WuXi Biologics (Cayman) Inc. WXXWY

Health CareBiotechnology & Medical ResearchChina

Last close 11.25 USD on Nov 2, 2026, +40.6% year to date

Quant rating

Quant rating B Rank 63 of 211 in Health Care

Growth C 134 of 211
Valuation B 33 of 211
Quality C 111 of 211
Revisions A 24 of 211
Momentum C 89 of 211

Wall Street consensus Buy (1.95)Average target 7.65 USD −32.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 23.4B
Enterprise value: 22.8B
52-week range: 7.30 – 14.80
3-year range: 2.59 – 14.80
Dividend yield: –
Beta (5 years): 0.06
Shares outstanding: 4,117M
Next earnings: Nov 24, 2026

About the company

WuXi Biologics (Cayman) Inc is an investment holding company principally engaged in the provision of end-to-end solutions and services for biologics discovery, development and manufacturing to customers involving in biologics industry. The Company mainly operates its business through two segments. The Biologics segment mainly engages in the provision of biologics discovery, development and manufacturing. The WuXi XDC (XDC) segment mainly engages in the provision of contract research, development and manufacturing organization (CRDMO) services for antibody-drug conjugate (ADCs) and various bioconjugates. The Company mainly conducts its business in the domestic and overseas markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,116	2,559	2,400	2,214	1,620	–
Revenue growth	21.8%	6.6%	8.4%	36.7%	88.3%	29.4%
EPS (basic, normalized)	0.19	0.15	0.15	0.16	0.12	–
EPS growth	25.0%	5.1%	−10.6%	39.4%	–	–
Gross margin	46.0%	41.0%	40.1%	44.0%	46.9%	43.6%
Net margin	22.5%	18.0%	20.0%	29.0%	32.9%	24.5%
ROE	11.0%	8.2%	9.0%	13.1%	12.8%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,116	+21.8%	7.3x	1,425	+77.8%	16.0x	0.19	+25.0%	58.3x
2026	3,861	+23.9%	5.9x	1,498	+5.1%	15.3x	0.23	+16.9%	49.9x
2027	4,628	+19.8%	4.9x	1,836	+22.6%	12.4x	0.27	+21.4%	41.1x
2028	5,544	+19.8%	4.1x	2,228	+21.3%	10.3x	0.33	+21.4%	33.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,861	0.0%	+1.8%	+2.1%	0.23	0.0%	+9.7%	+8.3%
2027	4,628	+0.1%	+4.2%	+5.7%	0.27	+0.2%	+9.0%	+10.8%
2028	5,544	−0.4%	+5.9%	+8.4%	0.33	+0.2%	+10.8%	+14.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Biotechnology & Medical Research

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
WXXWY WuXi Biologics (Cayman) Inc.	23.4B	–	22.5%	3.26x	49.9x	41.1x	15.3x	12.4x
INSM Insmed Incorporated	24.0B	0.34x	−210.5%	33.01x	−67.1x	113.9x	−62.4x	142.0x
BNTX Biontech SE	22.0B	13.92x	−39.6%	1.11x	−13.1x	−13.4x	−3.7x	−3.6x
MEDP Medpace Holdings, Inc.	18.1B	−1.26x	17.8%	30.91x	35.6x	33.0x	26.9x	25.3x
ERRFY Eurofins Scientific SE	17.3B	–	5.6%	3.31x	2.8x	2.4x	11.0x	10.2x
EXEL Exelixis Inc	17.1B	−0.99x	33.7%	9.36x	20.5x	17.6x	14.9x	13.2x
Mean		3.00x	−28.4%	13.49x	4.7x	32.4x	0.3x	33.3x
Median		−0.32x	11.7%	6.33x	11.6x	25.3x	13.0x	12.8x

Technical analysis

1M−19.4%
3M+13.9%
1Y+18.9%
3Y−6.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, WuXi Biologics (Cayman) Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,116	2,559	2,400	2,214	1,620	860
Cost of revenue	1,683	1,510	1,438	1,239	860	472
Gross profit	1,433	1,048	962	975	760	388
Selling, general & administrative expenses	360	315	297	245	182	111
Research & development	122	105	111	99.0	79.0	46.5
Interest expense (income), operating	−173	−22.2	−33.6	−125	−114	−55.3
Unusual expense (income)	90.8	–	–	–	–	–
Other operating expenses	−25.9	−33.5	−22.7	−30.1	−21.8	−21.8
Operating income	1,058	684	610	786	635	307
Net interest income (expense)	−20.5	−20.1	−20.8	−7.8	−4.6	−4.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	−1.4	−1.5	−1.5	−1.5	−1.3
Net income before taxes	1,038	662	588	777	629	301
Provision for taxes	218	122	85.0	117	76.3	41.8
Minority interest	−118	−80.7	−24.1	−18.8	−18.9	−0.6
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	702	460	479	641	533	259
Extraordinary items	–	–	–	–	–	–
Net income	702	460	479	641	533	259
EBIT, normalized	976	662	577	664	521	252
EBITDA, normalized	1,225	889	772	815	632	323
Basic EPS, normalized	0.19	0.15	0.15	0.16	0.12	–

Balance sheet in millions of USD, fiscal years

Balance sheet, WuXi Biologics (Cayman) Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,250	1,467	1,584	1,263	1,752	1,300
Receivables	1,272	873	946	875	751	473
Total inventory	198	208	249	331	266	166
Prepaid expenses	15.9	11.4	15.1	16.5	38.6	29.4
Other current assets	288	669	193	192	268	209
Total current assets	4,023	3,230	2,987	2,678	3,075	2,177
Property, plant & equipment	4,255	3,896	4,218	3,757	3,110	1,972
Goodwill	219	210	216	222	241	28.4
Intangibles	66.8	60.6	72.1	79.6	94.6	60.1
Long-term investments	458	329	413	393	347	165
Note receivable	7.3	11.7	23.3	15.8	19.6	13.4
Other long-term assets	79.6	70.0	41.8	40.8	45.5	23.1
Total assets	9,109	7,806	7,971	7,186	6,932	4,439
Liabilities
Accounts payable	156	102	117	115	97.3	99.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	166	113	112	141	131	81.6
Short-term debt	0	0	0	0	334	118
Current portion of long-term debt	180	359	103	213	16.3	9.3
Other current liabilities	687	607	744	882	721	382
Total current liabilities	1,188	1,181	1,076	1,351	1,300	689
Long-term debt	264	318	540	428	326	384
Minority interest	828	501	519	169	67.3	51.3
Other liabilities	71.7	76.4	154	157	158	163
Total liabilities	2,352	2,077	2,289	2,105	1,850	1,287
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	3,222	3,224	3,450	3,204	4,258	2,444
Retained earnings (accumulated deficit)	3,617	2,736	2,481	1,970	1,296	675
Treasury stock	–	–	−129	0	−396	–
Other equity	−82.2	−230	−120	−92.8	−75.9	32.1
Total equity	6,756	5,729	5,682	5,081	5,082	3,152
Total liabilities & shareholders' equity	9,109	7,806	7,971	7,186	6,932	4,439

Cash flow statement in millions of USD, fiscal years

Cash flow statement, WuXi Biologics (Cayman) Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,038	662	588	777	629	301
Depreciation, depletion & amortization	207	197	165	116	75.8	46.4
Deferred taxes	–	–	–	–	–	–
Non-cash items	110	115	141	137	42.5	11.3
Changes in working capital	−448	−259	−237	−226	−207	−70.7
Cash from operations	907	715	658	803	540	288
Investing activities
Capital expenditures	−527	−538	−595	−851	−1,027	−923
Other investing cash flows	85.5	−1.7	140	−5.8	−485	−183
Cash from investing	−441	−540	−455	−857	−1,512	−1,106
Financing activities
Financing cash flow items	0.5	−177	13.0	73.6	−16.4	24.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−310	−199	263	−449	1,309	982
Cash from financing	−309	−377	276	−376	1,292	1,006
Foreign exchange effects	−22.2	11.5	−17.8	50.8	−20.7	−52.2
Net change in cash	134	−191	461	−378	300	136
Free cash flow	380	176	63.0	−47.4	−487	−635

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.