- Revenue increased by 90.8% YoY to RMB 4,052 million
- Gross profit grew by 121.6% YoY to RMB 1,240 million, with its margin of 30.6%, a 4.3 percentage points increase compared to that of 2023
- Net profit surged by 277.2% YoY to RMB 1,070 million, with its margin of 26.4%, a 13.0 percentage points increase compared to that of 2023
- The total global customer base expanded to 499, adding 154 new customers in 2024
- The total number of iCMC projects reached 194, adding 53 new iCMC projects to the portfolio
- The total backlog grew to US$991 million, representing a 71.3% YoY growth
- Launched a new production line, BCM2 Line 2, at the Wuxi site, further increased manufacturing capacities
- The construction of Singapore commercial site is progressing smoothly and well on track for operation commencement by the end of 2025
- Winner of the "Best CDMO" Award consecutively in 2023 and 2024
- Continue to invest in frontier technology, solidifying the Group's competitiveness and leadership position
SHANGHAI, March 24, 2025 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2024 (the "Reporting Period").
Dr. Jimmy Li, CEO of WuXi XDC, stated, "The year 2024 has been another year of exceptional growth and remarkable achievements for us, even as we navigated a dynamic macro environment. Our strong performances reflect the relentless dedication of our entire organization, as well as the trust and support from our customers, investors, and stakeholders. We have made significant strides in expanding our global presence, enhancing our in-house technology capabilities, and solidifying our position as a leading CRDMO in the ADC and bioconjugate market. Our focus on customer needs and innovative trends has driven our success, enabling us to deliver high-quality services and solutions. The Singapore commercial site is on track and to be operational by the end of 2025, underscoring our unwavering commitment to a robust global presence by delivering top-tier commercial manufacturing capabilities. Looking ahead, we are excited by the vast market opportunities in the bioconjugate space. We believe that with our strong expertise and integrated capabilities, we will continue to win customers, and increase our market share going forward."
Financial Highlights
- Revenue
The Group's revenue increased by 90.8% YoY to RMB4,052.3 million for the year ended December 31, 2024. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) our increasing market share through the Group's established position as a leading bioconjugate CRDMO service provider, and (iii) the advancement of the Group's projects into later stages.
- Gross Profit and Its Margin
The Group's gross profit increased by 121.6% YoY to RMB 1,239.8 million, with a gross profit margin of 30.6% and a 4.3 percent points increased compared to 2023. This improvement is driven by (i) further improving utilization rate of our manufacturing facilities including the swift ramp-up of new production line (BCM2 L1), (ii) the enhanced overall operation and manufacturing efficiency, (iii) the continuous efforts in cost control, and (iv) the continuous efforts in procurement strategy optimization.
- Adjusted Net Profit Before Interest Income and Expense and Its Margin
The Group's adjusted net profit before interest income and expense increased by 171.3% YoY to RMB 992.0 million. The margin of adjusted net profit before interest income and expense improved to 24.5% in 2024, a 7.3 percent points increase compared to that of 2023.
- Adjusted Net Profit and Its Margin
The Group's adjusted net profit increased by 184.8% YoY to RMB 1174.0 million. The margin of adjusted net profit improved to 29.0% in 2024, a 9.6 percent points increase compared to that of 2023.
- Net Profit and Its Margin
The Group's net profit increased by 277.2% YoY to RMB 1,069.6 million. The net profit grew faster than revenue and business growth, mainly attributed to the increase in gross profit margin, improvement in operation efficiency, continuous stringent cost control measures, and increased interest income. The net profit margin of the Group improved to 26.4% in 2024, a 13.0 percentage points increase compared to that of 2023.
Customers and Projects Highlights
- We have continuously expanded our customer base, reaching a cumulative total of 499, through strong customer-enabling empowerment. Notably, 13 out of top 20 global pharmaceutical companies (*ranked by 2023 revenue) have partnered with us in various stages of projects.
- In 2024, 60% of the large-scale China -to-global out-licensing deals involving ADC (total deal value exceeding US$1 billion) were our customers, which is a strong testament to our leading position in the bioconjugate industry. As of the reporting date, all customers' out-license assets empowered by WuXi XDC are in active development.
- The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth. The total number of integrated projects ("iCMC projects") is 194, with 53 newly signed integrated projects. The Group has secured 8 PPQ projects and one commercial stage project. Additionally, our platform has achieved the highest number of IND approvals globally in 2024.
- The Group has a diversified project base covering both innovative ADC and broader bioconjugate ("XDC") projects. The total number of integrated ADC projects reached to 177, and the number of integrated XDC projects increased to 17.
- The Group is committed to pioneering the development of the bioconjugate industry and meeting various development requirements from our customers. In 2024, the Group explored over 4,200 molecules of various modalities, including bispecific ADC, dual-payload ADC, DAC, AOC, APC, ACC etc.
Fully Integrated R&D Technology Platform
- The Group strives to empower customers with cutting-edge conjugation and payload-linker technologies, along with extensive expertise of bioconjugate development capabilities to fulfill diverse R&D requirements.
- Conjugation Technology-The proprietary WuXiDARx technology aims to meet customers' demands for highly homogeneous ADCs with a range of distinct DAR values. As of the reporting date, 45 pre-clinical candidates and 7 clinical projects were successfully developed by using our WuXiDARx technology.
- Linker-payload technology-The newly launched proprietary X-LinC technology can significantly improve the plasma stability by replacing the maleimide connector, hence potentially improving ADC stability and therapeutic window. The Group is also developing its proprietary hydrophilic linker, an innovative linker designed to improve hydrophilicity and stability. Meanwhile, Proprietary CPT payload as well as other novel payloads are also being developed.
- By leveraging a diverse suite of in-house technology, extensive expertise and collaborations with third parties, the Group enables customers to optimize ADC and XDC design in early stage while ensuring scalability and quality for clinical and commercial production and manufacturing.
Capacity Expansion and Business Operation Updates
- The Group has adopted a centralized quality assurance system across its "All-in-One" manufacturing facilities in the Wuxi site to safeguard product quality. During the reporting period, the Group maintained a high execution standard and delivered a 100% success rate to global customers.
- All of the Group's manufacturing operations are conducted in accordance with the GMP regulations set by FDA, EMA and NMPA. The Group has completed more than 137 GMP audits from global customers, including 16 audits by EU Qualified Persons.
- The construction of Singapore site is ongoing and the new facility is targeted to be operational by the end of 2025.
- With the launch of BCM2 L2, the Wuxi site has further increased its mAb and DS manufacturing capacities. In response to the fast-growing demands, the Group has announced the plan of adding two DP lines at the Wuxi site. Specifically, the DP3 facility ("DP3") is expected to be operational by the first half of 2025, and the DP5 facility ("DP5") is currently under design and scheduled to be launched in 2027.
- The total number of full-time employees increased by 73.3% YoY to 2,041 in the Group, driven by rapid business growth and the Group's capacity expansion.
- The Group is committed to strengthen ESG governance and received an 'A' rating in the Wind ESG rankings in 2024, reflecting our exceptional performance in corporate responsibility, risk management, and ethical business conduct.
Key Financials
(For the Year Ended December 31 )
Key Financials (RMB Mn) | 2024 | 2023 | YoY% |
Revenue | 4,052.3 | 2,123.8 | 90.8 % |
Gross Profit Margin (%) | 1,239.8 30.6% | 559.6 26.3% | 121.6 % |
Adjusted Net Profit Before Interest Income and Expense Margin (%) | 992.0 24.5% | 365.6 17.2% | 171.3 % |
Adjusted Net Profit Margin (%) | 1,174.0 29.0% | 412.3 19.4% | 184.8 % |
Net Profit Margin (%) | 1,069.6 26.4% | 283.5 13.4% | 277.2 % |
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About WuXi XDC
WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com
Contacts
Investor: [email protected]
Media: [email protected]
BD: [email protected]
Forward-Looking Statements
This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs 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 customers' intellectual property. Our forward-looking statements in this presentation 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.
Use of Adjusted Financial Measures (Non-IFRS Measures)
We have provided adjusted net profit, adjusted net profit margin, adjusted net profit before interest income and expense, margin of adjusted net profit before interest income and expense and adjusted diluted earnings per share for the corresponding periods, which excludes the share-based compensation expenses, listing expenses, gains or losses from equity investments and foreign exchange gains or losses, and are not required by, or presented in accordance with, IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. 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 IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
SOURCE WuXi XDC
