WuXi AppTec posts record first-quarter revenue on strong global demand

Earnings top estimates as multinational pharmaceutical firms ramp up investment and partnerships in China

China’s drug maker WuXi AppTec reported record first-quarter revenue, as a robust order backlog and sustained demand from global pharmaceutical companies supported growth.

For the three months ended March 31, the Shanghai- and Hong Kong-listed company posted revenue of 12.44 billion yuan (US$1.72 billion), up 28.81 per cent year on year, according to a filing released on Monday.

Net profit climbed nearly 27 per cent to 4.65 billion yuan in the quarter. Both revenue and net profit exceeded market expectations of 10.78 billion yuan and 3.9 billion yuan, respectively.

The results marked the third consecutive quarter in which WuXi AppTec’s revenue remained above the 12 billion yuan mark.

Growth was underpinned by a strong order backlog, which stood at 59.77 billion yuan at the end of March, up 23.6 per cent from a year earlier.

The performance puts the company on track to meet its full-year revenue guidance of 51.3 billion yuan to 53 billion yuan.