Wuxi Biologics (cayman) Inc. · HKEX:2269
Wuxi Biologics (cayman) — WuXi Biologics — FY2025 Earnings Presentation
46 slides from Wuxi Biologics (cayman)'s earnings presentation, March 2026
Slide 1: Scaled CRDMO Platform and Three Key Modalities Delivering Sustained High Growth
Scaled CRDMO Platform and Three Key Modalities Delivering Sustained High Growth 2025 Annual Results March 2026 Stock Code: 2269.HK
Slide 2: 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 3: Contents
CONTENTS 01 2025 Annual Results 02 FY2025 Financials Review Advanced Technology Platforms – Operation & Business Updates Cornerstone of Future Success 03 04 WBS (WuXi Bio Business System) & ESG as Key Components of 05 Business Strategy 06 Summary & Outlook
Slide 4: 2025 Annual Results
01 2025 Annual Results
Slide 5: 2025 Annual Results Key Metrics
817 → 945 18.7 → 21.8 15.7% 16.7% Integrated Projects YoY Revenue (RMB Bn) YoY 209 8.0 → 9.8 22.8% New Projects Added Adj EBITDA (RMB Bn) YoY 21 → 25 19.0% 4.8 → 5.6 17.9% Commercial Projects YoY Adj Net Profit Attributable to Owners of the Company (RMB Bn) YoY 18.5 → 23.7 41.0% → 46.0% 500bps Total
Slide 6: Record Project Additions & Funnel Progression through FY25
Record Project Additions & Funnel Progression through FY25 • Capitalizing on its leading technology, proven execution, and expanding global reach, the Company added 209 new integrated projects WuXiBodyTM OMT Platform ADC Platform SDArBodYTM in 2025, reinforcing its role as a partner of choice for bi
Slide 7: Strong Execution Fuels Surge in New Project Additions Since 2020
Strong Execution Fuels Surge in New Project Additions Since 2020, 2025 a New High No. of Newly Added Integrated Projects by Year 209 151 138 136 132 103 2020 2021 2022 2023 2024 2025 No. of “Win-the-Molecule” Projects by year Phase III &CMO Total 23 20 18 18 13 11 11 9 6 7 6 5 2020 2021 2022 2023 20
Slide 8: Tech-transfer-in Excellence Drives Win-the-Molecule Growth
Tech-transfer-in Excellence Drives Win-the-Molecule Growth, a Key Engine of Group Expansion Proven Tech-transfer-in Execution 5+ Modalities Consistent tech-transfer-in success across diverse ADC Platform biologics modalities reinforces client confidence & WtM from 2018-2025 Others partnership contin
Slide 9: 100% of Clinical-Stage Client Assets Acquired by Large Pharma Remain with WuXi Bio
100% of Clinical-Stage Client Assets Acquired by Large Pharma Remain with WuXi Bio for Commercial Launch, Driving Additional CMC Awards For 2018 – 2025, 90 client assets supported by WuXi Bio were licensed or acquired 30 25 5 10 20 15 5 32 1 3 23 10 5 18 19 5 10 10 1 2 6 2 2 An additional 32 assets
Slide 10: 2025 Revenue Growth Driven by Pre-IND & Manufacturing
2025 Revenue Growth Driven by Pre-IND & Manufacturing By Project Phase RMB (mm) 21,790.0 • Pre-IND revenue rose 31.9% YoY in 2025, 376.0 driven by revenue growth in Research 18,675.4 and Pre-IND Services. 312.7 9,460.7 • Early-phase revenue declined 30.8% YoY 7,485.0 in 2025, primarily reflecting mu
Slide 11: Diversified Geographic Growth in 2025
Diversified Geographic Growth in 2025, with China Stabilizing & ROW Accelerating North EU China ROW (1) America -5.0% YoY +16.6% YoY +69.1% YoY +18.3% YoY Flat YoY adjusted for China license-out activities 58.1% of Revenue 23.1% of Revenue 12.3% of Revenue 6.5% of Revenue • North America: Revenue gr
Slide 12: Solid Backlog Driven by Research Strength & Late-Phase/CMO Momentum
Solid Backlog Driven by Research Strength & Late-Phase/CMO Momentum Service Backlog • As of Dec 31, 2025, total backlog Upcoming Potential Milestone Fees (1) reached US$23.7 bn, of which US$11.5 Backlog within 3 Years bn was service backlog. Backlog of MSD vaccine project (20-yr) 23.72 Late-stage
Slide 13: 50%+ of Current Pipeline in Complex Modalities
50%+ of Current Pipeline in Complex Modalities Total 945 One of the largest portfolios of Integrated(1) 817 16% complex biologics mAb 341 328 4% 2/3 369 New signs First-in-Class Bi- & multi- 196 Bispecifics + ADCs programs specifics(2) 151 30% 2025 New Integrated Project Split + 196 bi- & multi-spec
Slide 14: Bi- & Multi-Specifics Established as a Core Growth Engine
Bi- & Multi-Specifics Established as a Core Growth Engine at Higher Retention Bi- & Multi-Specifics Bi- & Multi-Specifics Significantly Higher Complexity in Development and Manufacturing Pipeline Momentum Nearly 20 royalty-bearing Improves Retention • Close to 20 bi- & multi-specifics projects “R” •
Slide 15: FY2025 Financials Review
FY2025 Financials Review 02
Slide 16: FY2025 Financial Performance
FY2025 Financial Performance Revenue IFRS Gross Profit 48.8% 50.6% 50.0% 45.3% 45.4% 48.8% RMB mm 45.1% 46.9% 44.0% 40.1% 41.0% 46.0% 21,790.0 RMB mm 18,675.4 17,034.3 10,018.5 15,268.7 7,650.8 6,724.0 6,827.9 10,290.1 4,828.9 5,612.4 2,533.0 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 20
Slide 17: Key Profit Metrics Reached Record Highs in 2025
Key Profit Metrics Reached Record Highs in 2025 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 3,388.5 3,399.7 3,356.1 3,508.6 3,570.6 1,692.7 1,688.9 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Basic EPS (1
Slide 18: Gross Profit Margin Expanded to Multi-Year High in 2025
Gross Profit Margin Expanded to Multi-Year High in 2025 Cost of Services as % of Revenue Adj. GM (%) 48.8% 50.6% 50.0% 45.3% 45.4% 48.8% IFRS GM (%) 45.1% 46.9% 44.0% 40.1% 41.0% 46.0% 59.9% 59.0% 54.9% 56.0% 53.1% 54.0% 14.7% 20.7% 20.8% 17.4% 13.4% 18.8% 21.1% 19.3% 16.8% 22.7% 19.5% 18.4% 20.7% 2
Slide 19: Strong Liquidity & Cash Generation Supporting Continued Expansion
Strong Liquidity & Cash Generation Supporting Continued Expansion • Available funds approx. RMB15.7 bn as of Dec 31, 2025 AVAILABLE FUNDS • Gearing Ratio 2.0%, adequate cash on hand to sustain our growth globally • 2025 CAPEX approx. RMB3.7 bn, primarily allocated to the expansion of Biologics and C
Slide 20: Operation & Business Updates
03 Operation & Business Updates
Slide 21: Proactive Early Investment in CD3 TCE Platform
Proactive Early Investment in CD3 TCE Platform Unlocking Multi-$B Potential CD3 TCE Platform: Early strategic investment during 2016-2019 generated $205M revenue to date, with multi-billion-dollar future revenue stream 2018 2019 2022 2024 2025 2025 2025 Biopharma 9 TCEs $205M $5.2B 2-10% $80M CD3 T
Slide 22: 50+ Active Research Services Partnerships with Embedded Royalty Potential
50+ Active Research Services Partnerships with Embedded Royalty Potential from mAb, Multi-specifics to ADC R Project Distribution by Phase CMO e.g. Gloria PD-1, CStone PD-L1; low-single digit royalty e.g. RCUS/GILD PD-1; royalty 7 - 10% of drug sales; 50%+ of programs are Phase III Sino Biopharmaceu
Slide 23: Multi-Layer Royalty Framework Enhancing Value Capture
Multi-Layer Royalty Framework Enhancing Value Capture Illustrative examples for royalty economics: (US$ 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 786 IND filings by the end of 2025 Track In 2025, 156 INDs newly filed, while 125 IND clearance added Record 38 projects delivered within an industry-leading 6-month timeline Capacity for 200 INDs and 20 BLAs/MAAs
Slide 25: 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- 2025) since launch (2022 - 2025) 2,350+ 98.7% 2,260+ 99.7% [1] As of Dec. 31, 2025 [2] Data scope: Global MFG & Global MFG (US&APAC)
Slide 26: A Proven Global Regulatory & Quality Track Record
A Proven Global Regulatory & Quality Track Record Regulatory Inspections and License Approvals 46 global regulatory inspections passed, including 22 EMA & FDA inspections 136 facility license approvals and a 100% success in GMP inspections 15 facilities1 certified for GMP manufacturing 1,800+ client
Slide 27: Digital Platforms Enhancing Speed, Quality & Operational Efficiency
Digital Platforms Enhancing Speed, Quality & Operational Efficiency Lab Core Operating Systems & Analytics Win & Serve Our Clients Manufacturing & Quality Control to Accelerate Discovery & Development One-Stop Client Portal Core Lab Management System EBR + Best-in-class digital client experience wit
Slide 28: Increasing Investments in the U.S. to Enable Integrated Biologics Services
Increasing Investments in the U.S. to Enable Integrated Biologics Services Drug Substance Seamless transfer of materials, 5-hour drive samples, & products across sites MFG11: Worcester, MA (2028) • Late-stage & commercial manufacturing • 6 x 6,000 L (36,000 L) capacity Process Development 4-minute w
Slide 29: Advanced Technology Platforms – Cornerstone of Future Success
Advanced Technology Platforms – Cornerstone of Future Success 04
Slide 30: Differentiated TCE, bi- & multi-specific Ab Platforms Enabling Partner Pipelines
Differentiated TCE, bi- & multi-specific Ab Platforms Enabling Partner Pipelines CD3 TCEs Unique binding epitope Cynomolgus monkey cross-reactive Bispecific Technology Platform WuXiBodyTM Development Progress 40nM binding affinity (out-licensed, currently in collaboration) Fast-on & fast-off
Slide 31: WuXiDARx Platform: Simplified Process, Homogeneous Control, Dual-Payload Power
WuXiDARx™ Platform: Simplified Process, Homogeneous Control, Dual-Payload Power, Enabling Milestone & Royalties Monetization WuXiDAR2™ offers narrow DAR distribution with a WuXiDARx™ technology can generate dual-payload ADCs simple process, unlocking potential for next- using only the interchain cys
Slide 32: Proprietary Payload Linker Technologies Enabling Next-Gen ADCs
Proprietary Payload Linker Technologies Enabling Next-Gen ADCs Our advanced payload-linker technologies are strategically engineered to maximize therapeutic potential through 3 core innovations: Tunable payload potency balancing efficacy and safety Novel cleavage mechanisms enabling controlled d
Slide 33: Industry-leading Target Integration Cell Line Platform
Industry-leading Target Integration Cell Line Platform: 8+g/L Titer with 30 Cells Screened & IND in 6 Months 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
Slide 34: Nearly a Decade of Proven Large-Scale Manufacturing Track Record
Nearly a Decade of Proven Large-Scale Manufacturing Track Record WuXi Bio began large-scale manufacturing (≥6k L/batch) in 2017. To date, we have successfully delivered 352 batches of large-scale manufacturing Large-scale1 manufacturing capacity from Large-Scale Manufacturing Tailored Across 370k L
Slide 35: High Dose Delivery Technologies Expanding Clinical & Commercial Options
High Dose Delivery Technologies Expanding Clinical & Commercial Options High Dose Delivery Three Core Technology Solutions High Concentration (up to 240 mg/mL) SC Large Volume & Self-administration SC Large Volume (2 mL→20 mL or larger) Hyaluronan Hyaluronidase 132 Fragments Viscosity (cP) 59
Slide 36: Comprehensive DP Development Across Modalities, Formulations & Delivery Formats
Comprehensive DP Development Across Modalities, Formulations & Delivery Formats mAbs, bi- & multi-specifics, fusion proteins, ADCs, enzymes, & more Vials, pre-filled syringes, and safety devices or autoinjectors Liquid, frozen, or lyophilized dosage forms Liquid Vial Lyo Vial PFS Safety PFS Auto-Inj
Slide 37: WBS and ESG as Key Components of Business Strategy
WBS (WuXi Bio Business System) 05 and ESG as Key Components of Business Strategy
Slide 38: WuXi Bio Business System 2025 Highlights
WuXi Bio Business System 2025 Highlights 1.5 point Premier Quality Revenue Labor Efficiency Improvement in gross margin Enhance reporting standards Enhance customer retention Deploy digital initiatives Mitigate quality risk Expand into new business Implement standard work 430+ Kaizen Projects Materi
Slide 39: 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 40: End-to-End Green CRDMO Enabling Global Clients
End-to-End Green CRDMO Enabling Global Clients Green Research Green Development Green Manufacturing Green Operations Single-Use Technology (SUT) Benefits Realized* • Achieve average mAb titer 8+ g/L 39,909 Carbon Reduction/tCO2e • Developability • High flexibility • Flexibility • High Efficiency • A
Slide 41: Summary & Outlook
Summary & Outlook 06
Slide 42: Full Lifecycle R-D-M Integration as a Structural Competitive Edge
Full Lifecycle R-D-M Integration as a Structural Competitive Edge, Driving Project Retention & Growth R D M Proprietary technology Industry-leading development Proven large-scale platforms generate high- speed, execution and capacity manufacturing with flexible margin milestones & and cost-competiti
Slide 43: Three High-Growth Modalities Powering Accelerated Growth
Three High-Growth Modalities Powering WuXi Bio’s Accelerated Growth Bi- & mAbs & ADCs Multi-Specifics Other Proteins • 196 in pipeline, fastest • 252 ADCs in pipeline, high • 473 mAbs and other proteins growing modality at WuXi Bio growth modality at WuXi Bio in the pipeline, with multiple • 3 curre
Slide 44: 2H2025 Margin Improvement Highlights Medium-Term Margin Potential
2H2025 Margin Improvement Highlights Medium-Term Margin Potential 2H2025 Margin Profile Highlights Business Model Strength Business Model Strength Demonstrated 51.5% 48.7% 46.6% • 2H2025 margins highlight the earnings power of the integrated CRDMO model & its structural margin potential 31.6% • Rese
Slide 45: FY26 Continues with Accelerated Growth, Building on a Strong FY25
FY26 Continues with Accelerated Growth, Building on a Strong FY25 2025 Summary 2026 Outlook • Group revenue +16.7% YoY and GPM +500bps YoY • Revenue expected to grow 13 – 17% YoY • Revenue from Continuous Ops +20% YoY Continue to see accelerated growth in FY26 • Bi- & multi-specifics established a
Slide 46: WuXi Biologics
WuXi Biologics Every Biologic Can Be Made | Premier | | | |