IFRS gross profit margin expanded to 46.0% (+500 bps YoY); adjusted gross profit margin increased to 48.8% (+340bps)
EBITDA rose 38.1% YoY and IFRS net profit increased 45.3% YoY; adjusted EBITDA grew 22.8% YoY and adjusted net profit increased 22.0% YoY
Earnings per share increased 48.8%; adjusted earnings per share grew 19.7%
Free cash flow reached RMB 2.3 billion, increasing over 70% YoY
Record-high 209 new integrated projects signed, including 6 late-stage programs; 2/3 of new signings in bispecifics and ADCs
Total number of integrated projects reached 945, one of the largest portfolios of complex biologics
156 INDs filed in 2025; capacity expanded to 200 INDs and 20 BLAs/MAAs annually
Completed 28 PPQs (+75% YoY), while 34 PPQs scheduled for 2026
Total backlog increased to US$23.7 billion; backlog within 3 years increased to US$4.5 billion
Leveraging integrated R-D-M capabilities, bi- & multi-specifics have established as a core growth engine, delivering 120%+ YoY revenue growth
Industry-leading targeted integration cell line platform launched, achieving 8+ g/L titer with 30 clones screened and IND-ready in 6 months
CRDMO capabilities continued to strengthen across geographies
HONG KONG, March 24, 2026 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions for biologics discovery, development and manufacturing, today announced audited results for the year ended December 31, 2025 ("Reporting Period").
Financial Highlights
Revenue: Revenue increased 16.7% YoY to RMB21.8 billion, driven by continued execution of the Group's "Follow and Win the Molecule" strategy, rising demands for complex biologics modalities including bispecific antibodies and ADCs, growing Research Services partnerships, and higher utilization of existing and newly expanded manufacturing capacity, including the ramp-up of the Group's European facility.
Gross Profit and Gross Profit Margin: IFRS gross profit increased 30.9% YoY to RMB10.0 billion, with gross margin expanding 500 bps to 46.0%. Adjusted gross profit rose 25.5% YoY to RMB10.6 billion, with adjusted gross margin of 48.8%. Margin expansion was primarily driven by favorable business mix, higher capacity utilization, and efficiency gains from WBS and digitalization initiatives.
EBITDA and EBITDA Margin: EBITDA grew 38.1% YoY to RMB9.0 billion, while adjusted EBITDA increased 22.8% YoY to RMB9.8 billion. EBITDA margin reached 41.5%, with adjusted EBITDA margin expanding to 45.1%.
Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 45.3% YoY to RMB5.7 billion, while net profit attributable to owners of the Company grew 46.3% to RMB4.9 billion. These increases were primarily driven by the higher gross profits and the gains from the Group's investment portfolio.
Adjusted Net Profit and Adjusted Net Profit Attributable to Owners of the Company: Adjusted net profit increased 22.0% YoY to RMB6.6 billion, while adjusted net profit attributable to owners of the Company rose 17.9% YoY to RMB5.6 billion.
Earnings Per Share (EPS): Basic EPS rose 48.8% to RMB1.22 (2024: RMB0.82). Diluted EPS advanced 48.7% to RMB1.16 (2024: RMB0.78)
Adjusted Earnings Per Share (Adjusted EPS): Adjusted basic EPS increased 19.7% to RMB1.40 (2024: RMB1.17), while adjusted diluted EPS reached RMB1.33, up 18.8% from RMB1.12 in the prior year.
Business Highlights
Integrated Project Adds
The Group added a record-high of 209 new integrated projects in 2025, bringing the total pipeline to 945 programs. Approximately half of the new additions originated from U.S. clients, reflecting strong momentum from the U.S. biopharma sector. With 74 late-stage and 25 commercial projects, the Group is well positioned to drive sustained manufacturing revenue growth.
Of the 209 new additions, 23 programs were post-IND wins under the Group's "Win-the-Molecule" strategy, including 6 late-stage programs, bringing total "Win-the-Molecule" projects to 112 since 2018.
Research
Research Services delivered another phenomenal year in 2025, generating record-high upfront and total payments, and securing potential milestone and royalties over US$4 billion.
CD3 T-cell engager (TCE) partnerships continued to expand during the year, reflecting growing industry adoption of the Group's leading CD3 platform. The platform has been adopted by many leading biopharma companies, including Vertex, Merck, GSK and Sino Biopharmaceutical.
As of year-end 2025, Research Services supported 50+ active programs eligible for milestone payments and sales royalties, providing a growing base of high-margin long-term revenue potential.
Development
The Group supported 156 IND filings in 2025, and expanded capacity to 200 INDs and 20 BLAs/MAAs annually. It also added a record number of new development projects in 2025. Bispecifics and ADCs accounted for 2/3 of new additions, with each modality growing by approximately 30% to 196 and 252 programs, respectively. Complex modalities now represent more than half of the entire project portfolio, reflecting sustained momentum in next-gen biologics and the Group's leading market position.
Leveraging its ...
