WuXi Biologics Reports Record 2025 Annual Results

• Revenue increased 16.7% YoY to RMB 21.8 billion, and revenue from continuous operations grew over 20% YoY
• IFRS gross profit margin expanded to 46.0% (+500 bps YoY); adjusted gross profit margin increased to 48.8% (+340bps)
• EBITDA rose 38.1% YoY and IFRS net profit increased 45.3% YoY; adjusted EBITDA grew 22.8% YoY and adjusted net profit increased 22.0% YoY
• Earnings per share increased 48.8%; adjusted earnings per share grew 19.7%
• Free cash flow reached RMB 2.3 billion, increasing over 70% YoY
• Record-high 209 new integrated projects signed, including 6 late-stage programs; 2/3 of new signings in bispecifics and ADCs
• Total number of integrated projects reached 945, one of the largest portfolios of complex biologics
• 156 INDs filed in 2025; capacity expanded to 200 INDs and 20 BLAs/MAAs annually
• Completed 28 PPQs (+75% YoY), while 34 PPQs scheduled for 2026
• Total backlog increased to US$23.7 billion; backlog within 3 years increased to US$4.5 billion
• Leveraging integrated R-D-M capabilities, bi- & multi-specifics have established as a core growth engine, delivering 120%+ YoY revenue growth
• Industry-leading targeted integration cell line platform launched, achieving 8+ g/L titer with 30 clones screened and IND-ready in 6 months
• CRDMO capabilities continued to strengthen across geographies 

HONG KONG, March 24, 2026 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development and manufacturing, today announced audited results for the year ended December 31, 2025 ("Reporting Period").

Financial Highlights

Revenue: Revenue increased 16.7% YoY to RMB21.8 billion, driven by continued execution of the Group's "Follow and Win the Molecule" strategy, rising demands for complex biologics modalities including bispecific antibodies and ADCs, growing Research Services partnerships, and higher utilization of existing and newly expanded manufacturing capacity, including the ramp-up of the Group's European facility.  

Gross Profit and Gross Profit Margin: IFRS gross profit increased 30.9% YoY to RMB10.0 billion, with gross margin expanding 500 bps to 46.0%. Adjusted gross profit rose 25.5% YoY to RMB10.6 billion, with adjusted gross margin of 48.8%. Margin expansion was primarily driven by favorable business mix, higher capacity utilization, and efficiency gains from WBS and digitalization initiatives.

EBITDA and EBITDA Margin: EBITDA grew 38.1% YoY to RMB9.0 billion, while adjusted EBITDA increased 22.8% YoY to RMB9.8 billion. EBITDA margin reached 41.5%, with adjusted EBITDA margin expanding to 45.1%.

Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 45.3% YoY to RMB5.7 billion, while net profit attributable to owners of the Company grew 46.3% to RMB4.9 billion. These increases were primarily driven by the higher gross profits and the gains from the Group's investment portfolio.

Adjusted Net Profit and Adjusted Net Profit Attributable to Owners of the Company: Adjusted net profit increased 22.0% YoY to RMB6.6 billion, while adjusted net profit attributable to owners of the Company rose 17.9% YoY to RMB5.6 billion.

Earnings Per Share (EPS): Basic EPS rose 48.8% to RMB1.22 (2024: RMB0.82). Diluted EPS advanced 48.7% to RMB1.16 (2024: RMB0.78)

Adjusted Earnings Per Share (Adjusted EPS): Adjusted basic EPS increased 19.7% to RMB1.40 (2024: RMB1.17), while adjusted diluted EPS reached RMB1.33, up 18.8% from RMB1.12 in the prior year.

Business Highlights

• Integrated Project Adds

The Group added a record-high of 209 new integrated projects in 2025, bringing the total pipeline to 945 programs. Approximately half of the new additions originated from U.S. clients, reflecting strong momentum from the U.S. biopharma sector. With 74 late-stage and 25 commercial projects, the Group is well positioned to drive sustained manufacturing revenue growth.

Of the 209 new additions, 23 programs were post-IND wins under the Group's "Win-the-Molecule" strategy, including 6 late-stage programs, bringing total "Win-the-Molecule" projects to 112 since 2018.

• Research

Research Services delivered another phenomenal year in 2025, generating record-high upfront and total payments, and securing potential milestone and royalties over US$4 billion.

CD3 T-cell engager (TCE) partnerships continued to expand during the year, reflecting growing industry adoption of the Group's leading CD3 platform. The platform has been adopted by many leading biopharma companies, including Vertex, Merck, GSK and Sino Biopharmaceutical.

As of year-end 2025, Research Services supported 50+ active programs eligible for milestone payments and sales royalties, providing a growing base of high-margin long-term revenue potential.

• Development

The Group supported 156 IND filings in 2025, and expanded capacity to 200 INDs and 20 BLAs/MAAs annually. It also added a record number of new development projects in 2025. Bispecifics and ADCs accounted for 2/3 of new additions, with each modality growing by approximately 30% to 196 and 252 programs, respectively. Complex modalities now represent more than half of the entire project portfolio, reflecting sustained momentum in next-gen biologics and the Group's leading market position.

Leveraging its integrated R-D-M capabilities, bi- & multi-specifics have emerged as the Group's fastest growing modality, contributing nearly 20% of total revenue in 2025 and delivering 120%+ YoY growth. To support continued pipeline growth, the Group has expanded regulatory submission capacity to support approximately 200 INDs and 20 BLAs/MAAs annually.

During the Reporting Period, the Group introduced WuXia™ TrueSite, a targeted-integration CHO cell line platform that enables 6-month DNA-to-IND timelines, while delivering 8+ g/L mAb titers and >99% expression stability across 60 generations. The Group also expanded its high-dose drug delivery capabilities for clinical and commercial applications, including WuXiHigh^TM high-throughput formulation development, hyaluronidase co-formulation, and large-volume device solutions, further broadening their addressable commercial opportunities.

• Manufacturing

In 2025, the Group supported 74 Phase III projects and 25 commercial manufacturing projects, completed 28 PPQs (process performance qualification), and has 34 PPQs scheduled for 2026 based on contracts as of Dec 31, 2025. The Group maintained a 100% PPQ campaign success rate, demonstrating consistent execution and a robust large-scale manufacturing quality system.

To support the expanding commercial pipeline and enhance global supply resilience, the Group continues to advance its "Global Dual Sourcing" strategy, scaling integrated CRDMO capabilities across geographies, while expanding its manufacturing footprint globally.

• • U.S.: Construction of MFG11 in Worcester, MA is progressing. Upon completion, the facility will feature six 6,000L single-use bioreactors, a dedicated downstream line, and extensive automation. MFG18 in Cranbury, NJ is also being upgraded to add commercial manufacturing capabilities in response to the strong local demands.  
  • Singapore: Construction of a new modular drug product (DP) facility has commenced and is expected to be one of the largest modular biologics DP facilities globally, significantly enhancing the Group's end-to-end DP service capabilities. The design of a modular drug substance (DS) facility is also underway. In addition, WuXi XDC's Singapore site achieved mechanical completion in June 2025.
  • Qatar: In December 2025, the Group signed a MOU with the Qatar Free Zones Authority (QFZ), advancing plans to establish the Qatar site as a strategic hub within its global CRDMO network and extend its geographic presence into the Middle East.

• Backlog

As of December 31, 2025, total backlog stood at US$23.7 billion, including US$11.5 billion service backlog and US$12.2 billion potential milestones. Backlog within 3 years reached US$4.5 billion, providing strong visibility into near-term revenue growth.

• Quality

The Group maintains a comprehensive global quality management system to support clients' regulatory and compliance requirements. From 2017 to 2025, the Group has completed 46 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.

As of December 31, 2025, the Group maintains a 100% pass rate for FDA Pre-License Inspection (PLI) and has passed more than 1,800 client GMP audits, including 230+ conducted by EU Qualified Persons, demonstrating consistent quality and compliance standards across global operations.

• Talents

As of December 31, 2025, the Group employed 13,252 staff globally, including 4,885 scientists. The Group maintained a key talent retention rate of 96.4%, supporting continued execution across its global operations.

• WBS (WuXi Biologics Business System) and Digitalization

WBS remains a key driver of operational efficiency and margin expansion. During the Reporting Period, the Group completed 430+ Kaizen initiatives, contributing ~150 bps of gross margin improvement through enhanced labor productivity, cost control, and process optimization.

The Group also continued advancing its digital capabilities to support scalable operations for global partners. Our one-stop client portal enables secured real-time data access and collaboration, while core lab management system, together with in-silico modeling, and intelligent manufacturing systems such as Electronic Batch Records (EBR), Manufacturing Execution System (MES) enhance productivity, efficiency and quality. In addition, PatroLab™, the Group's digital twin platform, supports process optimization and risk mitigation in biologics development and manufacturing.

• Sustainability

Sustainability remains an integral part of the Group's long-term strategy and operations. During the Reporting Period, the Group continued to strengthen its ESG practices and received recognition from leading global ESG rating agencies.

The Group was included in the Dow Jones Sustainability Indices, achieved MSCI AAA ESG Ratings with inclusion in the MSCI ESG Indexes, and received the EcoVadis Platinum Medal. It also received a "Negligible-Risk" ESG rating from Sustainalytics and was recognized as both an Industry and Regional ESG Top-Rated Company. In addition, the Group was named to CDP's 2025 "A" lists for both Climate Change and Water Security.

Management Comment

Dr. Chris Chen, CEO of WuXi Biologics, stated, "In 2025, WuXi Biologics delivered record and profitable growth. Revenue increased 16.7% YoY, with revenue from continuous operations growing over 20%, while gross margin expanded 500 bps to 46.0%, supported by continued momentum across R-D-M, increased capacity utilization and operational efficiencies driven by WBS and digitalization.

Our unique CRDMO model, underpinned by full lifecycle R-D-M integration, represents a structural competitive advantage that enhances project retention and supports sustainable high growth. We are seeing accelerating momentum in complex biologics modalities, with bi- & multi-specifics and ADCs emerging as key growth drivers alongside our foundational mAb business.

Supported by continued CD3 TCE deal momentum, Research Services delivered another record year in upfront and total payments. Development supported 156 IND filings and expanded capacity to 200 INDs and 20 BLAs/MAAs annually. We also added a record 209 new integrated projects, with 2/3 involving bispecifics and ADCs, reflecting strong demand for complex biologics and our leading market position. Manufacturing revenue grew 26.4% YoY, supported by 28 PPQs in 2025, the progressions of phase II and III projects as well as the ramping of the existing projects. Notably, 34 PPQs have been scheduled for 2026, providing good visibility into future manufacturing revenue growth.

Looking ahead, we will continue to expand our global CRDMO network by strengthening integrated capabilities globally. With our differentiated CRDMO platform, ongoing investments in advanced technologies and digitalization, and growing pipeline, we are well positioned to support our global partners and drive the next phase of growth."

Dr. Ge Li, Chairman of WuXi Biologics, added, "In 2025, WuXi Biologics accelerated its business growth across Research, Development, and Manufacturing. Looking ahead, we remain committed to creating long-term value for our partners and strengthening our role as a trusted partner to the global biopharmaceutical industry as we advance our vision that 'every biologic can be made'."

Key Financial Ratios
(For the Twelve Months Ended Dec 31)

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.

With over 13,000 skilled employees in China, the United States, Ireland, Germany, Singapore and Qatar, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of December 31, 2025, WuXi Biologics is supporting 945 integrated client projects, including 74 in Phase III and 25 in commercial manufacturing.

WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com

Investor: [email protected]
Media: [email protected]

SOURCE WuXi Biologics