WuXi AppTec's Q3 net profit surged by 53.27%, TIDES business doubled, and backlog orders increased by 41%

On October 26, WuXi AppTec released its Q3 2025 financial report.

The data shows that the company's Q3 operating revenue reached 12.057 billion yuan, a year-on-year increase of 15.26%. In terms of profit, the net profit attributable to shareholders of the listed company was 3.515 billion yuan, an increase of 53.27% year-on-year. The net profit excluding non-recurring items attributable to the parent company was 3.940 billion yuan, a year-on-year increase of 73.75%.

The chemical business remains the main growth engine, with revenue in the first three quarters increasing by 29.3% year-on-year. Among them, the TIDES business (oligonucleotides and peptides) performed exceptionally well, with revenue skyrocketing by 121.1% year-on-year to 7.84 billion yuan. The small molecule CDMO business showed steady growth.

As of the end of September 2025, the amount of orders on hand for WuXi AppTec's continuing operations reached 59.88 billion yuan, a significant year-on-year increase of 41.2%. This data provides a solid foundation for the company to raise its full-year performance guidance.

Financial performance:

In Q3 2025, operating revenue reached 12.057 billion yuan, a year-on-year increase of 15.26%; net profit attributable to the parent company was 3.515 billion yuan, a year-on-year increase of 53.27%; net profit excluding non-recurring items attributable to the parent company was 3.940 billion yuan, a year-on-year increase of 73.75%.

In the first three quarters of 2025 (YTD), operating revenue reached 32.857 billion yuan, a year-on-year increase of 18.61%; net profit attributable to the parent company was 12.076 billion yuan, a year-on-year increase of 84.84%;

Net profit excluding non-recurring items attributable to the parent company was 9.522 billion yuan, a year-on-year increase of 42.51%. The significant increase in net profit in the first three quarters was partly due to a non-recurring gain of 3.223 billion yuan from the sale of part of the equity in the joint venture WuXi XDC Cayman Inc.

Core business progress:

The chemical business is the core engine of growth, with revenue in the first three quarters reaching 25.98 billion yuan, a year-on-year increase of 29.3%.

Among them, the TIDES business (peptides and oligonucleotides) performed particularly well, with revenue reaching 7.84 billion yuan, a year-on-year surge of 121.1%, becoming the strongest driving force for growth.

The small molecule CDMO (D&M) business generated revenue of 14.24 billion yuan, a year-on-year increase of 14.1%, maintaining steady growth.

The testing business showed weak performance, with revenue of 4.17 billion yuan, essentially flat year-on-year (-0.04%), mainly dragged down by a 6.4% decline in clinical CRO and SMO business due to market price factors.

The biological business experienced a slowdown in growth, with revenue of 1.95 billion yuan, a year-on-year increase of 6.6%.

The TIDES business carries the banner of growth

From the perspective of business segments, the company's growth engines and structural differentiation are very clear.

The chemical business is undoubtedly the core of growth, contributing revenue of 25.98 billion yuan in the first three quarters, a year-on-year increase of 29.3%.

In detail, the performance of the TIDES business (oligonucleotides and peptides) is remarkable Benefiting from the global peptide drug boom and the gradual release of new production capacity, the revenue of this business reached 7.84 billion yuan in the first three quarters, a year-on-year surge of 121.1%. The number of customers and molecules served by the company has significantly increased, while the peptide production capacity construction in Taixing has been completed ahead of schedule, with the total volume of peptide solid-phase synthesis reactors increased to over 100,000L, demonstrating the company's positioning advantage in this high-growth sector.

The small molecule CDMO (D&M) business, as a fundamental base, remained robust, with revenue of 14.24 billion yuan, a year-on-year increase of 14.1%.

The project pipeline continues to expand, with a cumulative addition of 621 molecules, bringing the total to 3,430, among which late-stage and commercial projects are steadily increasing. The company expects that by the end of 2025, the total volume of small molecule active pharmaceutical ingredient reactors will exceed 4,000kL, with capacity expansion still ongoing.

Orders surge, but business segments show uneven performance

As of the end of September 2025, WuXi AppTec's continuing operations had a backlog of orders amounting to 59.88 billion yuan, a substantial year-on-year increase of 41.2%. This figure provides a solid foundation for the company to raise its full-year performance guidance and indicates a high certainty of revenue growth in the coming quarters.

From a regional distribution perspective, the company's reliance on overseas markets remains significant. In the first three quarters, revenue from U.S. customers increased by 31.9% year-on-year to 22.15 billion yuan, while revenue from Chinese customers remained basically flat, with only a 0.5% increase.

However, behind the rapid growth of the chemical business, other business segments performed modestly. The testing business generated revenue of 4.17 billion yuan in the first three quarters, a slight year-on-year decline of 0.04%.

Among them, the clinical CRO and SMO business saw a year-on-year decline of 6.4% in revenue, which the financial report attributed to "market price factors." The biological business achieved a moderate growth of 6.6%, with revenue of 1.95 billion yuan, continuing to play a role in attracting new customers for the company's CRDMO model