Citi: WuXi AppTec (02359) significantly exceeded expectations in the first half of the year and raised its guidance for fiscal year 2026.
The bank pointed out that, compared to market expectations, WuXi AppTec's revenue and net profit for the first half of the year exceeded expectations by 15% and 26%, respectively.
Citigroup released a research report stating that WuXi AppTec (02359) had revenue of 28.9 billion yuan in the first half of the year, a year-on-year increase of 39%. The revenue from continuous operating activities grew by 48% year-on-year, and net profit reached 11.1 billion yuan, up 29% year-on-year. After excluding one-time items, the year-on-year increase was 89%, and adjusted net profit under non-IFRS increased by 83% to 11.6 billion yuan. The bank indicated that, compared to market expectations, WuXi AppTec's revenue and net profit for the first half of the year exceeded expectations by 15% and 26%, respectively. The gross profit margin surged from 44.4% in the same period last year to 53.9%, with the gross profit margin in the second quarter reaching a historical high of 56.6%. The operating profit margin increased from 33.6% to 44.5%.
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