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Chinese contract research and manufacturing organization helping global drugmakers discover, test and produce medicines.
Chinese contract research and manufacturing organization helping global drugmakers discover, test and produce medicines.
Is paid by drugmakers for work on their projects, starting with discovery chemistry and testing and moving into process development and manufacturing as a drug advances. Most customers are outside China, mainly in the US. It sold its US and UK cell and gene therapy units in 2025. These Hong Kong shares and the Shanghai ones are the same company.
In one line: China's Lonza/Catalent, with a large CRO arm too.
Moat: narrow (scale, switching costs, process know-how). Deep integrated discovery-to-manufacturing platform makes switching costly once a drug program is embedded.
Headquarters: Shanghai, China · Founded: 2000 · Employees: 33,834
Size Wuxi Apptec (2359.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $66.3B, the 29th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$193.60 on 6 Nov 2026.
Performance Over six months the shares gained 40.3%, against +15.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 38.3% over the last twelve months (peer median +8.6%); the operating margin is 43.5% (peer median 23.2%).
Valuation It trades at 20.4× forward earnings against a peer median of 17.2× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 29.4 points above its cost of capital (9.7% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$64.4B | HK$47.1B | HK$38.8B | HK$42.7B | HK$45.8B |
| Revenue growth | — | +21% | -9% | -7% | — |
| Gross profit | HK$35.6B | HK$22.7B | HK$17.1B | HK$18.0B | HK$16.9B |
| EBITDA | n/a | HK$20.9B | HK$15.2B | HK$15.1B | HK$12.8B |
| Net income | HK$30.1B | HK$20.8B | HK$10.1B | HK$11.8B | HK$10.2B |
| Free cash flow | n/a | HK$13.1B | HK$8.96B | HK$7.69B | HK$429M |
| Capital expenditure | n/a | HK$6.01B | HK$4.34B | HK$6.10B | HK$11.6B |
| Total debt | HK$9.98B | HK$9.38B | HK$9.06B | HK$6.34B | HK$6.73B |
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 Apptec 2359.HK | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% |
| 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% |
| Charles River Laboratories CRL | $16.1B | +90% | -1% | 15% | 26.6× | 25.3% |
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 | 2359.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.4% | +10.4% | lowest of 21 |
| 6-month return | +40.3% | +15.8% | 2nd highest of 21 |
| Distance from 52-week high | -11.7% | -9.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +38.3% | +8.6% | highest of 21 |
| Operating margin | 43.5% | 23.2% | 3rd highest of 21 |
| Forward P/E | 20.4× | 17.2× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 5.3% | 7th most demanding of 21 |
| Growth delivered (Del g) | +20.4% | +5.1% | 2nd highest of 21 |
| Hurdle (Req g minus delivered) | -11.8 pp | -2.0 pp | 4th least demanding of 21 |
| ROIC minus cost of capital | +29.4 pp | +4.9 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Vertex Pharmaceuticals VRTX | United States | $139B | +27% | +11% | 35% | 29.0× | 6.1% | +14.2% |