WuXi AppTec Raises 2026 Revenue Target to 61.9 Billion Yuan After Profit Growth
Key Facts
WuXi AppTec announced on October 26 results for the nine months ended September 30, 2026, and raised its full-year revenue target for the second time, attributing performance to the success of more customers’ products and its integrated CRDMO platform. Total revenue reached 45.54 billion yuan, up 38.6% year on year, while revenue from continuing operations grew 46.3%. The company said demand for its customers’ products and the breadth of its operating model supported the results. The announcement followed strong growth in revenue, profit and cash flow during the period. Backlog for continuing operations also rose to 76.74 billion yuan at the end of September, up 36.4% year on year, reflecting the volume of business recorded by the company.
Adjusted net profit, which is non-IFRS, rose 74.4% to 18.38 billion yuan, with its margin reaching 40.4% after an increase of 8.3 percentage points year on year. Adjusted diluted earnings per share on the same basis rose 68.8% to 6.21 yuan. This figure differs from diluted earnings per share under Chinese accounting standards, which was 6.55 yuan, up 55.6%. Under those standards, net profit rose 60.6% to 19.40 billion yuan. The company also reported that its adjusted non-IFRS gross profit margin increased 7.7 percentage points to 54.8%.
Adjusted operating cash flow totaled 17.28 billion yuan in the first nine months, up 58.9% from the same period. This increase came alongside profit growth and wider margins, while the company raised its 2026 adjusted free cash flow forecast to a range of 14.5–15.5 billion yuan from 13.5–14.5 billion previously. WuXi AppTec distributed a total of 6.22 billion yuan in cash dividends during the first nine months. The amount included 4.71 billion yuan in annual dividends for 2025 and 1.51 billion yuan in interim dividends for 2026. The cash dividends, together with elevated operating cash flow, were among the financial performance indicators the company reported for the period.
The company raised its 2026 total revenue target to 61.0–61.9 billion yuan, compared with its previous guidance of 58.5–60.5 billion yuan. It now also expects year-on-year growth of 40% to 42% in revenue from continuing operations, versus the previous range of 35% to 39%. In March, the company had forecast annual revenue of 51.3 to 53.0 billion yuan and growth of 18% to 22% in revenue from continuing operations. The October revision marks a substantial increase from those initial figures, followed by higher guidance after revenue growth in the first nine months. The new guidance reflects the company’s view for the rest of the year following the results it announced.
At the same time, WuXi AppTec raised its 2026 capital expenditure forecast to 8.0–8.5 billion yuan, from a previous range of 7.5–8.5 billion yuan. It said the spending will support faster development of production capacity globally, including the start-up of its new Changzhou site ahead of schedule. The combination of higher investment and an increased free cash flow forecast indicates that the October guidance includes plans to expand operating capacity alongside an improved cash outlook. The company did not provide a new specific date for the site’s start-up in the announcement, saying only that it would begin operating ahead of the previous schedule. The full-year revenue, expenditure and cash flow targets remain the company’s forward-looking figures in its update.
For comparison, the company’s revenue in 2025 totaled 45.46 billion yuan, including 43.42 billion yuan from continuing operations, which grew 21.4% during the year. In the first nine months of 2025, total revenue was 32.86 billion yuan and revenue from continuing operations was 32.45 billion yuan. The company added 839 new molecules to its small-molecule development and manufacturing pipeline during 2025, bringing the total to 3,452 molecules at year-end, while third-phase and commercial projects increased by 22. In results for the same year, adjusted non-IFRS net profit was about 14.96 billion yuan and adjusted diluted earnings per share was 5.16 yuan. These figures provide context for the growth in the project base and revenue that accompanied the expansion in 2026 results.
The Shanghai-listed shares closed at 146 yuan on October 26, up 0.88% in the session, according to Investing.com data. U.S.-traded shares under the ticker WUXAY closed at $23.71 on October 23, according to EL7 data. That close preceded the results announcement published on October 26, so it does not represent a stated market response to the new figures. Available data did not report the U.S. stock’s movement in the session when the results were released. The annual forecast update comes as markets track the impact of backlog growth and expansion plans on the company’s results for the rest of 2026.