2025 Full-Year Outlook
With confidence in customers’ ongoing demand for enabling services, our CRDMO business model and management execution, the Company has raised full-year guidance despite external uncertainties.
The Company expects Continuing Operations revenue to resume double-digit growth in 2025, with its year-over-year growth rate raised to 13-17%, up from the prior 10-15%. As a result, the Company expects full-year total revenue of RMB42.5-43.5 billion, up from the prior RMB41.5-43.0 billion.
As it focuses on the core CRDMO business and continuously improved production and operating efficiency, the Company is confident and expects to further improve the adjusted non-IFRS net profit margin in 2025.
Capex is expected to reach RMB7.0-8.0 billion in 2025. Together with business growth and efficiency improvement, free cash flow is expected to increase from RMB4.0-5.0 billion to RMB5.0-6.0 billion.
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, “WuXi AppTec once again delivered robust double-digit growth in both revenue and profit in the second quarter, demonstrating the strength of our unique CRDMO business model and the dedication of our global teams. In the first half of 2025, we achieved revenue of RMB20.8 billion, with Continuing Operations revenue growing 24.2% year-over-year, and adjusted non-IFRS net profit growing 44.4% year-over-year, while our backlog for Continuing Operations reached a new record high of RMB56.7 billion.”
“Building on this strong momentum and consistent execution, we have raised our 2025 full-year revenue target to RMB42.5-43.5 billion, with Continuing Operations now expected to achieve 13-17% year-over-year double-digit growth, and correspondingly, the free cash flow target up to RMB5.0-6.0 billion. We remain focused on enhancing our core capabilities, expanding capacity, and improving operating efficiency to create greater value for our customers and shareholders.”
“Guided by our vision that ‘Every drug can be made and every disease can be treated,’ we are committed to enabling our partners to deliver innovative therapies to patients worldwide. Together, we will continue to advance healthcare innovation and improve lives.”
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 nearly 6,000 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
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 an 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 or sales were completed 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 divestiture, restructuring and resource integration 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.
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 Interim Results Presentation and 2025 Interim 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 Interim Report of the Company has not been audited.
