WuXi XDC FY2025 Results: Revenue RMB 5.94B, Up 46.7%; Backlog Reaches USD 1.49B

643 cumulative clients, 252 integrated CMC programs (226 integrated ADC projects), 18+ PPQ projects; the planned Jiangyin payload-linker facility will have capacity equal to five times the current Wuxi base.

WuXi XDC's (2268.HK) 2025 results showed full-year revenue of RMB 5.94B, up 46.7% YoY, consolidating its global leadership in the bioconjugate CRDMO market.

Operating metrics grew across the board: 643 cumulative clients; 252 integrated CMC (iCMC) programs, including 226 integrated ADC projects; more than 18 process performance qualification (PPQ) projects; and a backlog of USD 1.49B. The company has enabled over 100 successful IND filings by clients worldwide.

On capacity, the company plans a new payload-linker facility in Jiangyin with planned capacity equal to five times the current Wuxi base, covering dual-payloads, AOCs (antibody-oligonucleotide conjugates) and late-stage PPQ batches. The TOT Biopharma (Dongyao) acquisition added mAb, drug substance and drug product capabilities, while the Hefei site adds peptide and oligonucleotide synthesis. Combined with the Singapore site, a "China + Singapore" dual-supply system is taking shape.

On the demand side, XDC momentum keeps building: the first two months of 2026 saw 25 global XDC financing events versus 18 in the same period of 2025, with XDC BD deal counts stable and upfront payments up sharply. Analysts see WuXi XDC — with both technical strength and integrated delivery — as well positioned to benefit and gain share.