WuXi AppTec Keeps Bull on 3Q Earnings Beat — Market Talk

Revenue rose 18.6% year-over-year to RMB32.86 billion, with net profit attributable to owners up 84.8% to RMB12.08 billion, driven by strong CRDMO growth and one-time gains. Full-year revenue guidance was raised to RMB43.5–44.0 billion.

Original document: WuXi AppTec Co., Ltd. Class A [603259] Interim report — Oct. 27 2025

By Jason Chau

WuXi AppTec's shares rose Monday morning after the Chinese pharmaceutical company reported strong third-quarter earnings and again raised its guidance for the year.

The stock rose more than 7% in Hong Kong and 6% in Shanghai before paring gains. H-shares were last at HK$116.60, while A-shares were at CNY106.98.

That came after the Shanghai-based drugmaker, which provides services including drug research and discovery, posted a 83% on-year rise in quarterly net profit. Revenue climbed 15%.

WuXi attributed the results to the performance of its core contract research, development, and manufacturing business, noting continued revenue growth and improved efficiency in late-stage clinical and commercialization projects.

It also booked gains from the partial divestment of its cancer treatment-focused subsidiary, a filing showed.

Expressing confidence in the outlook for demand for its services and CRDMO business model, the company said it has further raised its full-year guidance. WuXi now sees annual revenue from continuing operations at 43.5 billion yuan to 44.0 billion yuan, up 17% to 18%.

The strategic divestment of clinical research services is another plus, letting the firm focus fully on CRDMO, said chairman and chief executive Dr. Ge Li.

Earlier this month, it sold two clinical research units to Asia-focused private-equity firm Hillhouse Investment Management.

Citi analysts estimate that gains from the sale could exceed 10% of the company's 2024 net profit. They maintained a buy call on WuXi's stock.

Write to Jason Chau at jason.chau@wsj.com

By Jason Chau

WuXi AppTec's shares rose Monday morning after the Chinese pharmaceutical company reported strong third-quarter earnings and again raised its guidance for the year.

The stock rose more than 7% in Hong Kong and 6% in Shanghai before paring gains. H-shares were last at HK$116.60, while A-shares were at CNY106.98.

That came after the Shanghai-based drugmaker, which provides services including drug research and discovery, posted a 83% on-year rise in quarterly net profit. Revenue climbed 15%.

WuXi attributed the results to the performance of its core contract research, development, and manufacturing business, noting continued revenue growth and improved efficiency in late-stage clinical and commercialization projects.

It also booked gains from the partial divestment of its cancer treatment-focused subsidiary, a filing showed.

Expressing confidence in the outlook for demand for its services and CRDMO business model, the company said it has further raised its full-year guidance. WuXi now sees annual revenue from continuing operations at 43.5 billion yuan to 44.0 billion yuan, up 17% to 18%.

The strategic divestment of clinical research services is another plus, letting the firm focus fully on CRDMO, said chairman and chief executive Dr. Ge Li.

Earlier this month, it sold two clinical research units to Asia-focused private-equity firm Hillhouse Investment Management.

Citi analysts estimate that gains from the sale could exceed 10% of the company's 2024 net profit. They maintained a buy call on WuXi's stock.

Write to Jason Chau at jason.chau@wsj.com

Li Ning is unlikely to stage a 4Q turnaround after the sportswear company reported lackluster 3Q operating data, Nomura analyst Jizhou Dong says in a note. Dong expects the company's Olympics-themed products, set for release in 4Q ahead of the 2026 Winter Olympics, won't drive an immediate sales recovery and could even weigh on 2H margins due to increased marketing expenses. Nomura trims its 2025-2027 sales and earnings forecasts by 1% and 3%-4%, respectively. Nomura cuts its 2025-2027 sales and earnings forecasts by 1% and 3%-4%, respectively. It maintains a neutral rating, citing continued sales and margin weakness, with low expectations already priced in. The investment bank lowers its target price to HK$19.80 from HK$20.70. Shares are last at HK$17.55. (jason.chau@wsj.com)

• Q3 Total Revenue: RMB12.06 Billion, Up 15.3% YoY;
  -- Revenue from Continuing Operations[1]Reached RMB12.04 Billion, Up
  19.7% YoY
• Q1-Q3 Total Revenue: RMB32.86 Billion, Up 18.6% YoY;
  -- Revenue from Continuing Operations Reached RMB32.45 Billion, Up
  22.5% YoY
• Q1-Q3 Net Profit Attributable to Owners of the Company Reached RMB12.08 Billion[2], Up 84.8% YoY;
  -- Diluted Earnings per Share (EPS) of RMB4.21[3], Up 87.9% YoY
  
• Q1-Q3 Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company Reached RMB10.54 Billion, Up 43.4% YoY;
  -- Adjusted Non-IFRS Diluted EPS of RMB3.68, Up 46.0% YoY
  
• Backlog for Continuing Operations Reached RMB59.88 billion as of September 30, 2025, Up 41.2% YoY
• Q1-Q3 Operating Cash Flow Achieved RMB10.87 Billion, Up 35.0% YoY

SHANGHAI, Oct. 26, 2025 /PRNewswire/ — WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services to enable companies in the pharmaceutical and life sciences industry, today announced financial results for the first three quarters ending September 30, 2025 ("Reporting Period"):

• For the first three quarters of 2025, total revenue reached RMB32.86 billion, up 18.6% year-over-year. Revenue from Continuing Operations reached RMB32.45 billion, up 22.5% year-over-year.
• Adjusted non-IFRS gross profit reached RMB15.46 billion, with the adjusted non-IFRS gross profit margin up 6.1pts year-over-year to 47.0%.
• Net profit attributable to the owners of the Company was RMB12.08 billion, up 84.8% year-over-year; diluted EPS was RMB4.21, up 87.9% year-over-year.
• Adjusted non-IFRS net profit attributable to the owners of the Company was RMB10.54 billion, up 43.4% year-over-year; adjusted non-IFRS net profit margin up 5.6pts year-over-year to 32.1%; adjusted non-IFRS diluted EPS was RMB3.68, up 46.0% year-over-year.
• With continuous capacity expansion to better meet customer demand, backlog for Continuing Operations reached RMB59.88 billion as of September 30, 2025, up 41.2% year-over-year.
• Operating cash flow climbed 35.0% year-over-year to RMB10.87 billion, driven by business growth, increase in operating efficiency, and continued improvement of financial management capabilities.
• Sustained and steady business growth as a result of our unique, fully integrated Contract Research, Development and Manufacturing Organization (CRDMO) platform. Driven by "follow the molecule" and "win the molecule" strategies, WuXi Chemistry's small molecule CRDMO pipeline continues to efficiently convert and capture high-quality molecules, delivering sustained business growth. In the first three quarters of 2025, a total of 621 new molecules were added to the small molecule Development and Manufacturing (D&M) pipeline. As of September 30, 2025, our small molecule D&M pipeline reached 3,430 molecules, representing an increase of 15 projects in phase III and commercial stages during the first three quarters of 2025.
• Acceleration of global expansion, capacity construction and capability development. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA on-site inspections with no single observation. By the end of 2025, total reactor volume of small molecule APIs is expected to reach over 4,000kL. In September 2025, the construction of peptide capacity in Taixing was completed ahead of schedule; the Company's total reactor volume of Solid Phase Peptide Synthesizers has been increased to more than 100,000L.
• Robust shareholder returns. The Company remains committed to rewarding shareholders and actively supporting the Company's value. This year, the Company has implemented a total of RMB6.88 billion in cash dividends, share repurchases and cancellations, representing more than 70% of the Company's 2024 net profit attributable to the owners of the Company. Among these, the Company has distributed a total of RMB4.88 billion in cash dividends, including RMB2.83 billion for the 2024 annual cash dividend, RMB1.01 billion for the 2025 special cash dividend and RMB1.03 billion for the 2025 interim dividend. Meanwhile, the Company also completed the repurchase of RMB2.0 billion worth of A-shares in total, all of which have been cancelled.

([1]) As disclosed in 2025 Third Quarterly Report, Continuing Operations
include WuXi Chemistry, WuXi Testing, WuXi Biology and Others, the scope of
which may change following adjustments to the Company's business strategy.
([2]) Net profit attributable to the owners of the Company is prepared in
accordance with China Accounting Standards for Business Enterprises (CAS).
([3]) In 2024 Q1-Q3 and 2025 Q1-Q3, WuXi AppTec had a fully-diluted weighted
average share count of 2,906,724,914 and 2,873,641,499 ordinary shares,
respectively.

2025 Full-Year Outlook

With confidence in customers' ongoing demand for enabling services, our CRDMO business model and management execution, the Company has further raised its full-year guidance.

The Company expects Continuing Operations revenue to resume double-digit growth in 2025, with its year-over-year growth rate raised to 17-18%, up from the prior 13-17%. As a result, the Company expects full-year total revenue of RMB43.5-44.0 billion, up from the prior RMB42.5-43.5 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.

The Company is actively advancing global capacity construction; while due to longer-than-expected settlement cycles of certain projects, capex for 2025 is expected to reach RMB5.5-6.0 billion (adjusted from the prior RMB7.0-8.0 billion). Together with business growth, efficiency improvement, and considering the timing differences in project payments, free cash flow for 2025 is expected to increase from RMB5.0-6.0 billion to RMB8.0-8.5 billion.

Management Comment

Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, "Reflecting robust customer demand and the strength of our unique CRDMO business model, WuXi AppTec delivered strong double-digit growth in revenue, profit and operating cash flow in the first three quarters of 2025, while our backlog for Continuing Operations reached a record RMB59.9 billion. Based on this momentum, we have further raised our full-year revenue and free cash flow guidance. The strategic divestment of clinical research services enables us to fully focus on our core CRDMO strategy and better meet the evolving needs of our customers. By concentrating on drug discovery, laboratory testing, process development, and manufacturing services, we are accelerating the growth of our global capabilities and capacities, delivering greater value for customers and shareholders, and advancing our vision that 'every drug can be made and every disease can be treated'."

Business Performance by Segment

• WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; Q1-Q3 2025 Revenue Up 29.3 % YoY , with TIDES Revenue Up 121.1% YoY
  -- Q1-Q3 revenue of WuXi Chemistry reached RMB25.98 billion, up 29.3%
  year-over-year. With continued optimization of production process and improvement in capacity efficiency driven by the growth of late-stage clinical and commercial projects, Q1-Q3 adjusted non-IFRS gross profit margin of WuXi Chemistry steadily improved 5.8pts year-over-year to 51.3%.
  -- Small molecule drug discovery service ("R") continues to generate
  downstream opportunities. In the past 12 months, we successfully synthesized and delivered more than 430,000 new compounds to customers. In the meantime, 250 molecules were converted from R to D phase in the first three quarters of 2025. Through our "follow-the-customer" and "follow-the-molecule" strategies, we established trusted partnerships with our customers globally, supporting the sustainable growth of our CRDMO business.
  -- Small molecule D&M service remains strong.
  1. The small molecule CDMO pipeline continued to expand. Q1-Q3 revenue of small molecule D&M services rose 14.1% year-over-year to RMB14.24 billion. In the first three quarters of 2025, 621 new molecules were added to the small molecule D&M pipeline. As of September 30, 2025, our small molecule D&M pipeline reached 3,430 molecules, including 80 commercial projects, 87 in phase III, 374 in phase II and 2,889 in phase I and pre-clinical stages. This represents an increase of 15 projects in the commercial and phase III stages during the first three quarters of 2025. 2. We continued to build small molecule capacity. In March 2025, both the Changzhou and Taixing API manufacturing sites successfully passed FDA on-site inspections with no single observation. The total reactor volume of small molecule APIs is expected to reach over 4,000kL by the end of 2025.
  -- TIDES business (oligo and peptides) sustains rapid growth.
  1. With the ramp-up of new capacities released sequentially each quarter last year, Q1-Q3 TIDES revenue grew 121.1% year-over-year to RMB7.84 billion. As of September 30, 2025, TIDES backlog grew 17.1% year-over-year. 2. TIDES D&M customers grew 12% year-over-year, while the number of TIDES molecules grew 34% year-over-year. 3. In September 2025, the construction of peptide capacity in Taixing was completed ahead of schedule; the Company's total reactor volume of Solid Phase Peptide Synthesizers has been increased to more than 100,000L.
• WuXi Testing: Drug Safety Evaluation Service & Site Management Organization (SMO) Maintain Leading Positions
  -- WuXi Testing revenue reached RMB4.17 billion in Q1-Q3, and Q1-Q3
  adjusted non-IFRS gross profit margin was 26.5%.
  -- With development of differentiated capabilities and enhanced
  operational management, Q3 revenue of lab testing services reached RMB1.08 billion, growing 7.2% year-over-year and 7.5% quarter-over-quarter; while its Q3 adjusted non-IFRS gross profit margin continued to improve quarter-over-quarter. Of which, the revenue of drug safety evaluation services grew 5.9% year-over-year and 13.2% quarter-over-quarter.
  -- Q1-Q3 revenue of lab testing services grew 2.7% year-over-year to
  RMB2.96 billion. Due to market impact, its Q1-Q3 adjusted non-IFRS gross profit margin declined as pricing was gradually reflected in revenue along with backlog conversion. Of which, drug safety evaluation services revenue resumed positive year-over-year growth, while maintaining an industry-leading position in the Asia-Pacific region.
  -- The Company is committed to actively enabling customers' global
  licensing. New modality business continued to develop, while the Company maintained its leading position in areas including nucleic acids, conjugates, mRNA, multispecific antibodies and peptides.
  -- The Company continued to advance automation. DMPK successfully
  launched its proprietary all-in-one compound identification software, enhancing efficiency in spectral interpretation and metabolite identification for nucleic acids and peptides by 83%.
  -- The Suzhou facility has successfully passed 4 consecutive FDA
  on-site inspections.
  -- Q1-Q3 revenue for clinical CRO & SMO was down 6.4% year-over-year
  to RMB1.21 billion due to market pricing impact; of which, SMO revenue was down 0.7% year-over-year as backlog gradually converted into revenue, while maintaining its industry leading position in China.
  -- During the first three quarters of 2025, our clinical CRO business
  supported customers in obtaining 19 IND approvals and submitting for 2 NDA filings; the SMO business supported 75 new drug approvals for customers. The SMO business has supported 331 new drug approvals in total over the past decade, maintaining significant advantages in multiple areas (endocrinology, dermatology, lung cancer and cardiovascular disease, etc.).
• WuXi Biology: Continues to Generate Downstream Opportunities; In Vitro & In Vivo Business Synergies and New Modality Business Drive Growth
  -- WuXi Biology follows the science, continuously strengthens drug
  discovery capabilities in emerging areas and actively grows overseas businesses. It efficiently generates downstream opportunities for CRDMO model by continuously contributing more than 20% of the Company's new customers.
  -- Through cross-regional collaboration, comprehensive platform
  integration and integrated project transformation, we efficiently enable our customers worldwide. WuXi Biology revenue reached RMB1.95 billion in Q1-Q3 2025, a year-over-year increase of 6.6%.
  -- Due to market pricing impact, Q1-Q3 adjusted non-IFRS gross profit
  margin of WuXi Biology was down 1.0pts to 37.0%. With continuously improved operational efficiency, its Q3 adjusted non-IFRS gross profit margin improved 1.5pts quarter-over-quarter.
  -- We accelerated advancements in in vitro integrated screening
  technologies and continued to improve in vivo pharmacology capabilities, resulting in rapid year-over-year and quarter-over-quarter revenue growth. With its competitive edge continuously strengthened, the non-oncology business has achieved strong revenue growth, becoming an important contributor to business growth.
  -- New modality drug discovery services continue to perform well,
  contributing more than 30% of WuXi Biology's total revenue.

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 Third Quarterly Results Presentation and 2025 Third 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 Third Quarterly Report of the Company has not been audited.

Third Quarter 2025 Results by Segments

Unit: RMB million

 
                                                                   Adjusted 
                                         Adjusted non-              non-IFRS 
                                           IFRS Gross             Gross Profit 
      Segment         Revenue   Change       Profit     Change       Margin 
-------------------  ---------  -------  -------------  -------  ------------- 
WuXi Chemistry        9,676.68   22.7 %       5,329.83   40.6 %         55.1 % 
-------------------  ---------  -------  -------------  -------  ------------- 
WuXi Testing          1,480.83    2.1 %         428.69  -10.0 %         28.9 % 
-------------------  ---------  -------  -------------  -------  ------------- 
WuXi Biology            695.67    5.9 %         264.49    1.8 %         38.0 % 
-------------------  ---------  -------  -------------  -------  ------------- 
Others                  191.78  163.8 %         161.60  658.4 %         84.3 % 
-------------------  ---------  -------  -------------  -------  ------------- 
Discontinued 
 Operations (Note 
 1)                      12.47  -96.9 %          12.47      N/A        100.0 % 
-------------------  ---------  -------  -------------  -------  ------------- 
Total                12,057.43   15.3 %       6,197.08   38.4 %         51.4 % 
-------------------  ---------  -------  -------------  -------  ------------- 
 

First Three Quarters 2025 Results by Segments

Unit: RMB million

 
                                                                     Adjusted 
                                                                      non-IFRS 
                                             Adjusted non-             Gross 
                                               IFRS Gross              Profit 
        Segment           Revenue   Change       Profit     Change     Margin 
-----------------------  ---------  -------  -------------  -------  --------- 
WuXi Chemistry           25,978.06   29.3 %      13,314.69   45.7 %     51.3 % 
-----------------------  ---------  -------  -------------  -------  --------- 
WuXi Testing              4,169.47    0.0 %       1,104.58  -26.1 %     26.5 % 
-----------------------  ---------  -------  -------------  -------  --------- 
WuXi Biology              1,947.27    6.6 %         720.38    3.8 %     37.0 % 
-----------------------  ---------  -------  -------------  -------  --------- 
Others                      355.26  -10.5 %         258.90   24.1 %     72.9 % 
-----------------------  ---------  -------  -------------  -------  --------- 
Discontinued Operations 
 (Note 1)                   406.65  -66.5 %          56.49      N/A     13.9 % 
-----------------------  ---------  -------  -------------  -------  --------- 
Total                    32,856.72   18.6 %      15,455.04   36.3 %     47.0 % 
-----------------------  ---------  -------  -------------  -------  --------- 
 

Note 1: In accordance with the IFRSs, the Company has classified the operations for which equity sale agreements were signed or sales were completed during the first three quarters of 2025 or the comparison year as discontinued operations.

Note 2: Any sum of the data above that is inconsistent with the total is due to rounding.

Consolidated Statement of Profit or Loss ([4]) — Prepared under IFRSs

 
                   Three Months Ended September  Nine Months Ended September 
 RMB Million       30,                           30, 
                            2025           2024           2025            2024 
 Revenue                12,057.4       10,461.1       32,856.7        27,702.0 
 Cost of sales         (6,050.8)      (6,063.8)     (17,737.9)      (16,603.8) 
                   -------------  -------------  -------------  -------------- 
 Gross profit            6,006.6        4,397.3       15,118.9        11,098.2 
                   -------------  -------------  -------------  -------------- 
 Other income              280.4          247.6          920.0           758.6 
 Other gains and 
  losses                   188.0        (602.5)        2,637.0         (394.1) 
     Impairment 
      losses 
      under 
      expected 
      credit 
      losses 
      ("ECL") 
      model, net 
      of 
      reversal           (169.0)         (72.5)        (459.6)         (154.6) 
 Impairment 
  losses of 
  non-financial 
  assets                  (80.0)              -        (153.5)               - 
 Impairment 
  losses of 
  assets 
  classified as 
  held for sale                -              -        (120.7)               - 
 Selling and 
  marketing 
  expenses               (175.0)        (189.1)        (569.4)         (546.6) 
 Administrative 
  expenses               (721.8)        (687.4)      (1,969.5)       (1,964.9) 
 R&D expenses            (311.2)        (317.7)        (825.7)         (954.0) 
                   -------------  -------------  -------------  -------------- 
 Operating Profit        5,018.1        2,775.7       14,577.4         7,842.5 
                   -------------  -------------  -------------  -------------- 
 Share of results 
  of associates            199.9           87.1          440.1           202.9 
 Share of results 
  of joint 
  ventures                   0.6            0.2            0.6           (4.0) 
 Finance costs            (88.8)         (58.2)        (257.6)         (187.2) 
                   -------------  -------------  -------------  -------------- 
 Profit before 
  tax                    5,129.7        2,804.7       14,760.5         7,854.3 
                   -------------  -------------  -------------  -------------- 
 Income tax 
  expense              (1,583.8)        (484.0)      (2,830.9)       (1,252.7) 
                   -------------  -------------  -------------  -------------- 
 Profit for the 
  period                 3,545.8        2,320.8       11,929.6         6,601.6 
                   =============  =============  =============  ============== 
 Profit for the 
 period 
 attributable 
 to: 
 Owners of the 
  Company                3,514.6        2,293.1       11,801.9         6,532.9 
 Non-controlling 
  interests                 31.2           27.7          127.6            68.7 
                   -------------  -------------  -------------  -------------- 
                         3,545.8        2,320.8       11,929.6         6,601.6 
                   =============  =============  =============  ============== 
 
 
([4]) If the sum of the data below is inconsistent with the total, it is 
caused by rounding. 
 

Consolidated Statement of Profit or Loss([5]) (continued) — Prepared under IFRSs

 
 
                 Three Months Ended September    Nine Months Ended September 
                 30,                             30, 
                 2025            2024            2025            2024 
 Weighted 
 average number 
 of ordinary 
 shares for 
 calculating 
 EPS (expressed 
 in shares) 
 -- Basic         2,839,378,755   2,883,580,115   2,839,864,290   2,899,626,297 
 -- Diluted       2,877,629,997   2,889,573,492   2,873,641,499   2,906,724,914 
Earnings per 
share 
(expressed in 
RMB per S 
hare) 
 -- Basic         1.24            0.80            4.16            2.25 
 -- Diluted       1.22            0.79            4.12            2.24 
 
 
([5]) If the sum of the data below is inconsistent with the total, it is 
caused by rounding. 
 

Consolidated Statement of Financial Position([6]) — Prepared under IFRSs

 
RMB Million                                      September 3 0 ,  December 31, 
                                                      2025            2024 
                                                 ---------------  ------------ 
 
Non-current Assets 
Property, plant and equipment                           25,662.5      25,267.8 
Right-of-use assets                                      1,837.0       1,874.8 
Goodwill                                                   866.0         972.4 
Other intangible assets                                    420.1         601.0 
Interests in associates                                  1,939.2       2,322.2 
Interests in joint ventures                                  3.9           3.4 
Deferred tax assets                                        512.9         473.1 
Financial assets at fair value through profit 
 or    loss ("FVTPL")                                    8,350.8       8,943.4 
Other non-current assets                                   115.7         114.7 
Biological assets                                        1,085.7       1,063.0 
Total Non-current Assets                                40,793.8      41,635.7 
                                                 ---------------  ------------ 
 
Current Assets 
Inventories                                              6,011.0       3,532.1 
Contract costs                                             929.0         912.2 
Biological assets                                          903.7         955.5 
Amounts due from related parties                           115.5          89.3 
Trade and other receivables                             10,731.6       9,643.7 
Contract assets                                            819.0         988.8 
Income tax recoverable                                      42.8          87.2 
Financial assets at FVTPL                                3,561.0       1,234.0 
Derivative financial instruments                             1.8             - 
Other current assets                                       742.3         734.1 
Pledged bank deposits                                       57.5          22.1 
Term deposits with initial term of over three 
    months                                               3,921.4       4,865.6 
Bank balances and cash                                  25,459.9      13,434.3 
                                                 ---------------  ------------ 
                                                        53,296.6      36,498.8 
Assets classified as held for sale                         515.7       2,191.3 
                                                 ---------------  ------------ 
Total Current Assets                                    53,812.3      38,690.2 
                                                 ---------------  ------------ 
Total Assets                                            94,606.1      80,325.8 
                                                 ===============  ============ 
 
 
([6]) If the sum of the data below is inconsistent with the total, it is 
caused by rounding. 
 

Consolidated Statement of Financial Position (continued)([7]) — Prepared under IFRSs

 
RMB Million                                    September 3 0 ,  December 31, 
                                                    2025            2024 
                                               ---------------  ------------ 
Current Liabilities 
Trade and other payables                               7,746.5       7,025.5 
Amounts due to related parties                             7.9          15.3 
Derivative financial instruments                           2.9         202.0 
Contract liabilities                                   2,565.7       2,251.0 
Bank borrowings                                        5,282.1       1,278.6 
Lease liabilities                                        179.9         224.2 
Income tax payables                                    2,249.9         870.8 
Convertible bonds                                      1,294.5       3,493.1 
                                               ---------------  ------------ 
                                                      19,329.3      15,360.6 
Liabilities directly associated with assets 
    classified as held for sale                          109.0         865.5 
                                               ---------------  ------------ 
Total Current Liabilities                             19,438.3      16,226.1 
                                               ---------------  ------------ 
 
Non-current Liabilities 
Bank borrowings                                        1,799.1       2,959.5 
Deferred tax liabilities                                 433.7         522.4 
Deferred income                                          929.9         985.6 
Lease liabilities                                        532.7         546.6 
Total Non-current Liabilities                          3,695.4       5,014.1 
                                               ---------------  ------------ 
 
Total Liabilities                                     23,133.6      21,240.2 
 
Net Assets                                            71,472.5      59,085.6 
                                               ===============  ============ 
 
Capital and Reserves 
Share capital                                          2,965.7       2,888.0 
Reserves                                              67,982.4      55,744.7 
                                               ---------------  ------------ 
Equity attributable to owners of the Company          70,948.1      58,632.7 
Non-controlling interests                                524.4         452.9 
Total Equity                                          71,472.5      59,085.6 
                                               ===============  ============ 
 
 
([7]) If the sum of the data below is inconsistent with the total, it is 
caused by rounding. 
 

Adjusted Non-IFRS Net Profit Attributable to the Owners of the Company([8])

 
                          Three Months Ended       Nine Months Ended September 
RMB Million                  September 30,                     30, 
                          2025          2024           2025          2024 
Net p rofit 
 attributable to the 
 owners of the 
 Company under CAS         3,514.6        2,293.1      12,075.5        6,532.9 
GAAP difference([9])             -              -       (273.6)              - 
Net p rofit 
 attributable to the 
 owners of the 
 Company under 
 IFRSs                     3,514.6        2,293.1      11,801.9        6,532.9 
Add: 
     Share-based 
      compensation 
      expenses               249.9           79.4         426.3          244.4 
     Issuance 
      expenses of 
      convertible 
      bonds                    8.7              -          28.4              - 
     Foreign 
      exchange 
      related 
      losses                 100.0          629.8         548.0          658.7 
     Amortization of 
      acquired 
      intangible 
      assets from 
      merger and 
         acquisition           6.7           13.3          20.5           40.3 
   Gains or losses 
    from 
    divestiture, 
    restructuring 
    and resource 
       integration 
    initiatives               88.4              -         228.3              - 
                      ------------  -------------  ------------  ------------- 
Non-IFRS net profit 
 attributable to the 
 owners of the 
 Company                   3,968.5        3,015.6      13,053.5        7,476.3 
                      ------------  -------------  ------------  ------------- 
Add: 
   Realized and 
    unrealized 
    losses(gains) 
    from venture 
    capital 
       investments           254.4         (41.9)     (2,515.7)        (134.6) 
   Realized and 
    unrealized share 
    of (gains)losses 
    from joint 
    ventures                 (0.6)          (0.2)         (0.6)            4.0 
                      ------------  -------------  ------------  ------------- 
Adjusted non-IFRS 
 net profit 
 attributable to the 
 owners of the 
    Company                4,222.3        2,973.5      10,537.1        7,345.7 
                      ------------  -------------  ------------  ------------- 
 
 
([8]) If the sum of the data below is inconsistent with the total, it is 
caused by rounding. 
([9]) Due to differences in accounting treatment of long-term equity 
investments under IFRSs, it occurs GAAP difference of RMB(273.6) million for 
first three quarters of 2025. 
 

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 first three quarters of 2025 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.

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SOURCE WuXi AppTec

Chinese healthcare companies have a number of tailwinds in their favor, including Fed rate cuts, UOB Kay Hian analysts say as they keep an overweight call on the sector. The Fed's cut in September, and signals of more to come, should help firms get R&D funding more easily amid lower capital costs, Carol Dou and Sunny Chen say in a note. That, in turn, will spur more innovation. Other sector catalysts include robust revenue and earnings growth, and strong pipelines. Rising demand for new and complex therapies is another positive, particularly for CRDMOs like WuXi AppTec and WuXi Bio. Both are among UOB KH's top picks, along with Innovent, Hansoh Pharma, BeOne Medicines, Sino Biopharma, and Ping An Good Doctor. (jason.chau@wsj.com)