WuXi AppTec's First-Quarter Profit Surges
By Bingyan Wang
WuXi AppTec Co.'s net profit rose 32% in the first quarter, driven by strong revenue growth.
The pharmaceutical research-and-development platform said Monday that net profit reached 2.17 billion yuan ($314.7 million) in the quarter, up 32% from the same period a year earlier.
Revenue climbed 5.8% to CNY8.96 billion. It reported the fastest revenue growth in its European market, with a rise of 19% to CNY1.44 billion.
The company added more than 310 new customers during the quarter, bringing its total above 6,000.
Looking ahead, WuXi AppTec said it expects revenue to grow 5% to 7% for the year.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
April 24, 2023 20:35 ET (00:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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