SHANGHAI, Oct. 28, 2024 /PRNewswire/ — WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical and life sciences industry, today announced its financial results for the first three quarters ending September 30, 2024 (“Reporting Period”):
[1] In the first three quarters of 2023 and 2024, WuXi AppTec had a fully-diluted weighted average share count of 2,949,888,986 and 2,906,724,914 ordinary shares, respectively.
Management Comment
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, “Despite external challenges, we delivered a steady quarter-over-quarter increase in revenue and profit as expected for the first three quarters of 2024. The third quarter revenue returned to over RMB10 billion, growing 14.6% year-over-year excluding COVID-19 commercial projects. Meanwhile, our backlog reached RMB43.8 billion, growing 35.2% year-over-year.”
“WuXi AppTec remains committed to providing exceptional service to our customers and helping patients worldwide. We firmly believe that the Company’s unique integrated CRDMO business model can effectively serve customers’ evolving needs while fostering the Company’s ability to closely follow scientific innovations, generate industry insights, capture new molecule opportunities, and continuously drive long-term business growth. In 2024, the Company expects to achieve revenue of RMB 38.3-40.5 billion and free cash flow of RMB 6-7 billion, and maintain adjusted non-IFRS NPM at a similar level as last year. Although the recently proposed U.S. legislation may create short-term uncertainty for the global pharmaceutical and life sciences industry, WuXi AppTec remains steadfast in ‘doing the right thing and doing it right’, and will continuously enhance our capabilities and capacity as we support our customers’ efforts to bring groundbreaking therapies to patients around the world. Together, we can realize our vision that ‘every drug can be made and every disease can be treated’.”
Business Performance by Segments
This release provides a summary of the results and does not intend to provide a complete statement relating to the Company, its securities, or any relevant matters herein that a recipient may need in order to evaluate the Company. For additional information, please refer to the WuXi AppTec 2024 Third Quarterly Results Presentation and 2024 Third Quarterly Report disclosed on the Company’s official website, as well as the Company’s disclosure documents and information on the Shanghai Stock Exchange, the Stock Exchange of Hong Kong Limited website. Investors are advised to exercise caution and be aware of the investment risks in trading Company shares.
All financial information disclosed in this press release is prepared based on International Financial Reporting Standards (IFRS), in currency of RMB.
The 2024 Third Quarterly Report of the Company has not been audited.
Third Quarter 2024 Results by Segments
Unit: RMB million
Segment
Revenue
Change
Adjusted
non-IFRS
Gross Profit
Change
Adjusted non-
IFRS Gross Profit
Margin
WuXi Chemistry
7,883.94
1.4 %
3,790.80
4.9 %
48.1 %
WuXi Testing
1,599.96
(9.3) %
514.08
(27.2) %
32.1 %
WuXi Biology
657.03
(0.8) %
259.90
(13.2) %
39.6 %
WuXi ATU
278.08
(11.6) %
(95.56)
Note 1
(34.4) %
WuXi DDSU
32.52
(78.2) %
1.97
(96.2) %
6.1 %
Others
9.54
44.6 %
5.06
(22.9) %
53.1 %
Total
10,461.08
(2.0) %
4,476.26
(3.9) %
42.8 %
Notes: 1. Adjusted non-IFRS gross profit of WuXi ATU was RMB(95.56) million in Q3 2024, compared to
RMB(22.29) million in Q3 2023, a decline of RMB73.27 million.
2. Any sum of the data above that is inconsistent with the total is due to rounding.
Year-to-Date 2024 Results by Segments
Unit: RMB million
Segment
Revenue
Change
Adjusted
non-IFRS
Gross
Profit
Change
Adjusted non-
IFRS Gross Profit
Margin
WuXi Chemistry
20,093.81
(5.4) %
9,136.21
(6.0) %
45.5 %
WuXi Testing
4,618.32
(4.9) %
1,597.16
(14.8) %
34.6 %
WuXi Biology
1,825.94
(3.6) %
694.27
(14.3) %
38.0 %
WuXi ATU
853.04
(17.0) %
(253.46)
Note 1
(29.7) %
WuXi DDSU
289.70
(41.0) %
156.12
0.6 %
53.9 %
Others
21.19
(32.6) %
11.11
(30.5) %
52.4 %
Total
27,702.00
(6.2) %
11,341.41
(9.3) %
40.9 %
Notes: 1. Adjusted non-IFRS gross profit of WuXi ATU was RMB(253.46) million in the first three quarters of 2024,
compared to RMB(62.64) million in the same period of 2023, a decline of RMB190.82 million.
2. Any sum of the data above that is inconsistent with the total is due to rounding.
Consolidated Statement of Profit or Loss[2] – Prepared under IFRS
RMB Million
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue
10,461.1
10,670.0
27,702.0
29,541.3
Cost of sales
(6,063.8)
(6,154.3)
(16,603.8)
(17,469.9)
Gross profit
4,397.3
4,515.8
11,098.2
12,071.5
Other income
247.6
182.9
758.6
622.7
Other gains and losses
(602.5)
14.9
(394.1)
1,076.0
Impairment losses under expected credit losses
(“ECL”) model, net of reversal
(72.5)
(31.1)
(154.6)
(132.8)
Impairment losses of non-financial assets
–
–
–
(42.9)
Selling and marketing expenses
(189.1)
(167.7)
(546.6)
(521.2)
Administrative expenses
(687.4)
(732.5)
(1,964.9)
(2,059.0)
R&D expenses
(317.7)
(358.8)
(954.0)
(1,025.8)
Operating Profit
2,775.7
3,423.4
7,842.5
9,988.5
Share of results of associates
87.1
18.1
202.9
(58.4)
Share of results of joint ventures
0.2
(0.9)
(4.0)
6.8
Finance costs
(58.2)
(53.9)
(187.2)
(154.9)
Profit before tax
2,804.7
3,386.8
7,854.3
9,782.0
Income tax expense
(484.0)
(595.0)
(1,252.7)
(1,633.3)
Profit for the period
2,320.8
2,791.8
6,601.6
8,148.6
Profit for the period attributable to:
Owners of the Company
2,293.1
2,763.3
6,532.9
8,076.4
Non-controlling interests
27.7
28.5
68.7
72.2
2,320.8
2,791.8
6,601.6
8,148.6
[2] If the sum of the data below is inconsistent with the total, it is caused by rounding
Consolidated Statement of Profit or Loss[3] (continued) – Prepared under IFRS
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Weighted average number of ordinary shares for
calculating EPS (express in shares)
– Basic
2,883,580,115
2,935,018,668
2,899,626,297
2,936,228,550
– Diluted
2,889,573,492
2,945,931,775
2,906,724,914
2,949,888,986
Earnings per share
(expressed in RMB per Share)
– Basic
0.80
0.94
2.25
2.75
– Diluted
0.79
0.94
2.24
2.73
[3] If the sum of the data below is inconsistent with the total, it is caused by rounding
Consolidated Statement of Financial Position[4] – Prepared under IFRS
RMB Million
September 30,
December 31,
2024
2023
Non-current Assets
Property, plant and equipment
26,006.8
25,844.4
Right-of-use assets
2,441.9
2,348.3
Goodwill
1,836.6
1,820.9
Other intangible assets
843.1
906.7
Interests in associates
2,345.6
2,180.4
Interests in joint ventures
24.6
35.2
Deferred tax assets
402.9
366.7
Financial assets at fair value through profit or
loss (“FVTPL”)
8,660.7
8,626.0
Other non-current assets
116.7
105.8
Biological assets
1,096.7
1,012.5
43,775.5
43,246.9
Current Assets
Inventories
3,470.8
2,886.1
Contract costs
903.3
695.6
Biological assets
973.7
1,154.6
Amounts due from related parties
68.6
86.7
Trade and other receivables
9,697.5
9,372.7
Contract assets
1,135.0
1,234.4
Income tax recoverable
61.5
17.5
Financial assets at FVTPL
–
11.0
Derivative financial instruments
100.9
414.0
Other current assets
–
785.8
Pledged bank deposits
1.6
1.6
Term deposits with initial term of over three
months
4,778.3
3,761.4
Bank balances and cash
9,271.6
10,001.0
30,462.7
30,422.5
Total Assets
74,238.2
73,669.3
[4] If the sum of the data below is inconsistent with the total, it is caused by rounding
Consolidated Statement of Financial Position (continued) [5]– Prepared under IFRS
RMB Million
September 30,
December 31,
2024
