Wuxi Apptec is scheduled to announce its first-quarter financial results on April 28, 2026. The company projects revenue for the quarter to be between 10.96 billion and 11.586 billion yuan, representing a year-over-year growth of 13.5% to 20.0%.
Zheshang Securities analysis indicates that Wuxi Apptec's capital expenditures for 2026 are expected to reach 6.5 to 7.5 billion yuan, potentially returning to historically high levels, which bodes well for the sustainability of its performance growth. In 2025, the company achieved operating revenue of 45.456 billion yuan, a 15.8% increase year-over-year. Adjusted net profit attributable to shareholders was approximately 14.957 billion yuan, up 41.3% compared to the previous year. Fourth-quarter revenue reached 12.599 billion yuan, a 9.19% increase, while adjusted net profit was 4.422 billion yuan, rising 36.49% year-over-year, both setting new historical records. The company's order backlog stood at 58.0 billion yuan, marking a 28.8% increase.
For the full year 2026, overall revenue is forecasted to reach 51.3 to 53.0 billion yuan, with revenue from continuing operations expected to grow by 18% to 22% year-over-year. The company will focus on its core CRDMO strategy, accelerating global capability development and capacity deployment to enhance operational efficiency. Significant revenue growth was noted in the Chemistry business's TIDES segment. The small molecule Development & Manufacturing (D&M) segment continued to show strong commercial additions. The Testing business returned to positive growth, with revenue from drug safety evaluation services increasing by 4.6% year-over-year. The Biology business serves as an effective entry point for the CRDMO model, consistently driving traffic, with new molecular entities contributing over 30% of its revenue. The expectation of high capital expenditure in 2026 supports a positive outlook for sustained performance driven by the synergy between capacity and orders.
A breakdown by business segment reveals: 1) Small Molecule CDMO Business: 2025 revenue was 19.92 billion yuan, an 11.4% increase. The pipeline accumulated 839 new molecules, with increases in both commercial and Phase III clinical projects, indicating prospects for continued steady growth. 2) TIDES Business: 2025 revenue reached 11.37 billion yuan, surging 96.0% year-over-year. The order backlog grew by 20.2%, demonstrating the company's strong positioning and order-winning capability in the small molecule CDMO field. 3) Testing Business: 2025 revenue was 4.04 billion yuan, returning to positive growth of 4.7%. Revenue from drug safety evaluation grew 4.6%, maintaining a leading position in the Asia-Pacific region. 4) Biology Business: 2025 revenue was 2.68 billion yuan, returning to positive growth of 5.2%. The company is actively expanding its global operations, effectively channeling business into its CRDMO model, with new molecular entities accounting for over 30% of segment revenue.
Western Securities analysis highlights that Wuxi Apptec's 2025 operating revenue and net profit attributable to shareholders grew by 15.84% and 102.65%, respectively, primarily benefiting from the focus and optimization of its CRDMO business model. Revenue from U.S. clients showed significant growth acceleration. The company anticipates 2026 revenue to reach 51.3 to 53.0 billion yuan. Both the Chemistry and TIDES businesses achieved rapid growth, with TIDES revenue up 96.0% year-over-year. Wuxi Apptec will continue to concentrate on its CRDMO strategy, speeding up global layout and capacity expansion to improve production and operational efficiency.
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