WuXi Companies Report Strong 2024 Performance, Eye Growth in 2025

WuXi XDC Sees Significant Revenue Jump

WuXi XDC, a bioconjugate CRDMO that spun off from WuXi Biologics in 2023, reported impressive financial results for 2024. The company's total revenues reached approximately 4.05 billion Chinese yuan ($559 million), marking a substantial 90.8% increase from the previous year's 2.12 billion yuan.

This growth was attributed to a surge in customer projects in antibody-drug conjugates (ADCs) and the broader bioconjugation field. WuXi XDC's project portfolio also saw steady progression into later stages of development. The company highlighted its partnerships with 13 of the top 20 global pharmaceutical companies, boasting a total of 499 cumulative customers.

In terms of specific projects, WuXi XDC reported 177 integrated ADC projects and 17 broader bioconjugate (XDC) projects in 2024. The company is actively expanding its capacity, with plans for new facilities to come online in 2025 and 2027. A notable development is the expected completion of a new manufacturing site in Singapore by the end of 2025, which will include production lines for monoclonal antibody intermediates, drug substances, and drug products.

WuXi Biologics Maintains Growth Despite Challenges

WuXi Biologics also reported positive results for 2024, with a 9.6% year-over-year increase in sales, totaling nearly 18.7 billion yuan ($2.6 billion). Excluding COVID-related projects, the company's revenue growth was even more substantial at 13.1%.

The company added 148 new development projects in 2024, covering a range of areas including bispecific and multispecific drugs, ADCs, fusion proteins, and vaccines. WuXi Biologics contributed to 66 late-stage projects and 21 commercial production projects unrelated to COVID. The company completed 16 process performance qualification (PPQ) projects in 2024 and has scheduled 24 more for 2025.

WuXi Biologics reported a total backlog of $18.5 billion at the end of 2024, comprising $10.5 billion in service bids and $8 billion in potential milestones. However, the company's decision to sell a vaccine plant in Dundalk, Ireland, to Merck & Co. resulted in a $3 billion reduction in its services backlog.

Industry Challenges and Future Outlook

While WuXi companies have reported strong performances, they face ongoing challenges. The introduction of the BIOSECURE Act in the United States sought to block federal contracts with certain Chinese life sciences companies, including WuXi AppTec and WuXi Biologics, citing national security concerns. Although the bill gained bipartisan support, it faced opposition from within the biopharma industry and failed to be included in a key defense spending bill late last year.

The future of BIOSECURE remains uncertain, and new factors such as China trade tariffs recently imposed by President Donald Trump could potentially impact the WuXi family of companies. Despite these challenges, WuXi Biologics CEO Chris Chen expressed optimism, expecting "accelerated and profitable growth in 2025 and beyond."

As the pharmaceutical industry continues to evolve, companies like WuXi XDC and WuXi Biologics are positioning themselves for continued expansion and innovation in the coming years.