WuXi XDC H1 2026 Revenue Jumps 37% to RMB 3.7 Billion on Strong Bioconjugate Demand
核心洞察
WuXi XDC (搜索) reported H1 2026 total revenue of RMB 3,701.4 million, up 37.0% period-over-period (41.5% on a constant-currency basis), driven by strong global ADC and bioconjugate demand.
Gross profit grew 40.6% to RMB 1,371.3 million with a 37.0% margin, while adjusted net profit attributable to owners rose 37.4% to RMB 1,027.3 million.
The company's integrated project portfolio reached 328 projects, including 286 ADC and 42 broader XDC projects, with 21 PPQ and 2 commercial-stage projects.
WuXi XDC (搜索) Cayman Inc. (stock code: 2268.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) focused on the bioconjugate market, announced interim results for the six months ended June 30, 2026, reporting total revenue of RMB 3,701.4 million — a 37.0% period-over-period increase on an actual exchange rate (AER) basis, or 41.5% on a constant-currency (CER) basis.
The revenue growth was primarily attributable to growth in the number of customers and projects driven by continued active development of the global ADC and broader bioconjugates market, increasing market share through the Group's established position as a leading ADC CRDMO service provider, and the steady advancement of projects into later stages.
Financial Performance
Gross profit increased 40.6% period-over-period to RMB 1,371.3 million, with a gross profit margin of 37.0% for the six months ended June 30, 2026 — a 0.9 percentage point increase compared to the first half of 2025. The Group attributed this improvement to continuous enhancement of overall operation and manufacturing efficiency, high utilization of production facilities driven by strong customer demand, successful ramp-up of operating production lines, and increased contribution from higher value-added services.
Adjusted net profit attributable to owners of the Company increased 37.4% period-over-period to RMB 1,027.3 million, with the margin remaining stable at 27.8%, a 0.1 percentage point increase compared to 2025 1H. This growth was driven by the factors above and continuous disciplined control of SG&A expenses.
Customer and Project Growth
The Group's total global customer base expanded to over 810 companies, with 15 of the top 20 global pharmaceutical companies having partnered with WuXi XDC (搜索). The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth, with the total number of integrated projects (iCMC projects) reaching 328, including 51 newly signed integrated projects.
The Group has a diversified project base covering both innovative ADC and broader bioconjugate (XDC) projects. The total number of integrated ADC projects reached 286, while the number of integrated XDC projects increased to 42. In the first half of 2026, the Group explored over 3,100 molecules of multiple modalities, including bispecific ADCs, dual-payload ADCs, degrader-antibody conjugates (DAC), antibody-oligonucleotide conjugates (AOC), and antibody-peptide conjugates (APC). Cumulatively, the Group has explored over 22,000 ADC/XDC molecules as of the end of the reporting period.
The commercial and PPQ pipeline comprised 2 commercial projects and 21 PPQ projects in total, with 2 PPQ projects newly signed in the first half of 2026.
Backlog and Technology Platform
The service backlog grew to approximately US$2.0 billion, a 50.4% increase period-over-period. Including upcoming milestone fees, total backlog reached approximately US$2.2 billion, up 62.2% period-over-period.
The Group continued to advance its fully integrated R&D technology platform. Multiple customer programs enabled by the WuXiDARx™, X-LinC™, and WuXi Payload-Linker™ platforms advanced from PCC to iCMC and clinical development. The WuXiDARx™ conjugation platform has facilitated customers bringing 8 ADC pipelines from preclinical to clinical stage, while WuXiDAR4™ has enabled over 10 iCMC programs, including 8 in clinical development. The WuXiTecan-2™ payload-linker platform was successfully applied to 3 iCMC-stage customer programs through technology licensing agreements with Earendil Labs (搜索) and a European biotech company in 2026.
Capacity Expansion
The Group's total full-time employees increased to 3,628, with WuXi XDC (搜索)'s standalone headcount growing to over 3,100 employees. The acquisition of BioDlink (搜索) in March 2026 increased manufacturing capacity, broadened the project portfolio, and expanded the client network. In August 2026, the Singapore facility's XmAb/XBCM3 achieved GMP release, marking the Group's first mAb and bioconjugates manufacturing site overseas.
Dr. Jimmy Li, CEO of WuXi XDC (搜索), stated, "Our strong first-half 2026 performance reflects the continued execution of our long-term strategy and increasing global demand for integrated bioconjugate CRDMO services. During the period, we further strengthened our capabilities through the successful integration of BioDlink (搜索), continued expansion of our global manufacturing network, and advancement of our proprietary technology platforms. Looking ahead, we remain committed to empowering customers through our 'Enable, Follow and Win the Molecule' strategy and are well positioned to capture the significant opportunities emerging across the broader XDC market."