WuXi AppTec Co., Ltd. 603259
Shanghai Stock ExchangeDiagnostics and life science toolsFinancials to Jun 30, 2026 · Updated Oct 5, 2026
Moat ranks
Balance sheet
| CN¥B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 29.5 | 27.0 |
| Securities | 11.5 | 19.7 |
| Long-term securities | 1.1 | 2.1 |
| Debt | 7.8 | 14.6 |
| Net cash | 34.2 | 34.1 |
| Equity | 79.7 | 83.3 |
- Debt / EBITDA · 12/31/25
- 0.53×
- Debt / equity
- 0.17×
- Leases (6/30/26)
- CN¥545M
- Diluted shares
- 2,949M
- Book value / share
- CN¥28.26
- Price / book
- 6.1×
- Net cash / share
- CN¥11.57
- Market cap
- CN¥510.5B
- Enterprise value
- CN¥476.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 47.7% | +27.3 pts | |
| Operating margin | 48.4% | -0.1 pts | |
| FCF margin | 25.1% | +1.1 pts | |
| Capex / revenue | 10.7% | -1.4 pts | |
| Small-molecule D&M pipeline | 3,731 | +9% | |
| Commercial manufacturing projects | 95 | +25% | |
| Phase III manufacturing projects | 94 | +12% | |
| Half-year discovery-to-development transfers | 155 | -2% | |
| Half-year peptide and oligonucleotide revenue | CN¥7.3B | +44% |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 603259
WuXi AppTec supplies drug discovery, safety testing, process development and manufacturing to global drug makers. Chemistry supplied most of its 2025 continuing revenue.
- Scope Economies
Discovery, process development, API manufacturing, peptides and oligonucleotides share skills and customer relationships.
- Design In Qualification
Late-stage and commercial drug projects require established chemistry processes, analytical methods, regulatory filings and validated manufacturing.
- Compliance Advantage
Inspected API sites and quality systems let customers use WuXi in regulated drug supply.
- Compliance Advantage
Drug safety, DMPK, toxicology and bioanalysis work depend on validated systems, inspection readiness and acceptance by multiple regulators.
- Dec 31, 2025 · Full year · Gain +CN¥4.8B
Sales of part of the WuXi XDC associate stake produced a disposal gain. It increased operating profit but did not come from customer services.
- Dec 31, 2025 · Full year · Gain +CN¥2.2B
Sales of discontinued subsidiaries produced a gain. The sold businesses cannot produce the same service earnings for WuXi in later years.
- Jun 30, 2025 · Half year · Impairment charge −CN¥121M
A further write-down of businesses held for sale reduced profit during the exit from discontinued operations.
- Dec 31, 2024 · Full year · Impairment charge −CN¥948M
The sale of the US and UK advanced-therapies business required a write-down of assets held for sale. It reduced profit before the business left the group.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CN¥) | |||||||||||||
| Revenue | 2.89 | 3.52 | 4.03 | 4.69 | 5.87 | 7.80 | 13.32 | 13.68 | 13.56 | 15.60 | 18.16 | +20.6%/yr | |
| Cash flow | 0.83 | 0.81 | 0.64 | 0.92 | 1.36 | 1.49 | 3.46 | 4.29 | 4.14 | 5.64 | 6.33 | +23.7%/yr | |
| Earnings | 0.46 | 0.56 | 0.95 | 0.68 | 1.05 | 1.74 | 2.98 | 3.62 | 3.23 | 6.59 | 7.46 | +34.4%/yr | |
| Free cash flow | 0.39 | 0.20 | -0.23 | 0.09 | 0.28 | -0.81 | 0.15 | 2.45 | 2.77 | 3.74 | 4.16 | +28.5%/yr | |
| Capex | 0.44 | 0.61 | 0.87 | 0.83 | 1.07 | 2.30 | 3.32 | 1.83 | 1.37 | 1.90 | 2.17 | +17.6%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.25 | 0.20 | 0.30 | 0.52 | 0.90 | 1.00 | 1.67 | 1.95 | – | |
| Book value | 2.63 | 2.88 | 7.42 | 6.31 | 11.53 | 13.10 | 15.77 | 18.69 | 20.26 | 27.36 | 28.26 | +29.7%/yr | |
| Diluted shares (M) | 2,118 | 2,206 | 2,384 | 2,745 | 2,818 | 2,938 | 2,954 | 2,950 | 2,894 | 2,913 | 2,949 | +3.6%/yr | |
| Totals (CN¥B) | |||||||||||||
| Revenue | 6.1 | 7.8 | 9.6 | 12.9 | 16.5 | 22.9 | 39.4 | 40.3 | 39.2 | 45.5 | 53.6 | +25.0%/yr | |
| Operating income | 1.4 | 1.7 | 2.6 | 2.5 | 3.7 | 6.3 | 10.8 | 13.2 | 11.5 | 23.8 | 27.7 | +36.6%/yr | |
| Net income | 1.0 | 1.2 | 2.3 | 1.9 | 3.0 | 5.1 | 8.8 | 10.7 | 9.4 | 19.2 | 22.0 | +39.3%/yr | |
| Free cash flow | 0.8 | 0.4 | -0.6 | 0.3 | 0.8 | -2.4 | 0.4 | 7.2 | 8.0 | 10.9 | 12.3 | +33.2%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | 1.7 | 1.0 | 1.2 | 3.9 | 4.3 | 4.1 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.7 | 0.6 | 0.9 | 1.5 | 2.6 | 2.9 | 4.9 | 5.7 | – | |
| Net cash | 3.5 | 1.2 | 8.7 | 3.6 | 13.6 | 7.9 | 4.3 | 9.8 | 12.1 | 34.2 | 34.1 | +CN¥30.7B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 40.6 | 41.7 | 39.3 | 38.9 | 37.8 | 36.1 | 36.9 | 40.6 | 40.8 | 47.0 | 51.6 | +6.4 pts | |
| Operating margin | 23.6 | 21.8 | 27.0 | 19.3 | 22.1 | 27.3 | 27.5 | 32.7 | 29.2 | 52.4 | 51.8 | +28.8 pts | |
| Net margin | 15.9 | 15.8 | 23.5 | 14.4 | 17.9 | 22.3 | 22.4 | 26.5 | 23.8 | 42.2 | 41.1 | +26.3 pts | |
| FCF margin | 13.5 | 5.7 | -5.7 | 2.0 | 4.8 | -10.4 | 1.1 | 17.9 | 20.4 | 24.0 | 22.9 | +10.4 pts | |
| ROIC | 54.3 | 25.9 | 20.8 | 13.3 | 14.0 | 15.2 | 19.9 | 22.9 | 19.5 | 40.6 | 43.0 | -13.7 pts | |
| Return on equity | 17.5 | 19.3 | 12.8 | 10.7 | 9.1 | 13.2 | 18.9 | 19.4 | 16.0 | 24.1 | 26.4 | +6.6 pts | |
| R&D % of revenue | 3.5 | 3.9 | 4.5 | 4.6 | 4.2 | 4.1 | 4.1 | 3.6 | 3.2 | 2.5 | 2.3 | -1.0 pts | |
| Stock pay % of revenue | 0.8 | 0.5 | 0.5 | 1.3 | 3.4 | 2.4 | 2.2 | 1.9 | 0.9 | 1.8 | 1.7 | +0.9 pts | |
| Capex % of revenue | 15.3 | 17.4 | 21.6 | 17.6 | 18.3 | 29.5 | 24.9 | 13.4 | 10.1 | 12.2 | 11.9 | -3.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- widening
- Pricing power
- moderate
- WuXi Chemistry84.0%3 claims
- WuXi Testing9.3%2 claims
- WuXi Biology6.2%1 claim
- Other Continuing Operations0.5%No moat
Moat claims
- Applies to
- WuXi Chemistry
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 5, 2026
Discovery, process development, API manufacturing, peptides and oligonucleotides share skills and customer relationships. In H1 2026, 155 discovery molecules moved to development and continuing backlog reached CNY66.43bn. Transfers were 158 a year earlier: the platform is expanding, but faster cross-selling is not yet established.
The D&M pipeline rose from 3,452 molecules at December 2025 to 3,731 at June 2026, while TIDES half-year revenue reached CNY7.26bn; discovery transfers remained broadly flat at 155 versus 158.
- Small-molecule D&M pipeline3,731+9%
- Commercial manufacturing projects95+25%
- Phase III manufacturing projects94+12%
- Annual discovery-to-development transfers310-15%
- Half-year discovery-to-development transfers155-2%
- Annual peptide and oligonucleotide revenueCN¥11.4B+96%
- Half-year peptide and oligonucleotide revenueCN¥7.3B+44%
- Continuing business backlogCN¥66.4B
- Annual continuing business revenueCN¥43.4B+21%
- Half-year continuing business revenueCN¥28.9B+48%
- Customers using discovery and preclinical services≥1,000+11%
- U.S. Biosecure-style restrictions encourage customer dual-sourcing away from China
- Large pharma customers split discovery and manufacturing awards across vendors
- India, Europe and U.S. CRDMOs gain share from China-plus-one procurement
- SourceWuXi AppTec 2026 Interim ResultsAug 3, 2026
- SourceLonza H1 2026 resultsJul 22, 2026
- SourceBachem Sisslerfeld peptide supply and capacity agreementJul 21, 2026
- SourcePolyPeptide share informationOct 5, 2026
- Applies to
- WuXi Chemistry
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Oct 5, 2026
Late-stage and commercial drug projects require established chemistry processes, analytical methods, regulatory filings and validated manufacturing. Repeating that work with another supplier makes switching costly.
Commercial small-molecule projects rose from 83 at December 2025 to 95 at June 2026, increasing work tied to validated processes; Phase III projects rose from 91 to 94.
- Small-molecule D&M pipeline3,731+9%
- Commercial manufacturing projects95+25%
- Phase III manufacturing projects94+12%
- Annual peptide and oligonucleotide revenueCN¥11.4B+96%
- Half-year peptide and oligonucleotide revenueCN¥7.3B+44%
- Continuing business backlogCN¥66.4B
- Customers transfer future launches to alternative qualified sites
- Regulatory or geopolitical limits disrupt use of WuXi in filings
- Pricing pressure appears as backlog converts into revenue
- SourceWuXi AppTec 2026 Interim ResultsAug 3, 2026
- Applies to
- WuXi Chemistry
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Inspected API sites and quality systems let customers use WuXi in regulated drug supply. The 2025 report describes FDA inspections without observations. This supports reliability; it does not establish that qualified rivals cannot match it.
The 2025 report describes FDA inspections without observations; this supports continued qualification, but gives no comparative rejection or defect rate proving a growing lead.
- FDA inspection observations at reported API sites0
- A major quality failure damages customer trust
- Regulators increase scrutiny of China-based manufacturing
- Customers require redundant non-China GMP supply
- SourceWuXi AppTec Co., Ltd. Annual Report 2025Apr 1, 2026
- Applies to
- WuXi Testing
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 5, 2026
Drug safety, DMPK, toxicology and bioanalysis work depend on validated systems, inspection readiness and acceptance by multiple regulators.
Reported multi-regulator inspections support continued acceptance of Testing studies; no comparative audit failure rate is disclosed, and FDA acceptance of alternatives changes the required skill mix.
- Testing revenue from new modalities≥35.0%
- Market-price pressure reduces margins
- Customers shift preclinical work to India or local CROs
- Any animal-welfare, data-integrity or regulatory incident damages trust
- FDA acceptance of non-animal methods can reduce conventional toxicology work unless WuXi earns the replacement testing work.
- SourceWuXi AppTec 2025 annual reportApr 1, 2026
- SourceFDA achieves year 1 goals in reducing animal testingApr 20, 2026
- Applies to
- WuXi Testing
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Oct 5, 2026
WuXi Testing is bundled into the broader CRDMO model, helping customers move from discovery through IND-enabling studies with fewer handoffs.
New drug modalities supplied more than 30% of Testing revenue in 2025 and more than 35% in H1 2026, broadening the work offered to discovery customers; the disposed businesses make older total sales less comparable.
- Testing revenue from new modalities≥35.0%
- Customers using discovery and preclinical services≥1,000+11%
- Customers unbundle preclinical testing from discovery or manufacturing awards
- Specialist labs outperform on turnaround time or price
- Geopolitical restrictions interrupt cross-border sample flows
- SourceWuXi AppTec Co., Ltd. Annual Report 2025Apr 1, 2026
- SourceWXAT 2025 Investor Day - Research Enabling PlatformsSep 25, 2025
- SourceWuXi AppTec 2026 interim reportSep 4, 2026
- SourceCharles River Laboratories Q2 2026 resultsAug 5, 2026
- Applies to
- WuXi Biology
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Oct 5, 2026
WuXi Biology helps originate and expand early research relationships that can feed Chemistry and Testing work as molecules progress.
The August 2026 DEL breach exposed customer files and weakens trust in shared discovery workflows. H1 2026 new-modality sales exceeded 35% of Biology revenue, but no post-incident churn figure yet establishes the financial effect.
- New customers brought by Biology≥20.0%0.0 pts
- Biology revenue from new modalities≥35.0%+5.0 pts
- Customers using discovery and preclinical services≥1,000+11%
- AI-first discovery companies and specialist biology CROs win early discovery budgets
- Customers use WuXi Biology only for early work and switch vendors downstream
- Price competition reduces discovery economics
- August 2026 DEL-platform customer-data breach could impair trust or lead to remediation costs.
- SourceWuXi AppTec 2025 interim reportSep 2, 2025
- SourceWXAT 2025 Investor Day - Research Enabling PlatformsSep 25, 2025
- SourceWuXi AppTec DNA Encoded Library cybersecurity incidentAug 24, 2026
Profile change log
- Oct 5, 2026 · analyst revision
Linked the three operating segments to shared drug-service market profiles, covering demand, competitors, funding, currency, input costs, US procurement and changing testing rules. Incidental residual sales have no separately verifiable market profile.
- Oct 5, 2026 · analyst revision
Added 2016–2025 IFRS statements, twelve quarters and six half years, a separately priced A/H market cap, fifteen operating histories and management guidance. Separately identified business-sale gains and sale impairments; retained ordinary investment, currency and share-payment costs.
- Oct 5, 2026 · analyst revision
Added directions for all six moat claims, the founder-led management profile and a testable investment debate. Chemistry qualification is widening; compliance remains stable; the DEL breach weakens Biology customer trust. Claim strength and durability and the residual no-moat assessment are unchanged; compliance confidence is 4 because inspection outcomes are company-reported, without independently matched regulator records.
- Oct 5, 2026 · analyst revision
Corrected the Biology new-customer evidence from H1 2026 to the last verified H1 2025 disclosure. Corrected the annual-report publication date to April 1, 2026 and Investor Day to September 25, 2025; classified exchange filings as company evidence rather than SEC filings.
- Oct 5, 2026 · analyst revision
Replaced H1 2026 segment weights with FY2025 continuing-revenue weights, using the annual report. Removed sold medical-device customers from the current Testing description and replaced loosely related peers with drug-service rivals, including correcting Siegfried from SIE to SFZN and PolyPeptide from POLN to PPGN, while retaining Bachem as a direct peptide rival.
- Oct 5, 2026 · analyst revision
Removed unsupported market-share ranges: Chemistry 6–9%, Testing 3–4.5% and Biology 2–3%. Each numerator covered different services from its industry denominator; no comparable verified share was found.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global synthetic-molecule research, development and manufacturing
Outsourced discovery chemistry, process development, analytical work and clinical/commercial manufacture of synthetic drug ingredients and products, including peptides, oligonucleotides and conjugate chemistry. Excludes standalone biologic, cell and gene therapy manufacturing. Discovery overlaps the separate discovery-services profile. No verified single total covers this entire perimeter; the CDMO component and its peers below are a subset, not a denominator for total CRDMO market share.
- Lonza
- Thermo Fisher Scientific
- Siegfried
- Cambrex
- CordenPharma
- Recipharm
- Eurofins Scientific
- Bachem
- PolyPeptide
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 603259 | 81 | 51.6% | 51.8% | |
| Industry median | 8 | 82 | 52.7% | 35.7% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- High structural demand: more complex synthetic drugs require process chemistry, purification and controlled scale-up that small drug developers often buy from specialists.
- Medium economic-cycle exposure: approved-drug supply is steadier than discovery work; trial results, launch schedules and customer R&D budgets can still move volumes sharply.
- High funding sensitivity in early development: higher rates and weak equity markets shorten biotech cash runways and delay projects; large-pharma and commercial supply partly offset this.
- Medium capacity effect: validated production sites and shared development skills can improve execution and utilization as projects mature; capacity additions create no guaranteed orders.
- High policy exposure for China-based suppliers: covered US procurement rules and voluntary diversification can shift future projects even when current commercial processes are difficult to move.
- High currency exposure where USD contracts fund RMB costs: RMB appreciation can reduce reported sales and profit; hedges delay or offset some effects rather than eliminate the exposure.
- Medium input-cost exposure: skilled chemists, solvents, reagents, amino-acid building blocks and energy affect cost. Yield improvements and solvent recycling can help, but no durable control of those inputs is established.
- Medium competitive pressure: European, US, Indian and Chinese suppliers can add complex-chemistry capacity; a strong peptide cycle can encourage excess investment.
- Drug-price pressure can reduce sponsors’ R&D budgets. Failed trials, patents expiring and concentrated product orders can cut manufacturing demand independently of the general economy.
Bulls & bears
Can qualified Chemistry projects keep turning into recurring customer cash faster than US sourcing restrictions and loss of customer trust move future work elsewhere?
Arguments
What to watch
- 1Commercial and Phase III projects, plus discovery-to-development transfers
- 2Continuing backlog and US customer revenue on the same business perimeter
- 3TIDES revenue, Chemistry gross profit and reported operating cash flow against capex
- 4Testing and Biology new-modality sales and customer losses after the DEL breach
- 5OMB company designations, final court decisions and customer supplier-transfer disclosures
Next check: Read the Q3 2026 IFRS appendix after publication, including the August WuXi XDC share sale. Check the initial OMB biotechnology-company list due by December 18, 2026, and the next DEL incident update. No confirmed Q3 release date was found.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 81/100 by <a href="https://www.findmymoat.com/stocks/XSHG:603259">Find My Moat</a> (as of September 2026)Request update
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