WuXi Biologics Reports 9.6% Revenue Growth in 2024, Expanding CRDMO Services

China-based Contract Research, Development and Manufacturing Organization (CRDMO) WuXi Biologics (HKG: 2269) has released its 2024 financial report, recording revenues of RMB 18.68 billion (USD 2.57 billion) after a 9.6% year-on-year (YOY) increase. Non-COVID revenue grew by 13.1% YOY, driven by successful execution of the company’s strategies, expanded service offerings, growth in research services, and increased capacity utilization.

Revenue Growth Drivers
The revenue growth was primarily attributed to:

1. Successful execution of WuXi Biologics’ “Follow and Win the Molecule” strategies, supported by a leading technology platform, industry-best timelines, and a strong execution track record.
2. Expanded service offerings to the biologics industry, including fast-growing technology platforms such as antibody-drug conjugates (ADCs) and bispecific antibodies.
3. Growth in research services revenue from various cutting-edge technologies.
4. Utilization of existing and newly expanded capacities, including ramp-up of manufacturing sites in Europe.

Geographical Revenue Breakdown
By geography:

• North American market generated RMB 10.696 billion (USD 1.47 billion) in sales, accounting for 57.3% of total revenue, up 32.5% YOY.
• European market sales declined to RMB 4.323 billion (USD 595 million).
• Chinese market sales also saw a decline to RMB 2.82 billion (USD 388 million).

Project Backlog and Execution
As of December 31, 2024, the total backlog stood at USD 18.5 billion, comprising USD 10.5 billion in service backlog and USD 8.0 billion in potential milestones, with backlog within 3 years at USD 3.7 billion. Following the asset transaction with MSD International GmbH, approximately USD 3 billion in services backlog was removed. Adjusting for this divestiture, the backlog grew by approximately USD 0.9 billion YOY.

In 2024, WuXi Biologics added 151 integrated projects, bringing the total to 817. The company supported 66 Phase III projects and 21 non-COVID commercial manufacturing projects, completed 16 process performance qualification (PPQ) projects, with 24 scheduled for 2025. WuXi Biologics continued to execute its “Win-the-Molecule” strategy, securing 20 post-IND projects, including 13 in late-phase and commercial stage, bringing total wins to 89 since 2018.-Fineline Info & Tech