• Revenue increased by 16.1% YoY to RMB 9,953.2 million; revenue growth from continuing operations was 20.2%
• IFRS Gross profit margin expanded by 3.6% YoY to 42.7%
• EBITDA grew 50.5% YoY and IFRS net profit increased 54.8% YoY
• Adjusted EBITDA grew 20.6% YoY and adjusted net profit increased 11.6% YoY
• FY25 group revenue growth target raised to 14% – 16%
• A first-half record of 86 new integrated projects added, including 2 in late-stage
• Total integrated projects reached 864, one of the largest portfolios of complex biologics
• Late-stage and CMO revenue rose 24.9% YoY; 25 PPQs scheduled for 2025
• Total backlog increased to US$20.34 billion; backlog within 3 years increased to US$4.21 billion
• Optimized global operations and enhanced capacities to support sustainable growth

HONG KONG, Aug. 19, 2025 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, is pleased to announce its unaudited interim results for the first half of 2025 ("Reporting Period").

Financial Highlights

Revenue: The Group's revenue for the Reporting Period increased by 16.1% YoY to RMB9,953.2 million. The growth was primarily driven by: (i) the continued success of the Group's "Follow and Win the Molecule" strategies, supported by its leading technology platforms, best-in-industry timelines and strong execution record; (ii) an expanded range of services offered across the biologics value chain – including discovery, pre-IND development, and clinical and commercial manufacturing – with notable momentum in fast-growing platforms such as antibody-drug conjugates (ADCs), and bi- & multi-specific antibodies; (iii) growth in research services revenue, underpinned by the Group's cutting-edge technologies; and (iv) increased utilization of both existing and newly expanded capacity, including the ramp-up of the Group's manufacturing facility in Europe.

Gross Profit and Gross Profit Margin: IFRS gross profit increased 27.0% YoY to RMB4,252.9 million, while adjusted gross profit rose 19.2% YoY to RMB4,543.4 million. IFRS gross profit margin reached 42.7%, with adjusted gross profit margin at 45.6%. The improvement in gross profit margin was primarily driven by favorable volume and mix, enhanced efficiency and process optimization achieved through the Group's WBS and digitalization initiatives.

EBITDA and EBITDA Margin: EBITDA grew 50.5% to RMB4,221.8 million, while adjusted EBITDA increased 20.6% YoY to RMB4,305.2 million. EBITDA margin reached 42.4%, and adjusted EBITDA margin expanded to 43.3%.

Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 54.8% YoY to RMB2,756.6 million, while net profit attributable to owners of the Company grew 56.0% to RMB2,339.3 million. This growth was primarily driven by higher gross profit, the gains from the Group's investment and asset divestiture activities.

Adjusted Net Profit: Adjusted Net Profit for the period increased 11.6% YoY to RMB2,840.0 million, with an adjusted net profit margin of 28.5%.

Basic Earnings Per Share (EPS): Basic EPS rose 56.8% from RMB 0.37 for the six months ended June 30, 2024 to RMB 0.58 for the six months ended June 30, 2025. Diluted EPS increased by 57.1% from RMB 0.35 to RMB 0.55 over the same period.

Business Highlights

• Integrated Project Wins

The Group added 86 integrated projects in the first half of 2025, bringing the total to 864. Over half of these new projects were originated from U.S. clients, reflecting continued client trust and the resilience of the Group's CRDMO business model amid ongoing market volatility. The Group supports 67 late-stage and 24 commercial projects, establishing a strong foundation for sustained future manufacturing revenue growth.

Of the 86 new projects, 9 were post-IND wins under the Group's "Win-the-Molecule" strategy, including 2 in late-stage. Most of these involve complex modalities such as bi- and multi-specific antibodies, and ADCs.

• Research

Building on its industry-leading technology platforms and growing global recognition, the Group's Research business maintained strong momentum in the first half of 2025. Ongoing partnerships with global innovators continued to advance discovery programs across bi- and multi-specific TCEs and ADCs. These collaborations reflect strong client trust and further expand the Group's biologics pipeline. Notably, a molecule developed for GSK recently entered clinical trials, becoming the fourth WuXi Biologics–originated TCE to reach the clinic stage. To date, the Group's Research Services has enabled 50+ programs that are potentially eligible for future milestone payments and sales royalties, unlocking significant upside for the Group's long-term profitable growth.

• Development

The Group added a first-half record of 86 new integrated development projects in the first half of 2025, further expanding one of the industry's largest portfolios of complex biologics. Bi- & multi-specifics, along with ADCs, accounted for over 70% of new signs, expanding our portfolio to 168 bi- & multispecifics, 225 ADCs, 80 fusion proteins, 25 vaccines and 326 mAbs - highlighting the Group's strong execution and leadership in next-generation modalities.

During the Reporting Period, the Group's pre-IND revenue rose 35.2% YoY, driven by revenue conversion of wins across Research services and pre-IND development. Supported by the Group's proprietary cell line development platform WuXia^TM, over 600 projects with potential cell line royalty are expected by the end of 2025. Amid continued momentum in innovative drug out-licensing from China, the Group remained a critical partner in global biopharma discovery and development collaborations, supported by its industry-leading technology platforms and operational excellence.

During the Reporting Period, the Group launched WuXiHigh™2.0, its next-generation high-throughput formulation platform for high concentration biologics. By leveraging proprietary excipient blends and formulation expertise, the platform enables protein concentrations of up to 230 mg/mL and reduces viscosity by up to 90% - while preserving stability and injectability. This innovative platform reflects the Group's ongoing commitment to technological advancement and empowers clients to accelerate development and enhance patient delivery.

• Manufacturing

As of June 30, 2025, the Group has supported 67 late-stage projects and 24 commercial manufacturing projects, and remains on track to complete 25 scheduled process performance qualification (PPQ) campaigns in 2025. During the Reporting Period, late-phase and commercial manufacturing revenue increased by 24.9% YoY, reflecting both evolution of projects from early-phases and the continued ramp-up of existing CMO programs. To meet the growing commercial demands and ensure supply chain reliability, the Group continues to implement its "Global Dual Sourcing" strategy by expanding capacity and capabilities across its global manufacturing network:

• • Ireland: MFG6.2 successfully released three 1,000L single-use bioreactor systems, increasing total perfusion capacity from 3,000L to 6,000L. The first engineering and PPQ runs were both successfully completed during the Reporting Period. Meanwhile, MFG7 completed its second 12,000L PPQ run. In addition, MFG6 recently received its first EMA approval as a commercial manufacturing site for a global client's innovative biologic, underscoring the consistency and strength of WuXi Biologics' quality systems. To date, the Ireland site has maintained a 100% success rate for all PPQ runs.
  • Singapore: Construction has begun on a new modular drug product (DP) facility, while design work is underway for a planned drug substance (DS) modular facility within the CRDMO hub. Additionally, mechanical completion was achieved at the XDC manufacturing site. Operations are expected to commence by the end of 2025, with GMP manufacturing to follow in early 2026. The Group is making solid strides according to the planned schedule to establish Singapore as another strategic hub for our global biologics Research, Development and Manufacturing services.
  • U.S: Construction at MFG11 (Worcester, MA) is advancing, with the facility designed to house six 6,000L single-use bioreactors connected to a single downstream line, enabling high-throughput processing and advanced automation. Once operational, MFG11 will be seamlessly integrated with MFG18 (Cranbury, NJ), and the Boston Research Service Center, enhancing the Group's ability to deliver end-to-end services across Research, Development, and Manufacturing in the U.S. This build-out further strengthens the Group's global footprint and reinforces its commitment to serving clients closer to key innovation and commercial markets.
  • Chengdu, China: Construction began on a new microbial manufacturing facility, featuring a 15,000L fermenter and scalable capacity up to 60,000L. The site will utilize the recently launched EffiX™ microbial expression platform to deliver high-yield, consistent, and scalable production of biologics.
  • Hangzhou, China: The first commercial PPQ campaign was completed at the 15,000L line in MFG20 - Asia's first 5,000L drug substance scale-out line using single-use bioreactors (SUBs). This achievement underscores the Group's advanced capabilities in leveraging single-use systems for large-scale commercial manufacturing.

• Asset Optimization 

During the Reporting Period, the Group executed two strategic transactions aimed at optimizing global operations and improving asset efficiency. The asset transfer of WuXi Vaccines' facility in Dundalk, Ireland to MSD International GmbH, was completed in March 2025. In May 2025, the Group entered into a definitive agreement to divest its DP facility in Leverkusen, Germany to Terumo Corporation. The transaction enables the Group to reallocate resources toward scaling large-scale DP manufacturing capabilities in Singapore. The divestment supports greater operational agility, improved asset efficiency, and the continued expansion of diversified solutions for global clients. The transaction is expected to close in the fourth quarter of 2025.

• Backlog

As of Jun 30, 2025, total backlog increased to US$20.34 billion, comprising US$11.35 billion service backlog and US$9.0 billion of potential milestone payments. Backlog within 3 years increased to US$4.21 billion from US$3.65 billion as of December 2024, enhancing near-term revenue visibility.

• Quality

The Group remains steadfast in its commitment to quality, ensuring the protection of client and partner interests through a globally recognized quality management system. Since 2017, the Group has successfully completed 44 regulatory inspections by major national authorities — including 22 by the U.S. FDA and EU EMA — with no critical issues and zero data integrity findings. All five manufacturing facilities in Wuxi, China — including MFG1 and MFG5 (drug substance), and DP1, DP2, and DP5 (drug product) — also successfully passed U.S. FDA Pre-License Inspections (PLI). This achievement reinforces the Group's consistent 100% PLI pass rate and highlights its uncompromising adherence to global quality standards.

• Talents

As of June 30, 2025, the Group's global workforce reached 12,552 employees, including 4,362 scientists, with a key talent retention rate of 98.8%. Effective global recruitment and talent development efforts have further strengthened our operational execution across regions, enabling timely project delivery and fueling ongoing innovation.

• WBS (WuXi Biologics Business System)

Introduced in 2021 and implemented across all business units and functions, WBS continues to drive operational excellence by improving efficiency, enhancing quality, and reducing costs - delivering greater value to clients.

During the Reporting Period, the Group executed approximately 130 Kaizen projects and events, contributing to a 100-basis point improvement in gross profit margin. These initiatives also supported business growth, improved labor efficiency, lowered costs, and enhanced quality outcomes.

In parallel, ESG-focused Kaizen projects advanced the Group's sustainability goals, achieving meaningful reductions in carbon emissions, water consumption, waste generation, and energy usage. The Group remains committed to deepening WBS adoption, fostering a culture of continuous improvement, and enhancing long-term value creation through innovation and talent development.

• Sustainability 

Sustainability remains a cornerstone of the Group's long-term strategy, closely integrated with its corporate vision and mission. During the Reporting Period, the Group achieved meaningful progress across key ESG pillars and received broad recognition from leading global rating agencies.

Notable accolades include inclusion in the Dow Jones Sustainability Indices, AAA ESG Ratings from MSCI, selection into MSCI ESG Indexes, and the EcoVadis Platinum Medal. The Group also earned the highest negligible-risk rating from Sustainalytics and was recognized as both an Industry and Regional ESG Top-Rated Company. Additional honors include placement on CDP's Water Security and Supplier Engagement "A List", as well as an A- score for CDP Climate Change, reflecting leadership in environmental transparency and actions.

Management Comment

Dr. Chris Chen, CEO of WuXi Biologics, stated, "In the first half of 2025, we achieved solid and profitable growth, delivering a 16.1% YoY increase in Group revenue and expanding operating margin while navigating the macroenvironment. M revenue grew 24.9% YoY, with 25 PPQs scheduled for 2025. 86 new integrated projects were added during the Reporting Period, a record first-half. Our unique CRDMO business model, together with the disciplined execution of our 'Follow and Win the Molecule' strategies, enabled us to capture new business opportunities, accelerate client pipelines, and deepen long-term partnerships." 

Dr. Chen added, "Combining WBS with ongoing investments in advanced technologies and digital platforms, we are enhancing efficiency, accelerating execution, and driving innovation. We are also strengthening our global footprint and reinforcing our commitment to serving clients closer to centers of innovation and key commercial markets. We remain committed to the highest standards of compliance while enabling our clients and partners to bring innovative biologics to patients worldwide. Our strong first-half results boost our confidence in delivering accelerated growth and support a revenue target increase."

Dr. Ge Li, Chairman of WuXi Biologics, concluded, "WuXi Biologics demonstrated resilience and delivered solid performance in the first half of 2025. Guided by our client-first philosophy and supported by our fully integrated open-access platform, we continue to advance global biopharmaceutical discovery, development, and manufacturing. Looking ahead, we remain committed to creating greater value for clients and better outcomes for patients, as we pursue our vision that 'every biologic can be made'."

Key Financial Ratios

(For the Six Months Ended June 30)