WuXi Biologics (2269) H1 2026 earnings summary

Executive summary

• Revenue grew 18.4% year-over-year to RMB11.8 billion, with constant currency growth at 23.4%, driven by broad-based growth across project stages and geographies.

• Gross margin expanded to 46.2%, with adjusted gross margin at 48.4%, up 280–350 basis points year-over-year.

• The company added 169 new integrated projects, bringing the total to over 1,000, with 70%+ of new projects in bi- & multi-specifics and ADCs, and robust project retention above 95%.

• Portfolio increasingly weighted toward higher-margin ADCs and bispecifics, now over 50% of assets and 55% of revenue.

• Significant expansion in manufacturing capacity and global footprint, including new facilities in the U.S., Singapore, and China, and strategic acquisitions such as BioDlink and Transcenta's manufacturing facility.

Financial highlights

• Adjusted EBITDA rose 24.9% to RMB5.4 billion, with margin expanding to 45.6%.

• Adjusted net profit increased 38.6% year-over-year to RMB3,937.3 million, with margin up to 33.4%; adjusted net profit attributable to owners was RMB3,305.7 million (+38.4%).

• IFRS net profit grew 5.8% to RMB2,916.2 million; basic EPS up 3.4% to RMB0.60 per share.

• Free cash flow reached RMB1.5 billion, a record for the first half; available funds stood at RMB13.7 billion as of June 30, 2026.

• CapEx for H1 was RMB2.8 billion, with full-year 2026 projection at RMB7.1 billion and 2027 at RMB8 billion.

Outlook and guidance

• FY2026 revenue growth guidance raised to 20–23% in constant currency and 15–18% in RMB terms.

• Manufacturing revenue CAGR expected at 30% over the next three years, with overall revenue CAGR at 20%.

• Margin expansion targeted at 100–150 basis points per year.

• Growth acceleration expected each year through 2028, with manufacturing and biosimilar segments as key drivers.

• Annual IND filing capacity to expand to 300 by 2027, supporting future growth.