RMB 51.3-53.0 billion, reflecting rapid growth of 18-22% YoY in Continuing Operations revenue, and adjusted free cash flow of RMB 10.5-11.5 billion."

"For 25 years, WuXi AppTec has been dedicated to lowering barriers to R&D and advancing healthcare innovation worldwide. Staying true to our founding aspiration, we will remain committed to 'doing the right thing and doing it right', enabling our partners to deliver life-saving therapies to patients in need, and advancing our vision that 'every drug can be made and every disease can be treated'."

Business Performance by Segment

• WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; 2025 Revenue Up 25.5% YoY, with TIDES Revenue Up 96.0% YoY
  • WuXi Chemistry's 2025 revenue reached RMB 36.47 billion, up 25.5% YoY. With continued optimization of production processes and improvements in capacity efficiency driven by the growth of late-stage clinical and commercial projects, 2025 adjusted non-IFRS gross profit margin of WuXi Chemistry steadily improved 5.9pts YoY to 52.3%.
  • Small molecule drug discovery service ("R") continues to generate downstream opportunities. In 2025, we successfully synthesized and delivered more than 420,000 new compounds to global customers. Meanwhile, 310 molecules were converted from R to D phase. Guided by our "follow-the-customer" and "follow-the-molecule" strategies, we have built trusted partnerships that underpin the sustainable growth of our CRDMO business.
  • Small molecule D&M service remains strong.
    
    i. The small molecule CDMO pipeline continued to expand. In 2025, small molecule D&M revenue rose 11.4% YoY to RMB 19.92 billion. We added 839 new molecules to the small molecule D&M pipeline. As of year-end, our pipeline reached 3,452 molecules, including 83 commercial projects, 91 in phase III, 377 in phase II and 2,901 in phase I and pre-clinical stages. Notably, commercial and phase III projects increased by 22 in 2025.
    
    ii. We continued to build small molecule capacity. In 2025, our Changzhou, Taixing and Jinshan API sites successfully passed FDA on-site inspections with no single observation. By year-end, total reactor volume of small molecule APIs reached over 4,000kL.
  • TIDES business (oligo and peptides) sustains rapid growth.
    
    i. With the sequential ramp-up of new capacity released in 2024, 2025 TIDES revenue grew 96.0% YoY to RMB 11.37 billion. As of year-end, TIDES backlog increased 20.2% YoY.
    
    ii. TIDES D&M customers grew 25% YoY, while the number molecules grew 45% YoY.
    
    iii. In September 2025, we completed Taixing peptide capacity construction ahead of schedule. The Company's total reactor volume of Solid Phase Peptide Synthesizers has reached over 100,000L.

• WuXi Testing^[3]: Strengthening Differentiated Capabilities and Operational Management; 2025 Revenue Back to Positive YoY Growth of 4.7%, Drug Safety Evaluation Services Maintained Leading Position
  • In 2025, WuXi Testing revenue resumed positive growth, up 4.7% YoY to RMB 4.04 billion. Of which, drug safety evaluation services revenue grew 4.6% YoY, maintaining an industry-leading position in the Asia-Pacific region.
  • Due to market impact, WuXi Testing's 2025 adjusted non-IFRS gross profit margin declined YoY as pricing gradually reflected in revenue through backlog conversion, yet continued to improve sequentially each quarter driven by differentiated capabilities and enhanced operational management.
  • The Company is committed to actively enabling customers in global licensing deals. New modality business continued to develop, with revenue contribution increasing to more than 30% in 2025, while the Company maintained its leading position in nucleic acids, conjugates, multispecific antibodies and peptides, etc.
  • The Company continued to advance automation. DMPK successfully launched its proprietary all-in-one compound identification software, enhancing efficiency in spectral interpretation and metabolite identification for nucleic acids and peptides by 83%.
  • The facilities in Suzhou and Shanghai successfully passed multiple inspections by FDA, OECD, NMPA and PMDA.

• WuXi Biology: Continues to Follow the Science & Generate Downstream Opportunities; 2025 Revenue Back to Positive YoY growth of 5.2%, In Vivo & In Vitro Synergies and New Modalities Drove Growth  
• • WuXi Biology follows the science and strategically builds differentiated capabilities of drug discovery in emerging areas. It actively expands global business and efficiently generates downstream opportunities for the CRDMO model by continuously contributing more than 20% of the Company's new customers.
  • We efficiently enable our global customers through integrated in vitro & in vivo drug discovery capabilities, cross-regional collaboration and end-to-end solutions in emerging areas. 2025 WuXi Biology revenue resumed positive growth, up 5.2% YoY to RMB 2.68 billion.
  • Due to market pricing impact, 2025 adjusted non-IFRS gross profit margin of WuXi Biology was down 1.9pts to 36.9%. WuXi Biology closely follows market dynamics and maintains flexible pricing strategy, maximizing its value in generating downstream opportunities.
  • We achieved rapid revenue growth driven by accelerated progress in integrated in vitro screening and enhanced in vivo pharmacology capabilities. Non-oncology business maintained a competitive edge, serving as a key growth contributor.
  • New modality business continues to drive growth, with revenue contribution increasing to more than 30% in 2025, supported by rapid new customer expansion in nucleic acids, antibody conjugates and peptides, etc.

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 Annual Results Presentation and 2025 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 in accordance with China Accounting Standards for Business Enterprises (CAS), in currency of RMB. All other financial information disclosed in this press release is prepared in accordance with the International Financial Reporting Standards Accounting Standards ("IFRS"), in currency of RMB.

The 2025 Annual Report of the Company has been audited.

2025 Results by Segments

Unit: RMB million

Note 1: According to IFRS Accounting Standards, the Group has classified the relevant businesses that have signed equity sale agreements, completed sales, or those being discontinued within the current or comparative years, as discontinued operations. Comparative disclosures have been adjusted accordingly.

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 IFRS

Consolidated Statement of Profit or Loss (continued) – Prepared under IFRS

Consolidated Statement of Financial Position^[5] – Prepared under IFRS

Consolidated Statement of Financial Position (continued)^[6] – Prepared under IFRS

Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company^[7]

About WuXi AppTec

WuXi AppTec is a trusted partner and contributor to the pharmaceutical and life sciences industries, providing R&D and manufacturing services that help advance healthcare innovation. With operations across Asia, Europe, and North America, we offer integrated, end-to-end services through our unique CRDMO (Contract Research, Development, and Manufacturing Organization) platform. We are privileged to work alongside partners across 30+ countries, supporting their efforts to bring breakthrough treatments to patients. Guided by our vision that every drug can be made and every disease can be treated, we are committed to advancing breakthroughs for patients—one collaboration at a time. Learn more at https://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 an 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 IFRS, the Company has classified operations with signed equity sale agreements, completed sales, or those being discontinued during 2025 or comparative periods as discontinued operations ("Discontinued Operations"). Comparative disclosures have been adjusted accordingly. 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

To supplement the Company's IFRS consolidated financial statements, we provide non-IFRS gross profit and non-IFRS net profit attributable to the owners of the Company (excluding share-based compensation, convertible bond issuance expenses, FX impacts, M&A related amortization, and gains or losses from divestiture, restructuring and resource integration initiatives, etc.). We also provide adjusted non-IFRS net profit attributable to the owners of the Company and earnings per share (further excluding realized and unrealized gains or losses from equity investments and share of JV results), adjusted operating cash flow and adjusted free cash flow (excluding income tax payments related to significant transactions, mainly equity or business sales, disclosed in the Company's announcements). These measures are not 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 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. The management of the Company believes such non-IFRS financial measures is widely accepted and adopted in the industry the Company operates. 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