China-based WuXi Biologics (HKG: 2269) released its 2022 financial report for the period ending December 31, 2022. The Contract Development and Manufacturing Organization (CDMO) reported total income of RMB 15.27 billion (USD 2.237 billion), marking a 48.4% increase year-on-year (YOY). Net profits also rose by 47.1% YOY, reaching RMB 5.05 billion (USD 739.8 million).
Non-COVID-19 Programs and Revenue Breakdown
During the period, non-COVID-19 programs increased to nearly 550, with income up 63% YOY. Income from late clinical and commercial production reached RMB 6.85 billion (USD 1 billion), accounting for 44.9% of the total income in 2022. The total revenue from outstanding orders and outstanding potential mileage payment orders increased to USD 20.57 billion and USD 7.03 billion, respectively.
Global Market Revenue and Partnerships
As of December 31, 2022, WuXi Biologics had partnerships with close to 600 companies, including the global top 20 pharmas. In 2022, North American market revenue accounted for 55.6%, up 62.5% YOY. China accounted for 24.4%, up 48.1% YOY, while the European market accounted for 16.7%, up 11.9% YOY. Other markets accounted for 3.3%, up 84.9% YOY.
Expansion in Emerging Businesses and Production Capacities
During the period, WuXi Biologics continued to expand its bispecific antibody (BsAb), multispecific antibody, antibody-drug conjugate (ADC), fusion protein, and vaccine businesses. As of December 31, 2022, its integrated technology platform covered 99 BsAb programs, including 39 WuXiBody programs, 20 vaccine programs, and 94 ADC programs. Notably, the company signed a USD 1.5 billion licensing deal with GSK in January 2023 for multiple TCE BsAb/multispecific antibodies.
Facility Operations and Future Plans
WuXi Biologics’ facilities in China, Ireland, and the United States were operational as scheduled in 2022, with total manufacturing capacities at 262,000 liters. Additionally, its CRDMO center in Fengxian, Shanghai, came online. The company plans to set up an integrated CRDMO service center in Singapore, with total manufacturing capacities expected to reach 580,000 liters. As of the end of 2022, WuXi Biologics has been operating nine biologic preparation plants, including vials and prefilled needles. The removal of the company from the Unverified List (UVL) by the US Department of Commerce may further reduce material procurement risks.-Fineline Info & Tech
