WuXi AppTec: First Take: Stronger Than Expected Across Growth, Margins and FY26 Outlook

研报英文原文证据摘录

WuXi AppTec: First Take: Stronger Than Expected Across Growth, Margins and FY26 Outlook

Asia Pacific Equity Research

04 August 2026

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WuXi AppTec

First Take: Stronger Than Expected Across Growth,

Margins and FY26 Outlook

Our First Take: WuXi AppTec delivered a very strong 2Q26 result, with Healthcare

sales and adj net profit materially ahead of our expectations (see our AC Yang Huang

preview on China CXO note), by 25% and 47% respectively, supportive of (852) 2800 3812

further earnings upgrades. Importantly, management raised FY26E yang.huang@jpmorgan.com

revenue guidance to RMB58.5-60.5bn from RMB51.3-53.0bn and now J.P. Morgan Securities (Asia Pacific) Limited/

J.P. Morgan Broking (Hong Kong) Limited

expects continuing operations revenue growth of 35-39% YoY versus 18-

Derek Choi

22% before. While some investors may still ask about the ongoing DoD (852) 2800-8744

1260H litigation and potential demand impact, the magnitude of the derek.c.choi@jpmorgan.com

guidance raise and backlog growth (+25.2% YoY) should reinforce J.P. Morgan Securities (Asia Pacific) Limited/

confidence that underlying demand for WuXi Apptec remains J.P. Morgan Broking (Hong Kong) Limited

exceptionally strong. Eric Zhao, CFA

(86-21) 6106 6256

Key Positives eric.zhao@jpmorgan.com

SAC Registration Number: S1730524050001

• 2Q26 revenue grew 48% YoY to RMB16.5bn, while adjusted non- J.P. Morgan Securities (China) Company

IFRS net profit surged 92% YoY to RMB7.0bn, implying a 42.4% Limited