Wuxi Biologics Stock Price, News & Analysis

WuXi Biologics has successfully completed a Pre-License Inspection (PLI) and a routine GMP inspection by the U.S. FDA at its facilities in Wuxi, China. Over 15 working days, nine inspectors evaluated manufacturing, laboratory, and quality systems, confirming compliance with global standards. This represents a significant milestone for WuXi Biologics, enhancing its capacity for late-stage clinical and commercial manufacturing. The company has completed ten inspections since 2017, establishing itself as the only biologics company certified for commercial manufacturing in China.

WuXi Biologics reported a strong financial performance for 2020, with revenue increasing by 40.9% year-on-year to RMB5,612 million. Gross profit rose by 52.7% to RMB2,533 million, achieving a record-high gross margin of 45.1%. Net profit surged by 67.5% to RMB1,693 million, with a net profit margin of 30.2%. The Group successfully expanded its project backlog by 122% to US$11.3 billion and added 103 new integrated projects, bringing the total to 334. The execution of its "Win-the-Molecule" strategy and strong COVID-19 project engagements significantly boosted growth.

WuXi Biologics has announced a deal to acquire a 90% stake in CMAB Biopharma Group from CBC Group and associates, with the transaction anticipated to close in Q2 2021. This acquisition enhances WuXi's capacity by 7,000L in drug substance and drug product, expanding its global manufacturing network. The partnership aims to improve service offerings for CBC's portfolio companies in biologics development and manufacturing. The acquisition signifies a strategic push to strengthen WuXi's position in the biologics market.

WuXi Biologics has signed an equity agreement to acquire Pfizer China's biologics manufacturing facilities in Hangzhou. The 50,000 m² state-of-the-art site, GMP operational since 2018, will enhance WuXi's Drug Substance and Drug Product capacities. The acquisition is expected to close in the first half of 2021, enabling WuXi to address increasing global manufacturing demands. The facility includes advanced bioreactor capabilities and a skilled workforce, which will expedite production for various biopharmaceutical projects.

WuXi Biologics has launched GMP operations at its MFG5 Drug Substance manufacturing facility in China, increasing its capacity to 90,000L. The facility features nine 4,000L single-use bioreactors and is the largest of its kind globally. WuXi’s advanced Scale-out strategy allows for flexible manufacturing solutions, promising to initiate projects within four weeks. An additional 24,000L line will add capacity later in 2021, bringing MFG5's total to 60,000L. This expansion reflects WuXi’s commitment to enhancing its biomanufacturing capabilities.

Antengene Corporation and WuXi Biologics have signed a strategic cooperation MoU to advance the development of innovative oncology therapies. This partnership aims to leverage both companies' strengths in drug discovery and production, particularly focusing on novel cancer treatments. Antengene has a pipeline of 12 innovative products and aims to provide advanced therapies to patients in China and beyond. The collaboration will enhance R&D capabilities and expedite the introduction of high-quality, affordable cancer treatments to the market.

WuXi Biologics reported robust financial results for the first half of 2020, with revenue increasing by 21.0% year-on-year to RMB1,944.1 million and net profit soaring by 62.6% to RMB730.7 million. Adjusted net profit also rose by 40.7% to RMB734.0 million, with diluted EPS climbing by 55.9% to RMB0.53. The company's backlog surged to US$9,464 million, driven by an increase in integrated projects to 286, including COVID-19 therapeutics. WuXi Biologics demonstrated resilience throughout the pandemic, executing projects efficiently and expanding its global footprint across the U.S. and Europe.