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Wuxi Biologics (2269 HK): Lowered 2023 Revenue Expectation Amid Challenging Industry Outlook
436 Views04 Dec 2023 21:53
SUMMARY
- Wuxi Biologics (2269 HK) has guided for weaker-than-expected revenue and lower profit in 2023, as the operating industry is facing near-term challenges due to biotech funding slowdown.
- $300 million lesser revenue in development business due to reduced number of projects and manufacturing revenue deficit of $100 million due to CMO deferral contributed to the miss.
- Following the announcement, Wuxi Biologics shares nosedived 24% on HK stock exchanges, marking its biggest one-day slide since listing in 2017.
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