WuXi Biologics Cayman Inc: Singapore DP Facility to Commence Operations in 2027

研报英文原文证据摘录

WuXi Biologics Cayman Inc: Singapore DP Facility to Commence Operations in 2027

Update

June 8, 2026 09:42 AM GMT

Morgan Stanley Asia Limited+MWuXi Biologics Cayman Inc | Asia Pacific Laurence Tam

Equity Analyst

Singapore DP Facility to Laurence.Tam@morganstanley.comMarco Wong +852 2239-1753

Research Associate

Marco.Wong@morganstanley.com +852 3963-2021

Commence Operations in 2027

Key Takeaways

WuXi Biologics has now completed modular installation of its DP (drug product)

facility in Singapore's Tuas Biomedical Park. WuXi Biologics Cayman Inc (2269.HK, 2269 HK)

This new facility has an annual capacity of 100mn units of pre-filled syringes and China Healthcare | China

Stock Rating Overweight

vials, covering clinical and commercial batches.

Industry View Attractive

Price target HK$50.00

On the same site, separate construction is ongoing to expand WuXi's DS (drug

Up/downside to price target (%) 65

substance) capacity by a further 120,000L (a third of projected total by 2029). Shr price, close (Jun 8, 2026) HK$30.38

52-Week Range HK$44.00-23.10

Also on the same site, subsidiary WuXi XDC completed mechanical construction Sh out, dil, curr (mn) 4,227

Mkt cap, curr (mn) HK$128,421

of its ADC line in 2025, with GMP release projected for summer 2026. EV, curr (mn) HK$118,520

Avg daily trading value (mn) HK$1,323

Strategic significance of Singapore: This latest DP facility comprises three pre- Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

filled syringe lines and two vial lines for liquid and lyophilized products. WuXi's EPS (Rmb)** 1.18 1.25 1.60 1.86

Revenue, net (Rmb mn) 21,790 25,051 29,440 34,445

current network spans China, the US, Ireland, Germany, and Singapore (24 DS

EBITDA (Rmb mn) 8,883 9,103 11,112 13,160

facilities, 18 DP facilities).