Wuxi Biologics (cayman) Inc. · HKEX:2269
Wuxi Biologics (cayman) — FY2024 Earnings Presentation
46 slides from Wuxi Biologics (cayman)'s earnings presentation, Mar 25, 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 conference call details
Please use the links provided above to complete the online registration process in advance of the conference calls. 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
Slide 3: Poised for Accelerated Growth - 2024 Annual Results
Poised for Accelerated Growth 2024 Annual Results March 2025 Stock Code: 2269.HK
Slide 4: 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 5: Contents
CONTENTS 01 2024 Annual Results 02 FY2024 Financials Review Innovative Technology Platforms 03 Operation & Business Updates 04 Propel Future Success WBS & ESG as Key Components 05 of Business Strategy 06 Summary & Outlook
Slide 6: 2024 Annual Results
01 2024 Annual Results
Slide 7: 2024 Highlights
698 → 817 17.0 → 18.7 17.0% 9.6% Integrated Projects YoY Revenue (RMB Bn) YoY 13.1% 7.0 → 8.0 14.4% Non-COVID Revenue Growth (YoY) Adj EBITDA (RMB Bn) YoY 4.9 → 5.4 9.0% 151 New Projects Added Adj Net Profit (RMB Bn) YoY 16 → 21 45.4% 31.3% Commercial Projects YoY (excl. COVID) Adj Gross Profit Marg
Slide 8: Core Revenue Has Consistently Grown over the Past Decade
Core Revenue Has Consistently Grown over the Past Decade Non-COVID Revenue Delivered Sustainable Growth over the Past Decade 18,675.4 RMB (mm) non-COVID COVID 17,034.3 528.3 15,268.7 3,283.4 10,290.1 18,675.4 2,928.4 16,506.0 5,612.4 11,985.3 3,983.7 1,129.5 7,361.7 2,534.5 1,618.8 3,983.7 4,482.9 5
Slide 9: Expansion in Research Services and Late-Phase/CMO Projects to Drive Revenue Growth
Expansion in Research Services and Late-Phase/CMO Projects to Drive Revenue Growth Non-COVID Revenue Achieved Stable Growth By Project Phase RMB RMB (mm) (mm) 18,675.4 18,675.4 17,034.3 312.7 17,034.3 284.5 528.3 7,485.0 7,731.5 +13.1% 18,675.4 3,815.5 16,506.0 3,616.5 7,062.2 5,401.8 2023 2024 2023
Slide 10: Revenue by Geography
Revenue by Geography North EU America -15.9% YoY China ROW(1) + Low single digit YoY excl. COVID & -9.6% YoY +19.7% YoY +32.5% YoY lumpy upfront payments 57.3% of Revenue 23.1% of Revenue 15.1% of Revenue 4.5% of Revenue • North America: Solid revenue growth of 32.5% YoY amid a dynamic geopolitical
Slide 11: New Projects Added in 2024 Reflecting Recovery of Global Biotech
151 New Projects Added in 2024 Reflecting Recovery of Global Biotech & Robust Business Trend • Leveraging its robust R&D capabilities and WuXiBodyTM OMT Platform ADC Platform SDArBodYTM strong execution, the Company continued to enable customers while advancing our • “Follow and Win the Molecule” st
Slide 12: Strong COVID Execution Fuels Surge in New Project Additions Since 2020
Strong COVID Execution Fuels Surge in New Project Additions Since 2020 No. of Newly Added Integrated Projects by Year 151 138 136 132 103 58 57 59 2017 2018 2019 2020 2021 2022 2023 2024 No. of “Win-the-Molecule” Projects by year Phase III &CMO Total 20 18 18 13 10 11 11 9 6 7 5 1 1 1 2018 2019 2020
Slide 13: Backlog Remains at High Level to Support Future Growth
Backlog Remains at High Level to Support Future Growth Service Backlog • As of Dec 31, 2024, total backlog reached Upcoming Potential Milestone Fees (1) Ex-MSD vax Ex-MSD vax US$18.5 bn, of which US$10.5 bn was Backlog within 3 Years BL: 17.57 BL: 17.59 service backlog. Backlog of MSD vaccine projec
Slide 14: Rich Pipeline across All Biologics Modalities
Rich Pipeline across All Biologics Modalities Total 817 17.0% • One of the largest portfolios of complex biologics, Integrated (1) 698 consisting of mAbs, bispecifics & multispecifics, mAb 328 308 6.5% Antibody Drug Conjugates (ADCs), fusion proteins and vaccines, etc. BsAb & 151 Multispecifics(2) 1
Slide 15: FY2024 Financials Review
FY2024 Financials Review 02
Slide 16: FY2024 Financial Performance
FY2024 Financial Performance Revenue IFRS Gross Profit 45.6% 48.8% 50.6% 50.0% 45.3% 45.4% RMB mm 41.6% 45.1% 46.9% 44.0% 40.1% 41.0% 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 5,612.4 2,533.0 3,983.7 1,658.8 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024
Slide 17: 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 1,692.7 1,688.9 1,010.3 1,013.8 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Basic EPS (1) Adjusted Basic EPS (1) RMB
Slide 18: Gross Profit and Breakdown of Cost of Sales
Gross Profit and Breakdown of Cost of Sales Cost of Services as % of Revenue Adj. GM (%) 45.6% 48.8% 50.6% 50.0% 45.3% 45.4% IFRS GM (%) 41.6% 45.1% 46.9% 44.0% 40.1% 41.0% 58.4% 59.9% 59.0% 54.9% 56.0% 53.1% 18.0% 14.7% 20.7% 20.8% 17.4% 13.4% 18.4% 21.1% 19.3% 16.8% 22.7% 19.5% 22.0% 20.7% 20.2% 1
Slide 19: Liquidity
Liquidity • Available funds approx. RMB10.7 bn as of Dec 31, 2024 AVAILABLE FUNDS • Gearing Ratio 5.8%, expect to have sufficient funds to sustain our growth • 2024 CAPEX approx. RMB3.9 bn, primarily allocated to the expansion of Biologics CAPEX and XDC facilities in Singapore, as well as XDC’s expa
Slide 20: Operation & Business Updates
03 Operation & Business Updates
Slide 21: Research Services: Reaching an Inflection Point Following Years of Strategic Cultivation
Research Services: Reaching an Inflection Point Following Years of Strategic Cultivation • Enabled 7 global programs for molecules discovery through our Research platform in 2024 o Eligible to receive ~US$140M in near-term payments & total potential payments exceeding US$2.3B • To date, enabled 50+
Slide 22: Research Services Have Enabled 50+ Programs for Global Clients to Date
Research Services Have Enabled 50+ Programs for Global Clients to Date R Project Distribution by Phase (as of Feb’25) CMO e.g. Gloria PD-1, CStone PD-L1; low-single digit royalty Phase III e.g. RCUS/GILD PD-1; royalty up to 10% of product sales 45%+ of programs are sponsored by ex-China clients Phas
Slide 23: Accelerating IND Timelines
Accelerating IND Timelines: 9-month Packages with GMP Materials Produced in North America 9-Month from DNA to IND Accelerated Timeline for mAb (GMP DS & DP mfg. in Cranbury, NJ) ▪ Leveraging deep PD expertise from China team ▪ MCB and GMP DS/DP all stored in US for future resupply ▪ One-stop service
Slide 24: Biopharma Licensing Collaborations: Win-Win as New Asset Owners Expand Service Utilization
Biopharma Licensing Collaborations: Win-Win as New Asset Owners Expand Service Utilization & Award More Contracts Total Contracts Signed Post Biopharma Licensing Collaboration1 • WuXi Bio held a leading position among bio- partnering programs utilizing CDMOs in 20242 2,355 Total Contract Value (M$)
Slide 25: Our Proven Track Record in INDs Has Been Enabling Clients' Success
Our Proven Track Record in INDs Has Been Enabling Clients’ Success ◼ Enabled a total of 607 INDs by the end of 2024 Track ◼ 124 INDs filed in 2024 Record ◼ Capacity for 150 INDs and 12 BLAs/MAAs per year Numbers of INDs Filed (By Year) 123 123 124 Q1 Q2 Q3 Q4 100 25 21 33 39 36 39 65 32 38 37 22 31
Slide 26: Global End-to-End Capabilities to Deliver Integrated R, D & M Services
Global End-to-End Capabilities to Deliver Integrated R, D & M Services Global CRDMO: 4 R centers 8 D centers 9 M centers R: Shanghai WGQ, Shanghai FX, Chengdu, Boston D: Shanghai WGQ, Wuxi, Shanghai FX, Hangzhou, Suzhou, Chengdu, Cranbury NJ and Singapore M: Wuxi, Hebei, Chengdu, Hangzhou, Wuppertal
Slide 27: Global Site Updates
Global Site Updates • All three manufacturing facilities (MFG6.1, • Largest facility with single-use technology • Lifting of fabricated modules for XDC MFG6.2, and MFG7) received GMP approval in the U.S. Production Facility has been completed from the Irish Health Products Regulatory o Upstream 6 x
Slide 28: Scheduled PPQs Underpin Future CMO Growth
Scheduled PPQs Underpin Future CMO Growth # PPQs1 (cumulative) 31% • 16 PPQs completed in 2024, 24 PPQs scheduled for 2025E. 116 101 77 61 • PPQs scheduled for 2025E & 42 22 2026E are based on current 6 12 2019 2020 2021 2022 2023 2024 2025E 2026E contracts, providing visibility. # PPQs (by year) •
Slide 29: Proven & Reliable Quality: A Key Driver of 100% BLA Success for Clients
Proven & Reliable Quality: A Key Driver of 100% BLA Success for Clients Meeting or Exceeding Global Regulatory Standards 22 total inspections from EMA and FDA Regulatory Inspections & License Approvals 100% successfully passed PAI 6 on-site inspections from both EMA and FDA since 2023 ▪ 1Q’24: 13 su
Slide 30: Digital Solutions to Accelerate Science
Digital Solutions to Accelerate Science Lab Core Operating Systems and Analytics Win and Serve Our Clients Manufacturing & Quality Control to Accelerate Discovery and Development DaVinci Client Portal BioFoundry EBR Best-in-class digital client experience with Digital twin representation of our phys
Slide 31: Innovative Technology Platforms Propel Future Success
Innovative Technology Platforms Propel Future Success 04
Slide 32: Leading Immune Cell Engager (ICE) Technologies: Beyond TCEs
Leading Immune Cell Engager (ICE) Technologies: Beyond TCEs 30
Slide 33: 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 that is fully compatible with • Flexible DAR and improve
Slide 34: 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) 100 Scale out batches 16,000L, 5, 2% 4,000L, 6, 2% 80 77 77 66 6,000L, 82, 27% 60 41 40 20 16 17 8,000L, 12
Slide 35: WBS and ESG as Key Components of Business Strategy
WBS and ESG as Key 05 Components of Business Strategy
Slide 36: WBS 2024 Highlights
WBS 2024 Highlights 1 point improvement in Premier Quality Reduce quality deviation Revenue Enhance customer retention Labor Efficiency Deployment on digital gross margin Improve on-time delivery Expand into new business initiatives and agile Capacity optimization organization 260+ Cash Flow Enhance
Slide 37: Innovative Green CRDMO End-to-End Solutions for Sustainable Success
Innovative Green CRDMO End-to-End Solutions for Sustainable Success Green Research (R) Green Development (D) Green Manufacturing (M) Single-Use Technology (SUT) Scale-Out Biomanufacturing Continuous Manufacturing Process Lean Manufacturing by WBS WuXiBody™ Proprietary Universal WuXiUI™ Ultra-Intensi
Slide 38: WuXiUI Platform: Reducing Environmental Impact Through Innovation
WuXiUITM Platform: Reducing Environmental Impact Through Innovation Up to 60% Up to 80% SUT Reductions of Environmental Impacts Reductions of Product Carbon Footprint Climate Change Impact Ozone Depletion Impact Project Technology Year tCO2e /g protein Acidification Impact Photochemical Ozone… Proje
Slide 39: 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 ESG Leaders Indexes Global 1% (2023-2024) (2023-2024) (2023-2025) Sustainalytics Leadership Awards FTSE4Good Emerging Index Industry & Regional Top
Slide 40: Summary & Outlook
Summary & Outlook 06
Slide 41: 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 42: FY25 Poised for Accelerated Profitable Growth, Building on a Solid FY24
FY25 Poised for Accelerated Profitable Growth, Building on a Solid FY24 2024: Post-Covid Normalization & Transition ◆ Expect 2025 revenue growth in the • Group revenue grew 9.6% YoY (with non-covid revenue up 13.1% YoY), while adjusted net profit increased 9.0% YoY and range of 12-15%, 17-20% for ad
Slide 43: Appendix
Appendix a
Slide 44: 2024 Financial Summary
2024 Financial Summary (RMB million) 2024 2023 Change Revenue 18,675.4 17,034.3 9.6% Cost of Sales (11,024.6) (10,206.4) Gross Profit 7,650.8 6,827.9 12.1% Other Income 588.1 416.7 Impairment Losses under ECL Model, Net of Reversal (151.8) (320.0) Other Gains and Losses (181.6) 36.5 Selling and Mark
Slide 45: Reconciliation for Adjusted Net Profit and Adjusted EBITDA
Reconciliation for Adjusted Net Profit and Adjusted EBITDA (RMB million) 2024 2023 Change Adjusted Net Profit Reconciliation Net Profit 3,945.4 3,570.6 Share-based Compensation Expense 1,215.6 1,274.1 Foreign Exchange Loss (Gain) 97.6 (5.7) (Gain) Loss from Equity Investments 138.3 57.8 Listing Expe
Slide 46: WuXi Bio Vision and Mission
WuXi Bio Vision Every biologic can be made WuXi Bio Mission Accelerate and transform the discovery, development and manufacturing of biologics to enable our global partners and benefit patients worldwide
WuXi Biologics (Cayman) — FY2024 Earnings Presentation on 6ix