Lyon: Raised WUXI XDC's (02268) target price to HK$82.6, reiterating an "outperform" rating.

Lyon released a research report stating that WUXI XDC (02268) will continue to benefit from the strong and continuous investment in early to mid-stage ADC research and development from 2026 to 2028, the recovery of biotechnology financing in the first half of 2026, as well as the continued investment in new technology platforms by pharmaceutical and biotechnology companies. It is predicted that the company will record strong growth in the number of new projects in the first half of the year, with an increase in global ADC outsourcing market share. Preclinical revenue growth is expected to surpass post-clinical revenue, supporting revenue and adjusted net profit growth in US dollars to exceed expectations. Lyon maintains a "outperform the market" rating for WUXI XDC with a target price raised from HK$80.9 to HK$82.6. Lyon currently forecasts revenue growth of 33%, 31%, and 28% for 2026 to 2028, and net profit growth of 11%, 51%, and 33%.