WuXi Biologics reported first-half 2026 revenue of RMB 11.8 billion, up 18.4% in renminbi terms and 23.4% on a constant-currency basis, as the contract development and manufacturing organization raised its full-year outlook. The company lifted its constant-currency revenue growth guidance to 20–23% from 16–20%, translating to 15–18% growth in reported renminbi terms.
Adjusted net profit climbed 38.4% year-over-year to RMB 3.3 billion, with adjusted net profit margin expanding by 500 basis points to 28.0%. Adjusted gross profit margin rose 280 basis points to 48.4%, while adjusted EBITDA margin increased 230 basis points to 45.6%. Adjusted basic earnings per share grew 37.3% to RMB 0.81. Free cash flow reached RMB 1.5 billion, a record for any half-year period.
The company’s total backlog rose 24% year-over-year to $25.1 billion as of June 30, 2026, including $12.6 billion in service backlog and $12.4 billion in potential milestone fees. Backlog within three years increased roughly 30% to $5.5 billion. Full-year 2026 capital expenditure is projected at RMB 7.1 billion, including RMB 1.5 billion deferred from 2025, with 2027 capex estimated at approximately RMB 8 billion.
WuXi Biologics reaffirmed a compound annual growth rate target of at least 20% over the next three years, with manufacturing revenue expected to expand around 30% annually. The company expects five or more additional commercial approvals in each of 2027, 2028, and 2029. Total projects reached 1,064 as of June 30, 2026, up 23% from a year earlier, with 169 new integrated projects added in the first half.
Complex modality projects rose to 549, including a 32% increase in bispecific/multispecific antibodies to 221 projects and a 46% surge in antibody-drug conjugates to 328 projects. The company delivered over 2,600 drug substance batches with a 98.7% success rate over the past 4.5 years and over 2,670 drug product batches with a 99.6% success rate. Cumulative process performance qualifications reached 103 by the end of 2025, with 137 expected by year-end 2026 and 167 projected for 2027.
WuXi Biologics operates 26 drug substance facilities and 18 drug product facilities, supporting total planned bioreactor capacity exceeding 500,000 liters. The company has passed 49 global regulatory inspections, including 23 from the FDA and EMA, and maintains 15 GMP-certified facilities. Cumulatively, it has enabled 854 IND filings as of June 2026, with 68 new INDs filed and 77 clearances added in the first half.
