-- 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.
[1] Net profit attributable to the owners of the Company is prepared in
accordance with China Accounting Standards for Business Enterprises $(CAS)$.
[2] Adjusted operating cash flow and adjusted free cash flow exclude income
tax payments related to significant transactions (i.e., partial equity sales
of WuXi XDC and the sale of the China-based clinical research service
businesses) disclosed in the Company's announcements.
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.
[3] As disclosed in the 2025 Annual Report, WuXi Testing refers to Continuing
Operations only (not including clinical research service businesses);
historical data has been adjusted accordingly.
-- 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
Adjusted
non-IFRS
Adjusted non- Gross
IFRS Gross Profit
Segment Revenue Change Profit Change Margin
----------------------- --------- ------- ------------- ------- ---------
WuXi Chemistry 36,465.85 25.5 % 19,055.62 41.5 % 52.3 %
----------------------- --------- ------- ------------- ------- ---------
WuXi Testing 4,041.70 4.7 % 1,233.71 -11.6 % 30.5 %
----------------------- --------- ------- ------------- ------- ---------
WuXi Biology 2,677.18 5.2 % 987.11 0.0 % 36.9 %
----------------------- --------- ------- ------------- ------- ---------
Others 236.10 -23.8 % 190.53 30.0 % 80.7 %
----------------------- --------- ------- ------------- ------- ---------
Discontinued Operations
(Note 1) 2,035.34 -41.4 % 422.75 28.0 % 20.8 %
----------------------- --------- ------- ------------- ------- ---------
Total 45,456.17 15.8 % 21,889.71 34.1 % 48.2 %
----------------------- --------- ------- ------------- ------- ---------
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
RMB Million Year Ended December 31,
2025 2024
Revenue 45,456.2 39,241.4
Cost of sales (24,077.1) (23,225.3)
------------- ----------
Gross profit 21,379.1 16,016.1
------------- ----------
Other income 1,253.4 1,146.1
Other gains and losses 6,930.8 804.4
Impairment losses under expected credit losses
("ECL") model, net of reversal (671.9) (334.3)
Impairment losses of non-financial assets (234.5) (115.6)
Impairment losses of goodwill - (110.4)
Impairment losses of assets classified as held for
sale (120.7) (948.4)
Selling and marketing expenses (806.9) (745.4)
Administrative expenses (2,805.0) (3,009.5)
R&D expenses (1,119.5) (1,238.5)
------------- ----------
Operating Profit 23,804.9 11,464.5
------------- ----------
Share of results of associates 452.4 252.1
Share of results of joint ventures 0.2 (7.1)
Finance costs (306.5) (268.6)
------------- ----------
Profit before tax 23,951.0 11,441.0
------------- ----------
Income tax expense (4,573.1) (1,972.1)
------------- ----------
Profit for the year 19,377.9 9,469.0
============= ==========
Profit for the year attributable to:
Owners of the Company 19,194.9 9,352.6
Non-controlling interests 183.0 116.3
------------- ----------
19,377.9 9,469.0
============= ==========
[4] If the sum of the data below is inconsistent with the total, it is caused
by rounding.
Consolidated Statement of Profit or Loss (continued) -- Prepared under IFRS
Year Ended December 31,
2025 2024
Weighted average number of ordinary shares for
calculating EPS (expressed in shares)
-- Basic 2,857,441,466 2,885,200,544
-- Diluted 2,913,473,309 2,893,886,763
Earnings per share (expressed in RMB per Share)
-- Basic 6.72 3.24
-- Diluted 6.63 3.22
Consolidated Statement of Financial Position([5]) -- Prepared under IFRS
As at As at
RMB Million December 31, December 31,
2025 2024
-------------- --------------
Non-current Assets
Property, plant and equipment 26,233.9 25,267.8
Right-of-use assets 1,629.4 1,874.8
Goodwill 864.4 972.4
Other intangible assets 414.3 601.0
Interests in associates 2,141.5 2,322.2
Interests in joint ventures 3.4 3.4
Deferred tax assets 531.3 473.1
Financial assets at fair value through
profit or loss ("FVTPL") 8,131.2 8,943.4
Other non-current assets 481.4 114.7
Biological assets 1,013.3 1,063.0
Total Non-current Assets 41,443.9 41,635.7
-------------- --------------
Current Assets
Inventories 6,922.8 3,532.1
Contract costs 1,101.4 912.2
Biological assets 969.1 955.5
Amounts due from related parties 147.7 89.3
Trade and other receivables 9,622.6 9,643.7
Contract assets 469.5 988.8
Income tax recoverable 8.8 87.2
Financial assets at FVTPL 5,806.2 1,234.0
Derivative financial instruments 68.7 -
Other current assets 1,403.0 734.1
Pledged bank deposits 12.7 22.1
Term deposits with initial term of over
three months 5,662.8 4,865.6
Bank balances and cash 29,455.8 13,434.3
-------------- --------------
61,651.0 36,498.8
Assets classified as held for sale 26.0 2,191.3
-------------- --------------
Total Current Assets 61,677.1 38,690.2
-------------- --------------
Total Assets 103,121.0 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 IFRS
As at As at
RMB Million December 31, December 31,
2025 2024
--------------- --------------
Current Liabilities
Trade and other payables 7,833.3 7,025.5
Amounts due to related parties 20.4 15.3
Derivative financial instruments - 202.0
Contract liabilities 2,709.2 2,251.0
Bank borrowings 5,986.7 1,278.6
Lease liabilities 159.0 224.2
Income tax payables 2,526.7 870.8
Convertible bonds - 3,493.1
--------------- --------------
19,235.3 15,360.6
Liabilities directly associated with assets
classified as held for sale - 865.5
--------------- --------------
Total Current Liabilities 19,235.3 16,226.1
--------------- --------------
Non-current Liabilities
Bank borrowings 1,819.1 2,959.5
Deferred tax liabilities 415.5 522.4
Deferred income 948.2 985.6
Lease liabilities 455.3 546.6
Total Non-current Liabilities 3,638.0 5,014.1
--------------- --------------
Total Liabilities 22,873.3 21,240.2
Net Assets 80,247.7 59,085.6
=============== ==============
Capital and Reserves
Share capital 2,983.8 2,888.0
Reserves 76,728.5 55,744.7
--------------- --------------
Equity attributable to owners of the Company 79,712.3 58,632.7
Non-controlling interests 535.4 452.9
Total Equity 80,247.7 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 Year Ended December 31,
2025 2024
Net profit attributable to the owners of the
Company under CAS 19,150.6 9,450.3
GAAP difference([) (8) (]) 44.3 (97.7)
Net profit attributable to the owners of the
Company under IFRS 19,194.9 9,352.6
Add:
Share-based compensation expenses 645.4 307.0
Issuance expenses of convertible bonds 28.4 7.8
Foreign exchange related losses 902.5 29.6
Amortization of acquired intangible assets
from merger and acquisition 25.8 53.5
Gains or losses from divestiture,
restructuring and resource integration
initiatives (1,207.5) 1,299.1
Talent incentive and retention expenses
funded by cash donation from
shareholders 41.0 151.3
------------- ----------
Non-IFRS net profit attributable to the owners of
the Company 19,630.5 11,200.9
------------- ----------
Add:
Realized and unrealized gains from venture
capital investments (4,673.8) (625.5)
Realized and unrealized share of
(gains)losses from joint ventures (0.2) 7.1
------------- ----------
Adjusted non-IFRS net profit attributable to the
owners of the Company 14,956.5 10,582.5
------------- ----------
[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 IFRS, it occurs GAAP difference of RMB 44.3 million for the year of
2025.
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
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