By Tracy Qu
WuXi Biologics (Cayman) said its net profit in 2023 declined mainly due to higher expenses and impairment losses.
The biotech company's net profit fell 23.1% to 3.40 billion yuan ($471 million) compared with a profit of CNY4.42 billion in 2022.
However, revenue rose 11.6% to CNY17.03 billion, it said late Tuesday.
An increase in finance costs, research and development as well as higher impairments on trade and other receivables weighed on the company's bottomline.
Shares of the WuXi family of biotech and research companies have been under pressure since the start of the year on worries about potential U.S. sanctions.
WuXi Biologics reiterated that it remains committed to operating in accordance with applicable laws and regulations in all jurisdictions where it has business operations.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
03-26-24 2126ET
