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WuXi Biologics’ Stock Price Falls 24% after Company Reduces H2 Revenue Estimate

publication date: Dec 4, 2023

Trading in WuXi Biologics was stopped today after its shares dropped 24% to HK$33.15 following the company’s investor presentation that predicted lower revenues and profits for 2023’s second half. The company said it would not meet a 30% target for 2023 revenue growth. Its new development agreements are lower by 40 projects, causing a drop of US$300 million, while delays in regulatory approvals will lower manufacturing revenues by US$100 million. Longer term, the CRDMO expects its revenues from Research projects will flatten out, while most of its growth will come from Development and Manufacturing services. More details....

Stock Symbol: (HK: 2289)

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