By Kimberley Kao
WuXi AppTec shares surged after the Chinese biotechnology company said it expected to post sharply higher net profit for the first half.
The company's Hong Kong-listed shares climbed over 12% in early Friday trading, putting them on track for the biggest one-day gain since October 2024. The Shanghai-listed stock was recently 9.99% higher.
Wuxi AppTec said late Thursday that it estimated first-half net profit to more than double to about 8.56 billion yuan, equivalent to $1.19 billion, from a year earlier.
The company projects revenue to have risen 21% to 20.80 billion yuan.
The Wuxi Chemistry business likely drove the positive results, as well as improvements in other business segments, Nomura analyst Jialin Zhang said in a note.
Daiwa analyst Wilfred Yuen said in a note that the brokerage retains a buy rating on Wuxi AppTec, citing the company's growth visibility, improving margins and strong backlog.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
07-10-25 2304ET
