Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> announced 2025 revenue growth of 17%, ahead of guidance of 14–16%. Gross margin improved to multi-year high of 46.0%. Net profit rose 45% YoY.</li>
<li>Wuxi Biologics added a record of 209 new integrated projects in 2025. Total backlog reached $23.7B (up 28% YoY) as of December 31, 2025, including $11.5B service backlog.</li>
<li>Wuxi Biologics guided for 2026 revenue growth of 13–17%. Solid 2H25 manufacturing margins are expected to expand further over time as commercial programs scale and utilization continues to improve.</li>
</ul>



Wuxi Biologics (2269 HK) announced 2025 revenue growth of 17%, ahead of guidance of 14–16%. Gross margin improved to multi-year high of 46.0%. Net profit rose 45% YoY.
Wuxi Biologics added a record of 209 new integrated projects in 2025. Total backlog reached $23.7B (up 28% YoY) as of December 31, 2025, including $11.5B service backlog.
Wuxi Biologics guided for 2026 revenue growth of 13–17%. Solid 2H25 manufacturing margins are expected to expand further over time as commercial programs scale and utilization continues to improve.


Wuxi Biologics (2269 HK): 2025 Revenue Beat Guidance; Poised for Accelerated Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.</li>
<li>Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.</li>
</ul>



WuXi AppTec (2359 HK) has announced 2025 result, with both revenue and net profit reaching record highs. Revenue increased 16% YoY to RMB45.5B, ahead of guidance of RMB43.5–44.0B.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB58B by the end of 2025, up 29% YoY.
Based on the current order backlog, Wuxi AppTec expects total revenue to reach RMB51.3–53.0B in 2026, with continuing operations revenue growing 18%–22% YoY.


WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.</li>
<li>Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.</li>
<li>The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.</li>
</ul>



Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.


Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec (2359 HK)</a> has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.</li>
<li>With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.</li>
<li>Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.</li>
</ul>



WuXi AppTec (2359 HK) has announced 3Q25 result, with revenue growing 15% YoY and net profit increasing 83% YoY. U.S. remains the main driving force behind the company’s strong performance.
With continuous capacity expansion to better meet customer demand, backlog for continuing operations reached a record high of RMB60B as of September 30, 2025, up 41% YoY.
Based on the current momentum and confidence in customers’ ongoing demand for enabling services, Wuxi AppTec has further raised its full-year revenue growth guidance to 17–18% from 13–17%.


WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

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<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.</li>
<li>In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. </li>
<li>Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.</li>
</ul>



Samsung Biologics (207940 KS) reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.
In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. 
Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.


Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SW)

Wuxi Biologics (2269 HK): 2025 Revenue Beat Guidance; Poised for Accelerated Growth Ahead

Wuxi Biologics surpasses revenue growth guidance, reports record project additions and backlog, and improved margins in 2025. Guidance for 2026...

Tina Banerjee

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

Per preliminary result, Wuxi Biologics expects 2025 revenue to rise 17% YoY to RMB22B and adjusted net profit to increase 22% YoY to RMB7B, driven...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

Wuxi AppTec has announced preliminary result for 2025, with total revenue rising 16% YoY to RMB45B (revenue from continuing operations grew 21%...

Tina Banerjee

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

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Wuxi Biologics (2269 HK): 2025 Revenue Beat Guidance; Poised for Accelerated Growth Ahead

​Wuxi Biologics surpasses revenue growth guidance, reports record project additions and backlog, and improved margins in 2025. Guidance for 2026...

Tina Banerjee

WuXi AppTec (2359 HK): Core Business Drives 2025 Performance; Momentum to Continue

​WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...

Tina Banerjee

Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead

Per preliminary result, Wuxi Biologics expects 2025 revenue to rise 17% YoY to RMB22B and adjusted net profit to increase 22% YoY to RMB7B, driven...

Tina Banerjee

WuXi AppTec (2359 HK): Continued Strong Momentum in 3Q Leads to Consecutive FY Guidance Raise

Wuxi AppTec has announced preliminary result for 2025, with total revenue rising 16% YoY to RMB45B (revenue from continuing operations grew 21%...

Tina Banerjee

Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Samsung Biologics secures first U.S. manufacturing site through acquiring a GSK biologics facility, having 60K liters of drug substance capacity...

Tina Banerjee

Wuxi Biologics surpasses revenue growth guidance, reports record project additions and backlog, and improved margins in 2025. Guidance for 2026...

WuXi AppTec reports record-high revenue and net profit in 2025, with backlog reaching RMB58B. The company guided for 2026 revenue of...