Goldman Sachs: WuXi AppTec's revenue guidance for 2026 meets expectations, rated "buy"

Goldman Sachs released a research report stating that WuXi AppTec's adjusted net profit under non-IFRS in the fourth quarter of 2025 increased by 36.6% year-on-year. Management expects revenue for 2026 to be between 51.3 billion and 53 billion yuan, with a year-on-year increase of 12.9% to 16.6%, which is roughly in line with expectations. The bank expects investors to focus on the quality and composition of the backlog orders, the accelerating pace of TIDES business order backlog, and the sustainability of profit margins under new production capacity and exchange rate headwinds. The bank believes that profit margin stability will generally remain unchanged, supported by the contribution of higher-margin TIDES business revenue, and has set a target price of HK$144.6 for H shares with a "buy" rating.