WuXi AppTec lifts 2026 revenue target to CNY 61.0-61.9bn, starts new site early

In its third quarterly report, filed in Hong Kong on 26 October 2026, WuXi AppTec, the contract research, development and manufacturing group, now targets total revenue of CNY 61.0bn-61.9bn, up from CNY 58.5bn-60.5bn, and growth of 40%-42% in revenue from continuing operations, up from 35%-39%. The company credits greater success of several customers' products, its integrated CRDMO model and its own execution. Revenue for January to September 2026 was CNY 45.54bn, so the new range implies fourth-quarter revenue of CNY 15.46bn-16.36bn, by Polstob's calculation.

To meet what it describes as growing customer demand, WuXi AppTec says it is speeding up capacity building worldwide and started building its new Changzhou site in China ahead of schedule. It now forecasts 2026 capital expenditure of CNY 8.0bn-8.5bn from CNY 7.5bn-8.5bn, raising only the low end. Capital expenditure was CNY 5.08bn in the first nine months, compared with CNY 3.57bn a year earlier. Its forecast for adjusted free cash flow, a non-IFRS measure, rises to CNY 14.5bn-15.5bn from CNY 13.5bn-14.5bn; the nine-month figure was CNY 12.20bn, against CNY 7.31bn a year earlier. The measure is operating cash flow less capital expenditure, excluding tax paid on major equity and business sales (CNY 671.5m in January-September 2026).

The gap between the two growth rates comes from the 2025 base, which included CNY 1.74bn of revenue from businesses now classified as discontinued. WuXi Chemistry, at 86% of nine-month revenue by Polstob's calculation, grew fastest. Within it, small-molecule development and manufacturing revenue rose 65.6% to CNY 23.58bn, and revenue from TIDES, the company's new-modalities business, rose 46.9% to CNY 11.52bn; the company expects TIDES revenue to grow about 47% for the full year. The small-molecule pipeline held 3,863 molecules on 30 September 2026, including 103 commercial projects and 94 in phase III.

Net profit attributable to owners was CNY 19.16bn for the nine months under IFRS, against CNY 11.80bn a year earlier, a 62.4% increase by Polstob's calculation (60.6% on the China Accounting Standards figures, CNY 19.40bn against CNY 12.08bn). Adjusted non-IFRS gross margin was 54.8%, up from 47.0% a year earlier. The company lists new-capacity ramp-up and exchange rates as challenges it is managing, and says it is confident of "maintaining stable and resilient adjusted non-IFRS net profit margin attributable to owners of the Company in 2026". Foreign-exchange-related losses added back in its non-IFRS reconciliation were CNY 805.9m, against CNY 548.0m a year earlier.