According to "The Big Bank," Bank of America Securities raised the target price for WuXi Biologics to 41.8 yuan, expecting rapid business growth

According to a research report by Bank of America Securities, WuXi Biologics (02269.HK) added 209 integrated projects last year, a year-on-year increase of 38%, of which two-thirds are composite models (bispecific and multispecific antibodies and antibody-drug conjugates), with about half coming from U.S. clients. In addition, the company also obtained 23 projects last year, including 6 late-stage projects, of which about half are from U.S. clients, and over 50% are composite models.

As of the fiscal year 2025, the company holds 945 projects, including 463 in the preclinical stage, 289 in Phase I clinical, 94 in Phase II clinical, 74 in Phase III clinical, and 25 in the commercialization stage.

To reflect the rapid development of the company in research and development and production stages last year, and considering the high growth visibility of its CMO business, the bank has raised its revenue forecasts for 2025 to 2027 by 1%, 5%, and 8% respectively, and increased the target price from HKD 35 to HKD 41.8. The bank reiterates WuXi Biologics' "Neutral" rating, as the company's business development meets expectations and its leading position is consolidated, but is simultaneously offset by potential geopolitical risks from the Biosecurity Act