WuXi Biologics (Cayman) Inc. ("WuXi Biologics" or the "Group", stock code: 2269.HK), a leading global open-access biologics technology platform company offering end-to-end solutions for biologics discovery, development and manufacturing, announced its audited annual results for the year ended December 31, 2017 today.
2017 Financial Highlights
- Effective execution of our "follow-the-molecule" strategy drove record high revenues, which increased 63.7% year-on-year to RMB1,618.8 million.
- Gross profit increased by 69.8% year-on-year to RMB660.6 million, with gross profit margin up 150 basis points to 40.8%.
- Net profit increased by 79.0% year-on-year to RMB252.6 million. Excluding the impact of foreign exchange loss due to translation loss from the IPO proceeds, net profit increased by 131.7% year-on-year to RMB326.9 million.
- Adjusted net profit[1] increased by 85.1% to RMB408.1 million.
- Net profit margin and adjusted net profit margin were 15.6% and 25.2% respectively, up 130 basis points and 290 basis points, respectively.
- Diluted EPS increased by 46.7% from RMB0.15 in 2016 to RMB0.22 in 2017.
- Adjusted diluted EPS increased by 52.2% from RMB0.23 in 2016 to RMB0.35 in 2017.
2017 Operational Highlights
- Service backlog enjoyed a strong increase of 97.5% from US$241.0 million in 2016 to US$476.0 million in 2017 while upcoming potential milestone fees surged from US$24.0 million in 2016 to US$1,002.0 million in 2017
- Number of ongoing integrated projects[2] increased from 103 as of December 31, 2016, to 134 as of June 30, 2017 and 161 as of December 31, 2017.
- Global market share increased from 1.8% in 2016 to 2.4% in 2017 while Chinese market share increasing from 48% in 2016 to 63.5% in 2017
- Achieved great success in progressing projects from pre-IND stage to post-IND stage, with 29 projects progressing from preclinical development stage to early-phase (phase I&II) in 2017.
- Number of late-phase (phase III) projects increased from three as of December 31, 2016 to eight as of December 31, 2017.
- Commercial cGMP biologics manufacturing facility at Wuxi site with 30,000L disposable bioreactor capacity (MFG2) commenced operations in December 2017.
- U.S. FDA completed the pre-license inspection (PLI) of our current cGMP manufacturing facilities for production of Ibalizumab in August 2017, with no critical observations.
|
[1] Excluding the share-based compensation expenses, Listing expenses and a foreign exchange loss due to translation loss from the IPO proceeds. |
|
[2] An integrated project refers to a project that requires the Company to provide services across different stages of the biologics development process. |
Management Comments
Dr. Ge Li, Chairman of WuXi Biologics, commented: "2017 was a landmark year for WuXi Biologics. In June, we successfully listed on the Main Board of the Hong Kong, S.A.R., China Stock Exchange, and have continued to prove the success of our "follow-the-molecule" business model in achieving phenomenal growth and profitability. We have continued to expand our number of projects, while further enhancing our client base and increasing client stickiness." As we look to 2018 and beyond, the outlook continues to be extremely promising. With massive growth opportunities ahead, the global biologics market has never been as robust. The imminent launch of our commercial manufacturing business will catapult us into a new growth era. In addition, we will continue to invest in our business through expansion of our state-of-the-art facilities as well as our world-class talent base. We are truly excited for our future.
"The strengths of our "follow-the-molecule" business model have enabled WuXi Biologics to firmly seize opportunities in the fast-growing global biologics market. Success of this strategy is reflected in our results," said...
(All Rights Reserved)