By Justina Lee


Wuxi Biologics (Cayman) Inc. reported a 38% rise in its net profit for the first half, helped by contributions from more projects and resilient manufacturing capacity.

The pharmaceutical company's net profit for the six months ended June rose to 2.54 billion yuan (US$374.6 million) from CNY1.84 billion a year earlier.

Revenue rose by 64% to CNY7.21 billion, compared with a year earlier.

The company didn't declare any interim dividend, according to a filing late Wednesday.

"The beginning of 2022 was marked by global events including the continued impact of Covid-19," Wuxi Biologics said.

However, the company expects demand for biologics drugs to continue rising, amid "robust expansion of the healthcare industry, growth in healthcare expenditures and favorable public support."

"The biologics market remains attractive and can expect to see a sustainable double-digit increase rate in the coming years," it added.


Write to Justina Lee at justina.lee@wsj.com


(END) Dow Jones Newswires

08-17-22 2004ET