ADCs are so hot that WuXi Biologics’ specialist company has so far appeared immune to the Biosecure threat as it unveiled a rise in revenues, manufacturing build momentum and an upsurge in workforce numbers.
WuXi XDC said on Tuesday that in the first six months of the year, its overall revenue jumped 67.6% to 1.7 billion Chinese yuan ($238 million) when compared to the 993.5 million yuan ($139 million) it reported in the same period last year. A majority of its revenues come from North America at 49%, followed by China (26%) and Europe (19%).
Without mentioning names, the ADC maker said it has also grown its customer base, reaching 419 clients worldwide, with 47% based in North America and 30% in China. This is up from the 345 customers it had last year and 265 the year before, according to the company’s earnings presentation.
WuXi XDC’s earnings report is a contrast to WuXi AppTec, which said last month that its revenue dropped in the first six months of the year. The Biosecure Act — a bill that looks to restrict US pharma companies from working with Chinese manufacturers — is expected to receive a vote next month, as the House aims to discuss China-related bills during the so-called “China week,” Politico reported.
WuXi XDC touted a total of 705 projects, with 538 of them in the discovery stage, 12 in Phase 3 and 17 in Phase 2. It currently has nine projects in process performance qualification stages, a manufacturing-related step that must be completed before submitting a BLA.
WuXi XDC is the ADC-focused CRDMO arm of WuXi Biologics, which spun out in July last year and went public on the Hong Kong stock exchange in November. WuXi XDC’s stock is up 4.55%. WuXi Bio has the majority stake at almost 51%, and WuXi AppTec’s subsidiary, named WuXi STA, owns around 34%.
Due to increased demand, WuXi XDC is expanding its antibody and bioconjugate manufacturing facility in Wuxi, China. It is adding a monoclonal antibody and drug substance production line, which is expected to be operational later this year. The company is building a drug production line in the city, which will be operational in the second quarter of next year.
Additionally, WuXi XDC’s site in Singapore, which started construction in March, is set to be online by late next year at the earliest and is calculated to be able to produce eight million vials annually. The company also has a facility in Shanghai and another in Changzhou, which is northwest of Shanghai.
WuXi XDC’s workforce increased to 1,496 employees in the first half of this year, up 72.2% compared to the same period in 2023. The ADC producer expects its workforce to increase to over 2,000 workers by the end of 2024.