WuXi AppTec Reports 84.2% Net Profit Increase for 2018

WuXi AppTec Co., Ltd. has reported its audited annual results for the year ended December 31, 2018, demonstrating significant growth across key financial metrics. The company, which operates a global open-access capability and technology platform for the pharmaceutical and medical device industries, saw its revenue increase by 23.8% year-over-year to RMB 9,614 million. Excluding the impact of foreign exchange, the revenue grew 25.4% to RMB 9,739 million.

Gross profit rose by 16.6% to RMB 3,777 million, maintaining a gross profit margin of 39.3%. The net profit attributable to the owners of the company surged by 84.2% to RMB 2,261 million. This substantial net profit increase was partly driven by an extraordinary gain of RMB 616 million from the fair value change of the company's investment portfolio.

Operationally, WuXi AppTec acquired over 1,400 new customers, bringing its active customer count to over 3,500. All of the top 20 global pharmaceutical companies are clients, and the company achieved a 100% retention rate for its top 10 customers. Growth was particularly strong from China-based clients and global biotech customers.

The company is undertaking significant capacity expansions to support future growth. These include laboratory expansions in Tianjin and Qidong, new GMP facilities for cell and gene therapy in Philadelphia and Wuxi, API GMP manufacturing facilities in Changzhou, a new medical device testing laboratory in Suzhou, and a biology research laboratory in San Diego.