WuXi AppTec : WXAT 2025 Annual Results Presentation

About this update from Wuxi Apptec Co., Ltd. Class A

WuXi AppTec 2025 Annual Results 1 March 24, 2026 01 Results Overview 02 Segment Performance 03 Financial Performance 04 Company Outlook 3 Note: Unless otherwise stated, all financials disclosed in this presentation are prepared based on IFRS. The currency is RMB. All net profit disclosed in this presentation represents net profit attributable to the owners of the Company. V%d^7' WuXi % '¥^ AppTec 2025 Revenue & Profit Both Reached Record Highs, Revenue from Continuing Operations Up 21.4% YoY, and Adjusted Non-IFRS Net Profit Up 41.3% YoY RMB billion Revenue Adjusted Non-IFRS Net Profit RMB billion Adjusted Non-IFRS NPM Discontinued Operations Continuing Operations 43.42 35.77 39.24 +15.8% +21.4% 1 Revenue from Continuing Operations 45.46 +41.3% 27.0% 32.9% 14.96 +5.9pts 10.58 2024 2025 2024 2025 5 Note: 1. YoY revenue growth of Continuing Operations. With Continuous Capacity Expansion to Better Meet Customer Demand, Backlog for Continuing Operations 1 Up 28.8% YoY as of December 31, 2025 Backlog for Continuing Operations 1 RMB billion +28.8% 56.26 58.00 53.04 48.36 45.04 37.44 38.59 31.42 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6 Note: 1. As disclosed in the 2025 Annual Report, Continuing Operations include WuXi Chemistry, WuXi Testing (not including clinical research service business), WuXi Biology and Others; historical data has been adjusted accordingly. Diversified Revenue Streams of Continuing Operations from Customers Across Regions Underpin the Stability and Resilience of the Company's Business Performance RMB billion US 31.25Bn, + 34.3% Revenue contribution: 72% Europe 4.82Bn, - 4.0% Revenue contribution: 11% China 5.47Bn, - 3.5% Revenue contribution: 13% Japan, Korea & Others 1.88Bn, + 4.1% Revenue contribution: 4% 7 Note: Revenue by region is based on the locations of customer headquarters; historical data has been adjusted accordingly if customer location changes due to M&A, etc. Driving Sustainability, Embracing Initiatives, Sustained Recognition by Leading Global Ratings Achieved "AAA" from MSCI, "A" from CDP Climate Change & Water Security, and "Gold" from EcoVadis in 2025; Near-term Received first MSCI "AAA" rating in 2025; sustained leadership ratings for 5 consecutive years Improved to the highest "A" rating in CDP Climate Change in 2025 for the first time "A" rating in CDP Water Security for 2 consecutive years in 2024-2025 "Gold" rating by EcoVadis for 2 consecutive years in 2024-2025 GHG Emissions Reduction Targets Validated by SBTi Near-term GHG emissions reduction targets validated by SBTi in 2025 8 Notes: 1. United Nations Global Compact. Pharmaceutical Supply Chain Initiative. Committed UNGC 1 participant for 2024-2025 Continued to serve as a PSCI 2 Supplier Partner in 2024-2025 Included in S&P Global Sustainability Yearbook for 4 consecutive years in 2023-2026 Unwavering Commitment to Safeguarding Customers' IP and Adhering to the Highest 60 Information Security Audits by Global Customers (2025) Standards of Quality & Compliance 741 Quality Audits & Inspections 1 by Global Customers, Regulatory Authorities & Third Parties (2025) 20 Main Sites 2 are ISO/IEC 27001 Certified 0 Critical Finding 9 Notes: 1. Including 680 audits by customers, 56 inspections by regulatory authorities, and 5 audits by independent third parties. Including all main sites in China for Continuing Operations (not including clinical research service business). V%d^7' WuXi % '¥^ AppTec WuXi Chemistry: CRDMO Business Model Drives Continuous Growth; 2025 Revenue Up 25.5% YoY, with TIDES Revenue Up 96.0% YoY RMB billion Adjusted Non-IFRS GPM 29.05 Revenue Revenue & Gross Profit Margin 46.4% 52.3% +25.5% 36.47 CRDMO Business Model Drives Continuous Growth 2025 WuXi Chemistry revenue up 25.5% YoY to 36.47bn With continued optimization of production processes and improvements in capacity efficiency driven by the growth of late-stage clinical and commercial projects, WuXi Chemistry 2025 adjusted non-IFRS GPM steadily improved 5.9pts YoY to 52.3% Small Molecule Drug Discovery (R) Continues to Generate Downstream Opportunities Successfully synthesized and delivered 420,000+ new compounds in 2025 In 2025, 310 molecules converted from R to D Small Molecule Development & Manufacturing (D&M) Remains Strong Small molecule CDMO pipeline continued to expand ; 2025 small molecule D&M revenue up 11.4% YoY to 19.92bn Continued to build small molecule capacity. In 2025, Changzhou, Taixing and Jinshan API sites successfully passed FDA on-site inspections with no single observation . Total reactor volume of small molecule APIs reached >4,000kL by year-end New Modalities (TIDES) Sustains Rapid Growth With the sequential ramp-up of new capacity released in 2024, 2025 TIDES revenue grew 2024 2025 96.0% YoY to 11.37bn . By end of December 2025, TIDES backlog up 20.2% YoY TIDES D&M customers grew 25% YoY, and molecules grew 45% YoY In September 2025, completed Taixing peptide capacity construction ahead of schedule. Total reactor volume of Solid Phase Peptide Synthesizers has reached >100,000L 11 WuXi Chemistry: "Follow the Molecule + Win the Molecule", Small Molecule CRDMO Pipeline Efficiently Converts and Captures High-Quality Molecules, Delivering Sustained Growth "R" 420,000+ Compounds 2025 Newly Added Molecules to D&M Pipeline in Total 839 2,901 Preclinical & Phase I Including 310 Molecules Converted from R to D 377 Phase II 91 Phase III 83 Commercial 12 +22 Commercial & Phase III Projects (2025) TIDES: Continued Rapid Business Growth Driven by Enhanced Capabilities and Capacity TIDES Revenue Solid Phase Peptide Synthesizer Total Reactor Volume RMB billion Liter >100,000 41,000 32,000 500 2,000 4,000 6,000 +96% 11.37 5.80 3.41 2.04 0.30 0.79 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 13 WuXi Testing 1 : Strengthening Differentiated Capabilities and Operational Management; 2025 Revenue Back to Positive YoY Growth of 4.7%, Drug Safety Evaluation Services Maintained Leading Position Revenue & Gross Profit Margin 1 RMB billion 36.2% 30.5% Adjusted Non-IFRS GPM 2025 WuXi Testing 1 revenue resumed positive growth, up 4.7% YoY to 4.04bn . Of which, revenue of drug safety evaluation services up 4.6% YoY, maintaining leading position in APAC 1 Due to market impact, 2025 WuXi Testing adjusted non-IFRS GPM declined Revenue 3.86 2024 +4.7% 4.04 2025 YoY as pricing gradually reflected in revenue through backlog conversion, yet continued to improve sequentially each quarter driven by differentiated capabilities and enhanced operational management Actively enabling customers in global licensing deals. New modality business continued strong momentum , with revenue contribution increasing to 30%+ in 2025, while maintaining leading position in nucleic acids, conjugates, multispecific antibodies and peptides, etc. Continued to advance automation . DMPK successfully launched its proprietary all-in-one compound identification software, enhancing efficiency in spectral interpretation and metabolite identification for nucleic acids and peptides by 83% Facilities in Suzhou and Shanghai successfully passed multiple inspections by FDA, OECD, NMPA and PMDA 14 Note: 1. As disclosed in the 2025 Annual Report, WuXi Testing refers to Continuing Operations only (not including clinical research service businesses); historical data has been adjusted accordingly. WuXi Biology: Continues to Follow the Science & Generate Downstream Opportunities; 2025 Revenue Back to Positive YoY growth of 5.2%, In Vivo & In Vitro Synergies and New Modalities Drove Growth RMB billion Adjusted Non-IFRS GPM Revenue Revenue & Gross Profit Margin 38.8% 36.9% +5.2% 2.54 2.68 WuXi Biology follows the science and strategically builds differentiated capabilities of drug discovery in emerging areas; actively expands global business and efficiently generates downstream opportunities for CRDMO model by continuously contributing 20%+ of the Company's new customers Efficiently enabling global customers through integrated in vitro & in vivo drug discovery capabilities, cross-regional collaboration and end-to-end solutions in emerging areas. 2025 WuXi Biology revenue resumed positive growth, up 5.2% YoY to 2.68bn Due to market pricing impact, 2025 WuXi Biology adjusted non-IFRS GPM down 1.9pts YoY to 36.9% . WuXi Biology closely follows market dynamics and maintains flexible pricing strategy, maximizing its value in generating downstream opportunities Rapid revenue growth driven by accelerated progress in integrated in vitro screening and enhanced in vivo pharmacology capabilities . Non-oncology business maintained competitive edge, serving as a key growth contributor New modality business continues to drive growth , with revenue 2024 2025 contribution increasing to 30%+ in 2025, supported by rapid new customer expansion in nucleic acids, antibody conjugates and peptides, etc. 15 V%d^7' WuXi % '¥^ AppTec Continuously Drive Quality Growth, Strengthen Technological Expertise and Operational Efficiency, Leverage Management Resilience, Further Enhancing Profitability Adjusted Non-IFRS Gross Profit RMB billion Adjusted Non-IFRS GPM* Adjusted Non-IFRS Net Profit RMB billion Adjusted Non-IFRS NPM 40.3% 38.0% 38.7% 42.0% 41.6% 48.2% 22.0% 22.4% 23.9% 26.9% 27.0% 32.9% 6.67 8.70 CAGR +26.8% 15.23 16.94 16.33 +34.1% +41.3% CAGR +32.7% 14.96 9.40 10.85 10.58 3.64 5.13 21.89 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 * GPM @ CER 1 : 2024 42.4% ， 2025 48.5% Net Profit After Deducting Non-Recurring Items (per CAS 2 ) RMB billion Net Profit (per CAS 2 ) RMB billion CAGR +40.4% +32.6% 13.24 8.34 9.75 9.99 2.43 4.12 CAGR +45.3% +102.6% 19.15 8.81 9.61 9.45 2.96 5.10 2020 2021 2022 2023 2024 2025 Note: 1. CER, constant exchange rate. 2. CAS, China Accounting Standards for Business Enterprises. 2020 2021 2022 2023 2024 2025 With Sustained Business Growth, Enhanced Operational Efficiency and Financial Management, 2025 Adjusted Operating Cash Flow 1 Reached Record High of 16.67 Billion, Up 39.1% YoY RMB billion Adjusted Operating Cash Flow 1 Capex 2 12.64 11.99 9.97 10.23 6.94 5.52 5.54 3.83 4.38 4.00 3.03 16.67 2020 2021 2022 2023 2024 2025 Note: 1. Adjusted operating cash flow excludes income tax payments related to significant transactions (i.e. partial equity sales of WuXi XDC) disclosed in the Company's announcements. 2. Capex includes purchase of property, plant and equipment, other intangible assets and other long-term expenses. V%d^7' WuXi % '¥^ AppTec Company Outlook Focus on the CRDMO business model, striving for highly efficient & exceptional services and operational excellence ("O") Continue to focus on our unique integrated CRDMO core business, and accelerate global expansion, capacity construction and capability development Leveraging customers' ongoing demand for enabling services , provide highly efficient and exceptional services , benefiting patients worldwide, and driving long-term growth Driving optimized management and operations , continuously improving production & operational efficiency , strengthening organizational resilience to navigate dynamic market conditions Confident in customers' ongoing demand, our CRDMO business model and management execution, sustaining rapid business growth Targeting 2026 total revenue to reach RMB 51.3-53.0 billion, with Continuing Operations revenue growing 18-22% YoY Driving quality growth, realizing scale efficiency and enhancing operational excellence, proactively managing new capacity ramp-up and FX challenges; confident in maintaining stable & resilient adjusted non-IFRS NPM in 2026 Accelerating global capacity expansion, 2026 capex is expected to reach RMB 6.5-7.5 billion. Along with business growth and efficiency improvements, 2026 adjusted free cash flow 1 is expected to reach RMB 10.5-11.5 billion Note: 1. Adjusted free cash flow excludes income tax payments related to significant transactions (i.e., partial equity sales of WuXi XDC and the sale of the China-based clinical research service businesses) disclosed in the Company's announcements. Company Outlook Remain committed to rewarding shareholders and upholding the Company's value While accelerating global capacity and capability enhancement, the Company's Board of Directors proposes (subject to approval by the Annual General Meeting) the 2026 total cash dividend distribution plan and expects it to reach a record high , including: maintain 30% annual cash dividend payout ratio, expecting to distribute 2025 annual dividend of RMB 4.71 billion 1 maintain the current interim dividend strategy 2 in 2026 Retain top talents and enhance the resilience of business operations and management The Company plans to launch (subject to approval by the Annual General Meeting) the 2026 H-share Incentive Trust Plan, to continuously attract and retain top talents, strengthen the collective capabilities of management team, and enhance the resilience of the Company's business operations and management Upon achieving RMB 51.3 billion revenue in 2026, no more than HKD 1.5 billion H-shares will be granted; and an additional HKD 1.0 billion H-shares will be granted upon reaching RMB 53.0 billion and above Underlying H-shares will be purchased via open market at prevailing market prices, with no dilution to existing shareholders Note: 1. The expected distribution of 2025 annual dividend excludes the RMB 1.03 billion 2025 interim dividend already distributed. 2. Referencing the scale of 2025 interim dividend. 22 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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