WuXi Biologics CEO Presented at the 42nd Annual J.P. Morgan Healthcare Conference
San Francisco, California, Jan.12, 2024 – On Jan.10th, Dr. Chris Chen, CEO of WuXi Biologics (“WuXi Bio”) (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), presented the company’s business updates and outlook at the 42nd Annual J.P. Morgan Healthcare Conference in San Francisco, California.
Dr. Chris Chen, CEO of WuXi Biologics, noted in his speech: “The headwind in 2023 didn’t affect the company’s long-term business fundamentals. Our non-COVID projects have reached a record high. We continue to gain market share for both ‘Follow and Win the Molecule’ in research, development, and manufacturing services. State-of-the-art technology platforms enable us to realize additional growth for new biological modalities. Our ESG strategy plays a critical role in enhancing sustainable business growth. Looking ahead, we are anticipating strong growth momentum unleashing the power of our CRDMO business model.”
WuXi Biologics has demonstrated resilient business growth despite the industry challenges in 2023. The company has achieved a record high of 132 new integrated projects in 2023, totaling the number of integrated projects to 698. “Win-the-Molecule” Strategy continues to excel. 18 external projects are being transferred into the pipeline, including 7 phase III projects and 2 CMO programs. The company’s CMO continues with strong momentum with 24 projects for exciting targets. The new integrated projects include ADC, bi/multi-specific antibodies projects from the U.S., China, Europe, Japan and South Korea. These increased integrated projects reflected biotech financing recovery; clients’ confidence is restored to advance their pipelines. WuXi Biologics becomes client’s premier partner to enable their project success.
CMO continues with strong momentum as shown by leading indicators. WuXi Biologics is one of the best performers in the industry, and has demonstrated its premier quality with a Process Performance Qualification( PPQ) success of 97%+.
WuXi Biologics continuously to build its global network following its global dual-sourcing strategy. The Ireland site ramp-up is ahead of schedule. It has seen significant commercial manufacturing demands from 2024 and is almost fully booked in 2025. The Ireland site is expected to break even in 2024, which is one year earlier than the original target.
State-of-the-art Technologies Lead to Future Success
WuXi Bio’s proprietary technology platforms empower the development of clients’ innovative therapeutics. Microbial Business is to be another business growth driver. As of the end of 2023, there are 25 projects (43 microbial molecules) at WuXi Biologics. The WuXi Bio CD3 platform empowers the discovery of Best-in-Class T Cell Engagers (TCEs) with 3 TCEs in the clinical stage. WuXiUITM offers clients more flexible and cost-effective bioprocessing solutions. The company has applied single-use bioreactors, instead of traditional stainless-steel bioreactors, to lower COGS. Taking advantage of the intensified perfusion culture process WuXiUPTM, product cost can be further reduced and quality improved.
Subsidiary – WuXi XDC
Seven success factors are also proven in WuXi Biologics subsidiary – WuXi XDC. Following the “Enable-Follow-Win” Strategy, WuXi XDC builds a robust project base and a fast-growing client base. Owning to its successful execution, and state-of-the-art technologies, its global market share continues to increase, supporting >70% out-licensing deals.
ESG as an Important Component of Business Strategy
WuXi Biologics regards sustainability as the cornerstone of business development strategy, aligning it with our corporate vision and mission. Across the year, the company has made notable ESG achievements. It received an AAA rating from MSCI ESG Ratings, was awarded the EcoVadis Sustainability Rating’s Platinum Medal, and was named to 2023 Dow Jones Sustainability World Index. Besides, it signed the Science Based Targets initiative (SBTi) commitment letter, and became a signatory to the United Nations Global Compact, demonstrating its sustainability commitment.
“Propelled by our unique ‘Follow and Win the Molecule’ strategy and CRDMO business model, we will continue to gain market share in all Research, Development and Manufacturing services. We will continue to enhance our capability, advance our integrated technology platforms, and strive to enable our clients to accelerate and transform drug discovery, development and manufacturing for the benefit of patients around the world,” noted Dr. Chris Chen.
About WuXi Biologics
WuXi Biologics (stock code: 2269.HK) is a leading global Contract Research, Development and Manufacturing Organization (CRDMO) offering end-to-end solutions that enable partners to discover, develop and manufacture biologics – from concept to commercialization – for the benefit of patients worldwide.
With over 12,000 skilled employees in China, the United States, Ireland, Germany and Singapore, WuXi Biologics leverages its technologies and expertise to provide customers with efficient and cost-effective biologics discovery, development and manufacturing solutions. As of June 30, 2023, WuXi Biologics is supporting 621 integrated client projects, including 22 in commercial manufacturing.
WuXi Biologics views Environmental, Social, and Governance (ESG) responsibilities as an integral component of our ethos and business strategy, and we aim to become an ESG leader in the biologics CRDMO sector. Our facilities use next-generation biomanufacturing technologies and clean-energy sources. We have also established an ESG committee led by our CEO to steer the comprehensive ESG strategy and its implementation, enhancing our commitment to sustainability.
For more information about WuXi Biologics, please visit: www.wuxibiologics.com.