Investment Rating - The report does not specify a clear investment rating for WuXi Biologics (2269.HK) [1] Core Insights - WuXi Biologics reported a revenue of 85.7 billion RMB for H1 2024, a slight increase of 1% year-on-year, while the net profit attributable to shareholders decreased by 33.9% to 15 billion RMB [2] - Non-COVID related revenue grew by 7.7% year-on-year, with clinical stage revenues showing resilience despite a high base from the previous year [2] - The company added 61 new non-COVID projects in H1 2024, indicating a recovery in project additions after a slowdown in Q1 2023 [2] - The total backlog of uncompleted orders reached approximately 20.1 billion USD, with a significant portion expected to contribute to future revenue growth [2] Summary by Sections Financial Performance - For H1 2024, WuXi Biologics achieved a revenue of 85.7 billion RMB, with a year-on-year growth of 1%. The adjusted net profit was 25.4 billion RMB, down 13% year-on-year [2] - The company expects net profits for 2024, 2025, and 2026 to be 34.8 billion RMB, 40.1 billion RMB, and 48.2 billion RMB respectively, with corresponding EPS of 0.84, 0.97, and 1.16 RMB [3] Project Development - The number of new projects added in H1 2024 was 61, compared to 46 in H1 2023, reflecting a recovery in project activity [2] - The company has a strong pipeline with 56 clinical stage projects and 16 non-COVID commercialization projects, which are expected to drive future revenue [2] Capacity Expansion - WuXi Biologics is expanding its manufacturing capabilities with new facilities in Singapore and Ireland, aiming for significant production capacity by 2025 [3] - The company operates a global network of drug discovery and development centers, enhancing its ability to support partners [3]
药明生物：非新冠收入保持增长，全球运营持续赋能