bullish
Wuxi Biologics (2269 HK): Mixed 1H23 Result; Strong Non-COVID Business Momentum Enhances Visibility
492 Views24 Aug 2023 21:39
SUMMARY
- Wuxi Biologics (2269 HK) recorded 8% YoY revenue growth to RMB8.5B in 1H23. Strong momentum continued in the base business, with the non-COVID revenue achieving a 60% YoY growth.
- Ramping up of new manufacturing facilities, maintenance shutdown of existing facilities, slowdown in funding environment in China, and increasing expenses have negatively impacted the profitability.
- Total number of integrated projects reached a new record of 621 with 46 integrated projects added to the pipeline. As of June 30, backlog increased 9% YoY to $20.1B.
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Tina Banerjee
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- Wuxi Biologics (2269 HK): Lowered 2023 Revenue Expectation Amid Challenging Industry Outlook04 Dec 2023
- Wuxi Biologics (2269 HK): Mixed 1H23 Result; Strong Non-COVID Business Momentum Enhances Visibility24 Aug 2023
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