<div id="readability-page-1"><div><p>WuXi Biologics (Cayman) Inc., founded in 2014 and headquartered in Wuxi, China, is a leading global contract research, development, and manufacturing organization (CRDMO). The company specializes in providing comprehensive solutions for biologics, covering drug discovery, development, and large-scale manufacturing.</p><p> Its core services include technology platforms for monoclonal antibody production, cell line development, process optimization, and analytical testing. The company has over 12,554 employees and 4,362 development scientists, with a retention rate of 98.8%. WuXi Biologics operates on an open-access business model, collaborating with pharmaceutical and biotech partners worldwide to accelerate the lifecycle of biologic drug development and enable the delivery of innovative therapies to patients.</p><p> The company operates through two segments: Biologics (75.5% of H1 25 revenue) and XDC (24.5%). In addition, the company is geographically segmented into: North America (60.5% of H1 25 revenue), Europe (19.8%), China (13.0%), and the rest of the world (6.7%).</p><h2> WuXi Biologics launches TrueSite TI™</h2><p> On September 25, 2025, WuXi Biologics unveiled TrueSite TITM, the latest evolution of its proprietary WuXia™ cell line platform, signaling a major advancement in biologics development. This system uses targeted integration technology and delivers an average monoclonal antibody (mAb) titer exceeding 8.0 g/L, with more than 99% of clonal cell lines maintaining stable protein expression after 60 generations.</p><p> With validation across over 1,000 molecules, this platform solidifies WuXi’s leadership in high-performance cell line development and is projected to promote revenue growth, boost operational efficiency, and improve client retention, supporting WuXi Biologics’ ongoing competitive success.</p><h2> Continued growth momentum</h2><div><p> WuXi Biologics has demonstrated robust performance over FY 21-24, achieving a revenue CAGR of 22.0%, reaching CNY18.7bn in FY24, driven by growth in research services, expanded service offerings, and increased demand for ADCs and bispecific antibodies. EBITDA registered a CAGR of 17.3%, reaching CNY5.9bn. However, margins contracted by 388bp to 31.3%.</p><p>Over FY 21-24, the company experienced a rise in CFO, from CNY3.4bn to CNY5.2bn. In addition, the gearing ratio improved from 13.1% to 10.9% in FY 24. </p><p>In comparison, Pharmaron Beijing Co., Ltd., a local peer, reported a revenue CAGR of 18.2% over FY 21-24, reaching CNY12.3bn in FY 24. EBITDA grew at CAGR of 11.7% to CNY2.6bn, with margin contraction from 24.8% to 21.0%.</p></div><p> Over H1 25, the company delivered decent top-line growth, driven by robust growth across its core segments and strong demand in North America and Europe. In addition, EBITDA margins expanded by 170bp to 43.3%, fueled by revenue growth and improved gross margins.</p><p> Strong H1 25 performance reaffirmed confidence to upgrade revenue growth forecast for FY 25 from the range of 12.0% to 15.0% y/y growth to 14.0% to 16.0% y/y growth, on account of on track global expansion, technological innovation, margin expansion, and asset optimization.</p><h2> Sharp stock returns</h2><p> WuXi Biologics’ stock delivered robust returns of 111.0% over the past year. In comparison, Pharmaron Beijing delivered lower returns of 0.8%.</p><div><p> WuXi Biologics is currently trading at P/E of 31.2x, based on the FY 25 estimated EPS of CNY1.1, which is lower than its 3-year historical average of 36.2x and Pharmaron Beijing (31.6x). The company is currently trading at an EV/EBITDA of 16.8x, based on the FY 25 estimated EBITDA of CNY7.8bn, which is lower than its 3-year historical average of 18.4x but higher than that of Pharmaron Beijing, which is trading at 16.3x.</p><p>The stock is monitored by 30 analysts with 26 having ‘Buy’ ratings and four having ‘Hold’ ratings for a target price of CNY35.4, implying an upside of 5.4% over the current market price.</p><p>Analysts project a revenue CAGR of 15.4% for FY 24-27, reaching CNY28.7bn in FY 27. EBITDA is expected to rise at a CAGR of 9.9%, reaching CNY10.6bn, with a margin of 37.0%. Net income is projected to rise at a CAGR of 20.8%, reaching CNY5.9bn. Likewise, for Pharmaron Beijing, the EBITDA is estimated to increase at a CAGR of 13.4%, and net income is projected to increase at a CAGR of 12.8% over FY 24-27.</p><p>Overall, WuXi Biologics has shown a consistent historical performance, marked by a strong revenue growth trajectory. The company's outlook remains optimistic, with ongoing investments in technology set to drive further growth. Its balanced approach to innovation and operational optimization places it well for continued success in the biologics industry, with a strong foundation for delivering innovative therapies and maintaining a competitive market position.</p></div><p>However, the company faces challenges from intensifying competition, potential operational complexities, and the need to continuously adapt to changing regulatory standards while maintaining operational efficiency and profitability.</p></div></div>

药明生物(ADR)

药明生物

<p>药明生物 (ADR) 推出了 TrueSite TI™，增强了其生物制药开发能力。公司报告称，2021 财年至 2024 财年期间的收入年复合增长率为 22.0%，预计在 2024 财年达到 187 亿元人民币，息税折旧摊销前利润（EBITDA）增长 17.3%。药明生物的股票在过去一年中上涨了 111.0%，目前的市盈率为 31.2 倍。分析师预计 2024 财年至 2027 财年的收入年复合增长率为 15.4%，尽管面临竞争和监管挑战，但由于技术创新和运营优化，前景乐观</p>

药明康德通过 TrueSite TI 加速生物制剂的发展