BRIEF: WuXi XDC’s revenue, profit jump in 2024

WuXi XDC Cayman Inc. (2268.HK), a provider of contract services for drug companies, said on Wednesday its revenue and profit rose sharply last year on strong demand for services related to its core focus area in antibody-drug conjugates (ADCs).

The company said its revenue in 2024 rose 85% or more year-on-year, while its net profit and adjusted net profit rose at least 260% and 170%, respectively. The company previously reported 2023 revenue of 2.12 billion yuan ($289 million), more than double the 990 million yuan it reported in 2022. Its profit for 2023 rose 82% to 284 million yuan, while its adjusted net profit rose 112% to 412 million yuan.

The company credited last year’s strong gains to “continuous downstream demand from the fast growth of ADC and the broader bioconjugate industry,” resulting in higher utilization rates of its capacity. WuXi XDC’s shares were up 3.1% in Wednesday afternoon trade in Hong Kong.

By Doug Young

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