Wuxi Biologics – Keep On Running
21 October 2020
Wuxi Biologics (part of our portfolios) rose sharply after providing a planned business update. The company almost doubled the number of new projects from 38 in H1 2020 to 72 by mid-October, mainly due to the increase in COVID-19 programs.
Bottom line:
As we wrote in a recent note, Wuxi Biologics, a Chinese CDMO, is well positioned to benefit from the increased demand for outsourcing the development and manufacturing of COVID-19 vaccines and treatments. At yesterday’s conference call, management increased its revenue growth guidance to 40% and 50% for H2 2020 and 2021 respectively, confirming their ability to monetize opportunities and thus our investment thesis.
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