China-based WuXi AppTec Co., Ltd (SHA: 603259, HKG: 2359) released its 2022 financial report, recording revenues of RMB 39.355 billion (USD 5.72 billion), a 71.8% increase year-on-year (YOY). Net profits also grew significantly, reaching RMB 8.814 billion (USD 1.28 billion), up 72.9% YOY. This marks a substantial milestone in the company’s ongoing expansion and success.
Performance Across Business Units
All business units performed well, contributing to the overall growth. Wu Xi Chemistry achieved revenues of RMB 28.85 billion (USD 4.19 billion), up 104.8% YOY. WuXi Testing brought in RMB 5.719 billion (USD 831 million), up 26.4% YOY. Wu Xi Biology generated RMB 2.475 billion (USD 359 million), up 24.7% YOY. The cell and gene therapy CTDMO business (WuXi ATU) realized RMB 1.308 billion (USD 190 million) in revenues, up 27.4% YOY. The domestic new drug research and development service department (WuXi DDSU) contributed RMB 970 million (USD 140.9 million), up 22.5% YOY.
Client Growth and Revenue by Region
WuXi AppTec reported that 1,400 new clients signed up for services during the year, bringing the total number of active clients to over 5,950. Revenues from customers in the United States, Europe, China, and other regions were RMB 25.884 billion (USD 3.76 billion), RMB 4.432 billion (USD 644.2 million), RMB 7.526 billion (USD 1.09 billion), and RMB 1.512 billion (USD 219.7 million) respectively, up 113% YOY, 19% YOY, 30% YOY, and 23% YOY. The top 20 pharmaceutical companies contributed RMB 18.421 billion (USD 2.67 billion), up 174% YOY.
Future Growth Projections
WuXi AppTec expects revenues to increase by 5-7% in 2023. Its chemical business is projected to grow by 36-38%, while the new molecule business TIDES anticipates significant increases. Other business sectors are expected to see growth of 20-23%. However, the new drug research and development service unit is expected to decrease by more than 20% due to ongoing business iteration and upgrades.-Fineline Info & Tech
