WuXi XDC reported first-half 2026 adjusted net profit of RMB 1,027.3 million, exceeding RMB 1 billion for the first time in a half-year period and rising 37.4% year-over-year. Consolidated revenue reached RMB 3,701.4 million, up 37.0% on an actual exchange-rate basis and 41.5% on a constant-currency basis.
Gross profit increased 40.6% to RMB 1,371.3 million, with gross margin expanding from 36.1% in H1 2025 to 37.0% in the latest period. Adjusted net margin remained stable at 27.8%, while standalone adjusted net profit margin rose to 28.9% from 27.7%. Revenue from the company’s standalone operations—excluding BioDlink—totaled RMB 3,556 million.
Service backlog reached approximately $2.0 billion, up 50.4% year-over-year, while total backlog including milestone fees climbed to about $2.2 billion, a 62.2% increase. WuXi XDC’s standalone total backlog stood at roughly $2.1 billion, representing a 57.9% year-over-year rise. Commercial backlog recorded $120 million.
The company signed 51 new integrated chemistry, manufacturing, and conjugation (iCMC) projects in H1 2026, up from 37 in the same period last year, and raised its full-year target to at least 80 signings from 70 in 2025. As of June 30, 2026, the project funnel included 1,325 cumulative discovery projects, 328 ongoing iCMC projects, and 162 ongoing post-IND bioconjugate projects. The company submitted 27 INDs in the first half, bringing cumulative submissions to more than 160.
Approximately 75% of newly signed iCMC projects involved emerging modalities such as bispecific ADCs, dual-payload ADCs, and other novel XDC formats. WuXi XDC maintained 21 process performance qualification projects and two commercial projects with active supply in China. The customer base grew to 814 by mid-2026, including 15 of the top 20 global pharmaceutical companies, which account for roughly 34% of revenue.
WuXi XDC’s Singapore site achieved GMP release for monoclonal antibody and bioconjugation manufacturing in August 2026, with drug product capabilities scheduled for release by month-end. The company targets 4 to 6 BLA submissions in 2026 and 12 to 15 by 2028, part of its 2030 Vision to derive 20% of revenue from XDC modalities and 20% from commercial manufacturing projects. Capital expenditures committed from 2026 to 2030 total RMB 8 billion.
Shares rose 14.83% to $80.15, nearing the upper end of the 52-week range of $43.50 to $85.50.
