Revenue surged by 67.6% YoY to RMB 1,665 million
Gross profit surged by 133.4% to RMB 535 million, with a gross profit margin of 32.1%, a 9.0 percentage points increase compared to 1H 2023.
Net profit increased by 175.5% to RMB 488 million, with a net profit margin of 29.3%, a 11.5 percentage points increase compared to 1H 2023.
Adjusted net profit grew by 146.6% to RMB 534 million, with an adjusted net profit margin of 32.0%, a 10.2 percentage points increase in 1H 2023.
The total global customer base expanded to 419, with 71 new customers added in 1H 2024.
The total number of integrated projects reached 167, with 26 new integrated projects signed.
The number of later stage (phase II and above integrated projects) increased to 29, including 9 PPQ projects from global pharma and biotech customers.
The backlog grew to US$842 million, representing a 105.0% YoY growth.
Continued to drive facility and talent expansion to meet increasing global demands. The Wuxi site ramped up quickly, delivering a 100% success rate to global clients.
The Group received multiple top awards in the "2024 Asia (ex-Japan) Executive Team" by Institutional Investor.
SHANGHAI, Aug. 20, 2024 /PRNewswire/ -- WuXi XDC Cayman Inc. ("WuXi XDC" or "the Group", stock code: 2268.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO) focused on the ADC and the other types of bioconjugate market, is pleased to announce its interim results for the first half of 2024 ("Reporting Period").
Dr. Jimmy Li, CEO of WuXi XDC, stated, "In the first half of 2024, WuXi XDC achieved outstanding financial results and demonstrated strong business momentum. We appreciate all the trust, contributions and support from our employees, customers, investors, and stakeholders. By focusing on customer needs, we actively explore innovative trends in ADCs and new types of bioconjugates, enhancing our technical capabilities and further solidifying our integrated platform. We have expanded the capacity of dual-function production lines and advanced the implementation of "Global Dual-Source" manufacturing strategy. Additionally, we continue to build a strategic talent pool and reinforce quality and compliance training across all staff. With a client-oriented approach, we are delivering high-quality services and solutions, laying a solid foundation for future growth. Looking forward, we are excited by the vast market opportunities in the bioconjugate space. With our leading expertise and integrated capabilities, we are committed to flawless execution and maintain sustainable growth, delivering the superior values to our customers, partners and shareholders."
2024 Interim Financial Highlights
Revenue
The revenue of the Group increased by 67.6% YoY from RMB 993.5 million for the six months ended June 30, 2023, to RMB 1,665.2 million for the six months ended June 30, 2024. This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by rapid growth of the global ADC and broader bioconjugates outsourcing service market and the Group's established position as a leading ADC CRDMO service provider in that market and (ii) the advancement of the Group's projects into later stages.
Gross Profit and Gross Profit Margin
The Group's gross profit increased by 133.4% YoY to RMB 535 million, with a gross profit margin of 32.1%, driven by (i) the increase in revenue resulting from the increased demand for the Group's services, (ii) the quickly ramp-up and reached high utilization in both DS and DP, and (iii) the optimized cost control and procurement strategy.
Net Profit and Net Profit Margin
The net profit for the period increased by 175.5% YoY to RMB 488 million. Net profit grew faster ...
