Wuxi Biologics Stock Price, News & Analysis

WuXi Biologics has expanded its CRDMO services by initiating cGMP manufacturing for microbial-derived products at its MFG14 facility in Hangzhou, China. This facility has four cGMP lines with fermentors from 30L to 2,000L, capable of end-to-end CMC services. The decision responds to increased market demand for microbial fermentation capacity, particularly in enzymes, plasmids, and vaccines. With over 10,000 employees and 526 client projects, WuXi aims to enhance its service offerings, facilitating faster and more cost-effective production for its partners.

WuXi Biologics has launched its GMP operation for DP5, a new drug product facility in Wuxi, China, enhancing its capacity to manufacture pre-filled syringes (PFS) to 17 million units annually. This facility, part of a global network of nine drug product sites, utilizes advanced technology to minimize contamination risks while providing flexible filling options such as 1 mL and 3 mL. CEO Chris Chen emphasized the significance of this milestone, positioning WuXi as a leader in drug product CDMO services and supporting clients from clinical trials to commercialization.

WuXi Biologics reported robust financial performance for 2021, achieving a 83.3% growth in revenue to RMB10,290.1 million, driven by strong demand in both COVID-19 and non-COVID-19 projects. Gross profit surged 90.6% to RMB4,828.9 million, while net profit increased by 107.3% to RMB3,508.6 million. The adjusted net profit also saw a remarkable rise of 100.3%, indicating a solid operational efficiency. The total backlog rose 20.1% to US$13,597 million, reflecting sustainable growth and an increase in project numbers.

WuXi Biologics announced that two subsidiaries in Shanghai and Wuxi will be added to the U.S. Commerce Department's "Unverified List" on February 8, 2022, due to uncompleted end-use verifications for exported equipment. This follows a delay caused by the COVID-19 pandemic. The company emphasizes that this listing does not impact its business or services, as the equipment is not needed after facility construction. WuXi Biologics is compliant with all U.S. export regulations and welcomes inspections to expedite removal from the list.

WuXi Biologics has successfully completed a remote GMP inspection by South Korea's Ministry of Food and Drug Safety for its drug substance facility in Wuxi. This marks the completion of 23 regulatory inspections by major agencies, demonstrating compliance with global standards. The facility utilizes an innovative production approach combining multiple bioreactor harvests for efficient manufacturing. The company is involved in 480 integrated projects and plans to exceed 430,000 liters of production capacity by 2024 across multiple countries, reinforcing its commitment to high-quality biologics and sustainability.