Slides
Page 1
Innovation, Execution & Global Scale Driving Sustained High Growth Stock Code: 2269.HK August 2026 2026 Interim Results
Page 2
2 This presentation may contain certain “forward-looking statements” which are not historical facts, but instead are predictions about future events based on our beliefs as well as assumptions made by and information currently available to our management. Although we believe that our predictions are reasonable, future events are inherently uncertain and our forward-looking statements may turn out to be incorrect. Our forward-looking statements are subject to risks relating to, among other things, the ability of our service offerings to compete effectively, our ability to meet timelines for the expansion of our service offerings, and our ability to protect our clients’ intellectual property. Our forward-looking statements in this presentation speak only as of the date on which they are made, and we assume no obligation to update any forward-looking statements except as required by applicable law or listing rules. Accordingly, you are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. All forward-looking statements contained herein are qualified by reference to the cautionary statements set forth in this section. Use of Adjusted Financial Measures (Non-IFRS Measures) We have provided adjusted net profit, adjusted net profit margin, adjusted gross profit, adjusted gross profit margin, adjusted EBITDA, adjusted EBITDA margin and adjusted basic earnings per share for the corresponding periods, which excludes the share-based compensation expenses, foreign exchange gains or losses, gains or losses from equity investments, asset divestiture and retirement, and related one-time costs, and are not required by, or presented in accordance with, IFRS. We believe that the adjusted financial measures used in this presentation are useful for understanding and assessing underlying business performance and operating trends, and we believe that management and investors may benefit from referring to these adjusted financial measures in assessing our financial performance by eliminating the impact of certain unusual and non-recurring items that we do not consider indicative of the performance of our business. However, the presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. You should not view adjusted results on a stand-alone basis or as a substitute for results under IFRS, or as being comparable to results reported or forecasted by other companies. Forward-Looking Statements
Page 3
Operation & Business Updates CONTENTS 01 03 05 02 04 06 2026 Interim Results WBS & ESG as Key Components of Business Strategy H1 2026 Financials Review Advanced Technology Platforms – Cornerstone of Future Success Summary & Outlook
Page 4
01 2026 Interim Results
Page 5
5 0 103 183 85 142 213 110 185 43 7 163 62 56 190 239 39 206 215 38 131 198 210 239 250 159 180 189 253 208 0 45.6% → 48.4% Adjusted Gross Profit Margin 0.59 → 0.81 45.6% / 28.0% Adj EBITDA Margin / Margin of Adj Net Profit Attributable to Owners of the Company Adj Basic EPS (RMB) YoY 10.0 → 11.8 Revenue (RMB Bn) YoY 4.3 → 5.4 Adj EBITDA (RMB Bn) YoY 24.9% 24 → 28 14,705/5,180/ Employees / Development Scientists 864 → 1,064 Integrated Projects YoY 23% 86 → 1231 New Organic Projects Added 20.3 → 25.1 Total Backlog (US$ Bn) (Jun 25 → Jun 26) 17% Commercial Projects YoY Key Talent Retention Rate 98.7% 2.4 → 3.3 Adj Net Profit Attributable to Owners of the Company (RMB Bn) YoY 38.4% Annual regulatory filing capacity in 2027E 300 INDs & 37.3% 280bps Note: 1. Excludes 46 projects acquired from BioDlink 23.4% in USD 18.4% 43% 24% 20 BLAs/MAAs
Page 6
6 28 +169 78 1,064 Multi-Platform Discovery Engines Enabled 50+ programs with potential milestone & sales royalty 525 Preclinical107+28 (2) 32 terminated 7+9 303 Phase I 130 Phase II 41 78 Phase III4+2 Commercial 28 35 8 5 4 WuXiBodyTM OMT Platform ADC Platform SDArBodYTM “R” “M” “D” Robust New Project Momentum Supports Growth Visibility Notes: 1. As of June 30, 2026 2. 28 Preclinical, 9 Phase I, 6 Phase II, 2 Phase III, and 1 commercial projects were from BioDlink (total 46) 3. The commercial manufacturing projects refer to the projects approved by regulatory authorities and signed CMO contracts with the Group 95% + Retention 95% + Retention 5 1 4+6 1+1 The Company added 169 new integrated projects in H1 2026 o 123 organic and 46 acquired from BioDlink o ~2/3 of the 123 new organic projects from the U.S. & EU o 70%+ of the 169 new projects are bi- & multi-specifics and ADCs Won 16 projects as of H1 2026, including 4 late-stage and 1 commercial o 1 late-stage & 1 CMO wins are biosimilars o More biosimilar opportunities currently under negotiation 78 late-stage & 28 CMO projects o 1 additional BLA approval received in July 2026
Page 7
7 Strong Execution Fuels Surge in New Project Additions Since 2021 156 136 132 151 209 86 123 46 2021 2022 2023 2024 2025 H1 2025 H1 2026 No. of Newly Added Integrated Projects by year ex-acquisition BioDlink 169 7 5 9 13 6 2 5 18 11 18 20 23 9 16 2021 2022 2023 2024 2025 H1 2025 H1 2026 No. of “Win-the-Molecule” Projects (Organic) by year Phase III & CMO Total 18 CMAB
Page 8
8 Tech-transfer Excellence Underpins Win-the-Molecule Expansion 5+ 37 ADC Platform 41 Phase III Modalities Proven Tech-transfer Execution Consistent tech-transfer success across diverse biologics modalities reinforces client confidence & partnership continuity Cell-Line Agnostic Process Expertise Broad experience across industrial CHO platforms enables efficient process optimization & seamless tech transfer WtM Drives CMO Expansion • “Win-the-Molecule” has contributed 13 CMO programs to date • WuXiaTM TrueSite (cell line 4.0) expected to become a WtM differentiator through faster development timelines, higher productivity & improved client economics 0 10 20 30 40 50 60 mAb Bispecific ADC Fusion Protein Others WtM from 2018 – H1 2026 Phase I&II Phase III & CMO Note: 1. As of June 30, 2026
Page 9
9 Broad-Based Revenue Growth Across Project Stages in H1 2026 By Project Phase 4,147.3 5,277.1 1,330.1 1,459.0 4,288.9 4,737.4 186.9 313.7 H1 2025 H1 2026 Pre-IND Post-IND Early phase (I/II) Late+CMO Others 9,953.2 11,787.2 RMB (mm) • Pre-IND revenue rose 32% YoY in USD in H1 2026, mainly driven by new IND- enabling projects signed in the past 12 months • Early-phase revenue grew 15% YoY in USD in H1 2026, primarily driven by projects progressing from preclinical to early clinical stages • Late-stage + CMO revenue increased by 16% YoY in USD, driven by clients’ expanded clinical trial needs, partially offset by certain CMO order timing (prior year inventory building)
Page 10
10 China 17% of Revenue North America +14% YoY 58% of Revenue EU +1% YoY 17% of Revenue 8% of Revenue ROW(1) +43% YoY Note: 1. The ROW market primarily includes Singapore, Japan, South Korea, Australia and Brazil • North America: Revenue grew 14% YoY , driven by new IND-enabling projects and Win-the-Molecule projects signed in the past 12 months • Europe: Revenue was stable YoY, reflecting the Ireland vaccine business divestiture. Excluding that, EU would have grown 10% YoY • China: Revenue rose 51% YoY , driven by renewed domestic demand amid an improving/stabilizing funding environment, and revenue contribution from the BioDlink acquisition • Rest of the World: Revenue increased 43% YoY , reflecting the impact of strengthened BD efforts Diversified Geographic Growth in H1 2026, with China Regaining Strong Growth Momentum +51% YoY +10% YoY excluding Ireland vaccine divestiture
Page 11
11 11.32 13.60 20.57 20.59 18.49 23.72 20.34 25.06 3.63 4.95 10.54 10.40 11.48 10.49 11.35 12.63 4.70 5.65 7.03 7.19 8.00 12.24 9.00 12.43 1.46 2.89 3.62 3.85 3.65 4.53 4.21 5.46 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025 June 2025 June 2026 Solid Backlog Driven by Research Strength & Late-Phase/CMO Momentum Notes: 1. Upcoming milestone revenue may take longer to receive at the various development stages as it depends on the success rate and progress of the projects 2. Results may not foot due to rounding • As of June 30, 2026, total backlog reached US$25.1 bn, of which US$12.6 bn was service backlog ❑ YoY growth was broader-based across late-stage development & commercial manufacturing, reflecting both pipeline progression & expanding client commitments on existing programs • Upcoming potential milestone backlog reached US$12.4 bn, up $3.4 bn YoY, driven by newly signed bi- & multi- specific programs • Backlog within 3 years was US$5.5 bn, up ~30% YoY , primarily driven by late-stage projects moving closer to commercialization, including several Phase III programs with PPQs scheduled over 2026–27, as well as incremental commercial orders from existing CMO programs Service Backlog Upcoming Potential Milestone Fees (1) Backlog within 3 Years (US$ bn) Backlog of MSD vaccine project (20-yr) 3.0 Ex-MSD vax BL: 17.59 Ex-MSD vax BL: 17.57 Ex-MSD vax BL: 10.60 Ex-MSD vax BL: 8.32 3.0 3.0 3.0
Page 12
12 H1 2026 H1 2025 25 40 80 225 168 326 864 28 51 84 328 221 352 mAb Fusion Protein ADC Bi- & multi- specifics(2) Other Proteins Vaccine Total Integrated(1) 23%1,064 8% 32% 46% 5% 28% 12% One of the largest portfolios of complex biologics 71% New signs bi- & multi-specifics + ADCs 399 First-in-Class programs + 221 bi- & multi-specifics covering different formats & 328 Antibody Drug Conjugates (ADC) projects + ADCs & bi-/multi-specifics have emerged as the industry’s fastest- growing modalities, with pipeline CAGR of 26% and 20%, respectively (2023-2025)3 + Technology leadership enables the Company to capture outsized growth from the industry’s fastest-growing modalities, supporting a continued upgrade in revenue mix Complex Modalities Continue to Drive Pipeline Growth Notes: 1. As of June 30, 2026, compared with projects number as of June 30, 2025 2. Bispecific Antibody (BsAb) included both WuXiBodyTM projects and non-WuXiBodyTM projects 3. Source: Evaluate Pharma, BCG analysis H1 2026 New Integrated Project Split by Modality mAb 19% bi- & multi- specifics 21% ADC 50% Fusion Protein 4%Other Proteins 4% Vaccines 2% 71% of new signs bi- & multi-specifics + ADCs
Page 13
13 Bi- & Multi-Specifics Sustain Strong Growth Momentum & Higher Retention • Nearly 20 bi- & multi-specifics currently in Research Services partnerships, eligible for potential milestones & royalties. • One of the industry’s largest & most advanced bi- & multi- specifics development portfolios • 3 CMO programs, all high- potential assets. • 3 PPQs scheduled in 2026E. • H1 2026 revenue growth of ~30% YoY on strong prior year compare Notes: 1. As of June 30, 2026 2. The commercial manufacturing projects refer to the projects approved by regulatory authorities and signed CMO contracts with the Group Bi- & Multi-Specifics 134 Preclinical 74 Phase I/II 10 Phase III Commercial 3221 Nearly 20 royalty-bearing projects Bi- & Multi-Specifics Pipeline Momentum Significantly Higher Complexity in Development & Manufacturing Improves Retention “R” “M” “D” • Upstream: Imbalanced expression creates chain-pairing & cell productivity challenges • Downstream: Mispaired antibody species with similar size/charge make purification & impurity removal more difficult than mAbs. • Analytics/QC: Structural complexity requires more advanced analytical characterization & QC testing. • Scalability: Lower yields & tighter process control make scale-up & tech transfer more demanding. WuXiaTM TrueSite helps solve scalability & productivity challenges for complex molecules. • Manufacturing troubleshooting: More complex and technically demanding. Significantly higher technical barriers in development & manufacturing Higher reliance on experienced CRDMO partners Greater program retention vs. conventional mAbs
Page 14
02H1 2026 Financials Review
Page 15
15 Adjusted Net Profit (2) 2021 2022 2023 2024 2025 H1 2025 H1 2026 4,828.9 6,724.0 6,827.9 7,650.8 10,018.5 4,252.9 5,448.3 2021 2022 2023 2024 2025 H1 2025 H1 2026 4,589.6 6,857.4 6,993.0 7,999.3 9,820.4 4,305.2 5,377.9 2021 2022 2023 2024 2025 H1 2025 H1 2026 3,435.9 10,290.1 15,268.7 17,034.3 18,675.4 21,790.0 9,953.2 11,787.2 2021 2022 2023 2024 2025 H1 2025 H1 2026 Revenue Adjusted EBITDA (1) IFRS Gross Profit Notes: 1. Adjusted EBITDA represents net profit before (i) interest expenses, income tax expenses, amortization and depreciation, (ii) share-based compensation, (iii) foreign exchange gains/losses and (iv) gains/losses from equity investments & asset divestiture and (v) transaction cost for acquisition of BioDlinK 2. Adjusted net profit excludes the share-based compensation expenses, foreign exchange gains/losses, gains/losses from equity investments & asset divestiture net of income tax, and transaction cost for acquisition of BioDlinK RMB mm RMB mm RMB mm RMB mm Adjusted Margin %Unadjusted Margin % 5,053.9 4,950.4 H1 2026: Strong Revenue Growth with Remarkable Margin Expansion 46.9% 50.6% 44.0% 50.0% 40.1% 45.3% 41.0% 45.4% 33.4% 33.1% 29.1% 28.9% 5,396.9 44.6% 44.9% 41.1% 42.8% 46.0% 48.8% 45.1% 6,586.0 30.2% 42.7% 45.6% 46.2% 48.4% 43.3% 45.6% 2,840.0 3,937.3 28.5% 33.4%
Page 16
16 3,508.6 4,549.9 3,570.6 3,945.4 5,733.2 2,756.6 2,916.2 2021 2022 2023 2024 2025 H1 2025 H1 2026 IFRS Net Profit RMB mm Note: 1. The authorized and issued shares of the Company were subdivided on the basis that every one (1) issued share is subdivided into three (3) subdivided shares (the “Share Subdivision”), which became effective on November 16, 2020. Basic and diluted earnings per share were stated after taking into account the effect of the Share Subdivision. Comparative figures have also been restated on the assumption that the Share Subdivision had been effective in the prior year RMB (Cents) 79.0 118.0 113.0 117.0 140.0 59.0 81.0 2021 2022 2023 2024 2025 H1 2025 H1 2026 Adjusted Basic EPS (1) 81.0 106.0 82.0 82.0 122.0 58.0 60.0 2021 2022 2023 2024 2025 H1 2025 H1 2026 Basic EPS (1) RMB (Cents) H1 2026: Strong Earnings Growth Offset FX Headwind 3,388.5 4,420.3 3,399.7 3,356.1 4,908.3 2,339.3 2,439.8 2021 2022 2023 2024 2025 H1 2025 H1 2026 IFRS Net Profit Attributable to Owners of the Company RMB mm
Page 17
17 17.0% 20.2% 19.9% 18.7% 16.8% 16.0% 22.7% 21.1% 19.3% 19.5% 18.4% 19.6% 19.0% 13.4% 14.7% 20.7% 20.8% 18.8% 21.2% 18.8% 2021 2022 2023 2024 2025 H1 2025 H1 2026 Direct labor costs Cost of raw materials Overhead 16.5% 53.1% 56.0% 59.0%59.9% Cost of Services as % of Revenue Note: 1. Adjusted gross margin excludes the share-based compensation expenses Gross Margin Adjusted Gross Margin(1) Gross Margin Expansion Supported by Continued Operating Leverage Adj. GM (%) IFRS GM (%) 46.9% 50.6% 40.1% 45.3% 44.0% 50.0% 41.0% 45.4% 54.0% 46.0% 48.8% 57.3% 53.8% 42.7% 45.6% 46.2% 48.4%
Page 18
18 • Approx. RMB0.7 bn borrowings as of June 30, 2026 • Available bank credit facilities of around RMB7 bn LOAN CASH FLOW • Free cash flow of RMB1.5 bn in H1 2026 • Strong positive free cash flow expected in 2026 AVAILABLE FUNDS • Available funds approx. RMB13.7 bn1 as of June 30, 2026 • Gearing Ratio 1.2%, adequate cash on hand to sustain our growth globally CAPEX LOAN • H1 2026 CAPEX approx. RMB2.8 bn, primarily allocated to the expansion of WuXi Biologics & WuXi XDC facilities in Singapore, Biologics facility in the U.S., as well as XDC’s expansion in China • 2026 CAPEX Plan: approx. RMB7.1 bn (including RMB1.5 bn deferred from 2025) • 2027 CAPEX Plan: approx. RMB8 bn Strong Liquidity & Cash Generation Supporting Continued Expansion Note: 1. Including RMB0.7bn cash from Bestchrom, which has been reclassified into Assets Held for Sale upon the signing of the divestiture agreement.
Page 19
03 Operation & Business Updates
Page 20
20 0% 10% 20% 30% 40% 50% 60% 70% Pre-IND IND/Phase I Phase II Phase III CMO R Project Distribution by Phase 50%+ of programs are sponsored by ex-China clients e.g. Gloria PD-1, CStone PD-L1; low-single digit royalty e.g. RCUS/GILD PD-1, royalty 7 - 10% of drug sales; Sino Biopharmaceutical CD3 bispecific, low-single digit royalty Duality DB-1311/BNTX BNT324 (B7H3), low-single digit royalty e.g. MRK MK-1045 (CD3xCD19), royalty 5 - 10% of drug sales e.g. GSK CD3 bispecific, royalty 4-8% of drug sales e.g. 3 GSK CD3 bispecific programs, royalty 4-8% of drug sales; VRTX tri-specific TCE, royalty 2-4% of drug sales 50+ Active Research Services Partnerships with Embedded Milestone & Royalty Potential AcrossmAb, Multi-specifics & ADC
Page 21
21 Multi-Layer Royalty Framework Enhancing Value Capture (US$ mm) Drug A, net sales/year $1,000 Drug A1 = research services partnership, eligible for sales royalty Sales royalty @ 5% of net drug sales $50 Cell line royalty @ 0.5% of net drug sales 100% volume manufactured at WuXi Bio 70% volume manufactured at WuXi Bio 100% manufactured externally Traditional CMO @ 100% volume DS2 mfg rev $50 $35 $0 $50 Sales royalty $50 $50 $50 $0 Cell line royalty $0 $1.5 $5 $0 DS mfg OP @ 33% OPM $17 $12 $0 $17 Royalty OP @ 100% OPM $50 $51.5 $55 $0 Net Profit @ 20% income tax $53.2 $50.4 $44 $13.2 Notes: 1- If Drug A uses WuXi Bio’s proprietary cell line, commercial volume manufactured outside of WuXi Bio is subject to additional cell line royalty 2- DS assumed at 5% of net drug sales Illustrative examples for royalty economics: • Proprietary cell line platform enables additional royalty participation when commercial volume is manufactured externally o Creates asset-light, embedded participation in downstream product economics
Page 22
22 150 200 300 Before 2025 2025 2027E INDs ◼ Enabled a total of 854 IND filings as of June 2026 ◼ As of June 2026, 68 INDs newly filed, while 77 IND clearance added ◼ In 2026, 180E INDs will be newly filed ◼ To expand capacity to 300 INDs and 20 BLAs/MAAs per year Project Submission: Capacity Expansion 12 20 Before 2025 2025 BLA/MAAs Established Track Record with Expanded IND Filing Capacity Track Record 20 38 37 65 100 123 123 124 156 68 2017 2018 2019 2020 2021 2022 2023 2024 2025 1H26 Numbers of INDs Filed (By Year) After 2025
Page 23
23 100% of Clinical-Stage Client Assets Acquired by Large Pharma Remain with WuXi Bio for Commercial Launch, Driving Additional CMC Awards Licensed / Acquired Assets Additional Assets Awarded to WuXi Bio for CMC Work 99 client assets supported by WuXi Bio were licensed or acquired since 2018 41 additional assets were subsequently awarded to WuXi Bio for CMC 41 0 5 10 15 20 25 30 35 2018 2019 2020 2021 2022 2023 2024 2025 1H26 2 2 10 6 10 18 23 20 81 2 1 5 3 5 8 11 5 140 assets 31% 29% 16% 21% 2% Preclinical Phase I Phase II Phase III Commercial ✓ 140 molecules associated with licensing/acquisitions have partnered with WuXi Bio ✓ 60% of molecules licensed/acquired at Preclinical & Phase I clinical stage, highlighting attractive return on high-quality early- stage CMC investment
Page 24
24 Proven GMP Manufacturing Execution at Scale with High Quality 100% PPQ campaign success rate demonstrating strong execution & consistent quality [1] As of June 30, 2026 [2] Data scope: Global MFG & Global MFG (US&APAC) 6 11 21 43 59 75 103 137 167 2019 2020 2021 2022 2023 2024 2025 2026E 2027E Cumulative PPQs Scheduled PPQs Supporting Future CMO Growth 2,670+ DP batches delivered since launch 99.6% DP batch success rate (2022 – H1 2026) 2,600+ DS batches delivered since launch 98.7% DS batch success rate (2022 – H1 2026) 6 5 10 22 16 16 28 34 30 2019 2020 2021 2022 2023 2024 2025 2026E 2027E Annual PPQs
Page 25
25 Biosimilar Opportunity: Technology & Regulatory Tailwinds Improve Sponsor Economics WuXiaTM TrueSite Technology Advantage Placeholder Growing Biosimilar Pipeline Faster Development, Higher Productivity & Lower COGS • mAb titer avg 8+ g/L, up to 12 g/L • 30 -50% lower COGS & 30 -40% lower manufacturing scale • 1-3 months faster cell line development vs industry average Evolving U.S. Regulatory Pathway Potentially Faster, More Cost - Efficient Development Path • FDA proposed reducing reliance on comparative efficacy studies => shorten development timelines & lower clinical development costs • Greater reliance on analytical evidence plays to WuXi Bio’s strengths in high -quality, accelerated CMC development 17 Biosimilar projects as of June 2026 2 New signs in H1 2026 20 Committed over the next 3 years 10 Additional programs under active negotiation Typically faster progression from Development to Manufacturing vs. innovative biologics
Page 26
26 FtM Pipeline • 5+/5+/7+ additional commercial approvals expected in 2027E/28E/29E • Continued ramp -up of existing CMO projects • Expanded trial activities of late -stage projects WtM Conversion Biosimilar Opportunity One DP Platform Four Key Pillars Underpinning Future Manufacturing Growth • 45 Phase III/CMO projects won since 2021 • WuXiaTM TrueSite expected to become a key WtM differentiator through faster development, higher productivity & improved client economics • WuXiaTM TrueSite & evolving U.S. regulatory pathways expected to accelerate biosimilar development • Earlier commercial manufacturing opportunities through a shorter D-to-M cycle • 20 committed programs to bring significant manufacturing revenue • Integrated DP platform spanning development, manufacturing, drug devices, & clinical supplies, across formats from liquid/lyophilized vials & PFS to dual-chamber cartridge & autoinjectors • Higher value capture per molecule through integrated DP offerings • DP lines to > 4x over the next 3 yrs to meet client needs
Page 27
27 Proven Global Regulatory Compliance & Quality Track Record Regulatory Inspections and License Approvals Notes: 1- Certified facilities exclude WuXi Vaccines Ireland site and Germany Leverkusen site. 2- All data as of June 30, 2026 49 global regulatory inspections passed, including 23 EMA & FDA inspections 15 facilities1 certified for GMP manufacturing 2,000+ client quality audits passed, including 280+ qualified person audits 166 facility license approvals
Page 28
28 Notes: 1. The capacity figures are all planned capacity. 2. Singapore capacity has further expansion potential. + 2,670+ batches since launch + 99.6% success rate in the last 4.5 years 18 DP Facilities 500,000+ L Bioreactor Capacity1 + 2,600+ batches since launch + 98.7% success rate in the last 4.5 years 26 DS Facilities 5 Research Centers Shanghai WGQ, Shanghai FX, Chengdu in China; Boston in the U.S.; Singapore 10 Development Centers Shanghai WGQ, Wuxi, Shanghai FX, Hangzhou, Suzhou, Chengdu in China; Cranbury NJ in the U.S.; Singapore, etc. 18 Manufacturing Centers Wuxi, Hebei, Chengdu, Hangzhou in China; Wuppertal in Germany; Dundalk in Ireland; Worcester MA in the U.S.; Singapore, etc. USA 49,300E L Ireland 54,000 L Germany 24,000E L Qatar Singapore2 120,000E L China 251,000E L Planning Global End-to-End Network Enables Integrated R-D-M Delivery
Page 29
29 Drug Substance Drug Product Expanding U.S. Investments to Build Integrated Local Capabilities DP12: Robbinsville, NJ (~ 90,000 ft²) • Liquid vials • Prefilled syringes (PFSs) Cranbury, NJ (~ 89,000 ft²) MFG11: Worcester, MA (2029E) • Late-stage & commercial manufacturing • 6 x 6,000 L (36,000 L) capacity 4-minute walk Process Development ` Drug Substance MFG18: Cranbury, NJ (~ 66,000 ft²) • Clinical & commercial (new) manufacturing • 200 –2 x 2,000 L (5,400 L) bioreactor capacity • Adding 2x2,000 L bioreactor capacity (Total 13,300E L bioreactor capacity) • 1st PPQ project underway 20-minute drive On-Site Clinical Supply Fast distribution to clinical testing centers Seamless transfer of materials, samples, & products across sites 5-hour drive
Page 30
30 + WuXi XDC mAb/bioconjugate suite achieved GMP release + WuXi XDC DP facility on track for GMP release by August 2026, with designed capacity of 8m vials/year Singapore Build-Out Advances an End-to-End Biologics Hub DP+QC+MSAT Building DS Building + WuXi Biologics’ modular Drug Product (DP) facility structurally topped out; on track for operations in 2027 ❖ 3 pre-filled syringe (PFS) lines, 2 vial lines for liquid & lyophilized products ❖ ~100 million units annual capacity + WuXi Biologics’ modular Drug Substance (DS) facility progressing on schedule
Page 31
31 Expanding Manufacturing Capacity in China in Response to Strong Customer Demand • Completed 1st GMP production campaign with zero deviations • 9,000L capacity, expandable to 20,000L ➢ Flexible batch sizes • Supports both clinical & commercial manufacturing • Continuous manufacturing line expected by 2027 Microbial manufacturing site in Chengdu Following stronger-than-expected customer demand, accelerating manufacturing capacity expansion through brownfield investments & strategic asset acquisitions • GMP release targeted by YE2026 • 15,000L microbial DS capacity, expandable to 60,000L • China’s first dual-chamber lyophilization production line and a vial-filling line; >10 million vials DP capacity • Powered by proprietary EffiX E. coli expression platform MFG17 in Fengxian, Shanghai Transcenta • Recently announced proposed acquisition of Transcenta’s manufacturing facility • Integrated process development, DS, & DP capabilities adjacent to WuXi Bio’s MVP site => operational synergies & flexible capacity expansion • Attractive return profile with a short payback period, underpinned by strong & growing client demand
Page 32
32 + Digital twin representation of our physical lab processes, connected to lab devices & equipment enabling no-code workflow configuration 400+ Workflows + In silico modeling and analytics to reduce wet-lab experimentation and improve process development 30+ Applications BioFoundry In silico Win and Serve Our Clients + Best-in-class digital client experience with industry-leading, secure, cloud- based platform that enables clients to seamlessly generate proposals, access experimental data and reports, obtain cost estimates, and track shipment One-Stop Client Portal + Electronic Batch Record (EBR) rollout to improve quality, productivity, speed, and flexibility + Data & advanced analytics enable planning & scheduling to optimize labor, material, & equipment allocation to improve utilization under complex scenarios ~40% Productivity Increase ~20% Efficiency Improvement EBR Advanced Planning Manufacturing & Quality Control Digital Platforms Drive Speed, Quality & Operational Efficiency Lab Core Operating Systems & Analytics to Accelerate Discovery & Development
Page 33
33 Raman Data Acquisition and Repository Raman Spectroscopy Real-time monitoring of 40+ in-process targets and PQAs Interactive user interface for model visualization & control + Real-time performance simulation + Instantaneous OOT alarm + Root cause identification Model Visualization Manufacturing management Enhancement Process Orchestration Interface In silico process modeling & simulation Multi-Source Data Integration + Inline process data: OSI PI system + Offline analytics: Manufacturing Data Hub + Raman spectroscopy Modeling Management Center Feature Engineering Digital Learning Multivariate analysis Raman model Mechanistic model + Brx pCO2 model + Frontal curve model + Column loading by UV + DSP in-process modeling Process Knowledge Hub PatroLab : A Platform Solution For Bioprocess Digital Twin Implementation at WuXi Biologics
Page 34
34 BestChrom Divestiture: Portfolio Optimization to Enhance Strategic Focus BestChrom 51.1% owned subsidiary focused on biologics purification media & chromatography columns WuXi Bio first invested in BestChrom in 2019 to strengthen supply security and has supported its growth since. With the original strategic objective largely achieved, the proposed divestiture represents a natural evolution toward portfolio optimization & more focused capital allocation Strategic Rationale Sharpen strategic focus on core CRDMO businesses Transaction Timeline Signed July 2026 -> Expected closing December 2026
Page 35
04Advanced Technology Platforms – Cornerstone of Future Success
Page 36
36 Expanding Proprietary ADC Technologies Across Conjugation, Linkers & Payloads Broadening proprietary ADC technology platforms with increasing project adoption & clinical validation WuXiDARxTM WuXi Payload-LinkerTM Flexible DAR control without antibody engineering or enzymes Offering a variety of PLs with favorable hydrophilicity for next-gen ADCs ✓ WuXiDAR4TM: Applied to 10+ iCMC projects, 8 in clinical development ✓ WuXiDAR2TM : Highly homogeneous ADC and APC achieved; First client ADC (DAR2) project advanced to iCMC-ready stage ✓ WuXiDAR1TM : Highly homogeneous AOC(DAR1) achieved ✓ WuXiDARxTM dpADC: • Successfully applied to 10+ dpADCs; • First project advanced to iCMC development ✓ WuXiTecan-2TM : Successfully out-licensed the technology to 2 companies (3 iCMC projects) ✓ WuXiLinkerTM : Proprietary hydrophilic linker applied to other payloads, creating favorable PLs • WuXiMMAETM • WuXiATRiTM • WuXiEribulinTM ✓ Novel Payloads • DDRi: WuXiTecan-2 synergizer • Immune agonist: WuXiTecan-2 synergizer ✓ X-LinCTM : Novel stable connector
Page 37
37 WuXiaTM Platform Technology Innovation Random Integration Targeted IntegrationSemi-Targeted Integration 2.0 3.0 Clone Diversity Clone Stability Historical Current 2010 2019 2025 3,000+ cells screened to produce 2 g/L (mAb) in ~6 months < 30 cells screened to achieve 8+ g/L (mAb) in ~2.5 months IND Dossier ready in ~6 months Next-Gen Targeted Integration Platform Accelerates Cell Line Development
Page 38
38 A Productivity P Acceleration 1-3 months faster vs industry avg cell line development mAb avg 8+ g/L, up to 12 g/L; bsAb avg 7.5+ g/L, up to 10 g/L > 2x industry avg titer, 30-50% lower COGS 30-40% lower manufacturing scale mAb 46% bsAb or msAb 31% Others 23% Improves Client Economics While Expanding WuXi Bio Value Capture Rapid Adoption Across Multiple Modalities • Accelerated development timelines support higher-margin development offerings • Higher titer & productivity reduce COGS significantly, a win-win for WuXi Bio and clients o Expected to become a key driver of Win-the-Molecule strategy o Particularly attractive for biosimilar programs, where development speed & lower COGS are critical • Cell line royalties apply when commercial manufacturing conducted externally o As of June 30, 2026, WuXiaTM TrueSite has been applied in 70+ projects since launch (Oct 2025) across mAbs, bi- & multi-specifics and other formats o 1st IND approval expected in Sep 2026
Page 39
05 WBS (WuXi Bio Business System) and ESG as Key Components of Business Strategy
Page 40
40 Labor Efficiency Deploy digital initiatives Implement standard work Premier Quality Enhance reporting standards Mitigate quality risk Revenue Enhance customer retention Expand into new business Cost Saving Enhance facility utilization Improve maintenance/logistics management Material Cost Saving Optimize material usage Improve inventory management ESG Optimization Reduce energy, water, waste and CO2 emissionsCompleted Kaizen Projects 551.5 Improvement in gross margin Points WuXi Bio Business System H1 2026 Highlights
Page 41
41 Align with United Nations Sustainable Development Goals Join International Sustainable Development Initiatives Trustworthy Partner with a Strong Sustainability Commitment MSCI ESG Ratings AAA MSCI Selection Indexes (2023-2026) Sustainalytics Negligible-Risk Industry & Regional ESG Leader (2021-2026) A List – Climate Change A List – Water Security A List - Supplier Engagement (2023-2025) FTSE4Good Emerging Index Industry Top 4% (2021-2026) Prime Award ISS ESG Corporate Rating (2023-2025) ESG 50 Index Hang Seng Corporate Sustainability Benchmark Index (2023-2025) Industry Leader with Outstanding ESG Performance Trusted Partner to Enable Global Clients * Data as of June 30, 2026 S&P Dow Jones Best-in-Class Indices S&P Global ESG Indices (2023-2026) EcoVadis Platinum Medal Global 1% (2023-2026)
Page 42
06Summary & Outlook
Page 43
43 Three High-Growth Modalities Powering WuXi Bio’s Accelerated Growth • 221 bi- & multi-specifics in pipeline, high growth modality at WuXi Bio • 3 currently in CMO (all high-potential assets) • Proprietary CD3 TCE platform • E.g. CD3xCD19, CD3xCD20, CD3xPSMA, CD3xCD19xCD20 • bsAbs targeting clinically validated and/or emerging pathways • E.g. PD-(L)1xVEGF, DLL4xVEGF, EGFR×TGF-β, 4-1BBxCLDN18.2 Bi- & Multi-Specifics ADCs mAbs & Other Proteins • 328 ADCs in pipeline, high growth modality at WuXi Bio • POC-validated MoAs with differentiated molecular structure and/or indication focus e.g. HER2, TROP2, FRα, Nectin-4 • Emerging MoAs e.g. B7-H3, DLL3, ROR1, CLDN6, CLDN18.2, GPRC5D • Novel conjugates e.g. drug-Fc conjugate • 487 mAbs and other proteins in pipeline, with multiple $billion-dollar franchises in late-stage/CMO • E.g. FcRn, IGF1R, CD19- mediated B-cell silencer, selective inhibitor of active C1s, IL23,IL-17, α4β7 integrin, TL1A, TTR amyloid depleter, mAbs for autoimmune, kidney, and allergic diseases
Page 44
44 H1 2026 Summary Outlook • Revenue +23.4% YoY in USD with GPM +350bps YoY , reflecting continued operating leverage ❑ Bi-/multi-specifics revenue + ~30% YoY on strong prior year compare, continuing to upgrade business mix • R: Growth on track • D: Record project additions & expanding IND filing capacity support future growth visibility ❑ 1691 new integrated projects (123 organic, +43% YoY) & 68 IND filings ❑ Annual IND filing capacity expanding to 300 in 2027 • M: CMO momentum continued to strengthen ❑ Hebei site received its 1st BLA approval in July following FDA inspection ❑ Year-to-date, Ireland site has secured 3 large-scale manufacturing projects & commenced tech-transfer • Ongoing global footprint expansion & digital transformation ❑ Accelerating manufacturing capacity expansion in China through brownfield investments & potential strategic asset acquisitions Technology Leadership & Execution Excellence Position WuXi Bio for Accelerating Growth Note: 1. Including 46 projects acquired from BioDlink See 20% Revenue CAGR over the Next 3 Years • M CAGR of 30% • Additional MFG projects each generating US$100m+/year • Profitable growth • Strong demand with pipeline mix continuing to upgrade towards complex modalities • Technology differentiation becoming increasingly commercial ❑ WuXiaTM TrueSite 70+ within months of launch, expected to strengthen both FtM/WtM competitiveness & particularly attractive for biosimilars • Visibility in manufacturing growth supported by our 4 distinct pillars • CapEx expansion & portfolio actions remain demand-driven & disciplined Well-positioned to capture incremental demand from digital advances in drug discovery & next-gen therapeutic platforms FY2026: raising revenue growth to 20 – 23% YoY in constant currency (vs prior 16-20% YoY); 15 – 18% YoY reported (vs prior 13 – 17% YoY )
Page 45
WuXi Biologics Every Biologic Can Be Made | Premier Quality | Innovative Technologies | Perfect Execution | Fast Speed | Competitive Cost