Industry Notes

Industry Notes / Pharma / Chapter 10 of 20 · Pie

WuXi AppTec: chemistry is more than four fifths

It sells research and manufacturing, not its own drugs

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Share of continuing revenue
  • Chemistry84% · 85%
  • Testing9% · 9%
  • Biology6% · 6%

In 2025 continuing operations, chemistry was about 84% of revenue, testing about 9%, and biology about 6%. The things to track are the order book and geopolitics, not approval of one molecule.

Source：药明康德 2025 年报：持续经营分部收入披露

Research notes, not investment advice.