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 its financial performance for the first half of 2024, along with recent corporate developments. The company is dedicated to offering Contract Research, Development, and Manufacturing Organization (CRDMO) services for the development of antibody-drug conjugates (ADCs) and other bioconjugate drugs.
The company’s revenues saw a significant year-on-year (YOY) increase of 67.6%, reaching RMB 1.665 billion (USD 230 million), primarily due to the swift market expansion of ADC and pan-conjugated drug contract services, coupled with a rise in the number of programs advancing into late-stage development. Net profits experienced a substantial surge of 175.5% YOY, amounting to RMB 488 million (USD 68.4 million), attributed to robust revenue growth, enhanced operational efficiencies, and stringent cost management practices.
Since its establishment, WuXi XDC has facilitated 71 IND filings and has built a reputable client base of 419 companies. The tally of comprehensive projects has risen to 167, with the number of later-stage projects (clinical phase II and III) growing to 29. Notably, 9 biopharmaceutical process performance qualification (PPQ) projects are on track to potentially submit Biologics License Applications (BLAs) in 2024 and subsequent years, auguring well for the approval of additional ADC products. The company’s bioconjugate drug pipeline is robust and diversified, encompassing 705 projects that include new ADC and pan-conjugated drug XDC initiatives. The comprehensive ADC project count has reached 152, with the comprehensive XDC project number increasing to 15.
In a strategic move to expand its manufacturing capabilities, WuXi XDC initiated construction on a new production facility in Singapore in March of this year. The new site is anticipated to be operational in late 2025 or early 2026.- Flcube.com
