WuXi AppTec Co., Ltd.

WuXi AppTec reported 2025 total revenue of RMB 45.46 billion, with continuing operations revenue of RMB 43.42 billion, up 21.4% year over year. Adjusted non-IFRS gross profit was RMB 21.89 billion and adjusted non-IFRS gross margin expanded to 48.2%, up 6.6 percentage points year over year. Adjusted non-IFRS net profit was RMB 14.96 billion, up 41.3% year over year, and adjusted non-IFRS net margin improved to 32.9%, up 5.9 percentage points. Diluted EPS reached RMB 6.61 (management also cited RMB 6.63), more than doubling year over year, and adjusted operating cash flow was RMB 16.67 billion, up 39.1% year over year. For 2026, the company guided total revenue of RMB 51.3 billion to RMB 53 billion, continuing operations revenue growth of 18% to 22% year over year, CapEx of RMB 6.5 billion to RMB 7.5 billion, and adjusted free cash flow of RMB 10.5 billion to RMB 11.5 billion. Management also said it expects a stable and resilient adjusted non-IFRS net profit margin in 2026 and proposed a record RMB 5.7 billion cash dividend distribution plan.

Co-CEO Minzhang Chen framed 2025 as proof that the company’s CRDMO model still has strong visibility and execution. He emphasized record results, a growing backlog, and continued capacity buildout to serve late-stage clinical and commercial demand, especially in small molecules and TIDES. His tone was confident and constructive, repeatedly saying the business is positioned to sustain growth through 2026 and beyond.

CFO Florence Shi highlighted the financial leverage from the business mix and operating execution. She cited adjusted non-IFRS gross profit of RMB 21.89 billion, gross margin of 48.2%, adjusted non-IFRS net profit of RMB 14.96 billion, net margin of 32.9%, and operating cash flow of RMB 16.67 billion. She also said CapEx was RMB 5.54 billion in 2025 and that 2026 CapEx should rise to RMB 6.5 billion to RMB 7.5 billion, while adjusted free cash flow is expected to be RMB 10.5 billion to RMB 11.5 billion. On capital allocation, management proposed a record RMB 5.7 billion dividend plan and said the H-share incentive plan would be funded through open-market purchases with no dilution.

Analysts focused on FX, geopolitical risk, new U.S. pharma capacity, TIDES demand, and whether 2026 guidance was conservative. Management said it has not seen any direct or quantifiable FX or oil-price impact yet, and that its guidance range is consistent with historical practice and reflects confidence in execution. On TIDES and peptides/oligos, management said current capacity is highly utilized and more buildings are being added in Taixing and Singapore. On the U.S. Pentagon 1260H list and BIOSECURE, management said it cannot predict government actions but believes WuXi AppTec should not be included and said it will keep monitoring and correcting misinformation.