WuXi AppTec shares surge 14% in Hong Kong after record first-quarter earnings
The Chinese company’s revenue rose nearly 29 per cent to 12.44 billion yuan, while profit surged about 27 per cent to 4.65 billion yuan
Shares of WuXi AppTec surged both on the mainland and in Hong Kong after stronger-than-expected quarterly results lifted sentiment across the contract research and innovative drug sectors.
The pharmaceutical company’s Shanghai-listed shares rose by their daily limit of 10 per cent to close at 110.57 yuan on Tuesday, while its Hong Kong shares ended 14 per cent higher at HK$143.10, the highest since December 2021.
The gains followed the company’s market-beating first-quarter earnings released late on Monday, which showed continued momentum in its core business. Revenue rose 28.8 per cent year on year to 12.44 billion yuan (US$1.8 billion), the first time quarterly revenue crossed the 10 billion yuan level.
Net profit attributable to shareholders climbed 26.7 per cent to 4.65 billion yuan, a quarterly record.
The drug maker also reported a strong order backlog of nearly 598 billion yuan at the end of March, up 23.6 per cent from a year earlier.
The firm attributed the momentum to its contract research, development and manufacturing organisation (CDMO) model, which integrates drug discovery, development and production.