SHANGHAI, March 24, 2025 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its annual results for 2024 (the "Reporting Period").
Dr. Jimmy Li, CEO of WuXi XDC, stated, "The year 2024 has been another year of exceptional growth and remarkable achievements for us, even as we navigated a dynamic macro environment. Our strong performances reflect the relentless dedication of our entire organization, as well as the trust and support from our customers, investors, and stakeholders. We have made significant strides in expanding our global presence, enhancing our in-house technology capabilities, and solidifying our position as a leading CRDMO in the ADC and bioconjugate market. Our focus on customer needs and innovative trends has driven our success, enabling us to deliver high-quality services and solutions. The Singapore commercial site is on track and to be operational by the end of 2025, underscoring our unwavering commitment to a robust global presence by delivering top-tier commercial manufacturing capabilities. Looking ahead, we are excited by the vast market opportunities in the bioconjugate space. We believe that with our strong expertise and integrated capabilities, we will continue to win customers, and increase our market share going forward."
Financial Highlights
The Group's revenue increased by 90.8% YoY to RMB4,052.3 million for the year ended December 31, 2024. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) our increasing market share through the Group's established position as a leading bioconjugate CRDMO service provider, and (iii) the advancement of the Group's projects into later stages.
The Group's gross profit increased by 121.6% YoY to RMB 1,239.8 million, with a gross profit margin of 30.6% and a 4.3 percent points increased compared to 2023. This improvement is driven by (i) further improving utilization rate of our manufacturing facilities including the swift ramp-up of new production line (BCM2 L1), (ii) the enhanced overall operation and manufacturing efficiency, (iii) the continuous efforts in cost control, and (iv) the continuous efforts in procurement strategy optimization.
The Group's adjusted net profit before interest income and expense increased by 171.3% YoY to RMB 992.0 million. The margin of adjusted net profit before interest income and expense improved to 24.5% in 2024, a 7.3 percent points increase compared to that of 2023.
The Group's adjusted net profit increased by 184.8% YoY to RMB 1174.0 million. The margin of adjusted net profit improved to 29.0% in 2024, a 9.6 percent points increase compared to that of 2023.
The Group's net profit increased by 277.2% YoY to RMB 1,069.6 million. The net profit grew faster than revenue and business growth, mainly attributed to the increase in gross profit margin, improvement in operation efficiency, continuous stringent cost control measures, and increased interest income. The net profit margin of the Group improved to 26.4% in 2024, a 13.0 percentage points increase compared to that of 2023.
Customers and Projects Highlights
Fully Integrated R&D Technology Platform
Capacity Expansion and Business Operation Updates
Key Financials
（For the Year Ended December 31）
Key Financials (RMB Mn)
2024
2023
YoY%
Revenue
4,052.3
2,123.8
90.8 %
Gross Profit
Margin (%)
1,239.8
30.6%
559.6
26.3%
121.6 %
Adjusted Net Profit Before Interest Income and Expense
Margin (%)
992.0
24.5%
365.6
17.2%
171.3 %
Adjusted Net Profit
Margin (%)
1,174.0
29.0%
412.3
19.4%
184.8 %
Net Profit
Margin (%)
1,069.6
26.4%
283.5
13.4%
277.2 %
-***-
About WuXi XDC
WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com
Contacts
Investor: wuxixdc.ir@wuxibiologics.com
Media: wuxixdc_pr@wuxibiologics.com
BD: wuxixdc_info@wuxibiologics.com
Forward-Looking Statements
This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our customers' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.
Use of Adjusted Financial Measures (Non-IFRS Measures)
We have provided adjusted net profit, adjusted net profit margin, adjusted net profit before interest income and expense, margin of adjusted net profit before interest income and expense and adjusted diluted earnings per share for the corresponding periods, which excludes the share-based compensation expenses, listing expenses, gains or losses from equity investments and foreign exchange gains or losses, and are not required by, or presented in accordance with, IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
WuXi XDC Achieved Another Remarkable Year with Extraordinary Business Performance and Financial Results for 2024
WuXi XDC Achieved Another Remarkable Year with Extraordinary Business Performance and Financial Results for 2024
WuXi XDC Achieved Another Remarkable Year with Extraordinary Business Performance and Financial Results for 2024
