WuXi AppTec Co., Ltd.

Among the new projects the company secured last year were six late-stage programs, the company said. Roughly two-thirds of WuXi Biologics’ 2025 signings were focused on bispecifics and antibody-drug conjugates. Despite policy uncertainties in recent years, WuXi Biologics’ emphasis on its U.S. operations continued to pay off in 2025, with the States accounting for a major portion of the record number of projects the CRDMO locked in last year. Across 2025, the China-based contracting firm scooped up an impressive 209 new integrated projects—versus 148 added in 2024—bringing the total tally to 945 programs, Wuxi Bio said in its full-year earnings report Tuesday. Roughly half of those new programs came from the United States, which the company says reflects “strong momentum from the U.S. biopharma sector.” Included in that overall tranche of new projects were six late-stage programs, the company added. Roughly two-thirds of WuXi Biologics’ 2025 signings were focused on bispecifics and antibody-drug conjugates (ADCs).All told, the manufacturer and researcher lifted sales 16.7% over 2024 last year to 21.8 billion Chinese yuan (roughly $3.2 billion).Comparatively, WuXi Bio in 2024 generated total sales of 18.7 billion yuan (then worth approximately $2.6 billion), good for 9.6% growth over the previous 12 months. At the time, WuXi Bio CEO Chris Chen said he expected his company to achieve “accelerated and profitable growth in 2025 and beyond.” In the company’s latest report on its sales performance, Chen noted that WuXi Bio’s integration of R&D and manufacturing for projects at all stages has given the CRDMO a unique edge. The company continues to benefit from mounting client interest in complex biologics like bi- and multispecifics and ADCs, and it is still reaping the rewards of its foundational monoclonal antibody business, too, he explained. On the factors driving WuXi Bio’s 2025 showing, the company also highlighted expanded capacity utilization last year, thanks to the ramp-up of its manufacturing operations in Europe. The CRDMO accentuated its global dual sourcing strategy, flagging progress or completion of production expansion projects in 2025 across the U.S., Singapore and Qatar, as well. Manufacturing revenue specifically climbed more than 26% last year, WuXi Bio added.  At the end of last year, WuXi Bio’s total work backlog stood at $23.7 billion, consisting of an $11.5 billion service backlog and $12.2 billion in potential milestones, the company said Tuesday. WuXi Bio’s strong performance, especially in the United States, suggests that the company has largely avoided pressures from national security-minded policy proposals in the U.S. that previously introduced uncertainty for WuXi Bio, its sibling company WuXi AppTec, and several other Chinese firms.While WuXi Bio, WuXi AppTec and three other firms—BGI Group, MGI and Complete Genomics—were initially called out by name in the Biosecure Act, which sought to limit the ability of certain companies “of concern” from working with U.S. agencies and companies, the latest incarnation of the legislation takes a more measured approach in how it targets companies and does not name WuXi Biologics or WuXi AppTec.  WuXi Biologics reported its sales a day after its sibling WuXi AppTec posted a 15.8% revenue increase to 45.56 billion yuan ($6.6 billion) in 2025. WuXi AppTec, which also offers a range of contract R&D and manufacturing services, is presently guiding to total revenues of 51.3 billion to 53 billion yuan in 2026, representing forecasted sales growth of 18% to 22%, respectively.

WuXi AppTec’s sales are becoming even more increasingly dependent on the US despite the service provider not yet fully shaking off concerns over its ties with the Chinese military. The company said its US revenue reached 31.25 billion Chinese yuan ($4.5 billion) last year, which is a 34.3% increase compared to the year prior. The US now makes up 72% of its total revenue, the highest it’s been since 2022. Meanwhile, its full-year sales in Europe and China have dipped. The threat of the Biosecure Act to WuXi AppTec’s sales has been fading . While its US revenue declined through 2024, it saw an increase starting at the beginning of last year. But WuXi AppTec is still under watch from US lawmakers. Last month, the Pentagon added the manufacturer to a list of companies it said aid the Chinese military, but quickly withdrew the document. WuXi AppTec’s Monday earnings presentation made no reference to the Pentagon list, or to the Biosecure Act. Overall, WuXi AppTec’s 2025 revenue increased by 15.8% compared to the year before, at 45.46 billion yuan ($6.6 billion). This is the most WuXi AppTec has generated in revenue over the past five years, with 2023 being the second highest at 40.3 billion yuan ($5.9 billion). And as WuXi AppTec grows its US customer base, its revenue from other regions has slid. In 2025, its European revenue dropped by 4% and now only makes up 11% of total revenue, after a rise in both metrics since 2022. In November, it said it plans to create a European headquarters at an existing facility in Germany, signaling it is looking to boost its profile in the region. Its revenue in China also fell last year, dipping by 3.5%, replicating a decline reported the year prior. Now, China only makes up 13% of WuXi AppTec’s total revenue, which is a contrast from 19% back in 2022. WuXi AppTec is forecasting its 2026 revenue to reach between 51.3 billion yuan ($7.5 billion) and 53 billion yuan ($7.7 billion). WuXi AppTec recently slimmed down other operations so it can focus on manufacturing. In October, it sold off its clinical services in China and shut down its contract research organization arm in Texas. This followed the divestiture of its US medical device testing operations and the sale of its cell and gene therapy business in 2024.

WuXi Biologics’ antibody-drug conjugate spinout WuXi XDC said on Friday that it will be working with Earendil Labs to develop new ADCs. AI-driven biologics developer Earendil will have access to WuXi XDC’s payload-linker technology called WuXiTecan-2. WuXi XDC will develop and manufacture the ADC components, while Earendil will focus on regulatory submissions and commercialization of the assets. The deal is worth up to $885 million, covering an upfront payment through commercial milestone payments. Earendil has two separate deals with Sanofi to develop bispecifics. WuXi Biologics and its entities continue to secure new deals — and have been more open about sharing them publicly — especially now that the threat of the Biosecure Act appears to have subsided. In contrast, its sister company WuXi AppTec has made fewer public announcements. WuXi AppTec could still be under threat. The Pentagon recently added WuXi AppTec to a separate list of companies with ties to the Chinese military, before pulling the list without explanation. WuXi Biologics and WuXi XDC were not named on it. WuXi AppTec has been slimming down its operations. In December, it sold its China-based clinical research services to Hillhouse, following the closure of its contract research organization in Austin, TX in October. In January 2025, the company also divested its US medical device testing operations to NAMSA. A weakened version of the Biosecure Act was passed at the end of last year and didn’t mention WuXi Biologics or WuXi AppTec.