WuXi Biologics reported first-half 2026 revenue of RMB 11.8 billion, an 18.4% increase from the prior-year period in renminbi terms and 23.4% on a constant-currency basis. Gross profit climbed 28.1% to RMB 5.4 billion, while adjusted EBITDA rose 24.9% to RMB 5.4 billion, lifting the adjusted EBITDA margin to 45.6%, up 230 basis points year-over-year.
Adjusted net profit attributable to shareholders surged 38.6% to RMB 3.9 billion, with the adjusted net margin expanding to 33.4%. Free cash flow reached RMB 1.5 billion, described as a record for any half-year period. Adjusted earnings per share increased 37.3% to $0.81, compared with $0.59 in the first half of 2025.
The company raised its full-year 2026 revenue guidance to a constant-currency growth range of 20% to 23%, up from the prior 16% to 20% outlook. In renminbi terms, revenue is now expected to grow 15% to 18%. Management also set long-term targets, including a minimum 20% compound annual revenue growth rate over the next three years and manufacturing revenue growth of about 30% annually.
Capital expenditures totaled RMB 2.8 billion in the first half, with full-year 2026 capex projected at RMB 7.1 billion. The company anticipates spending approximately $8 billion in 2027.
WuXi Biologics’ project portfolio expanded to 1,064 assets, including 123 organic additions in the first half—a 43% increase from 86 in the prior-year period. Complex modalities, such as bispecific antibodies and antibody-drug conjugates, now account for over 50% of the portfolio and more than 70% of new orders. The company’s win-the-molecule strategy secured 16 new projects in the first half, including four late-phase and one commercial program.
Chief Executive Officer Dr. Chris Chen highlighted the company’s expanding funnel, noting that the first 1,000 assets took 15 years to accumulate, while the next 1,000 may take just five to six years. He emphasized the long-term nature of client relationships, comparing the business model to a decades-long partnership.
Shares of WuXi Biologics fell 2.78% to $50.75 following the results, leaving the stock within a 52-week range of $28.48 to $54.45 and trading at a P/E ratio of 30.3.
