WuXi AppTec reported record first-quarter earnings on April 27 after revenue rose nearly 29% from a year earlier to 12.44 billion yuan, crossing 10 billion yuan in a quarter for the first time. Net profit attributable to shareholders climbed about 27% to 4.65 billion yuan, also a quarterly high. [1]
The Chinese drug research and manufacturing company said the results were driven by its contract research, development and manufacturing organisation, or CDMO, model, which combines drug discovery, development and production. [1]
WuXi AppTec also said its order backlog reached nearly 598 billion yuan at the end of March, up 23.6% from a year earlier. The figure pointed to continued demand across its pipeline at the close of the first quarter. [1]
Investors pushed the stock higher after the report. The Hong Kong-listed shares rose 14% to HK$143.10, their highest level since December 2021, while the Shanghai-listed shares closed 10% higher at 110.57 yuan. [1]
The company’s next update will likely be watched for whether the strong backlog and CDMO demand carry into the second quarter. [1]
