The fading of the commercial benefits of the new crown virus has actually strengthened! WuXi AppTec (02359) small molecule CDMO quarterly revenue soared to 6.93 billion yuan.

On the evening of April 27, WuXi AppTec (603259.SH/02359) released its first quarter financial report, with strong growth momentum in its core business. According to the company's latest disclosed operating data, its core small molecule CDMO (contract development and manufacturing) business achieved revenue of 6.93 billion yuan in the first quarter of 2026, setting a new historical high for a single quarter. This achievement was made after completely excluding the impact of the commercialization of the new coronavirus, marking that the company's core growth engine has completely moved away from reliance on specific events and entered a strong and sustainable growth stage driven by internal "funnels". The single-quarter revenue of the small molecule CDMO business this time approached the 7 billion yuan mark, with extraordinary milestone significance. Looking back from 2022 to 2023, the significant commercialization orders related to the new coronavirus had brought substantial temporary revenue to the company. Now, without any disturbance from new coronavirus orders, the single-quarter revenue of the small molecule CDMO business can still surpass the peak of that time. This fully demonstrates that WuXi AppTec's innovative CRDMO business model has extremely strong self-renewal and sustainable growth capabilities, with higher growth quality and stronger risk resistance. Behind the performance breakthrough is the continuous high-quality expansion and conversion of the company's small molecule pipeline. Data shows that as of the end of the first quarter, WuXi AppTec's small molecule CDMO pipeline has reached a total of 3,550 projects. Among them, the number of projects in the commercial production stage has increased to 89, and the number of Phase III clinical projects has reached 94. The increasing number of high-value late-stage projects directly drives the simultaneous increase in revenue volume and profit quality. The company's long-standing "follow the molecule" strategy ensures efficient conversion of early projects into later-stage clinical and commercialization stages, creating a continuous source of income. The strong ability to deliver on performance is also inseparable from the global leading capacity support. By the end of 2025, the total volume of small molecule active pharmaceutical ingredient synthesis reactors at WuXi AppTec has exceeded 4 million liters, establishing a deep capacity barrier. At the same time, its API bases in Changzhou, Taixing, and Jinshan have all passed inspections by global regulatory agencies with high-quality standards, ensuring stable and reliable commercial supply capabilities. The new high in revenue achieved by the small molecule CDMO business in the "post-new coronavirus era" is a strong proof of WuXi AppTec's comprehensive shift from "event-driven" growth to "platform-driven" sustained high growth, and it also solidifies its core hub position in the global pharmaceutical industry chain.