Wuxi Biologics Stock Price, News & Analysis

WuXi Biologics and Toregem BioPharma announced a strategic partnership to develop TRG035, a monoclonal antibody targeting USAG-1 for congenital adentia. This collaboration will leverage WuXi Biologics' comprehensive CMC services, including GMP manufacturing and bioassay development, to support Toregem's Investigational New Drug (IND) application. The Phase I clinical trial for TRG035 is slated to commence in early 2024. WuXi Biologics aims to enhance its global footprint while focusing on innovative biologics solutions for patients.

WuXi Biologics, a global leader in Contract Research, Development and Manufacturing, announced that its subsidiary, WuXi Biologics Co., Ltd., was removed from the U.S. Department of Commerce's Unverified List (UVL) as of October 7, 2022. This follows a successful on-site end-use check completed in June 2022. The company aims to maintain high compliance standards and is working towards delisting its other subsidiary, WuXi Biologics (Shanghai) Co., Ltd. WuXi Biologics is committed to sustainability and enhancing its ESG strategy.

WuXi Biologics held a topping-off ceremony for its new commercial biomanufacturing facility in Worcester, Massachusetts, on September 28, 2022. The 189,500 sq. ft. facility, set to complete in 2024, aims to create 250 jobs and enhance the local biotech ecosystem. Speakers at the event included Massachusetts Lieutenant Governor Karyn Polito and CEO Dr. Chris Chen, emphasizing the facility's role in strengthening the supply chain for biologics. WuXi Biologics supports 534 client projects globally, with a commitment to sustainable practices.

WuXi Biologics announced regulatory approvals for its Drug Substance (DS) facilities and Drug Product (DP) facility in Wuxi, China, from the European Medicines Agency (EMA) and U.S. Food and Drug Administration (FDA). The MFG5 facility, with a capacity of 60,000L, and the DP2 facility received EMA GMP certificates within 10 months of starting GMP manufacturing. WuXi Biologics now holds 13 certified DS and DP facilities globally, expanding its capacity to support clients with commercial manufacturing. CEO Chris Chen emphasized the commitment to maintaining high global quality standards.

WuXi Biologics has announced the GMP release of its first North American biomanufacturing facility, MFG18, located in Cranbury, New Jersey. The facility has an initial capacity of 4,000L, expanding to 6,000L, and utilizes single-use technology. This strategic move positions WuXi closer to its U.S. customer base amidst a growing biopharma cluster. The site employs over 150 people, expected to rise to 250. This expansion aligns with WuXi's Global Dual Sourcing Strategy, enhancing its clinical manufacturing capacity and service capabilities worldwide.

WuXi Biologics reported impressive financial results for the first half of 2022, with revenue rising by 63.5% year-on-year to RMB 7,206.4 million. Gross profit increased by 48.6% to RMB 3,413.2 million, while net profit grew 39.2% to RMB 2,621.2 million. Adjusted net profit saw a 60.9% rise to RMB 2,914.9 million. The company's backlog reached US$ 18,467 million, indicating robust future growth. Non-COVID revenue surged by 72.6%, highlighting profitability across operations despite industry challenges.

WuXi Biologics (2269.HK) has been recognized as a constituent of the FTSE4Good Index Series, affirming its commitment to strong Environmental, Social, and Governance (ESG) practices. This inclusion highlights improvements in WuXi's ESG score, particularly in its GHG emissions intensity, which it aims to reduce by 50% by 2030 from 2020 levels. The company promotes renewable energy and collaborates with partners for sustainability. CEO Chris Chen emphasized their dedication to responsible corporate development aligned with global sustainability goals.

WuXi Biologics announced a USD$1.4 billion investment in a new CRDMO center in Singapore, enhancing its manufacturing capacity by adding 120,000L biomanufacturing capabilities by 2026. This center is poised to employ 1,500 staff and strengthen the company's global supply chain as part of its Global Dual Sourcing strategy. Supported by Singapore’s Economic Development Board, this investment emphasizes Singapore's role as a biopharmaceutical hub. WuXi Biologics aims to foster the local biotech ecosystem and support global healthcare partners.

WuXi Vaccines has received its first GMP certificate from the Ireland HPRA for its QC potency lab, a key milestone for manufacturing commercial vaccine products at its Dundalk facility. This certification supports a 20-year contract valued at approximately $3 billion USD with a top global pharmaceutical company. The QC lab has been operational since July 2020 and reflects WuXi's commitment to addressing global vaccine manufacturing challenges, especially in light of increased demand due to the COVID-19 pandemic.