WuXi AppTec slashes 2023 growth revenue forecast in half due to drop in demand for early-stage services

Bio­phar­ma man­u­fac­tur­er WuXi AppTec is cut­ting its pro­ject­ed 2023 growth rev­enue from 5-7% to 2-3% af­ter re­duced busi­ness for its ear­ly-stage drug dis­cov­ery ser­vices. Specif­i­cal­ly, in­come from cer­tain lab­o­ra­to­ry ser­vices will be “sig­nif­i­cant­ly be­low bud­get,” ac­cord­ing to its third-quar­ter re­port re­leased on Mon­day.

Ex­clud­ing Covid-19 com­mer­cial projects, the com­pa­ny’s growth rev­enue was al­so trimmed to 25-26% com­pared to an ear­li­er fore­cast of 29-32%. The com­pa­ny ex­pects no rev­enue to be gen­er­at­ed from Covid projects in the fi­nal quar­ter of 2023, a com­pa­ny pre­sen­ta­tion shows.

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