Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> announced 1Q26 result, with total revenue increasing 29% YoY to RMB12B and net profit climbing 27% YoY to RMB5B.</li>
<li>Wuxi Chemistry reported strong performance in 1Q26, with revenue increasing 44% YoY to RMB11B. Backlog for continuing operations reached RMB60B as of March 31,2026, up 24% YoY,  enhancing business visibility.</li>
<li>Wuxi AppTec is confident in achieving its 2026 full-year revenue guidance. For context, the company guided for 2026 revenue of RMB51.3–53.0B, with continuing operations revenue growing 18%–22% YoY.</li>
</ul>



WuXi AppTec (2359 HK) announced 1Q26 result, with total revenue increasing 29% YoY to RMB12B and net profit climbing 27% YoY to RMB5B.
Wuxi Chemistry reported strong performance in 1Q26, with revenue increasing 44% YoY to RMB11B. Backlog for continuing operations reached RMB60B as of March 31,2026, up 24% YoY,  enhancing business visibility.
Wuxi AppTec is confident in achieving its 2026 full-year revenue guidance. For context, the company guided for 2026 revenue of RMB51.3–53.0B, with continuing operations revenue growing 18%–22% YoY.


WuXi AppTec (2359 HK): Better-Than-Expected 1Q Performance Lifts Sustainable Growth Conviction

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>WuXi AppTec released better-than-expected 1Q26 financial results.</li><li>Revenue grew by 28.8% YoY to RMB12.4bn with continuing operations revenue increasing by 39.4% YoY, while adj. non-IFRS attributable net profit surged 71.7% YoY to RMB4.6bn.</li><li>1Q26 revenue/ adj. net profit represent 24.1%/ 25.6% of our full-year forecasts, respectively, significantly higher than the historical average of 18-20%. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec released better-than-expected 1Q26 financial results.Revenue grew by 28.8% YoY to RMB12.4bn with continuing operations revenue increasing by 39.4% YoY, while adj. non-IFRS attributable net profit surged 71.7% YoY to RMB4.6bn.1Q26 revenue/ adj. net profit represent 24.1%/ 25.6% of our full-year forecasts, respectively, significantly higher than the historical average of 18-20%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) - 1Q26 results: small molecule D&M fuelling overall growth

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Wuxi Apptec reported a revenue increase of 28.8% y/y in 1Q26.</li><li>Wuxi AppTec (2359 HK, NR) announced that it achieved total revenue of RMB12.44bn in 1Q26, up 28.8% y/y.</li><li>The company expects total revenue to reach RMB51.3–53.0bn in 2026, with continuing operations revenue growing 18%–22% y/y.</li></ul>

Wuxi Apptec reported a revenue increase of 28.8% y/y in 1Q26.Wuxi AppTec (2359 HK, NR) announced that it achieved total revenue of RMB12.44bn in 1Q26, up 28.8% y/y.The company expects total revenue to reach RMB51.3–53.0bn in 2026, with continuing operations revenue growing 18%–22% y/y.

<ul><li>WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.</li><li>The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.</li><li>Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) - Strong CDMO Demand to Fuel 2026 Growth

<ul><li>Hong Kong market commentary</li><li>A-share market commentary</li><li>Wuxi Apptec reported a revenue increase of 15.8% y/y in 2025</li></ul>

Hong Kong market commentaryA-share market commentaryWuxi Apptec reported a revenue increase of 15.8% y/y in 2025

China

WuXi AppTec is a global contract research, development, and manufacturing organization (CRDMO) for the pharmaceutical and life sciences industries. It provides integrated, end-to-end services including chemistry drug CRDMO, biology discovery, preclinical testing, and clinical research services for various therapeutic modalities. The company was founded in 2000 and is headquartered in Shanghai, China.

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WuXi AppTec (2359 HK)