HK Stock Concept Tracker | WuXi AppTec Again Raises Full-Year 2026 Performance Guidance; Institutions: Continue to Favor the Trend of Innovative Drugs Going Overseas (with Concept Stocks)

On the evening of October 26, WuXi AppTec announced that its third-quarter operating revenue was RMB16.64 billion, up 38.01% year on year; net profit attributable to shareholders of the listed company was RMB8.318 billion, up 136.67% year on year, and it further raised its full-year 2026 performance guidance. It expects full-year 2026 overall revenue to be raised from RMB58.5 billionRMB60.5 billion to RMB61.0 billionRMB61.9 billion, and the year-on-year growth rate of revenue from continuing operations to be raised from 35%39% to 40%42%. WuXi AppTec said the profit growth was mainly due to continued focus on the integrated CRDMO business model: on the one hand, the proportion of late-stage and commercial projects continued to rise, and early-stage business achieved both higher volumes and prices, directly driving an improvement in the overall gross margin level; on the other hand, economies of scale under lean management continued to emerge, and operating efficiency steadily improved, jointly pushing profit growth significantly above revenue growth. This is WuXi AppTec's fourth upward revision of its full-year operating target within 16 months. Previously, on August 3, the company announced a comprehensive upward revision of its 2026 performance guidance, expecting overall revenue to be raised from RMB51.3 billionRMB53.0 billion to RMB58.5 billionRMB60.5 billion, and the year-on-year growth rate of revenue from continuing operations to be raised from 18%22% to 35%39%. Since the beginning of this year, WuXi AppTec's backlog has successively broken through the RMB60 billion and RMB70 billion thresholds, continuously setting new records. As of the end of September 2026, its backlog for continuing operations had climbed to RMB76.74 billion, up 36.4% year on year. On the same day, Hybio Pharmaceutical announced that its third-quarter operating revenue was RMB554 million, up 314.48% year on year; net profit attributable to shareholders of the listed company was RMB200 million, up 369.76% year on year. For the first three quarters, operating revenue was RMB1.242 billion, up 81.87% year on year; net profit attributable to shareholders of the listed company was RMB437 million, up 511.96% year on year. The revenue growth was due to an increase in the company's sales revenue of active pharmaceutical ingredients. In recent years, the global CXO industry as a whole has shown a trend of steady expansion. A JPMorgan report shows that in the first three quarters of 2026, the disclosed value of global biopharmaceutical R&D licensing transactions reached US$221.1 billion, already 80% of the record level for the full year of 2025; biopharmaceutical M&A upfront payments and equity consideration totaled US$138.9 billion, already exceeding the full year of 2025. PharmaCube data shows that in the first three quarters of 2026, China Meheco Group's total overseas transaction value reached US$131.3 billion, close to the full-year 2025 total transaction value of US$135.7 billion. Sinolink said that against the backdrop of core products of multinational pharmaceutical companies losing patent protection and the continuous release of pipeline replenishment demand, it continues to favor the trend of innovative drugs going overseas and suggests paying attention to BD-active tracks such as bispecific antibodies, ADCs, and small nucleic acids, as well as innovative drug companies with clinical data catalysts and continuously advancing overseas cooperation. Innovative drug companies are about to reach a turning point of turning losses into profits, with dense clinical data catalysts throughout the year, coupled with smooth overseas clinical progress of out-licensed pipelines, the sector's investment opportunities are clear. Related concept stocks: WuXi AppTec (02359): WuXi AppTec announced that its third-quarter operating revenue was RMB16.64 billion, up 38.01% year on year; net profit attributable to shareholders of the listed company was RMB8.318 billion, up 136.67% year on year. Asymchem Laboratories (06821): Asymchem Laboratories' 2026 third-quarter report shows that the company achieved operating revenue of approximately RMB5.395 billion, up 16.52% year on year, and net profit attributable to shareholders of approximately RMB852 million, up 6.49% year on year. Pharmaron Beijing (03759): In the interim of 2026, the company achieved operating revenue of RMB7.595 billion, up 17.9% year on year; profit attributable to shareholders was RMB750 million, up 7.0% year on year. Among them, in the second quarter, it achieved operating revenue of RMB4.017 billion and profit attributable to shareholders of RMB415 million. WUXI BIO (02269): In the first half of 2026, the company achieved revenue of RMB11.787 billion, up 18.4% year on year; gross profit of RMB5.448 billion, up 28.1% year on year, with gross margin rising 3.5 percentage points to 46.2%; net profit of RMB2.440 billion, up 4.3% year on year.