WuXi Biologics Reports Strong Profitable Growth in H1 2026

• Revenue of RMB 11.8 billion grew 18.4% YoY (23.4% YoY in USD)
• IFRS gross profit margin expanded to 46.2% (+350 bps YoY) and adjusted gross profit margin expanded to 48.4% (+280 bps YoY), despite foreign exchange headwinds
• EBITDA grew 3.5% YoY and IFRS net profit rose 5.8% YoY; adjusted EBITDA grew 24.9% and adjusted net profit rose 38.6% YoY
• Earnings per share increased 3.4% YoY; adjusted earnings per share grew 37.3% YoY
• Free cash flow reached RMB 1.5 billion in H1 2026, positive free cash flow for five consecutive years
• Total backlog increased to US$25.1 billion; backlog within 3 years increased to US$5.5 billion, up ~30% YoY
• Record-high 123 new organic integrated projects added in H1 2026 (+43% YoY); WuXi XDC's BioDlink acquisition brought 46 new integrated projects bringing Group's total to 1,064; 70%+ of the new adds and 50%+ of the total projects were complex biologics modalities
• 16 Win-the-Molecule projects in H1 2026, up 78% YoY, including 4 Phase III and 1 commercial; cumulative Win-the-Molecule projects reached 128 since 2018
• 68 INDs filed in H1 2026; expanding IND filing capacity to 300 per year (+50%) by 2027
• 34 PPQs scheduled for 2026 and 30 more for 2027 as of June 2026; 100% PPQ campaign success rate achieved to date
• WuXia™ TrueSite adopted in 70+ projects since launch in October 2025, enabling faster development timelines, higher productivity and lower COGS to support Group's project wins, strengthen Win-the-Molecule competitiveness and enable strong growth of biosimilar programs
• Well-positioned to capture incremental demand from digital advances in drug discovery and next-gen therapeutic platforms

HONG KONG, Aug. 25, 2026 /PRNewswire/ -- WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or "the Group", stock code: 2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) service company offering end-to-end solutions for biologics discovery, development and manufacturing, is pleased to announce its unaudited interim results for the first half of 2026 ("Reporting Period").

• Financial Highlights

Revenue: Revenue increased 18.4% YoY to RMB 11.8 billion (23.4% growth YoY on USD basis), reflecting broad-based growth across project stages and geographies, driven by strong demand for new IND-enabling programs, continued progression of projects through late-stage development and commercial manufacturing.

Gross Profit and Gross Profit Margin: IFRS gross profit increased 28.1% YoY to RMB 5.4 billion, with gross margin of 46.2%. Adjusted gross profit increased 25.6% YoY to RMB 5.7 billion, with adjusted gross margin of 48.4%. Margin expansion, despite foreign exchange headwinds, was primarily driven by continued operating leverage, improved capacity utilization, and ongoing productivity gains through WuXi Biologics Business System (WBS) and digitalization initiatives.

EBITDA and EBITDA Margin: EBITDA grew 3.5% YoY to RMB 4.4 billion with EBITDA margin of 37.1%, while adjusted EBITDA increased 24.9% YoY to RMB 5.4 billion, with adjusted EBITDA margin expanding to 45.6%.

Net Profit and Net Profit Attributable to Owners of the Company: IFRS net profit rose 5.8% YoY to RMB 2.9 billion, while net profit attributable to owners of the company grew 4.3% YoY to RMB 2.4 billion.

Adjusted Net Profit and Adjusted Net Profit Attributable to Owners of the Company: Adjusted net profit increased 38.6% YoY to RMB 3.9 billion, while adjusted net profit attributable to owners of the Company rose 38.4% YoY to RMB 3.3 billion. The difference between IFRS and adjusted net profit growth was primarily driven by the unrealized foreign exchange loss due to USD devaluation in the reporting period, and the investment gains in the prior year baseline, both of which were excluded from the adjusted profit measurement.

Basic Earnings Per Share (EPS): Basic EPS rose 3.4% to RMB 0.60 (June 30, 2025: RMB 0.58), while diluted EPS advanced 5.5% to RMB 0.58 (June 30, 2025: RMB 0.55).

Adjusted Earnings Per Share (Adjusted EPS): Adjusted basic EPS increased 37.3% to RMB 0.81 (June 30, 2025: RMB 0.59), while adjusted diluted EPS increased 39.3% to RMB 0.78 (June 30, 2025: RMB 0.56).

• Business Highlights

Integrated Project Adds

The Group added 169 new integrated projects in H1 2026, including 123 organically added projects (+43% YoY); WuXi XDC's BioDlink acquisition brought 46 new integrated projects, bringing the Group's total to 1,064. 2/3 of the 123 organic additions originated in the U.S. and EU, reflecting continued strong demand from both big pharma and biotech. Now with 78 projects in Phase III and 28 in commercial manufacturing stage, the pipeline continues to provide strong visibility into the future manufacturing revenue growth.

Of the 123 new organic projects, 16 were post-IND wins under the Group's "Win-the-Molecule" (WtM) strategy, including 4 Phase III and 1 commercial project, bringing cumulative WtM projects to 128 since 2018. 70%+ of WtMs in H1 2026 were complex biologics modalities, while 2 were biosimilars.

Research

Research Services continued to make solid progress in H1 2026. As of June 30, 2026, Research Services supported 50+ active programs eligible for milestone payments and sales royalties, providing a growing base of potential high-margin, long-term revenue streams. 50%+ of these programs were sponsored by overseas clients, reflecting the continued globalization of the Group's Research Services business.

Development

The Group supported 68 IND filings in H1 2026 and expects to expand annual filing capacity to 300 INDs by 2027. The filing capacity expansion will be supported by continued investment in development talents and higher per-capita productivity, in response to the strong growth globally.

Bi-/multi-specific antibodies and ADCs accounted for 70%+ of new projects, with their respective pipelines expanding to 221 and 328 projects. These complex biologics modalities continued to drive business growth, contributing 50%+ of Group revenue in H1 2026, up ~30% YoY.

WuXia™ TrueSite, the Group's targeted-integration CHO cell line platform introduced in October 2025, has been adopted in 70+ projects since its launch. The platform enables 6-month DNA-to-IND timelines and achieves average titers of 8+ g/L (up to 12 g/L) for mAbs and 7.5+ g/L (up to 10 g/L) for bi-/multi-specifics, improving productivity, reducing manufacturing scale requirements and lowering COGS. WuXia™ TrueSite is expected to become an increasingly important differentiator for the Group's Win-the-Molecule strategy. Its combination of faster development and higher cell-line productivity is particularly attractive for biosimilar programs, where speed and COGS are important success factors.

Manufacturing

As of June 30, 2026, the Group supported 78 Phase III projects and 28 commercial manufacturing projects. 5 late-stage and commercial projects originated from the Group's "Win-the-Molecule" strategy, including 2 biosimilar projects. The Group has scheduled 34 PPQs in 2026 and another 30 in 2027 and has maintained a 100% PPQ campaign success rate to date.

The Group continued to advance its "Global Dual Sourcing" strategy to support growing commercial demands and strengthen global supply chain resilience, while accelerating manufacturing capacity expansion globally through continued investments and strategic asset acquisitions:

• Shanghai Fengxian, China: MFG17 completed its first GMP campaign with zero deviations. With a current capacity of 9,000L, expandable to 20,000L, the facility supports both clinical and commercial manufacturing. DP15 achieved GMP release in April 2026.
• Chengdu, China: The commercial microbial DS/DP facility achieved structural completion and key equipment delivery. Equipped with a 15,000L fermenter and capacity for up to 110 DS batches annually, the facility is expected to achieve GMP release by the end of 2026.
• Hangzhou, China: The Group recently announced the proposed acquisition of Transcenta's process development & manufacturing site in Hangzhou, China, which is adjacent to its existing Hangzhou operations. The facility is expected to create operational synergies and enable flexible capacity expansion in response to the growing client demands.
• U.S.: Construction of MFG11 in Worcester, Massachusetts, with 36,000L (6 x 6,000L) of commercial manufacturing capacity, is progressing as planned. MFG18, in Cranbury, New Jersey, is being upgraded from a clinical manufacturing facility to have commercial manufacturing capabilities with 13,000L+ of total capacity, and has initiated its first PPQ campaign in the 1H of 2026.
• Singapore: The DP facility reached topping out and is expected to provide approximately 100 million units of annual pre-filled syringe and vial capacity upon commencement of operations in 2027. The ongoing design of the 120,000L modular DS facility targets GMP readiness in 2029.
• Ireland: Year-to-date, the Ireland site has secured three new large-scale manufacturing projects and has commenced tech-transfer.

• Business Portfolio Optimization

In July, 2026, the Group entered into an agreement to sell its 51.1% equity interest in BestChrom, a non-wholly owned subsidiary principally engaged in biologics purification media and chromatography columns, to an independent third party for an undisclosed amount. The transaction is expected to close in December 2026, subject to customary closing conditions, after which BestChrom will cease to be a consolidated subsidiary of the Group.

• Backlog

As of June 30, 2026, total backlog reached US$ 25.1 billion, including US$ 12.6 billion service backlog and US$ 12.4 billion potential milestone payments. Backlog within 3 years reached US$ 5.5 billion, up~30% YoY, providing strong revenue visibility over the near term.

• Quality

Since 2017, the Group has completed 49 regulatory inspections by global health authorities, including 23 by the U.S. FDA and EU EMA, with no critical findings or data integrity observations. As of June 30, 2026, the Group had obtained 166 facility license approvals across its global network and operated 15 GMP-certified manufacturing facilities, demonstrating its established global regulatory and quality capabilities.

• Talent

As of June 30, 2026, the Group employed 14,705 people, including 5,180 scientists, with a key talent retention rate of 98.7%. To support continued business growth, the Group plans to further expand its workforce in H2 2026.

• WBS (WuXi Biologics Business System) and Digitalization

WBS continued to drive operational excellence and productivity improvements across the organization. During the Reporting Period, the Group completed 55 Kaizen projects, contributing approximately 150 bps to gross margin improvement through enhanced productivity, cost optimization and process standardization.

The Group also continued to advance its digital manufacturing capabilities, with PatroLab™ enhancing process development, manufacturing efficiency and operational excellence through integrated data and advanced analytics.

• Sustainability

Sustainability remains integral to the Group's long-term strategy. During the Reporting Period, the Group continued to be recognized by leading global ESG rating agencies for its sustainability performance.

• Management Comment

Dr. Chris Chen, CEO of WuXi Biologics, stated, "In H1 2026, WuXi Biologics delivered strong profitable growth, with revenue increasing 23.4% YoY in USD and adjusted gross margin expanding 280 bps to 48.4%, despite foreign exchange headwinds. Broad-based demand, continued operating leverage and productivity gains supported this performance. We added a record-high 123 organic integrated projects, up 43% YoY, while complex biologics accounted for 70%+ of new projects, further upgrading our pipeline mix.

Our technology differentiation is also translating increasingly into commercial competitiveness. WuXia™ TrueSite has been adopted in 70+ projects since launch, supporting faster development and higher cell-line productivity. We expect WuXia™ TrueSite to strengthen both our Follow-the-Molecule and Win-the-Molecule competitiveness, while its speed and potential cost advantages are particularly attractive for biosimilar programs. We're well-positioned to capture incremental demand from digital advances in drug discovery and next-gen therapeutic platforms.

Visibility into future manufacturing growth continues to strengthen, supported by four distinct pillars: progression of our Follow-the-Molecule pipeline toward additional commercial approvals; continued Win-the-Molecule conversion; emerging biosimilar opportunities; and higher value capture through our integrated One DP platform. Looking ahead, we will continue to expand capacity and optimize our business portfolio in a demand-driven and disciplined manner, while investing in differentiated technologies and our global network to support sustained growth and long-term value creation for clients and shareholders."

Dr. Ge Li, Chairman of WuXi Biologics, stated, "H1 2026 reinforced the strength of WuXi Biologics' integrated CRDMO platform and the long-term value of our continued investments in technology, quality and global capabilities. As biologics innovations continue to advance toward increasingly complex modalities, we remain committed to enabling our global partners through differentiated technologies, proven quality and reliable execution. Guided by our vision that 'every biologic can be made,' we will continue to invest for the long term, expand the capabilities of our global platforms and create long-term value for clients, shareholders and patients worldwide."

• Key Financial Ratios

(For the Six Months Ended June 30)

About WuXi Biologics

WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide*.

With over 14,000 employees in China, the United States, Ireland, Germany, and Singapore, including experts and scientists in biologics R&D and manufacturing, technology innovation, and operational excellence, WuXi Biologics leverages its technologies and expertise to deliver efficient, cost-effective, and scalable biologics solutions tailored to meet clients' needs. By embedding digital capability and infrastructure across the full biopharmaceutical value chain, the company turns data, computation, and prediction into transparent client experience, faster development, intelligent operations, and more efficient manufacturing. As of June 30, 2026, WuXi Biologics is supporting 1064 integrated client projects, including 78 in Phase III and 28 in commercial manufacturing, with complex modalities representing more than half of the entire project portfolio.

WuXi Biologics regards sustainability as the cornerstone of long-term business growth. The company continuously drives green technology innovations to offer advanced end-to-end Green CRDMO solutions for its global partners while consistently achieving excellence in Environment, Social and Governance (ESG). Committed to creating shared value, it collaborates with all stakeholders to foster positive social and environmental impacts and promote responsible practices that empower the entire value chain.

For more information about WuXi Biologics, please visit: www.wuxibiologics.com

*The winner of the "2026 Biologics CDMO of the Year" (Large CDMOs) (Life Science Connect / Outsourced Pharma)
*The winner of the "2026 Best Contract Development & Manufacturing Organization Award" (ABEA)

Investor: [email protected]
Media: [email protected]

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SOURCE WuXi Biologics