Latest news with #WuXiAppTec
South China Morning Post
29-04-2025
- Business
- South China Morning Post
Chinese biotech giant WuXi AppTec reports strong US revenue despite Washington scrutiny
China's WuXi AppTec, which a US legislative commission called the 'Huawei equivalent for biotechnology', has reported a surge in US business despite increased scrutiny from Washington, according to its latest data. Advertisement In the first three months of the year, WuXi's revenue from US-based customers increased 28.4 per cent year on year to 6.38 billion yuan (US$874.8 million), the Hong Kong-listed company said in a filing on Monday. Revenue from European customers also jumped 26.2 per cent, while overall revenue for the quarter rose 21 per cent to 9.65 billion yuan. Net profit surged 89 per cent. Founded in 2000, WuXi AppTec is China's largest provider of contract drug research, development and manufacturing services, with operations spanning the globe. The US remains its biggest market. Amid rising geopolitical tensions, WuXi has been caught in Washington's crosshairs in recent years, as the US has ramped up efforts to curb China's technological progress. WuXi was among the Chinese firms recently named by a US congressional commission in a warning of the 'sobering, even frightening' rise of China's biotech industry. Advertisement 'China's leading biomanufacturers', including WuXi, can make products at scale through a global network of facilities, allowing the Chinese government to 'control a global supply chain', the National Security Commission on Emerging Biotechnology, a bipartisan legislative commission established by the US Congress, alleged in a report earlier this month WuXi refuted the commission's claims of connections to the Chinese government.
South China Morning Post
29-04-2025
- Business
- South China Morning Post
Hong Kong stocks rise as investors await earnings from HSBC, ICBC, China Construction Bank
Hong Kong stocks rose on Tuesday, as traders kept an eye on the latest developments in the US-China tariff talks and corporate results to assess the impact of the ongoing trade war. Advertisement The Hang Seng Index added 0.4 per cent to 22,063.94 as of 9.47am local time. The Hang Seng Tech Index added 0.8 per cent. On the mainland, the CSI 300 Index and the Shanghai Composite Index both slipped 0.1 per cent. Chinese biotech firm WuXi AppTec rose 4.6 per cent to HK$60.90 after net income beat analysts' estimates, CSPC Pharmaceutical Group added 3.8 per cent to HK$6.27. Alibaba Health Information Tech advanced 2.4 per cent to HK$4.72, while port operator CK Hutchison Holdings gained 2 per cent to HK$43.95. On the flip side, Chinese sportswear maker Li Ning dropped 2 per cent to HK$14.70 after it reported a low-single-digit increase in first-quarter same-store sales. China Petroleum and Chemical (Sinopec) declined 1.5 per cent to HK$3.88, while electric-vehicle maker BYD eased 1.1 per cent to HK$377.00. US Treasury Secretary Scott Bessent said on Monday that it was up to China to take the first step in de-escalating the tariff fight with the US. The comment came after a Chinese foreign ministry spokesman denied any recent consultations or negotiations on tariffs between the two nations. Advertisement 'We believe talks will begin that will move tariff rates down,' Morgan Stanley economists led by chief Asia economist Chetan Ahya said in a note late on Monday. 'But a comprehensive deal takes time, so tariffs are likely to remain somewhat high.'
Associated Press
28-04-2025
- Business
- Associated Press
WuXi AppTec Q1 2025 Revenue, Profit Resume Double Digit Growth, Revenue Up 21.0% YoY, Adjusted Non-IFRS Net Profit Up 40.0% YoY; Backlog for Continuing Operations Up 47.1% YoY
SHANGHAI, April 28, 2025 /PRNewswire/ -- WuXi AppTec (stock code: / a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical and life sciences industry, today announced financial results for the first quarter ending March 31, 2025 ('Reporting Period'): Management Comment Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, 'Revenue and profit both resumed double-digit growth during the first quarter, and our backlog for Continuing Operations sustained rapid growth, as we maintained our laser focus on leveraging WuXi AppTec's unique CRDMO platform to expand delivery of enabling services across research, development and manufacturing.' 'The Company currently maintains its full-year guidance set at the beginning of the year. We expect revenue from Continuing Operations to grow 10-15% in 2025, and our adjusted non-IFRS net profit margin will further improve.' 'WuXi AppTec is dedicated to 'doing the right thing and doing it right', as our services drive long-term growth, improve the health of those in need and realize our vision that 'every drug can be made and every disease can be treated'.' Business Performance by Segments 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 First Quarterly Results Presentation and 2025 First Quarterly 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. Besides, all other financial information disclosed in this press release is prepared in accordance with the International Financial Reporting Standards Accounting Standards ('IFRSs'), in currency of RMB. The 2025 First Quarterly Report of the Company has not been audited. About WuXi AppTec As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and life sciences industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec's integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received an AA ESG rating from MSCI for the fourth consecutive year in 2024 and its open-access platform is enabling ~6,000 customers from over 30 countries to improve the health of those in need – and to realize the vision that 'every drug can be made and every disease can be treated.' Please visit: 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 a 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 the IFRSs, the Company has classified the operations for which equity sale agreements were signed during the Reporting Period or the comparison year as discontinued operations ('Discontinued Operations'). 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 We provide non-IFRS gross profit and non-IFRS net profit attributable to the owners of the Company, which exclude share-based compensation expenses, issuance expenses of convertible bonds, foreign exchange related gains or losses, amortization of acquired intangible assets from merger and acquisition, gains or losses from impairment and disposal of non-financial assets, and gains or losses from divestiture and restructuring initiatives, etc. We also provide adjusted non-IFRS net profit attributable to the owners of the Company and earnings per share, which further exclude realized and unrealized gains or losses from our venture capital investments and joint ventures. Neither of the above is required by, or presented in accordance with IFRSs. 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 adjusted financial 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. Such non-IFRS financial measures, the management of the Company believes, is widely accepted and adopted in the industry the Company is operating in. 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 IFRSs. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRSs, or as being comparable to results reported or forecasted by other companies. View original content: SOURCE WuXi AppTec
Yahoo
25-03-2025
- Business
- Yahoo
WuXi AppTec sells UK-US units, but annual results show foreign contracts continue despite China tensions
WuXi AppTec (Shanghai, China) has sold off two US/UK businesses in February and March, it revealed in its annual results on 18 March 2025. The Chinese contract research, development, and manufacturing organisation (CRDMO) announced in its latest filings that it had completed two divestments first announced at the end of 2024. On 7 March, it completed the sale of the US and UK operations of its WuXi ATU cell therapy business to US investor Altaris. WuXi AppTec stated that the rationale for the divestiture is 'to ensure that clients and patients with a pressing need for the WuXi ATU cell therapy services can continue to receive time-critical and life-saving treatments without interruption'. Altaris will rename the cell therapy CDMO and base its headquarters in the US. It has five facilities in the US and UK. Last month, WuXi AppTec completed the sale of its US medical device testing operations to the CRO NAMSA (Northwood, US), it also revealed in its March filing. The transaction will enable WuXi to 'focus more on its core CRDMO business', the company said. The divestitures are taking place against a backdrop of increased tensions and tariffs between China and the US. The Biosecure Act, which failed to pass in the US before the end of last year but could be revived in 2025, would cut off federal funding to pharma companies that outsource to WuXi AppTec. The bill claims 'WuXi Apptec presents a national security threat to the United States' through its alleged links to the Chinese government's 'military-civil fusion' strategy 'that merges public and private industries to enable the military modernisation' of the army. In a third-quarter (Q3) 2024 earnings call in October, WuXi AppTec stated that its ATU cell and gene subsidiary had already been impacted by the prospect of the act, as there were 'insufficient new business wins due to the proposed US legislation'. Nevertheless, the impact of geopolitics on WuXi AppTec in 2024 was 'very limited', co-CEO Minzhang Chen claimed at the J.P. Morgan Healthcare Conference in January 2025. Chen told the conference that WuXi AppTec plans to focus capacity on Phase III and commercial small molecules, and oligonucleotides and peptides in 2025. In its annual results to the Hong Kong Stock Exchange, WuXi AppTec revealed that its Q4 2024 revenue reached 11.5bn yuan ($1.6bn), up 6.9% year-on-year (YoY). Its annual revenue for 2024 reached 39.2bn yuan, up 5.2% YoY, after excluding a large Covid-19 project in 2023. Its full-year net profit reached 9.5bn yuan, in line with its previous guidance. The company had 6,000 customers at the end of 2024, of which 1,000 were new in 2024. Revenue from the top 20 global pharmaceutical companies reached 16.64bn yuan. WuXi AppTec includes the WuXi Chemistry, WuXi Testing, and WuXi Biology segments. Lab testing revenue was down 8%, which the company attributed to pricing. WuXi Chemistry's small molecule contract services added 1,187 new molecules in 2024. The Chemistry segment's new modalities business for oligonucleotides and peptides, TIDES, grew revenue 70% YoY to 5.8bn yuan. The total reactor volume for solid-phase peptide synthesis reached 41,000 litres by the end of 2024, and WuXi plans to top 100,000 litres by the end of 2025. The company opened a small molecule active pharmaceutical ingredient manufacturing site in Taixing, China, in 2024, and increased dose capacity in Couvet, Switzerland. It is building a formulation development and manufacturing site in Middletown, Delaware, in the US, which is expected to open by the end of 2026, and a research and development and manufacturing site in Singapore, expected to start some operations in 2027. WuXi's presentation to investors stressed a 'zero tolerance' attitude to intellectual property violations, clearly a nod to foreign concerns about doing business in China. "WuXi AppTec sells UK-US units, but annual results show foreign contracts continue despite China tensions" was originally created and published by Pharmaceutical Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
05-03-2025
- Business
- Reuters
Wilson Sonsini to shut Beijing office in latest US law firm exit
March 5 (Reuters) - Wilson Sonsini Goodrich & Rosati is planning to shut down its office in Beijing, making it the latest big U.S. law firm to scale back in the Chinese legal market. The Palo Alto-founded firm, which also has offices in Shanghai and Hong Kong, "has decided to forgo renewing its office lease in Beijing and to begin the process of winding down operations in that location," a spokesperson said late Tuesday. Advertisement · Scroll to continue Lawyers in Wilson Sonsini's Greater China practice have advised companies and investment banks in capital markets, mergers and acquisitions and private equity deals. Clients have included pharmaceutical company WuXi AppTec and ride-sharing app operator Dida, according to its website. At least 11 U.S. law firms in 2024 closed or said they would shutter offices in Shanghai, Beijing and Hong Kong amid muted deal activity, geopolitical tensions and growing pressures on foreign businesses. The closures have continued into 2025, with Cleary Gottlieb Steen & Hamilton set to close its Beijing office and shift operations to its Hong Kong location in July. Wilson Sonsini, which is known for advising technology and life sciences companies, said it will continue to serve clients in Asia and will "take the steps needed to ensure a smooth transition for clients, attorneys, and professional staff." The firm opened in Beijing in 2012. Its website lists 14 lawyers in Beijing, including corporate partner Weiheng Chen, who heads the firm's Greater China practice and also works from Hong Kong and Shanghai.
