Financial Performance - The company's revenue for the year ended December 31, 2022, increased by 48.4% to RMB 15,268.7 million compared to RMB 10,290.1 million in 2021[2] - Net profit attributable to the company’s owners increased by 30.5% to RMB 4,420.3 million, with a net profit margin of 29.0%[2] - Adjusted net profit attributable to the company’s owners grew by 48.5% to RMB 4,925.3 million, maintaining an adjusted net profit margin of 32.3%[2] - The company reported a total comprehensive income of RMB 4,399.62 million for the year, significantly higher than RMB 2,789.98 million in the previous year, marking an increase of approximately 57.8%[92] - The company achieved positive free cash flow in 2022, laying a solid foundation for continued growth[36] - The company reported a compound annual growth rate (CAGR) of 61.4% in revenue and 79.6% in adjusted net profit from 2014 to 2022[36] Revenue Breakdown - Revenue from North America accounted for 55.6% of total revenue, amounting to RMB 8,496.4 million, while revenue from China remained stable at 24.4%, totaling RMB 3,719.0 million[38] - IND pre-service revenue grew by 45.8% to approximately RMB 4,945.6 million, representing 32.4% of total revenue, while early clinical development services revenue increased by 100.1% to RMB 3,207.8 million, accounting for 21.0%[39] - Revenue from the top five customers rose by 25.0% to approximately RMB 4,680.1 million, constituting 30.7% of total revenue, down from 36.4% the previous year[41] Cost and Expenses - The group's cost of sales increased by 56.5% to approximately RMB 8,544.6 million, aligning with the revenue growth[42] - Administrative expenses rose by 44.9% from approximately RMB 875.9 million for the year ended December 31, 2021, to approximately RMB 1,269.6 million for the year ended December 31, 2022, primarily due to increased employee-related costs[48] - Research and development expenses grew by 36.1% from approximately RMB 501.6 million for the year ended December 31, 2021, to approximately RMB 682.8 million for the year ended December 31, 2022, reflecting ongoing investments in innovation and technology[49] Project and Client Growth - The total number of ongoing projects increased by 22.5% to 588, with nearly 550 being non-COVID related projects[3] - The company provided services to 599 clients in the reporting period, up from over 470 clients in the previous year[6] - The company successfully transitioned 11 external projects into its pipeline, including 5 late-stage and commercial production projects[3] Production Capacity and Facilities - The company announced a $1.4 billion investment to build a leading integrated CRDMO service center in Singapore over the next decade, which will add 120,000 liters of biopharmaceutical capacity by 2026[9] - The company is expanding its production capacity with new facilities in Shanghai, Hebei, and New Jersey, further strengthening its global production capabilities[10] - The total planned capacity is expected to reach 580,000 liters post-2026, including the new CRDMO center in Singapore[28] Compliance and Certifications - The company successfully removed its two subsidiaries from the UVL, demonstrating its commitment to the highest compliance standards[9] - The company achieved its first GMP certification from HPRA for its Dundalk facility in Ireland just nine months after it became operational, marking a significant milestone for commercial production services[9] - The company has completed over 900 GMP audits and more than 70 EU QP audits, demonstrating compliance with global quality standards[27] Technology and Innovation - The company is focused on enhancing its drug discovery capabilities, with approximately 400 scientists working on innovative biopharmaceutical solutions[11] - The company has developed proprietary platforms for bispecific and multispecific antibodies, accelerating the development of new biopharmaceuticals[12] - The WuXiBody® platform has been applied in 39 licensed projects, providing flexibility and high yield for bispecific antibody development[16] Strategic Partnerships and Collaborations - The company has established 44 new business partnerships in its vaccine segment, a 57.1% increase from the previous year, including 20 comprehensive projects[17] - A collaboration agreement with a global vaccine giant has a total contract value exceeding $3 billion and spans an initial term of 20 years[17] - The company entered into a licensing agreement with GSK plc, which includes an upfront payment of USD 40 million and potential milestone payments of up to USD 1.46 billion for the development of four TCE antibodies[88] Employee and Talent Management - The total number of employees has increased to 12,373, with 4,372 scientists dedicated to biopharmaceutical R&D, and a key personnel retention rate of 95%, exceeding industry averages[10] - The total employee cost for the year was approximately RMB 4,036.2 million, an increase from RMB 3,572.7 million in the previous year, indicating a rise of 13%[77] - The board has approved a new stock incentive plan aimed at retaining key talent and aligning their interests with shareholders[129] Environmental and Social Governance (ESG) - The company aims to achieve net-zero emissions by 2050 and plans to reduce waste density by 10% from 2022 to 2027[32] - The company received multiple awards for its excellence in service and ESG practices, including the "Best CDMO Award" at the 2022 Asia-Pacific Biopharma CMO Excellence Awards[34] - The company is committed to adhering to global ESG and compliance standards while promoting operational efficiency and new platform growth[36] Future Outlook and Guidance - The company has provided a revenue guidance of RMB 1.8 billion for the upcoming fiscal year, which reflects an expected growth of 20%[129] - The company plans to continue expanding its market presence and investing in new technologies to enhance its service offerings[95] - The company is actively exploring opportunities for mergers and acquisitions to bolster its growth strategy in the biopharmaceutical sector[129]
药明生物(02269) - 2022 - 年度业绩