￥49.3 Billion! WuXi AppTec's Orders in Hand Increased by 47% Year-on-Year

On the evening of March 17, WuXi AppTec released its 2024 annual report: The company's revenue in 2024 was RMB 39.241 billion, a year-on-year decrease of 2.73%. Excluding COVID-related factors, the growth rate was 5.2%. Net profit attributable to shareholders was RMB 9.45 billion, down 1.63% year-on-year, while adjusted net profit was RMB 10.58 billion, down 2.52%.

Revenue by Region

• Revenue from the top 20 global pharmaceutical companies reached RMB 16.64 billion, an increase of 24.1% year-on-year after excluding specific commercial production projects.
• Revenue from U.S. customers was RMB 25.02 billion, a year-on-year increase of 7.7% after excluding specific commercial production projects.
• Revenue from European customers was RMB 5.23 billion, up 14.4% year-on-year.
• Revenue from Chinese customers was RMB 7.07 billion, down 3.5% year-on-year.
• Revenue from other regions was RMB 1.93 billion, down 11.4% year-on-year.

Revenue by Business Segment

Chemistry Business

• Revenue: RMB 29.05 billion, with an 11.2% growth rate excluding COVID-related factors.
• R revenue: RMB 5.5 billion, down 7.2% year-on-year.
• D&M revenue: RMB 17.87 billion, non-COVID-related growth of 6.4%.

TIDES Business (Oligonucleotides and Peptides)

• Revenue: RMB 5.8 billion, up 70.1% year-on-year.
• Orders in hand increased by 103.9% year-on-year as of the end of 2024.
• The number of D&M service customers increased by 15% year-on-year, and the number of serviced molecules increased by 22%.
• As of the end of 2024, the total volume of peptide solid-phase synthesis reactors increased to 41,000L, with plans to exceed 100,000L by the end of 2025.

Testing Business

• Revenue: RMB 5.67 billion, down 4.8% year-on-year.
• Laboratory analysis and testing revenue: RMB 3.86 billion, down 8.0% year-on-year, with safety assessment revenue declining by 13%.
• Clinical CRO & SMO revenue: RMB 1.81 billion, up 2.8% year-on-year, with SMO revenue increasing by 15.4%.

Biology Business

• Revenue: RMB 2.54 billion, down 0.3% year-on-year.
• Non-oncology business revenue grew by 29.9% year-on-year, with metabolism and neurobiology leading the growth.
• Comprehensive screening platform revenue increased by 18.7% year-on-year.
• New molecule-related services accounted for over 28% of the biology business segment.
• The number of customers and projects for the nucleic acid-based molecule platform continued to grow, serving over 290 customers and delivering more than 1,400 projects since 2021.
• The biology business contributed over 20% of new customers in 2024.

ATU and U.S. Medical Device Testing Business

• These businesses completed transactions and contributed RMB 1.32 billion in revenue in 2024.
• By the end of 2024, the company had around 6,000 active customers, with approximately 5,500 active customers from continuing operations.
• Continuing operations gained around 1,000 new customers in 2024.
• Orders in hand for continuing operations reached RMB 49.31 billion, a 47.0% increase year-on-year.

2025 Outlook

• Revenue is expected to reach RMB 41.5-43.0 billion, growing by 10%-15% year-on-year.
• Adjusted non-IFRS net profit margin is expected to improve.
• Capital expenditure is projected to be RMB 7-8 billion.

Shareholder Returns

• The company will maintain a 30% annual cash dividend payout (~RMB 2.84 billion).
• To thank shareholders for their support during challenging times, an additional one-time special dividend of RMB 1 billion is planned.
• Mid-year dividends will be increased in 2025.
• A RMB 1 billion A-share buyback is planned for 2025.