China-based Contract Research, Development, and Manufacturing Organization (CRDMO) WuXi Biologics (HKEX: 2269) published its unaudited interim financial report for the six months ending on June 30, 2022. Revenues increased by 63.5% during the period to RMB7.21 billion (USD1 billion).<\/p>\n\n\n\n
Growth Drivers<\/strong> Market Revenues<\/strong> CRDMO Business Growth<\/strong>
The company’s growth drivers include the successful implementation of its \u201cFollow and win molecules\u201d strategy, increasing client volume, continued commercial manufacturing and late-stage business momentum, effective execution of existing and new in-licensed programs, and empowering global clients against the COVID-19 disruptions. Its leading technology platform, industry-best project delivery time, and excellent project execution track record mean significantly increased non-COVID-19 programs profits and market shares. The scope of services provided to the biopharmaceutical industry has expanded, including one-stop integrated formulation service. The company has made full use of existing production capacity and resources, and implemented operational efficiency improvement projects, coupled with business continuity plans in Shanghai being successfully implemented.<\/p>\n\n\n\n
During the period, the North American market revenues reached RMB3.9 billion (USD574 million), accounting for 54.1% of the total and up 78% year-on-year (YOY). Chinese market revenues were RMB1.8 billion (USD264.9 million), accounting for 24.9%, up 54.4% YOY. European market revenues were RMB1.3 billion (USD247.6 million), accounting for 18% and up 31% YOY. Revenue from other markets in the world amounted to RMB221 million (USD32.5 million), accounting for 3%, up 232.7% YOY, mainly including Singapore, Japan, South Korea, Israel, and Australia.<\/p>\n\n\n\n
The company\u2019s CRDMO business remained on an upward growth trajectory during the period. Through the implementation of its \u201cfollow and win molecules\u201d strategy, its product pipeline consisted of 259 monoclonal antibodies (mAbs), 84 bispecific antibodies (BsAbs), 76 antibody drug conjugates (ADCs), 68 fusion proteins, 16 vaccines, and 31 other proteins. The number of comprehensive programs totaled 534, up 30.9% YOY, including 287 preclinical projects (+35.4%), 204 early clinical projects (+27.5%), including 144 Phase I projects and 60 Phase II projects, 43 clinical Phase III projects, and commercial production projects (+19.4%, including Phase III projects). During the period, 32 programs entered into early clinical development from the pre-clinical stage.<\/p>\n\n\n\n