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WuXi AppTec Says Q1 Revenues Hit Targets, Clients not Leaving Company

publication date: May 2, 2024

WuXi AppTec said its revenues were lower by just 1.8% for its extensive CRDMO business in Q1, in spite of charges from US legislators that WuXi has been sharing clients’ IP with the Chinese military. In its quarterly review, the company aimed to show a “business as usual” outlook, with its clients continuing to respect WuXi and depend on its services. Revenues were $950 million for the quarter, WuXi said. During Q1 of 2024, it added over 300 new customers, bringing its customer base to more than 6,000 active customers over the last 12 months. And, as an added touch, Wuxi pointed out that it does business with all of the 20 largest biopharmas of the world. More details....

Stock Symbols: (SHA: 603259; HK: 2359)

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