▎WuXi AppTec
Revenue Up 38.5% Year-Over-Year to RMB22,902 Million
Net Profit Attributable to Owners of the Company Up 72.2% Year-Over-Year to RMB5,097 Million
Diluted Earnings Per Share (EPS) Up 64.8% Year-Over-Year to RMB1.73
Adjusted Non-IFRS Net Profit Attributable to Owners of the Company Up 41.1% Year-Over-Year to RMB5,131 Million
Adjusted Non-IFRS Diluted EPS Up 35.7% Year-Over-Year to RMB1.75
(SHANGHAI, March 23, 2022) — WuXi AppTec (stock code: 603259.SH / 2359.HK), a global company that provides a broad portfolio of R&D and manufacturing services that enable companies in the pharmaceutical, biotech and medical device industries worldwide to advance discoveries and deliver groundbreaking treatments to patients, is pleased to announce its annual results for the year ending December 31, 2021 (“Reporting Period”).
Dr. Ge Li, Chairman and CEO of WuXi AppTec, said, “2021 was yet another successful year for WuXi AppTec. Our comprehensive enabling platform continued to support the growing needs of existing customers and attracted new ones throughout the healthcare industry. As part of our enduring commitment to serving our customers more effectively, we restructured our services into five new business segments in 2021. These five business segments reflect how we manage our business and also provide clearer transparency to our shareholders. We are confident that these five business segments will drive our growth for many years to come as we further enhance synergies, increase cross-selling, and deepen customer engagement across our diverse service offerings.”
Dr. Ge Li concluded, “The success of our unique CRDMO and CTDMO business models provides a foundation for reliable and continued long-term growth for our company and customers worldwide. The fundamentals of our business and its future outlook both remain very strong, and we will continue to invest in R&D service capabilities and capacities, particularly in new modalities and manufacturing. We expect to invest approximately RMB 9-10 billion in capital expenditures in 2022 to build new capacities for future growth. We are confident that these investments will better enable our customers worldwide to bring innovative medicines to patients in need – realizing our vision that ‘every drug can be made and every disease can be treated.’”
As a global company with operations across Asia, Europe, and North America, WuXi AppTec provides a broad portfolio of R&D and manufacturing services that enable the global pharmaceutical and healthcare industry to advance discoveries and deliver groundbreaking treatments to patients. Through its unique business models, WuXi AppTec’s integrated, end-to-end services include chemistry drug CRDMO (Contract Research, Development and Manufacturing Organization), biology discovery, preclinical testing and clinical research services, cell and gene therapies CTDMO (Contract Testing, Development and Manufacturing Organization), helping customers improve the productivity of advancing healthcare products through cost-effective and efficient solutions. WuXi AppTec received an AA ESG rating from MSCI in 2021 and its open-access platform is enabling more than 5,700 collaborators from over 30 countries to improve the health of those in need – and to realize the vision that "every drug can be made and every disease can be treated." Please visit: http://www.wuxiapptec.com
Forward-Looking Statements
This press release may contain certain “forward-looking statements” which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, our ability to protect our clients’ intellectual property, unforeseeable international tension, competition, the impact of emergencies and other force majeure. Our forward-looking statements in this press release speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. All information provided in this press release is as of the date of this press release and are based on assumptions that we believe to be reasonable as of this date, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Use of Non-IFRS and Adjusted Non-IFRS Financial Measures
We provide non-IFRS gross profit, exclude the impact in revenue and cost from effective hedge accounting, share-based compensation expenses and amortization of intangible assets acquired in business combinations, and non-IFRS net profit attributable to owners of the Company, which exclude share-based compensation expenses, issuance expenses of convertible bonds, fair value gain or loss from derivative component of convertible bonds, foreign exchange-related gains or losses, amortization of intangible assets acquired in business combinations and goodwill impairment. We also provide adjusted non-IFRS net profit attributable to owners of the Company and earnings per share, which further exclude realized and unrealized gains or losses from our venture investments and joint ventures. Neither is required by, or presented in accordance with IFRS.
To better reflect the operation results and key performance, the Company has adjusted the scope of the foreign exchange related gains or losses by adjusting only the gains or losses that the management believes irrelevant to the core business. The comparative financial figures for the comparable periods have been adjusted to reflect the change of the scope.
We believe that the adjusted financial measures used in this press release are useful for understanding and assessing our core business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and non-operating items that we do not consider indicative of the performance of our core business. Such adjusted non-IFRS net profit attributable to owners of the Company, the management of the Company believes, is widely accepted and adopted in the industry the Company is operating in. However, the presentation of these adjusted non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies.
This release provides a summary of the results and is not intended to be a comprehensive report. For additional information, please refer to the 2021 annual report and other relevant announcements published on the websites of the Shanghai Stock Exchange (www.sse.com.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk), and the designated media for dissemination of the relevant information. Investors are advised to exercise caution and be aware of the investment risks in dealing in the shares of the Company.
All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS), in currency of RMB. The 2021 Annual Report of the Company has been audited.
