WuXi Biologics 2023 Net Profit Fell on Higher Expenses, Impairment Losses
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
March 26, 2024 21:26 ET (01:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks