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WuXi Biologics' 2018 profit up 73.6% YOY

WuXi Biologics (Cayman) Inc.'s adjusted net profit for full year 2018 increased by 73.6% to 751.5 million Chinese yuan from 432.9 million yuan in 2017.

The China-based provider of biologics services said its adjusted EPS rose by 54.1% to 57 fens from 37 fens in the previous year.

The Hong Kong-listed company said its potential milestone payments will continue to boost its profit margin and improve profitability.

WuXi's revenue increased by 56.6% to 2.53 billion yuan for the year ended Dec. 31, 2018, compared to 1.62 billion yuan in 2017.

On a GAAP basis, the company reported a net profit of 630.5 million yuan, or 48 fen per share, which compares to 252.6 million, or 22 fen per share, in 2017.

As of March 15, US$1 was equivalent to 6.71 Chinese yuan.