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Contract developer and manufacturer (CDMO) of antibody-drug conjugates, spun off from WuXi Biologics.
Contract developer and manufacturer (CDMO) of antibody-drug conjugates, spun off from WuXi Biologics.
Customers pay fees for developing the manufacturing process, then for each batch of clinical and eventually commercial supply, so each project starts small and grows as the customer's drug advances. It handles the antibody, the toxin-linker and the final joining step under one roof.
In one line: A specialized CDMO focused on ADC cancer drugs, like a niche Lonza/Catalent.
Moat: narrow (process know-how, customer qualification, scale). Specialized ADC bioconjugation expertise and capacity, with high switching costs once qualified.
Headquarters: Wuxi, China · Founded: 2021 · Employees: 2,662
Size WuXi XDC Cayman (2268.HK) is a Hong Kong Health Care company (Miscellaneous Commercial Services) with a market value of $11.4B, the 150th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$70.60 on 6 Nov 2026.
Performance Over six months the shares gained 23.1%, against +35.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 15 in its peer set.
Growth Revenue grew 41.5% over the last twelve months (peer median -1.2%); the operating margin is 27.7% (peer median 3.4%).
Valuation It trades at 39.5× forward earnings against a peer median of 22.7× (most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +126%, so the hurdle is -104 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.6 points above its cost of capital (8.8% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$7.77B | HK$6.45B | HK$4.39B | HK$2.35B | HK$1.15B |
| Revenue growth | — | +47% | +87% | +104% | — |
| Gross profit | HK$2.84B | HK$2.32B | HK$1.34B | HK$618M | HK$304M |
| EBITDA | HK$2.39B | HK$1.93B | HK$1.11B | HK$476M | HK$192M |
| Net income | HK$1.74B | HK$1.61B | HK$1.16B | HK$313M | HK$181M |
| Free cash flow | HK$1.40B | HK$707M | -HK$684M | -HK$165M | -HK$152M |
| Capital expenditure | HK$1.43B | HK$1.37B | HK$1.63B | HK$596M | HK$451M |
| Total debt | n/a | HK$979M | HK$528M | HK$3.13M | HK$86.7M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| WuXi XDC Cayman 2268.HK | $11.4B | +23% | +42% | 28% | 39.5× | 22.0% |
| Wuxi Bio 2269.HK | $25.0B | +43% | +22% | 32% | 28.7× | 21.8% |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Samsung Biologics 207940.KS | $53.7B | +3% | -20% | 43% | 38.7× | 9.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2268.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.9% | +8.1% | 2nd lowest of 15 |
| 6-month return | +23.1% | +35.5% | 7th lowest of 15 |
| Distance from 52-week high | -17.5% | -14.5% | 7th lowest of 15 |
| Revenue growth (TTM) | +41.5% | -1.2% | 2nd highest of 12 |
| Operating margin | 27.7% | 3.4% | 2nd highest of 13 |
| Forward P/E | 39.5× | 22.7× | most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 22.0% | 22.1% | 5th least demanding of 10 |
| Growth delivered (Del g) | +126.4% | +6.6% | highest of 10 |
| Hurdle (Req g minus delivered) | -104.4 pp | +6.8 pp | least demanding of 10 |
| ROIC minus cost of capital | +14.6 pp | -4.5 pp | 3rd highest of 10 |
| EV / EBITDA | 35.1× | 18.6× | most expensive of 7 |
| Net debt / EBITDA | -2.5× | 0.9× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| WuXi XDC Cayman 2268.HK | Hong Kong | $11.4B | +23% | +42% | 28% | 39.5× | 22.0% | +126.4% |
| Eisai 4523.T | Japan | $8.68B | +4% | +7% | 5% | 24.2× | 11.8% | +5.0% |
| ICON ICLR | United States | $15.3B | +64% | +1% | 10% | 18.2× | 16.3% | +24.2% |
| Charles River Laboratories CRL | United States | $16.1B | +90% | -1% | 15% | 26.6× | 25.3% | +6.6% |
| Medpace MEDP | United States | $18.3B | +54% | +20% | 21% | 33.9× | 22.1% | +22.3% |
| Progyny PGNY | United States | $2.67B | +47% | +6% | 9% | 22.7× | 10.4% | +30.2% |
| Fortrea FTRE | United States | $2.12B | +42% | -3% | 2% | 22.8× | 32.9% | +1.1% |
| Silence Therapeutics PLC Sponsored ADR SLN | United States | $1.23B | +184% | -97% | -10,478% | n/a | n/a | n/a |
| OmniAb OABI | United States | $734M | +29% | +91% | -116% | n/a | 59.6% | -31.9% |
| Evotec EVT.DE | Germany | $630M | -33% | -8% | -19% | n/a | n/a | n/a |
| Adlai Nortye Ltd. Sponsored ADR ANL | United States | $619M | -23% | n/a | -134% | n/a | n/a | n/a |
| SBC Medical SBC | United States | $518M | +58% | -7% | 37% | 10.3× | -16.1% | -6.9% |
| Evolent Health EVH | United States | $518M | +10% | -4% | -1% | 12.1× | 22.6% | +15.2% |
| Oculis OCS | United States | $462M | -77% | n/a | n/a | n/a | n/a | n/a |
| Tectonic Therapeutic TECX | United States | $403M | -29% | n/a | n/a | n/a | n/a | n/a |