Asymchem Investor Briefing: Backlog at US$1.67B, Up 53.8%; Commercial Peptide Project to Start PPQ in 2027
At its September 3 investor briefing Asymchem disclosed a backlog of US$1.673 billion, up 53.77% year on year, and maintained full-year revenue growth guidance of 19%–22%. It is currently serving one commercial peptide project, with PPQ and commercial stocking expected to begin in 2027 and peptide capacity reaching full utilization only by 2028.
At an investor relations event on September 3, 2026, Asymchem (002821.SZ) disclosed a backlog of US$1.673 billion, up 53.77% year on year. Management maintained full-year revenue growth guidance of 19%–22%, implying a marked sequential acceleration in H2.
Peptides: One Commercial Project Running, Full Utilization Expected in 2028
The company said the peptide capacity under construction is mainly commercial-scale and will require a ramp-up period. It is currently serving one commercial peptide project, with the remaining projects expected to progress toward launch from 2028 onward; process performance qualification (PPQ) and commercial stocking are expected to begin in 2027. Commercial capacity will therefore take time to reach full utilization, and peptide profitability should improve markedly as capacity ramps.
On capacity, Asymchem continues to advance high-potency capacity, with five new high-potency production lines already online. Total solid-phase peptide synthesis capacity is expected to exceed 69,000 L by the end of 2026, with further expansion already under way. The company added several large validation-batch projects in H1, which will begin contributing revenue from 2027 and are key to medium-term visibility.
Biologics and Drug Product: Multiple Lines Coming Online
The first phase of the biologics CDMO commercial manufacturing base is fully operational and in PPQ production; phase 2 expansion started this year, including adding non-high-potency drug substance (DS) lines for ADCs. Scale effects should emerge as capacity ramps, and the company will also improve efficiency to lift gross margin during the ramp phase.
On drug product, the commercial blow-fill-seal (BFS) line, cartridge line and oral solid dosage (OSD4) line are expected to come online within the year, while the commercial vial line and spray-drying lines (SDP2&3) are expected to be completed and commissioned in 2027. The new GMP-compliant commercial lines will further strengthen clinical and commercial delivery capability for sterile and solid dosage forms.
The company also disclosed that overseas orders account for more than one third of its drug-product orders, that small molecules will focus on oncology and weight management, and that it will maintain a neutral FX management strategy while using continuous flow technology and process optimization to improve customer cost competitiveness. Management stressed that the key metric to track is whether delivery of new-business orders and the pace of capacity ramp-up can support both revenue acceleration and gross margin recovery.