WuXi Biologics (HKG: 2269), a leading Contract Research, Development, and Manufacturing Organization (CRDMO) from China, has released its unaudited financial report for the first half of 2024. The company’s revenues for the period were on par with the same period in 2023, hitting RMB 8.57 billion (USD 1.2 billion), which represents a modest year-on-year (YOY) increase of 1.0%. Notably, revenue from non-COVID-19 projects saw a healthy YOY increase of 7.7%, with a significant rise of 11.7% in late-stage clinical and commercial projects.
WuXi Biologics has been expanding its service offerings, encompassing advanced technology platforms for antibody-drug conjugates (ADCs) and bispecific/multispecific antibodies. The company experienced robust growth in preclinical revenue, which mitigated the effects of large-scale early detection service projects from the first half of 2023. Additionally, new production capacities were commissioned, including increased production capabilities at the company’s European and American sites.
Despite geopolitical uncertainties, WuXi Bio added 61 comprehensive projects in the first half of 2024, marking one of its most successful years and surpassing the 46 projects added in the first half of 2023. The newly added projects comprise 52 pre-INDs, 5 in early stages, 3 in late stages, and 1 commercial-stage production project. The robust preclinical business segment is also indicating an early recovery in biotech financing.
In Ireland, where WuXi Biologics has a manufacturing facility, there has been a surge in commercial manufacturing demand since the beginning of 2024, with the production schedule fully booked for 2025. During the first half of 2024, 13 products successfully underwent EMA inspections, and 2 products cleared FDA inspections, signaling the company’s strong regulatory compliance and manufacturing excellence.- Flcube.com
