All three business segments achieved double-digit growth, WuXi AppTec's Q1 revenue of 12.4 billion yuan far exceeded expectations

WuXi AppTec (603259.SH/2359.HK) reported Q1 2026 results that comprehensively exceeded expectations. The company achieved quarterly revenue of RMB 12.4 billion, not only a record high for the same period historically but also marking the first time the company has broken the RMB 10 billion revenue threshold in Q1. More notably, revenue growth for its three major business segments—Chemistry, Testing, and Biology—all reached double-digit year-over-year increases, signaling the comprehensive diffusion of the company's growth momentum and its entry into a new, more balanced, and robust development phase ahead of the market.

This historic breakthrough is primarily attributed to the full-scale execution of the company's unique CRDMO business model against the backdrop of a recovery in global innovation demand. Looking at specific businesses, the Chemistry segment, as the core engine, continues to lead. Particularly, revenue from the small molecule D&M business this period reached RMB 6.93 billion, an 80% year-over-year increase. The quarterly revenue surpassed the previous peak set during the COVID-19 commercialization demand phase. The TIDES (oligonucleotides and peptides) segment, benefiting from strong demand for cutting-edge drugs like GLP-1, continues its sustained growth trajectory.

Simultaneously, the Testing and Biology segments saw a strong recovery, both returning to double-digit growth paths. This marks the first time in 11 quarters, since the second half of 2023, that these two major early-stage R&D segments have simultaneously shown double-digit growth, clearly releasing a positive signal of a comprehensive recovery in global early-stage R&D activities. Currently, the revenue share of "New Molecular Entities" (covering nucleic acids, peptides, conjugated drugs, etc.) within these two segments has exceeded 30%, becoming the core driver of growth.

The confidence behind the company's robust growth stems from a solid order backlog. Data shows that as of the end of Q1, WuXi AppTec's backlog for continuing operations reached as high as RMB 59.8 billion, a 23.6% year-over-year increase. This not only lays a foundation exceeding expectations for the company to achieve its full-year 2026 revenue target of RMB 51.3 to 53.0 billion but also provides high visibility for the sustained release of future performance.

With its outstanding Q1 performance characterized by "revenue significantly exceeding expectations and all three major segments achieving double-digit growth," WuXi AppTec has fully demonstrated its strong resilience and platform advantages as an industry leader, indicating that the company has entered a new phase with more balanced growth momentum and a more solid development foundation.