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Wuxi Biologics (Cayman) (2269) saw a net profit of 2.96 billion yuan (HK$3.45 billion) for the six months ended June 30, up 5.8 percent year-on-year.
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Adjusted net profit attributable to owners soared 38.4 percent to 3.3 billion yuan.
The increase in net profit was attributed to the increase in gross profit, partially offset by unrealized foreign exchange loss and fair value loss on equity investments.
No interim dividend was declared.
Revenue for the period was 11.79 billion yuan, an increase of 18.42 percent, driven by strong demand for new IND-enabling programs, continued progression of projects through late-stage development and commercial manufacturing, and solid growth in North America.
Gross margin rose 3.5 percentage points to 46.2 percent.
A total of 1691 new integrated projects were added to the company in the period, bringing the total number of integrated projects to 1,064, while late-phase and commercial manufacturing projects increased to 78 and 28, respectively.
The company also secured 16 external projects through its “Win-the-Molecule” strategy, including four late-phase projects and one commercial manufacturing project.
Total backlog increased to US$25.1 billion (HK$196.74 billion) as of June 30, 2026, including US$12.6 billion service backlog and US$12.4 billion upcoming potential milestone fees, while the total backlog within three years increased to US$5.5 billion.
The timing and probability of potential milestone fee realization may vary, as it is contingent upon the company’s control, such as project success and development progress.
