WuXi Biologics’ 2024 revenue grows 9.6% year-over-year, expects accelerated growth in 2025
WuXi Biologics reported that its 2024 revenue grew 9.6% year-over-year with non-COVID revenue increasing 13.1% compared to 2023, which the company attributed in part to leveraging existing and newly expanded capacities — including the ramp-up of manufacturing sites in Europe.
In 2024, the contract research, development and manufacturing organization (CRDMO) said it “supported 66 Phase III projects and 21 non-COVID commercial projects, strengthening its manufacturing pipeline.” The company also reported 148 new development projects last year “further strengthening one of the industry’s largest portfolios of complex biologics,” including 151 bi-specifics and multi-specifics, 194 antibody-drug conjugates, 80 fusion proteins, and 24 vaccines.
Last year, WuXi Biologics said it added a record 151 integrated projects to its portfolio — including 13 in late stage and commercial stage — bringing the total to 817, with “over half of the new projects originated from U.S. clients, reflecting strong client trusts and the Group’s resilience amid a dynamic environment.”
CEO Chris Chen in a presentation in January at the JPM25 conference in San Francisco said the Chinese-based CRDMO expects to see an acceleration in revenue growth in 2025, despite the looming BIOSECURE Act. WuXi Biologics is among five China-based biotechnology companies named in the bill, which seeks to prevent U.S. federal funds from supporting certain Chinese biotech “companies of concern.”
Asked during his JPM25 presentation about the BIOSECURE Act, which has stalled in Congress, Chen acknowledged that the proposed legislation has negatively impacted business for WuXi Biologics, but it has also served to make the company more resilient.
“I’m glad that the BIOSECURE Act didn’t pass last year. As I said earlier, we cannot change the dynamics outside … the geopolitics is another risk factor,” Chen told the conference. The U.S. continues to be the company’s largest market, according to Chen, who said WuXi Biologics is increasing its investment in the country.
In Tuesday’s 2024 earnings announcement, WuXi Biologics said it continues the expansion of MFG11 in Worcester, Massachusetts — one of the largest single-use-technology facilities in the U.S. — which features six 6,000L upstream tanks connected to a single downstream line, with high-throughput processing and extensive automation.
“Upon completion, MFG11 will be integrated with MFG18 (Cranbury, New Jersey), and Boston Research Service Center, enabling the Group to offer end-to-end capabilities in the U.S., from research, development, clinical manufacturing, to both small- and large-scale commercial manufacturing,” according to the announcement.
In January, WuXi Biologics announced it was selling its vaccine manufacturing facility in Dundalk, Ireland, for approximately $500 million to Merck, known as MSD outside of the U.S. and Canada.
MSD and WuXi Biologics have been collaborating on the site in Dundalk since 2019, when construction began. The official handover of the facility, which began operations in 2021, is expected to be completed in the first half of 2025.
“This transaction enables MSD International GmbH to better integrate vaccine production within its global network while enhancing the Group’s operational flexibility, asset efficiency and margins,” WuXi Biologics said on Tuesday. “The Group will focus on its vaccines CDMO services from WuXi Vaccines’ Suzhou, China site.”