2023 Financial Highlights
Revenue: The Group's revenue increased to
Gross Profit and Gross Profit Margin: The Group's gross profit increased by 1.5% to
Net Profit & Net Profit Attributable to Owners of the Company: Net profit and net profit attributable to owners of the Company for the Reporting Period amounted to
Adjusted Net Profit: Excluding non-recurring investment gains and losses, foreign exchange impact, share-based compensation, and the WuXi XDC listing expenses, the Adjusted Net Profit for the period decreased by 2.0% y-o-y to
Basic Earnings Per Share (EPS): Basic EPS and adjusted basic EPS were
In 2023, the Group's Free Cash Flow reached
2023 Business Highlights
Amid a challenging macroeconomic environment post COVID-19, the Group maintained its stable growth trajectory, underpinned by its unique CRDMO business model and the successful execution of its 'Follow and Win the Molecule' strategies.
The total number of integrated projects rose to a new height of 698 with 132 new integrated projects added to the pipeline, setting a historic record for non-COVID project additions within a fiscal year. 51 late-phase projects and 24 commercial manufacturing projects provided a solid foundation for the Group's continued revenue growth.
The 'Win-the-Molecule' strategy further propelled the growth of the project pipeline by contributing 18 external projects, including a record high of 9 late-phase and commercial manufacturing projects, which will boost near-term revenue growth and elevate long-term growth prospects.
As of
Bolstered by a robust non-COVID pipeline, the Group's non-COVID business maintained strong growth momentum with a notable 37.7% y-o-y revenue increase, reinforcing the Group's outlook for sustained long-term growth.
Late-phase and commercial manufacturing revenue increased to
Leveraging industry-leading technology platforms, the Group's research business has flourished, establishing numerous drug discovery collaborations with a wide range of clients. Notable examples include a research service agreement with
The Group is devoted to providing a full range of CRDMO services through its industry-leading and globally accessible proprietary technology platforms. By the end of 2023, the Group boasted a diverse portfolio with 114 bispecific projects, including 45 WuXiBodyTM projects, 143 ADC projects, and 25 vaccine projects on its integrated platforms. These advanced platforms not only underpin the Group's integrated CRDMO business model but are also pivotal in driving the Group's ongoing growth.
To address burgeoning capacity demands and fulfill its 'Global Dual Sourcing' strategy, the Group is enhancing its global footprint through capacity increases in
To maximize its business potential, the Group's subsidiary,
Excluding COVID-19 projects, the combined revenue from the North American and European markets grew strongly by 52.5% y-o-y. Furthermore, non-COVID revenue from
The Group has consistently advanced its WBS initiatives, implementing over 370 WBS projects in 2023 and achieving cost savings exceeding
The Group continues to adhere to the highest quality standards, and has completed 33 regulatory inspections conducted by the
As of
The Group has incorporated Environmental, Social and Governance (ESG) as an essential part of its sustainable business growth strategies. The Group's ESG performance has been evaluated by major ESG rating agencies and institutional investors, resulting in recognitions that include: listing on the Dow Jones SustainabilityTM World Index and Emerging Markets Index; an
Amidst an increasingly dynamic macroeconomic environment in 2023, the Group maintained its growth momentum supported by strong execution, advanced technologies, flexible manufacturing capacities, a premier quality system, and a persistent pursuit of operational excellence. Adhering to its 'Follow and Win the Molecule' strategies and capitalizing on its distinctive CRDMO business model, the Group will continue to build momentum around its long-term growth and accelerate the empowerment of global partners for the benefit of patients worldwide.
About
With over 12,000 skilled employees in
Forward-Looking Statements
This announcement may contain certain 'forward-looking statements' that are not historical facts, but instead are predictions about future events based on our expectations as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients' intellectual property. Our forward-looking statements in this announcement speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.
Non-IFRS Measures
To supplement the Group's condensed consolidated financial statements which are presented in accordance with the IFRS, the Company has provided adjusted net profit, adjusted net profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic and diluted earnings per share as additional financial measures, which are not required by, or presented in accordance with, the IFRS.
The Company believes that the adjusted financial measures are useful for understanding and assessing underlying business performance and operating trends, and that the Company's management and investors may benefit from referring to these adjusted financial measures in assessing the Group's financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that the Group does not consider indicative of the performance of the Group's core business. These non-IFRS financial measures, as the management of the Group believes, are widely accepted and adopted in the industry in which the Group is operating. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the IFRS. Shareholders of the Company and potential investors should not view the adjusted results on a stand-alone basis or as a substitute for results under IFRS. And these non-IFRS financial measures may not be comparable to similarly-titled measures represented by other companies.
Contact:
Email: esg@wuxibiologics.com
Email: PR@wuxibiologics.com
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