Wuxi Biologics (cayman) Inc. · HKEX:2269
Wuxi Biologics (cayman) — H1 2026 Earnings Presentation
47 slides from Wuxi Biologics (cayman)'s earnings presentation, Aug 25, 2026
Slide 1: Inside Information - 2026 Interim Results Presentation
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: Announcement notice and forward-looking statements caution
Further, to ensure that all shareholders and potential investors of the Company have equal and timely access to such information, the Company has included in this announcement the full copy of the Presentation. Shareholders and potential investors of the Company are reminded that the Presentation ma
Slide 3: Innovation, Execution & Global Scale Driving Sustained High Growth
Innovation, Execution & Global Scale Driving Sustained High Growth 2026 Interim Results August 2026 Stock Code: 2269.HK
Slide 4: Forward-Looking Statements
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
Slide 5: Contents
CONTENTS 01 2026 Interim Results 02 H1 2026 Financials Review Advanced Technology Platforms – Operation & Business Updates Cornerstone of Future Success 03 04 WBS & ESG as Key Components of 05 Business Strategy 06 Summary & Outlook
Slide 6: 2026 Interim Results
01 2026 Interim Results
Slide 7: H1 2026 Key Highlights
864 → 1,064 10.0 → 11.8 23% 23.4% in USD 18.4% Integrated Projects YoY Revenue (RMB Bn) YoY 86 → 1231 4.3 → 5.4 43% 24.9% New Organic Projects Added Adj EBITDA (RMB Bn) YoY 24 → 28 2.4 → 3.3 17% 38.4% Commercial Projects YoY Adj Net Profit Attributable to Owners of the Company (RMB Bn) YoY 20.3 → 25
Slide 8: Robust New Project Momentum Supports Growth Visibility
Robust New Project Momentum Supports Growth Visibility WuXiBodyTM OMT Platform ADC Platform SDArBodYTM The Company added 169 new integrated projects in H1 2026 o 123 organic and 46 acquired from “R” Multi-Platform Discovery Engines Enabled 50+ programs with potential milestone & sales royalty BioDli
Slide 9: Strong Execution Fuels Surge in New Project Additions Since 2021
Strong Execution Fuels Surge in New Project Additions Since 2021 No. of Newly Added Integrated Projects by year ex-acquisition BioDlink CMAB 209 156 169 18 136 151 132 46 86 123 2021 2022 2023 2024 2025 H1 2025 H1 2026 No. of “Win-the-Molecule” Projects (Organic) by year Phase III & CMO Total 23 20
Slide 10: Tech-transfer Excellence Underpins Win-the-Molecule Expansion
Tech-transfer Excellence Underpins Win-the-Molecule Expansion Proven Tech-transfer Execution Consistent tech-transfer success across diverse 5+ Modalities biologics modalities reinforces client confidence & ADC Platform partnership continuity WtM from 2018 – H1 2026 Others Cell-Line Agnostic Process
Slide 11: Broad-Based Revenue Growth Across Project Stages in H1 2026
Broad-Based Revenue Growth Across Project Stages in H1 2026 By Project Phase RMB (mm) 11,787.2 • Pre-IND revenue rose 32% YoY in USD in 313.7 H1 2026, mainly driven by new IND- 9,953.2 enabling projects signed in the past 12 186.9 4,737.4 months 4,288.9 • Early-phase revenue grew 15% YoY in USD in H
Slide 12: Diversified Geographic Growth in H1 2026, with China Regaining Momentum
Diversified Geographic Growth in H1 2026, with China Regaining Strong Growth Momentum North EU China ROW (1) America +1% YoY +51% YoY +43% YoY +14% YoY +10% YoY excluding Ireland vaccine divestiture 58% of Revenue 17% of Revenue 17% of Revenue 8% of Revenue • North America: Revenue grew 14% YoY, dri
Slide 13: Solid Backlog Driven by Research Strength & Late-Phase/CMO Momentum
Solid Backlog Driven by Research Strength & Late-Phase/CMO Momentum Service Backlog • As of June 30, 2026, total backlog Upcoming Potential Milestone Fees (1) reached US$25.1 bn, of which US$12.6 Backlog within 3 Years bn was service backlog Backlog of MSD vaccine project (20-yr) ❑ YoY growth was br
Slide 14: Complex Modalities Continue to Drive Pipeline Growth
Complex Modalities Continue to Drive Pipeline Growth Total 1,064 One of the largest portfolios of Integrated(1) 864 23% complex biologics 71% 399 mAb 352 326 8% New signs First-in-Class Bi- & multi- 221 bi- & multi-specifics + ADCs programs specifics(2) 168 32% H1 2026 New Integrated Project Split 3
Slide 15: Bi- & Multi-Specifics Sustain Strong Growth Momentum & Higher Retention
Bi- & Multi-Specifics Sustain Strong Growth Momentum & Higher Retention Bi- & Multi-Specifics Bi- & Multi-Specifics Significantly Higher Complexity in Development & Manufacturing Pipeline Momentum Improves Retention Nearly 20 royalty-bearing projects “R” • Upstream: Imbalanced expression creates • N
Slide 16: H1 2026 Financials Review
H1 2026 Financials Review 02
Slide 17: H1 2026: Strong Revenue Growth with Remarkable Margin Expansion
H1 2026: Strong Revenue Growth with Remarkable Margin Expansion Revenue RMB mm IFRS Gross Profit RMB mm 50.6% 50.0% 45.3% 45.4% 48.8% 45.6% 48.4% 21,790.0 46.9% 44.0% 40.1% 41.0% 46.0% 42.7% 46.2% 18,675.4 17,034.3 10,018.5 15,268.7 11,787.2 7,650.8 10,290.1 9,953.2 6,724.0 6,827.9 5,448.3 4,828.9 4
Slide 18: H1 2026: Strong Earnings Growth Offset FX Headwind
H1 2026: Strong Earnings Growth Offset FX Headwind IFRS Net Profit IFRS Net Profit Attributable to Owners of the Company RMB mm RMB mm 5,733.2 4,908.3 4,549.9 4,420.3 3,945.4 3,508.6 3,570.6 3,388.5 3,399.7 3,356.1 2,756.6 2,916.2 2,339.3 2,439.8 2021 2022 2023 2024 2025 H1 2025 H1 2026 2021 2022 20
Slide 19: Gross Margin Expansion Supported by Continued Operating Leverage
Gross Margin Expansion Supported by Continued Operating Leverage Cost of Services as % of Revenue Adj. GM (%) 50.6% 50.0% 45.3% 45.4% 48.8% 45.6% 48.4% IFRS GM (%) 46.9% 44.0% 40.1% 41.0% 46.0% 42.7% 46.2% 59.9% 59.0% 57.3% 56.0% 54.0% 53.8% 53.1% 14.7% 20.7% 20.8% 13.4% 21.2% 18.8% 18.8% 21.1% 19.3
Slide 20: Strong Liquidity & Cash Generation Supporting Continued Expansion
Strong Liquidity & Cash Generation Supporting Continued Expansion • Available funds approx. RMB13.7 bn1 as of June 30, 2026 AVAILABLE FUNDS • Gearing Ratio 1.2%, adequate cash on hand to sustain our growth globally • H1 2026 CAPEX approx. RMB2.8 bn, primarily allocated to the expansion of WuXi Biolo
Slide 21: Operation & Business Updates
03 Operation & Business Updates
Slide 22: 50+ Active Research Services Partnerships with Milestone & Royalty Potential
50+ Active Research Services Partnerships with Embedded Milestone & Royalty Potential Across mAb, Multi-specifics & ADC R Project Distribution by Phase CMO e.g. Gloria PD-1, CStone PD-L1; low-single digit royalty e.g. RCUS/GILD PD-1, royalty 7 - 10% of drug sales; 50%+ of programs are Phase III Sino
Slide 23: Multi-Layer Royalty Framework Enhancing Value Capture
Multi-Layer Royalty Framework Enhancing Value Capture Illustrative examples for royalty economics: (US$ mm) Drug A, net sales/year $1,000 Drug A1 = research services partnership, eligible for sales royalty Sales royalty @ 5% of net drug sales $50 Cell line royalty @ 0.5% of net drug sales 100% volum
Slide 24: Established Track Record with Expanded IND Filing Capacity
Established Track Record with Expanded IND Filing Capacity ◼ Enabled a total of 854 IND filings as of June 2026 Track ◼ As of June 2026, 68 INDs newly filed, while 77 IND clearance added Record ◼ In 2026, 180E INDs will be newly filed ◼ To expand capacity to 300 INDs and 20 BLAs/MAAs per year Projec
Slide 25: Client Assets Acquired by Large Pharma Remain with WuXi Bio for Commercial Launch
100% of Clinical-Stage Client Assets Acquired by Large Pharma Remain with WuXi Bio for Commercial Launch, Driving Additional CMC Awards 99 client assets supported by WuXi Bio were licensed or acquired since 2018 41 additional assets were subsequently awarded to WuXi 35 41 Bio for CMC 30 8 25 11 20 5
Slide 26: Scheduled PPQs Supporting Future CMO Growth
Proven GMP Manufacturing Execution at Scale with High Quality DS batches delivered DS batch success rate DP batches delivered DP batch success rate since launch (2022 – H1 2026) since launch (2022 – H1 2026) 2,600+ 98.7% 2,670+ 99.6% [1] As of June 30, 2026 [2] Data scope: Global MFG & Global MFG (U
Slide 27: Biosimilar Opportunity: Technology & Regulatory Tailwinds
Biosimilar Opportunity: Technology & Regulatory Tailwinds Improve Sponsor Economics Growing Biosimilar Pipeline WuXiaTM TrueSite Evolving U.S. Regulatory Technology Advantage 17 Pathway Biosimilar projects as of June 2026 2 Placeholder Potentially Faster, More Cost- Faster Development, Higher Effici
Slide 28: Four Key Pillars Underpinning Future Manufacturing Growth
Four Key Pillars Underpinning Future Manufacturing Growth FtM WtM Biosimilar One DP Pipeline Conversion Opportunity Platform • Integrated DP platform • 5+/5+/7+ additional • 45 Phase III/CMO projects • WuXiaTM TrueSite & evolving spanning development, commercial approvals won since 2021 U.S. regulat
Slide 29: Proven Global Regulatory Compliance & Quality Track Record
Proven Global Regulatory Compliance & Quality Track Record Regulatory Inspections and License Approvals 49 global regulatory inspections passed, including 23 EMA & FDA inspections 166 facility license approvals 15 facilities1 certified for GMP manufacturing 2,000+ client quality audits passed, inclu
Slide 30: Global End-to-End Network Enables Integrated R-D-M Delivery
Global End-to-End Network Enables Integrated R-D-M Delivery Ireland 500,000+ L USA Germany China Bioreactor Capacity1 Qatar 251,000E L 26 DS Singapore2 Facilities + 2,600+ batches since launch + 98.7% success rate in the last 4.5 years 120,000E L 18 DP Facilities + 2,670+ batches since launch + 99.6
Slide 31: Expanding U.S. Investments to Build Integrated Local Capabilities
Expanding U.S. Investments to Build Integrated Local Capabilities Drug Substance Seamless transfer of materials, 5-hour drive samples, & products across sites MFG11: Worcester, MA (2029E) • Late-stage & commercial manufacturing • 6 x 6,000 L (36,000 L) capacity Process Development 4-minute walk Cran
Slide 32: Singapore Build-Out Advances an End-to-End Biologics Hub
Singapore Build-Out Advances an End-to-End Biologics Hub DP+QC+MSAT Building DS Building + WuXi Biologics’ modular Drug Product (DP) facility structurally topped out; on track for operations in 2027 + WuXi XDC mAb/bioconjugate suite achieved GMP ❖ 3 pre-filled syringe (PFS) lines, 2 vial lines for l
Slide 33: Expanding Manufacturing Capacity in China in Response to Customer Demand
Expanding Manufacturing Capacity in China in Response to Strong Customer Demand Microbial manufacturing site in Chengdu MFG17 in Fengxian, Shanghai Transcenta • GMP release targeted by YE2026 • Completed 1st GMP production • Recently announced proposed campaign with zero deviations acquisition of Tr
Slide 34: Digital Platforms Drive Speed, Quality & Operational Efficiency
Digital Platforms Drive Speed, Quality & Operational Efficiency Lab Core Operating Systems & Analytics Win and Serve Our Clients to Accelerate Discovery & Development Manufacturing & Quality Control One-Stop Client Portal BioFoundry EBR + Best-in-class digital client experience + Digital twin repres
Slide 35: PatroLab: Bioprocess Digital Twin Platform at WuXi Biologics
PatroLab : A Platform Solution For Bioprocess Digital Twin Implementation at WuXi Biologics Raman Data Acquisition and Repository Process Knowledge Hub Process Orchestration Interface Raman Spectroscopy Multi-Source Data Integration Model Visualization + Inline process data: OSI PI system + Offline
Slide 36: BestChrom Divestiture: Portfolio Optimization to Enhance Strategic Focus
BestChrom Divestiture: Portfolio Optimization to Enhance Strategic Focus BestChrom 51.1% owned subsidiary focused on biologics purification media & chromatography columns WuXi Bio first invested in BestChrom in 2019 to strengthen supply security and has supported its growth since. With the original
Slide 37: Advanced Technology Platforms – Cornerstone of Future Success
Advanced Technology Platforms – Cornerstone of Future Success 04
Slide 38: Expanding Proprietary ADC Technologies Across Conjugation, Linkers & Payloads
Expanding Proprietary ADC Technologies Across Conjugation, Linkers & Payloads Broadening proprietary ADC technology platforms with increasing project adoption & clinical validation WuXiDARxTM WuXi Payload-LinkerTM Flexible DAR control without antibody engineering or Offering a variety of PLs with fa
Slide 39: Next-Gen Targeted Integration Platform Accelerates Cell Line Development
Next-Gen Targeted Integration Platform Accelerates Cell Line Development WuXiaTM Platform Random Integration Semi-Targeted Integration Targeted Integration Technology Innovation 2010 2019 2025 2.0 3.0 Clone Diversity Clone Stability Historical Current 3,000+ cells screened to < 30 cells screened to
Slide 40: Improves Client Economics While Expanding WuXi Bio Value Capture
Improves Client Economics While Expanding WuXi Bio Value Capture Rapid Adoption Across Multiple • Accelerated development timelines support higher-margin development Modalities offerings • Higher titer & productivity reduce COGS significantly, a win-win for WuXi Bio and clients Others 23% o Expected
Slide 41: WBS and ESG as Key Components of Business Strategy
WBS (WuXi Bio Business System) 05 and ESG as Key Components of Business Strategy
Slide 42: WuXi Bio Business System H1 2026 Highlights
WuXi Bio Business System H1 2026 Highlights Premier Revenue Labor Quality Efficiency Enhance reporting standards Enhance customer retention Deploy digital initiatives Mitigate quality risk Expand into new business Implement standard work 1.5 Points 55 Material Cost Saving Optimize material usage Cos
Slide 43: Trustworthy Partner with a Strong Sustainability Commitment
Trustworthy Partner with a Strong Sustainability Commitment Align with United Nations Sustainable Development Goals Join International Sustainable Development Initiatives Industry Leader with Outstanding ESG Performance Trusted Partner to Enable Global Clients S&P Dow Jones Best-in-Class Indices MSC
Slide 44: Summary & Outlook
Summary & Outlook 06
Slide 45: Three High-Growth Modalities Powering WuXi Bio's Accelerated Growth
Three High-Growth Modalities Powering WuXi Bio’s Accelerated Growth Bi- & ADCs mAbs & Multi-Specifics Other Proteins • 221 bi- & multi-specifics in • 328 ADCs in pipeline, high • 487 mAbs and other proteins pipeline, high growth modality at growth modality at WuXi Bio in pipeline, with multiple WuXi
Slide 46: Technology Leadership & Execution Excellence Position WuXi Bio for Accelerating Growth
Technology Leadership & Execution Excellence Position WuXi Bio for Accelerating Growth H1 2026 Summary Outlook • Revenue +23.4% YoY in USD with GPM +350bps YoY, FY2026: raising revenue growth to 20 – 23% YoY in constant reflecting continued operating leverage currency (vs prior 16-20% YoY); 15 – 18%
Slide 47: WuXi Biologics
WuXi Biologics Every Biologic Can Be Made | Premier Quality | Innovative Technologies | Perfect Execution | Fast Speed | Competitive Cost
WuXi Biologics (Cayman) — H1 2026 Earnings Presentation on 6ix