WuXi XDC Delivers Strong First Half 2026 Performance, with Improving Margins and Profitability Further Strengthening Global ADC/XDC CRDMO Leadership

• Group total revenue increased to RMB 3,701.4 million, representing 37.0% period-over-period growth on an AER^[1] basis (41.5% growth on a CER^[2] basis)
• Gross profit grew by 40.6% period-over-period, reaching RMB 1,371.3 million. Gross profit margin was 37.0%, a 0.9 percentage points increase compared to 2025 1H
• Adjusted net profit attributable to owners of the Company increased by 37.4% period-over-period, reaching RMB 1,027.3 million. The margin of adjusted net profit attributable to owners of the Company remained stable at 27.8%, a 0.1 percentage increase compared to 2025 1H
• The total global customer base expanded to over 810 companies, and 15 out of the TOP 20 global pharmaceutical companies have partnered with us
• The total number of iCMC projects reached 328, with 51 newly signed iCMC projects
• The commercial and PPQ pipeline: 2 commercial projects; 21 PPQ projects in total, with 2 PPQ projects newly signed in 2026 1H
• The service backlog grew to approximately US$2.0 billion, a solid 50.4% increase period-over-period. Including the upcoming milestone fee, total backlog reached approximately US$2.2 billion, up 62.2% period-over-period

SHANGHAI, Aug. 24, 2026 /PRNewswire/ -- WuXi XDC Cayman Inc. (the "WuXi XDC" or the "Group", stock code: 2268.HK), a leading global Contract Research, Development, and Manufacturing Organization (CRDMO) focused on the bioconjugate market, is pleased to announce its interim results for the six months ended June 30, 2026 (the "Reporting Period").

CEO Comment

Dr. Jimmy Li, CEO of WuXi XDC, stated, "Our strong first-half 2026 performance reflects the continued execution of our long-term strategy and increasing global demand for integrated bioconjugate CRDMO services. During the period, we further strengthened our capabilities through the successful integration of BioDlink, continued expansion of our global manufacturing network, and advancement of our proprietary technology platforms. Looking ahead, we remain committed to empowering customers through our 'Enable, Follow and Win the Molecule' strategy and are well positioned to capture the significant opportunities emerging across the broader XDC market."

Financial Highlights for Interim Results of 2026

Revenue

• The Group's revenue increased to RMB 3,701.4 million for the six months ended June 30, 2026, representing 37.0% period-over-period growth on an AER basis (41.5% on a CER basis).  
• This increase was primarily attributable to (i) the growth in the number of customers and projects, driven by continued active development of the global ADC and broader bioconjugates market, (ii) the increasing market share through the Group's established position as a leading ADC CRDMO service provider in that market, and (iii) the steady advancement of the Group's projects into later stages.

Gross Profit and Its Margin

• The Group's gross profit increased by 40.6 % period-over-period to RMB 1,371.3 million, with a gross profit margin of 37.0 % for the six months ended June 30, 2026, a 0.9 percentage points increase compared to that of 2025 1H.
• This improvement is driven by (i) the continuous enhancement of our overall operation and manufacturing efficiency, (ii) the utilization ratio of production facilities continued to maintain at a high level, mainly due to strong customer demand, (iii) the successful ramp-up of operating production lines, and(iv) increased contribution from higher value-added services.

Adjusted Net profit attributable to owners of the Company and Its Margin

• The Group's adjusted net profit attributable to owners of the Company increased by 37.4% period-over-period to RMB 1,027.3 million, demonstrating the strong profit growth momentum of the Group's core operating business. The margin of adjusted net profit attributable to owners of the Company remained stable at 27.8 % for the six months ended June 30, 2026, a 0.1 percentage points increase compared to that of 2025 1H.
• This growth and improvement were primarily driven by the factors above and continuous disciplined control of SG&A expenses.

Customers and Projects Highlights for Interim Results of 2026

• We have continuously expanded our customer base, reaching a cumulative total of 814.
• The "Enable, Follow, and Win the Molecule" strategy continued to drive sustained and rapid project growth. The total number of integrated projects ("iCMC projects") is 328, with 51 newly signed integrated projects.
• The Group has successfully secured 21 PPQ projects, with 2 new PPQ projects signed in 2026 1H.
• The Group currently holds 2 commercial-stage projects, demonstrating its emerging track record and proven capabilities in commercial manufacturing.
• The Group has a diversified project base covering both innovative ADC and broader bioconjugate ("XDC") projects. The total number of integrated ADC projects reached 286, and the number of integrated XDC projects increased to 42.
• In 2026 1H, the Group explored over 3,100 molecules of multiple modalities, including bispecific ADCs, dual-payload ADCs, degrader-antibody conjugates (DAC), antibody-oligonucleotide conjugates (AOC), antibody-peptide conjugates (APC), etc. Notably, the Group explored over 22,000 ADC/XDC molecules cumulatively as at the end of the Reporting Period.

Development of Fully Integrated R&D Technology Platform During 2026 1H

The Group provides customers with innovative conjugation and payload-linker technologies to accelerate the development of next-generation bioconjugates. Multiple customer programs enabled by the WuXiDARx™, X-LinC™, and WuXi Payload-Linker™ platforms have advanced from PCC to iCMC and clinical development, demonstrating the robustness, scalability, and broad applicability of the Group's integrated technology platform.

WuXiDARx™ - Conjugation platform

WuXiDARx™ is a clinically validated conjugation platform that enables highly homogeneous ADCs, APCs, AOCs, and dual-payload ADCs, supporting diverse bioconjugate modalities from discovery through clinical development. The platform has successfully facilitated customers bringing 8 ADC pipelines from preclinical stage to clinical stage.

• WuXiDAR4™ enhances ADC homogeneity and therapeutic index (TI), enabling over 10 iCMC programs, including 8 in clinical development.
• WuXiDAR2™ delivers highly homogeneous ADCs and APCs, enabling the first DAR2 ADC program advance to iCMC-ready stage.
• WuXiDAR1™ delivers highly homogeneous DAR1 AOCs, validating the platform for AOC development.
• WuXiDARx™ technology also enables sequential, precise dual-payload conjugation via native interchain cysteine sites without antibody engineering or enzymatic conjugation, offering a streamlined, cost-effective single-platform solution. The technology has successfully enabled first dual-payload ADC program to iCMC-ready stage.

WuXi Payload-Linker™ - Payload-linker platform

WuXi Payload-Linker™ technologies enable next-generation ADCs with differentiated mechanisms of action, improved therapeutic index, and enhanced developability through proprietary payload and hydrophilic linker technologies.

• WuXiTecan-2™ is a proprietary exatecan-based payload-linker platform featuring improved hydrophilicity, plasma stability, and robust in vivo efficacy. The technology has been successfully applied to 3 iCMC-stage customer programs through technology licensing agreements with Earendil Labs and a European biotech company in 2026, demonstrating its strong developability and translational potential.  Notably, a WuXiTecan-2™- based dual-payload ADC (MMAE + WuXiTecan-2™) successfully achieved PCC and advanced into iCMC development, highlighting the platform's ability to enable next-generation ADC development.
• WuXiLinker™ is a proprietary hydrophilic linker technology that enables hydrophobic payloads with improved developability, stability, and conjugation performance. The technology has been successfully extended to multiple payloads, including WuXiMMAE™, WuXiATRi™, and WuXiEribulin™, and extended beyond established payloads to support the development of next-generation payload-linker technologies, including DDR inhibitors and other differentiated hydrophobic payloads.
• X-LinC™ is a proprietary stable conjugation connector that replaces conventional maleimide chemistry, enhancing ADC stability through reduced payload-linker deconjugation and improved in vivo stability.

Capacity Expansion & Business Operation Updates During 2026 1H

• The total number of full-time employees increased to 3,628 in the Group, driven by rapid business growth and the Group's capacity expansion. WuXi XDC's standalone headcount grew to over 3,100 employees. The Group continued to invest in talent development, sustaining a high-caliber standalone and domestic workforce, with more than 50% of employees holding master's degrees or above.
• All of the Group's manufacturing operations are conducted in accordance with the GMP regulations set by the FDA, EMA, and NMPA. The Group has completed 200+ GMP audits from global customers, including 27 audits by EU Qualified Persons.
• The acquisition of BioDlink in March 2026 increased the Group's manufacturing capacity, broadened its project portfolio, and expanded its client network.
• In August 2026, the Singapore facility's XmAb/XBCM3 achieved GMP release, marking the Group's first mAb and bioconjugates manufacturing site overseas. XDP4 is scheduled for GMP release by the end of August 2026.
• Future capacities build-out: The XDP5 and XDP6 expansions in Wuxi are designed to augment the Group's drug product manufacturing capacity, reinforcing our ability to support late-stage clinical and commercial-scale programs across diverse modalities, including ADCs, AOCs, and other novel bioconjugates. Meanwhile, XPLM2 in Jiangyin site secures vertical integration into the critical payload and linker supply chain.
• The Group was named the winner of "Best CDMO" for 3 consecutive year from 2023 to 2025, as well as "Best CRO" at the 2025 World ADC Awards.
• The Group is committed to ESG excellence, reflected in its "A" ratings from MSCI ESG (2026) and Wind ESG (2025), and its designation as an Industry ESG Leader by Morningstar Sustainalytics.

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Key Financial Performance (For the Six Months Ended June 30)

About WuXi XDC

WuXi XDC Cayman Inc. ("WuXi XDC", stock code: 2268.HK) is a leading global CRDMO focused on bioconjugate market. It provides end-to-end contract research, development and manufacturing services for ADC and broader bioconjugates. For more information about WuXi XDC, please visit: www.wuxixdc.com

Contacts

Investor: wuxixdc.ir@wuxibiologics.com
Media: wuxixdc_pr@wuxibiologics.com
BD: wuxixdc_info@wuxibiologics.com

Forward-Looking Statements

This presentation may contain certain "forward-looking statements" which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain, and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our customers' intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section.

Use of Adjusted Financial Measures and CER (Non-IFRS Measures)

The Group defines "adjusted net profit attributable to owners of the Company" as net profit attributable to owners of the Company after elimination of share-based compensation expense as non-cash expenditure, net foreign exchange loss or gain as non-operating item, non-recurring/one-off transaction costs as non-operating item, and net of interest income and finance costs as non-operating item. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies. The Company's functional currency is Renminbi ("RMB"). Given that a majority of the Group's service contracts are denominated in U.S. dollars ("USD"), the Group presents certain operating results on both an actual exchange rate ("AER") basis and a constant exchange rate ("CER") basis.

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