Company Coverage
WuXi Biologics (Cayman) (2269 HK): 1H26: Exceeds Expectations; Robust Demand Fuels Accelerated Growth
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$52.20
HK$67.80
+29.9%
HK$45.00
Analyst
Analyst
Highlights
WuXi Bio’s 1H26 revenue rose 18.4% yoy to Rmb11.79b, ahead of its 13 17% full-year growth guidance, and adjusted net profit attributable to shareholders jumped 38.4% yoy to Rmb3.31b, beating market estimates.
On the back of the robust growth in backlog and expanding production capacity, the company has raised its 2026 revenue growth to 15-18% yoy, and expects total revenue to accelerate to 20% CAGR for the next three years.
Maintain BUY and raise target price to HK$67.80, reflecting its stronger-than expected growth momentum.

Analysis
1H26 results above expectations. WuXi Biologics (Cayman)’s (WuXi Bio) 1H26 revenue rose 18.4% yoy to Rmb11.79b and gross profit increased 28.1% yoy to Rmb5.45b. Adjusted net profit attributable to shareholders rose 38.4% yoy to Rmb3.31b, lifting adjusted net margin by 4.0ppt yoy to 28.0%.

Highlights
WuXi Bio’s 1H26 revenue rose 18.4% yoy to Rmb11.79b, ahead of its 13 17% full-year growth guidance, and adjusted net profit attributable to shareholders jumped 38.4% yoy to Rmb3.31b, beating market estimates.
On the back of the robust growth in backlog and expanding production capacity, the company has raised its 2026 revenue growth to 15-18% yoy, and expects total revenue to accelerate to 20% CAGR for the next three years.
Maintain BUY and raise target price to HK$67.80, reflecting its stronger-than expected growth momentum.

Analysis
1H26 results above expectations. WuXi Biologics (Cayman)’s (WuXi Bio) 1H26 revenue rose 18.4% yoy to Rmb11.79b and gross profit increased 28.1% yoy to Rmb5.45b. Adjusted net profit attributable to shareholders rose 38.4% yoy to Rmb3.31b, lifting adjusted net margin by 4.0ppt yoy to 28.0%.

BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
HK$52.20
HK$67.80
+29.9%
HK$45.00
Analyst
Analyst
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