BRIEF: WuXi Biologics maintains full-year revenue guidance for up to 17% growth

Drug development services company WuXi Biologics (Cayman) Inc. (2269.HK) announced on Sunday that it had secured 69 new integrated projects as of April 30, with approximately two-thirds originating from clients in the U.S. and Europe.

The company maintained its full-year revenue growth guidance of 13% to 17%. Excluding foreign exchange fluctuations, revenue growth is expected to range between 16% and 20%.

WuXi Biologics said it remains confident in its growth prospects, supported by its global contract research, development and manufacturing organization (CRDMO) platform and expanding customer base. Management expects revenue to achieve a compound annual growth rate of 20% over the next three years.

Manufacturing operations are expected to serve as its primary growth driver, with management forecasting a three-year growth rate of approximately 30% for the segment. As more late-stage clinical and commercial manufacturing projects advance, the company expects a growing number of manufacturing programs to generate more than $100 million in annual revenue, further boosting its scale and profitability.

WuXi Biologics shares opened higher on Monday and were trading at HK$34.22 at the midday break, up 2.64%.

By Lee Shih Ta

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