Wuxi Biologics (cayman) Inc. · HKEX:2269
Wuxi Biologics (cayman) — WuXi Biologics — H1 2025 Earnings Presentation
39 slides from Wuxi Biologics (cayman)'s earnings presentation, August 2025
Slide 1: CRDMO Business Model: Accelerating Growth
CRDMO Business Model: Accelerating Growth 2025 Interim Results August 2025 Stock Code: 2269.HK
Slide 2: Forward-Looking Statements; Use of Adjusted Financial Measures
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 Interim Results 02 1H 2025 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 4: 2025 Interim Results
01 2025 Interim Results
Slide 5: 1H 2025 Key Highlights
742 → 864 8.6 → 10.0 16.4% 16.1% Integrated Projects YoY Revenue (RMB Bn) YoY 86 3.6 → 4.3 20.6% New Projects Added Adj EBITDA (RMB Bn) YoY 16 → 24 50% 2.5 → 2.8 11.6% Commercial Projects YoY Adj Net Profit (RMB Bn) YoY 18.5 → 20.3 360bps Total Backlog (US$ Bn) (Dec 24 → Jun 25) 39.1% → 42.7% Gross
Slide 6: Revenue by Phase
Revenue by Phase By Project Phase RMB 9,953.2 (mm) 186.9 • Pre-IND revenue rose 35.2% YoY in 1H 8,574.2 2025, driven by revenue conversion of 178.8 wins across R services and pre-IND 4,288.9 development. 3,434.4 • Early-phase revenue declined 29.7% YoY in 1H 2025, primarily reflecting multiple 1,330
Slide 7: Record New Projects Added in 1H 2025
A 1H Record of 86 New Projects Added in 1H 2025, Highlight Continued Customer Demand & Execution Strength • With leading technology, proven execution, and a growing global WuXiBodyTM OMT Platform ADC Platform SDArBodYTM platform, the Company added 86 new integrated projects in 1H 2025 - reinforcing
Slide 8: Backlog Remains at High Level to Support Future Growth
Backlog Remains at High Level to Support Future Growth Service Backlog • As of Jun 30, 2025, total backlog Upcoming Potential Milestone Fees (1) Ex-MSD vax Ex-MSD vax reached US$20.3 bn, of which US$11.4 Backlog within 3 Years Ex-MSD vax bn was service backlog. BL: 17.57 BL: 17.59 BL: 17.11 Backlog
Slide 9: Rich Pipeline across All Biologics Modalities
Rich Pipeline across All Biologics Modalities • 338 First-in-class programs Total 864 16.4% • 168 bi- & multi-specifics covering different formats, Integrated (1) 742 several in phase III and commercial stage. Leveraging 326 the Company’s deep expertise and end-to-end mAb 3.2% 316 capabilities, WuXi
Slide 10: Revenue by Geography
Revenue by Geography North EU China ROW (1) America +5.7% YoY -8.5% YoY +136.1% YoY +20.1% YoY 60.5% of Revenue 19.8% of Revenue 13.0% of Revenue 6.7% of Revenue • North America: Revenue grew 20.1% YoY, driven by pre-IND momentum and expanded late-stage & CMO activities — highlighting sustained dema
Slide 11: 1H 2025 Financials Review
1H 2025 Financials Review 02
Slide 12: 1H 2025 Financial Performance
1H 2025 Financial Performance Revenue IFRS Gross Profit 48.8% 50.6% 50.0% 45.3% 45.4% 44.4% 45.6% RMB mm 45.1% 46.9% 44.0% 40.1% 41.0% 39.1% 42.7% 18,675.4 RMB mm 17,034.3 7,650.8 15,268.7 6,724.0 6,827.9 10,290.1 4,828.9 9,953.2 4,252.9 8,574.2 3,350.0 5,612.4 2,533.0 2020 2021 2022 2023 2024 1H 20
Slide 13: Key Profit Metrics
Key Profit Metrics IFRS Net Profit IFRS Net Profit Attributable to Owners of the Company RMB mm RMB mm 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 2,339.3 1,692.7 1,780.3 1,688.9 1,499.1 2020 2021 2022 2023 2024 1H 2024 1H 2025 2020 2021 2022 2023 2024 1H 2024 1H 2025 Bas
Slide 14: Gross Profit and Breakdown of Cost of Sales
Gross Profit and Breakdown of Cost of Sales Cost of Services as % of Revenue Adj. GM (%) 48.8% 50.6% 50.0% 45.3% 45.4% 44.4% 45.6% IFRS GM (%) 45.1% 46.9% 44.0% 40.1% 41.0% 39.1% 42.7% 59.9% 59.0% 60.9% 56.0% 57.3% 54.9% 53.1% 14.7% 20.7% 20.8% 22.2% 17.4% 13.4% 21.2% 21.1% 19.3% 16.8% 22.7% 19.5% 1
Slide 15: Liquidity
Liquidity • Available funds approx. RMB12.5 bn as of June 30, 2025 AVAILABLE FUNDS • Gearing Ratio 5.6%, expect to have sufficient funds to sustain our growth • 1H 2025 CAPEX approx. RMB1.9 bn, primarily allocated to the expansion of Biologics and XDC facilities in Singapore, Biologics facility in U
Slide 16: Operation & Business Updates
03 Operation & Business Updates
Slide 17: R-D-M Revenue Potential for Projects Embedded with WXB Proprietary Tech
R-D-M Revenue Potential for Projects Embedded with WXB Proprietary Tech Most programs CD3 TCEs programs Revenue GPM% Revenue GPM% R 80%+ 80%+ Upfront payment(1x) up to $30+m up to $40+m Milestone (cumulative) up to $200m+ up to $200m+ up to $100m/yr for every $1b up to $100m/yr for every $1b Sales r
Slide 18: Research Services Have Enabled 50+ Programs for Global Clients
Research Services Have Enabled 50+ Programs for Global Clients to Date R Project Distribution by Phase CMO e.g. Gloria PD-1, CStone PD-L1; low-single digit royalty Phase III e.g. RCUS/GILD PD-1; royalty 7 - 10% of drug sales ~50% of programs are sponsored by ex-China clients Phase II e.g. Duality DB
Slide 19: Biopharma Licensing: Win-Win as New Asset Owners Expand Service Utilization
Biopharma Licensing: Win-Win as New Asset Owners Expand Service Utilization & Award More Contracts The Contracts Signed Post Biopharma • WuXi Bio held a leading position among bio- Licensing Collaboration1 partnering programs utilizing CDMOs in 20242 Total Contract Value ($M) 2,757 • Total contracts
Slide 20: Scheduled PPQs Underpin Future CMO Growth
Scheduled PPQs Underpin Future CMO Growth # PPQs1 (cumulative) 32% • 25 PPQs scheduled for 2025E. 129 102 77 • PPQs scheduled for 2025E 61 42 & 2026E are based on 22 12 6 current contracts, providing 2019 2020 2021 2022 2023 2024 2025E 2026E visibility. # PPQs (by year) • 98%+ success rate for PPQ b
Slide 21: Global End-to-End Capabilities to Deliver Integrated R, D & M Services
Global End-to-End Capabilities to Deliver Integrated R, D & M Services 3 RDM hubs ~500,000 L 16 DS Facilities 9 DP Facilities Bioreactor Capacity EU/US, Singapore, and China 24,000L E 42,000L E 150 INDs / Annual Project Capacity 54,000L 251,000L E 12 Ireland BLAs / Annual Germany 120,000L E Project
Slide 22: Global Site Updates
Global Site Updates • MFG6.2 successfully completed its first Massachusetts • The first commercial PPQ campaign engineering and PPQ runs • MFG11 likely the largest facility with was completed at the 15,000L line in single-use technology in the U.S. • MFG7 completed its second 12,000L o Upstream 6 x
Slide 23: Singapore Site Updates
Singapore Site Updates 15 months from pilling start to WuXi XDC Mechanical Completion Jan 2024 Mar 2024 • Construction for a new modular Drug Product (DP) facility has begun. Design work is underway for a planned drug substance (DS) modular facility. Nov 2024 Aug 2024 • Mechanical completion at the
Slide 24: Quality is One of Our Key Competitive Advantages
QUALITY is One of Our Key Competitive Advantages Number of License Approvals: 81 (115 by Facility) Number of Regulatory Inspections Completed: 44 Agency Facility MFG1 MFG2F MFG2P MFG4 MFG5 DP1 DP2 DP4 DP5 MFG3(CB) MFG3 DP7 WBPXXX WBPXXX/ WBPXXX * New WBPXXX WBPXXX WBPXXX WBPXXX WBPXXX 1 FDA (12) WBP
Slide 25: Key Quality and Regulatory Indicators: Favorable Results in Client Audits
Key Quality and Regulatory Indicators: Consistently Achieving Favorable Results in Client Audits Major Findings per Audit Major finding Rate 1.45 Critical+ Major Findings Received audit reports 65 0.84 65 64 63 63 0.65 61 62 58 0.67 55 56 55 0.55 0.49 53 50 0.33 48 46 45 41 38 36 37 36 35 32 27 29 2
Slide 26: Digital Solutions to Accelerate Science
Digital Solutions to Accelerate Science Lab Core Operating Systems and Analytics Win and Serve Our Clients to Accelerate Discovery and Development Manufacturing & Quality Control DaVinci Client Portal BioFoundry EBR Best-in-class digital client experience with Digital twin representation of our phys
Slide 27: Revenue per FTE on the Upward Trajectory
Revenue per FTE on the Upward Trajectory US$ 000’ Revenue per FTE 250 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 2025E (1) • Revenue per FTE set to grow sustainably, supported by efficiency gains from Digital and WBS, alongside higher-margin revenues from upfront payments, milestones,
Slide 28: Advanced Technology Platforms – Cornerstone of Future Success
Advanced Technology Platforms – Cornerstone of Future Success 04
Slide 29: Ongoing Commitment to Cutting-Edge Technologies
Ongoing Commitment to Cutting-Edge Technologies, Unlocking Vast Clinical Validation Opportunities Evolving WuXi XDC Proprietary Toolbox to Seize Industry Trend Conjugation Technologies… Novel Payload-Linkers… (1) WuXiTecan-1 and X-LinC WuXiTecan-2 • The upgraded version • Launched in 2024 • Newly la
Slide 30: Single-use Technology - The Growing Industry Norm Transforming Bioprocessing
Single-use Technology - The Growing Industry Norm Transforming Bioprocessing Cost - Efficiency Sustainability • Multiple studies have shown that SUT can significantly reduce • Single-use tanks (SUTs) have a lower up-front capital investment, the environmental footprint of biomanufacturing – using le
Slide 31: Single-Use Technology Scaled Out to Large Batch Sizes
Single-Use Technology Scaled Out to Large Batch Sizes Comparable to Stainless Steel Tanks 120 Number of Successful Scale Out Batches (by year) Number of Successful Scale Out Batches (by scale) Scale out batches 16,000L, 4, 1% 100 4,000L, 6, 2% 76 77 80 6,000L, 98, 29% 66 60 48 40 31 12,000L, 200, 59
Slide 32: WuXiHigh 2.0 - Next-gen High-throughput DP Formulation Platform
WuXiHigh™2.0 - Next-gen High-throughput DP Formulation Platform Concentration Viscosity -90% • WuXiHigh™2.0 enables formulation to 230mg/ml concentrations beyond the current FDA-approved high of 200mg/mL- delivering greater flexibility in WuXiHigh™2.0 platform Reduces viscosity by up to injection vo
Slide 33: WBS and ESG as Key Components of Business Strategy
WBS and ESG as Key Components 05 of Business Strategy
Slide 34: WBS 1H 2025 Highlights
WBS 1H 2025 Highlights 1 point Premier Revenue Labor Improvement in gross margin Quality Efficiency Enhance reporting standards Enhance customer retention Deploy digital initiatives Mitigate quality risk Expand into new business Implement standard work 128+ Kaizen Projects Material Cost Expense ESG
Slide 35: Trustworthy Partner with a Strong Sustainability Commitment
Trustworthy Partner with a Strong Sustainability Commitment DJSI World Indices MSCI ESG Ratings AAA EcoVadis Platinum Medal S&P Global ESG Indices MSCI Selection Indexes Global 1% (2023-2025) (2023-2025) (2023-2025) A List – Water Security Sustainalytics Negligible-Risk A List - Supplier Engagement
Slide 36: Summary & Outlook
Summary & Outlook 06
Slide 37: CRDMO Business Model is the Most Efficient in Our Industry
We Firmly Believe that the CRDMO Business Model is the Most Efficient in Our Industry Our Three Long-Term Growth Curves transforms innovative biotech concepts R from across the globe into reality R+D+M accelerates project progress through our D+M D execution excellence & swift delivery D provides co
Slide 38: Strong 1H25 Results Reinforce Confidence; Revenue Growth Target Raised to 14%-16%
Strong 1H25 Results Reinforce Confidence; Revenue Growth Target Raised to 14% - 16% • Accelerated growth ahead 1H 2025: Strong Results Underscore Growth Trajectory o R-D-M all engines on fire; • Group revenue grew 16.1% YoY (continuing ops +20.2% YoY) and GPM o M momentum sustains, 27 PPQs scheduled
Slide 39: WuXi Biologics Vision and Mission
WuXi Biologics Vision Every biologic can be made WuXi Biologics Mission Accelerate and transform the discovery, development and manufacturing of biologics to enable our global partners and benefit patients worldwide