HONG KONG—WuXi XDC (HKG: 2268), a joint venture between Wuxi Biologics (HKG: 2269) and WuXi STA, a subsidiary of WuXi AppTec Co., Ltd (SHA: 603259), has reported a remarkable financial performance for the first half of 2024, with revenues jumping 67.6% year-on-year to RMB 1.665 billion (USD 230 million). This significant growth is primarily attributed to the thriving market for antibody-drug conjugates (ADCs) and the increasing demand for outsourced services in the development of pan-conjugated drugs, along with a rise in the number of programs advancing into late-stage development.
The company’s net profits have seen an even more dramatic increase, soaring by 175.5% year-on-year to RMB 488 million (USD 68.4 million). This substantial surge is due to the swift revenue growth, continuous improvements in operational efficiency, and stringent cost control measures implemented by the company.
Since its establishment, WuXi XDC has supported 71 Investigational New Drug (IND) filings and has built a robust clientele base of 419 high-quality companies. The total number of comprehensive projects has reached 167, with the number of later-stage projects (clinical phase II and III) increasing to 29. Notably, 9 biopharmaceutical process performance qualification (PPQ) projects are on track to potentially submit Biologics License Applications (BLAs) in 2024 and beyond, indicating a promising pipeline of ADC products awaiting approval.
The company’s bioconjugate drug pipeline is diverse, with a total of 705 projects encompassing new ADC and pan-conjugated drug XDC projects. The comprehensive ADC project count has reached 152, while the comprehensive XDC project count has risen to 15, showcasing the company’s extensive and growing engagement in the bioconjugate therapeutics space.
In a strategic move to expand its manufacturing capabilities, WuXi XDC commenced construction on a new manufacturing facility in Singapore in March of this year. The new site is anticipated to be operational in late 2025 or early 2026, further solidifying WuXi XDC’s position as a leading CRDMO service provider for the bioconjugate drug development sector.- Flcube.com
