FAST NEWS: WuXi AppTec Q1 Profit Doubles on Strong Chemical Business

The latest: Pharmaceutical services outsourcing company WuXi AppTec Co. Ltd. (2359.HK; 603259.SH) reported its revenue rose 71.2% to 8.47 billion yuan ($1.29 billion) in the first quarter, while its operating profit rose 106% to 1.71 billion yuan, according to an announcement late on Monday. Looking up: The company’s chemistry business was particularly strong for the quarter, with revenue up 102% to 6.12 billion yuan, accounting for 72% of its total, mainly due to an increase in customer volume and the addition of new capacity. Take Note: Net cash flow from operating activities…

Read More »

FAST NEWS: WuXi AppTec’s Operating Profit Doubles in First Quarter

The latest: Pharmaceutical services outsourcing company WuXi AppTec Co. Ltd. (2359.HK; 603259.SH) forecast it will post a net profit of about 1.64 billion yuan ($258 million) in the first quarter, up about 9.54% from the same period in 2021, according to an announcement on Sunday. Looking up: The company said it avoided major Covid disruptions during the quarter by activating its business continuity plan in a timely manner to ensure stable production and operations, enabling it to maintain timely delivery of orders. As a result, its first-quarter net profit, excluding non-recurring…

Read More »

WuXi AppTec Revenue Soars as Changing Government Policies Bring Headaches

The CXO giant announced it expects to post record-high revenue in the first quarter of 2022 Key takeaways: WuXi AppTec said it expects year-on-year revenue growth of 65% to 68% in the first quarter of this year The provider of drug development services is ranked relatively weaker than its peers, as the entire group faces both internal and external policy risks By Molly Wen If nothing else, the past two years have sparked a gold rush in medical research as companies realize the riches to be had by bringing innovative…

Read More »

GenScript Losses Widen, But Investors Focus on Newly Approved Cancer Treatment

Company expects to lose up to $519 million last year, but its fortunes may improve after its Legend Biotech unit received FDA approval this week for a new CAR-T cell therapy product Key takeaways: GenScript Biotech said it lost up to $519 million last year, with its Legend Biotech unit accounting for nearly 70% of that Legend Biotech’s Cilta-cel CAR-T cell therapy product was approved by the FDA on Monday, and could become a major cash cow for GenScript Biotech By Molly Wen A treatment called CAR T-cell therapy, which…

Read More »

Clarity Medical Eyes Mainland Market from Its HK Base in IPO Run-up

The private eye surgeon counts Wuxi Apptec as its No. 3 investor as it gears up for a Hong Kong listing Key takeaways: Clarity Medical is aiming to raise up to HK$410 million through a Hong Kong IPO, as it prepares to expand from its Hong Kong base into the Chinese mainland The company specializes in refractive treatments, but its dependence on a small number of doctors is a major vulnerability By Molly Wen The massive China market may lead many to salivate at the chance of selling to its…

Read More »

FAST NEWS: JW Therapeutics Announces Two Major Senior Appointments

The latest: Immunotherapy products maker JW (Cayman) Therapeutics Co. Ltd. (2126.HK) announced two major new appointments, including Dr. Shaun Paul Cordoba as its chief scientific officer and Raymond J. Hage Jr. as its senior vice president for corporate development. Looking Up: Drug startups like JW Therapeutics often have no revenue, and thus investors will often look at their executive rosters to try to determine the company’s chances for success. The company said Cordoba is currently the world’s third biggest patent holder for chimeric antigen receptor (CAR) technology that is one…

Read More »

Early JW Therapeutics Backer Ruins Regulatory Breakthrough Party With Stake Sale

The Chinese cancer drug maker’s shares surged on news of approval for its core product, only to return to earth after early investor Temasek exited Key takeaways: •      Less than two weeks after JW Therapeutics received regulatory approval to commercialize its core product in China, key early investor Temasek sold all of its stake •      JW Therapeutics’ stock now trades nearly 30% below its IPO price, as numerous obstacles remain in the march to commercialize its cutting-edge cancer treatment By Warren Yang It seems a major breakthrough for JW (Cayman)…

Read More »