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WuXi AppTec Reports 2023 Results; US Biopharmas Are 65% of Its Business

publication date: Mar 19, 2024

WuXi AppTec, the China-based CRDMO, reported 2023 results showing a modest gain in revenue (2.5%) to over 40 billion RMB ($5.6 billion) for the year earlier, an increase that is significantly higher if the 2022 COVID revenues are subtracted – then the increase climbs to 25.6%. WuXi now provides services to 6000 companies. But there is a very sour note to this success: 65% of WuXi’s business is with US-based companies, which means that pending legislation in Congress, aimed at shutting down WuXi’s US business, could reduce WuXi’s income by $3.6 billion. More details....

Stock Symbols: (SHA: 603259/HK: 2359)

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