WuXi AppTec's third-quarter revenue and net profit both declined. Although there was some improvement compared to the first half of the year, overall performance remains under pressure.
On the 28th, WuXi AppTec released its Q3 financial report. In the third quarter, revenue was 10.46 billion RMB, a year-on-year decrease of 1.96%; net profit was 2.29 billion RMB, a year-on-year decrease of 17.02%.
1) Key Financial Data
<blockquote>
<ul>
<li>Revenue: Revenue in the third quarter was 10.46 billion RMB, a year-on-year decrease of 1.96%; revenue for the first three quarters was 27.702 billion RMB, a year-on-year decrease of 6.23%.</li>
<li>Net Profit: Net profit in the third quarter was 2.29 billion RMB, a year-on-year decrease of 17.02%; net profit for the first three quarters was 6.532 billion RMB, a year-on-year decrease of 19.11%.</li>
<li>Basic Earnings Per Share: Basic earnings per share in the third quarter was 0.8 RMB/share, and for the first three quarters, it was 2.25 RMB/share.</li>
<li>Total Assets: As of the end of the reporting period, the company's total assets were 74.238 billion RMB.</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/477f3465-c7e3-4128-8067-7c72a4cc24e7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/477f3465-c7e3-4128-8067-7c72a4cc24e7.png"/><img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/abaa8566-4459-40ac-afb1-11802d36cc16.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/abaa8566-4459-40ac-afb1-11802d36cc16.png"/>
</blockquote>
2) Revenue Performance
The company's operating income for the first three quarters of 2024 was 27.702 billion RMB, a decrease of 6.23% year-on-year. Among them, major business revenues all declined:
<blockquote>
<ul>
<li>Revenue from the chemical business was 20.094 billion RMB, a year-on-year decrease of 5.40%;</li>
<li>Revenue from the testing business was 4.618 billion RMB, a year-on-year decrease of 4.86%;</li>
<li>Revenue from the biological business was 1.826 billion RMB, a year-on-year decrease of 3.64%;</li>
<li>Revenue from the high-end treatment CTDMO business was 0.853 billion RMB, a year-on-year decrease of 17.04%.</li>
</ul>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f9db6828-2ab1-4d9d-8e6f-d81baededafd.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/f9db6828-2ab1-4d9d-8e6f-d81baededafd.png"/>
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0b4aeb47-5925-4c29-9a7a-b40aa64dbbd3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/0b4aeb47-5925-4c29-9a7a-b40aa64dbbd3.png"/>
</blockquote>
In the first three quarters, WuXi AppTec's R&amp;D expenses were 0.954 billion RMB, a year-on-year decrease of 7.00%; management expenses were 1.869 billion RMB, a decrease of 5.57%. Net financial expenses were a net income of 61.96 million RMB, a decrease of 90.51%. The company is controlling expenses to address market challenges.
The company stated in the report that in the first three quarters of 2024, it acquired over 800 new customers, maintaining a large active customer base of over 6,000 existing customers worldwide with growing demand for its services
As of the end of September 2024, the company's backlog stood at RMB 43.82 billion, a year-on-year increase of 35.2%.
In the first three quarters of 2024, revenue from the top 20 global pharmaceutical companies reached RMB 11.22 billion, excluding specific commercial production projects, with a year-on-year growth of 23.1%.
By region, revenue from US customers amounted to RMB 17.62 billion, excluding specific commercial production projects, with a year-on-year growth of 7.6%; revenue from European customers reached RMB 3.53 billion, a year-on-year growth of 14.8%; revenue from Chinese customers was RMB 5.16 billion, a year-on-year decrease of 3.9%; revenue from customers in other regions was RMB 1.40 billion, a year-on-year decrease of 16.5%

603259

02359

WuXi AppTec's revenue and net profit both declined in the third quarter. The third-quarter revenue was RMB 10.46 billion, a year-on-year decrease of 1.96%, with declines in revenue from main business segments

- WuXi AppTec reported a decline in both revenue and net profit for Q3, with revenue at 10.46 billion RMB, down 1.96% year-on-year, and net profit at 2.29 billion RMB, down 17.02%.  
- For the first three quarters of 2024, total revenue was 27.70 billion RMB, a decrease of 6.23%, with all major business segments experiencing declines.  
- Despite these challenges, the company added over 800 new clients and reported a 35.2% increase in backlog orders, totaling 43.82 billion RMB by the end of September 2024.

WuXi AppTec's Q3 net profit was RMB 2.29 billion, a year-on-year decrease of 17.02% | Financial Report Watch