Wuxi Xdc Cayman, Inc. · HKEX:2268
Wuxi Xdc Cayman — FY2024 Earnings Presentation
31 slides from Wuxi Xdc Cayman's earnings presentation, Mar 24, 2025
Slide 1: Inside Information: 2024 Annual 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 board statement
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: WuXi XDC 2024 Annual Results
Stock Code: 2268.HK WuXi XDC 2024 Annual Results 25 March, 2025 | Hong Kong
Slide 4: Disclaimer
Disclaimer 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
Slide 5: Contents
WuXi XDC: Pure-player and the Best CRDMO Winner for Bioconjugates Contents Winner of the “Best CDMO” World ADC Awards 2023, 2024 1 2024 Key Highlights 2 Business and Operation Updates 3 Financial Performance 4 Q&A 3
Slide 6: 2024 Key Highlights
7 01 2024 Key Highlights —————
Slide 7: The Leading Bioconjugates CRDMO Platform
The Leading Bioconjugates CRDMO Platform Single-Source ADC/XDC Manufacturing Capacity and Global Dual-Sourcing Footprint Bioconjugate Research and Development Conjugation Bioconjugate DS (Drug Formulation Process DS/DP Payload-linker Substance) Development and DP Manufacturing (Small molecules) (Dru
Slide 8: Strong Growth Momentum and Exceptional Financial Results
Strong Growth Momentum and Exceptional Financial Results Adj. EBITDA Projects and Customers Operation Achievements Key Financial Results (RMB) 499 Global customers(1) Revenue Best 4,052 Mn 53 Newly signed iCMC projects Bioconjugate 91% YoY CRDMO Net Profit 194 Ongoing iCMC projects 100% 1,070 Mn Del
Slide 9: Business and Operation Updates
02 Business and Operation Updates
Slide 10: Our Business Model Continues to Win Customers and Projects Globally
Our Business Model Continues to Win Customers and Projects Globally Number of Projects Through “Enable – Follow – Win” Strategy “R” "Research”: Enable discovery to PCC 681 Discovery(1) / 427 (3) 45 projects advanced from discovery to iCMC stage (1) 102 Preclinical / 84 (3) "Development": Faster rout
Slide 11: Expanding Influence: Growing Customer Base, Project Quality, and Leadership in Bioconjugates
Expanding Influence: Growing Customer Base, Project Quality, and Leadership in Bioconjugates A Fast-Growing Customer Base Growing Multinational Pharma Presence Cumulative +154 499 +80 345 13 ~32% 265 out of 20 Global pharma customers from Revenue contributed by “Top 20 Pharmaceutical “Top 20 Pharmac
Slide 12: Strong Revenue Growth Underpinned by Diversified Project Status and Region
Strong Revenue Growth Underpinned by Diversified Project Status and Region Revenue Breakdown by Project Status Both pre-IND and post-IND Revenue 2022 2023 2024 Increased Significantly Total Revenue 990.4 2,123.8 4,052.3 (RMB mm) • Pre-IND Revenue: Rapid growth highlights our strong “R” and “D” 38% c
Slide 13: Continuous Investment in Frontier Technology
Continuous Investment in Frontier Technology Industry Trend of ADC Design Conjugation Technology Linker Technology Novel Payload - Homogenous ADC - Enhanced stability until - Suitable potency - Site-specific conjugation reaching target site - Bystander functionality - Improved hydrophilicity - Novel
Slide 14: Enable Clients With Cutting-edge Conjugation and Payload-Linker Technologies
Enable Clients With Cutting-edge Conjugation and Payload-Linker Technologies ✓ Enable Customer’s ✓ In-house Proprietary ✓ External Partnerships Technologies in CMC Conjugation Technology Development and MFG • CysLink:thiol-rebridging connector • Flexible DAR and improved that is fully compatible wit
Slide 15: Our Extensive Discovery and CMC Experience: Over 14,000 Molecules
Our Extensive Discovery and CMC Experience: Unmatched Diverse Solutions from Over 14,000 Molecules .. With Various Targets and Experience Diversified Projects .. Payload-linker Offerings Diversified Targets ADC Projects 14,000+ HER3 CLDN18.2 Bioconjugate molecules CLDN6 ROR1 513 177 ROR2 DLL3 discov
Slide 16: Accelerating ADC/XDC Innovation: R&D Activities in 2024
Accelerating ADC/XDC Innovation: Differentiated and Abundant R&D Activities in 2024 Total 4,200+ ADC/XDC Molecules Explored in 2024 ~2,800 ~1,400 ADC Molecules XDC Molecules 600+ ~630 ~67% (~45%) 2,300+ ~2,600 ~33% ~200 (~14%) (1) ~410 (~30%) (1) Novel ADCs Novel XDC Modalities ~100 Bispecific ADC D
Slide 17: Global Expansion of Our Manufacturing Facilities
Global Expansion of Our Manufacturing Facilities Wuxi site Changzhou site Shanghai site mAb Payload- Payload-linker intermediate linker Manufacturing Global R&D Center & DS DP Singapore site “All-in-one manufacturing” for the Designed for entire bioconjugates supply chain is in full 2,000+(1) commer
Slide 18: Wuxi Site: All-in-One Manufacturing Facility Fully Operational
Wuxi Site: All-in-One Manufacturing Facility Fully Operational for Clinical and CMO Projects Wuxi Site 2024 Milestones Service Scopes 1 Antibody/Protein 2,000L 50L Intermediates From to 2 150L Payload Linker Up to 2,000L 3 DS 5L Manufacturing From to 4 8 m vials/y More vials DP Manufacturing Site Ar
Slide 19: Singapore Site: Cornerstone for Commercial Manufacturing
Singapore Site: Cornerstone for Commercial Manufacturing Latest Construction Status - March 2025 Service Scopes 1 2,000L Antibody/Protein Up to Intermediates 2,000L 2 DS Manufacturing Up to 8 m vials More vials 3 DP Manufacturing Operational by the end of 2025 A Modular Fabrication MFG Site Better S
Slide 20: 2025: Continued Sustainable Growth
2025: Continued Sustainable Growth 1 2 3 4 Continue to Wuxi site DP3 on- Focus on quality Ready for execute projects time start-up, growth with more international (incl. PPQs) with Singapore site late-stage project commercial project high success rate build-out and wins delivery timely delivery 18
Slide 21: Financial Performance
7 03 Financial Performance ———
Slide 22: Superior Financial Results and Strong Growth Momentum
Superior Financial Results and Strong Growth Momentum Revenue Gross Profit RMB mm RMB mm 26.4% 26.3% 30.6% 4,052.3 1,239.8 2,123.8 559.6 990.4 261.1 2022 2023 2024 2022 2023 2024 Adj. Net Profit Before Interest Income and Expense Adj. Net Profit (1） Net Profit RMB mm RMB mm RMB mm 19.5% 17.2% 24.5%
Slide 23: 2024 Margin Analysis
2024 Margin Analysis Gross Profit Margin Factors attributed to gross profit margin improvement in 2024 +4.3 pps ➢ Further improving utilization rate of existing facilities 30.6% ➢ Swift ramp-up of new production line (BCM2 L1) 26.4% 26.3% ➢ Enhanced overall operation and manufacturing efficiency 202
Slide 24: Solid Growth of Backlog and Newly Signed Contract Values
Solid Growth of Backlog and Newly Signed Contract Values Number of Projects Through “Enable – Follow – Win” Strategy Solid Backlog Growth USD mm “R” 681 Discovery(1) / 427 (3) 991 579 102 Preclinical / 84 (3) 318 58 Phase I / 38 (3) 2022 2023 2024 “D” 92 ongoing 18 Phase II / 13 (3) post-IND • Total
Slide 25: Continuous Capex Investment to Meet Increasing Global Demands
Continuous Capex Investment to Meet Increasing Global Demands Capex 2024 and 2025 Forecast Project 2024 2025 RMB mm Wuxi site 1,535 BCM2 Line 2 GMP launch 110 1,400+ DP3 GMP launch 150+ DP5 Lab and MFG Facility Expansion 927 ~800 Singapore site Capex Operation in 2025 • Singapore site expect to comm
Slide 26: Strong Balance Sheet and Cash Generation Capability
Strong Balance Sheet and Cash Generation Capability to Safeguard Future Capex Project Cash and Cash Equivalent Operating Cash Flow to Debt Interest Coverage Ratio RMB mm 4,048 29% 3,540 27% 358.0 X 95.0 X 2023 2024 2024 Industry Average 2024 Industry Average Notes: 1. Industry average is derived fro
Slide 27: We Are Poised For Future Growth
We Are Poised For Future Growth CAGR 2024 Exceed industry average(1) 2030 Company Strategy • Industry leading technologies, with multiple in-house TECHNOLOGY technologies and broad partnerships PIONEER • Global bioconjugate CRDMO leader in ADC and XDC CUSTOMER • Broader and deeper coverage of top MN
Slide 28: Appendix
} Appendix EE ——E
Slide 29: Consolidated Income Statements
Consolidated Income Statements Year ended December 31 RMB'000 2024 2023 Revenue 4,052,320 2,123,839 Cost of sales (2,812,474) (1,564,281) Gross profit 1,239,846 559,558 Other income 229,897 92,305 Other gains and losses 80,383 (43,871) Impairment losses (recognized) reversed, under expected credit l
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets Year ended December 31 RMB'000 2024 2023 Non-current assets Property, plant and equipment 2,724,526 1,246,234 Investment property 12,006 12,409 Right-of-use assets 17,271 2,145 Goodwill 215,193 215,193 Intangible assets 44,744 52,946 Deferred tax assets 8,742 6,267 Other
Slide 31: Consolidated Balance Sheets (Cont'd)
Consolidated Balance Sheets (Cont’d) Year ended December 31 RMB'000 2024 2023 Current liabilities Trade and other payables 1,408,876 915,386 Borrowings 478,000 - Contract liabilities 504,250 328,322 Income tax payable 72,091 34,455 Lease liabilities 3,275 1,247 Total Current liabilities 2,466,492 1,