Media365
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.
