Monday, May 6, 2024

C&EN: "WuXi AppTec revenues slump in the first quarter"

In this week's Chemical and Engineering News, this news (article by Aayushi Pratap): 

Shanghai-based WuXi AppTec, which is a subject of a proposed US bill that aims to cut business ties with a handful of Chinese pharmaceutical service companies, announced first-quarter sales of $1.1 billion, down 11% from the prior year. Revenues excluding those from COVID-19 commercial projects dropped 1.8%. The company expects to generate sales of over $5 billion this year despite what it calls “uncertainties in the external environment,” a possible reference to the proposed US legislation.

This is interesting, in that I don't think this Q1 slump is about the BIOSECURE Act. Rather, I wonder if it is connected with a potential slowdown in global demand for pharma services? It's hard to know. This is worth following, I think...

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