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January 14, 2026 — WuXi XDC has issued a positive profit alert for fiscal 2025 and announced a cash tender offer for BioDlink, whose shares were suspended from trading at 9am on December 29 pending details of the bid.

The alert underscores the ADC CRDMO leader’s strong performance: it forecasts 45% year-on-year revenue growth in 2025, alongside over 70% gross profit growth and more than 45% growth in adjusted net profit (excluding interest income and expenses). Stripping out exchange rate fluctuations, adjusted net profit growth is projected to hit 65%.

A pioneer in the ADC CRDMO space, WuXi XDC has driven synergistic growth through organic expansion and strategic acquisitions amid strong business momentum. The BioDlink acquisition will boost its operational capacity in China, expand production scale, enhance support for biotech firms via value-added services, broaden its project portfolio and customer base, and reinforce its leading position in the ADC CDMO sector.

“Capital for time”: WuXi XDC targets CDMO capacity bottlenecks

The bioconjugate drug industry has reached a commercial inflection point as clinical pipelines expand, widening the capacity gap. Public data shows 21 ADC drugs had been approved globally by end-December 2025. Emerging classes such as AOCs, RDCs and PDCs are advancing rapidly with robust late-stage pipelines, emerging as new growth drivers in biopharma.

Against accelerating global bioconjugate commercialisation, insufficient capacity has become a major constraint for CDMOs. Rapid pipeline expansion and upcoming commercial demand have made “capacity delivery capability” a core competitive advantage and key metric for investors assessing CDMO growth potential.

For leading CDMOs, the approach to resolving capacity bottlenecks directly shapes market influence. Building new production lines—from site selection and construction to certification—typically takes three to five years, too slow to keep pace with surging bioconjugate commercial demand. WuXi XDC’s proactive strategy of acquiring existing facilities, using efficient capital operations to capture market opportunities, stands out as optimal in the sector. The BioDlink deal aligns with this logic, enabling rapid capacity expansion via external integration and ensuring steady performance growth.

Building on strengths: Tech platforms and talent drive growth

WuXi XDC leads the industry with advanced conjugation and payload-linker technologies, and extensive bioconjugate drug development experience. It has rolled out innovative platforms including WuXiDARx™, dual-payload conjugation, X-LinC linker, and WuXiTecan-1/2 payload-linker technologies.

To meet global customers’ diverse ordering needs and complex R&D requirements, it adopts a two-pronged “independent R&D plus external collaboration” strategy to build an integrated technology platform. This enriches technical reserves, boosts front-end R&D pipeline generation, and strengthens its R&D leadership.

Talent is critical to the bioconjugate CDMO sector, but rapid industry growth has outpaced professional talent supply, a key growth constraint. WuXi XDC has long prioritised talent development; its workforce exceeded 2,600 by end-2025. The expanded professional team has formed a talent cluster, underpinning long-term growth.

Riding the wave: WuXi XDC’s global capacity push

Data from PharmaCube’s NextPharma shows China’s innovative drug overseas licensing transactions hit $135.655bn in 2025, including $7bn in upfront payments across 157 deals—far outstripping 2024’s $51.9bn and 94 transactions. Overseas licensing has seen explosive growth, with upfront payments and total volume at record highs. As a key bioconjugate segment, ADCs are a focus for global capital. WuXi XDC has delivered standout performance here, with steady post-listing revenue growth underscoring both the bioconjugate CDMO track’s potential and the company’s core competitiveness.

Sustained business growth has made capacity expansion a key driver of high growth. By end-December 2025, WuXi XDC had worked with over 640 global customers on 252 iCMC projects. It also holds 18 PPQ projects and one commercial project, with nearly 1,000 production batches of drug substance (DS) and drug product (DP). These figures highlight strong market expansion and capacity deployment, reflecting robust demand for its services.

The industry’s capacity shortage is both quantitative and structural, marked by a lack of “high-quality, integrated” capacity. Hundreds of ADCs globally are in active clinical phases, creating strong demand for commercial capacity. Meanwhile, bioconjugates’ complex production processes, high industry barriers and long supply chains have further widened the gap.

Against this backdrop, WuXi XDC has established capacity in Wuxi, Jiangyin, Hefei (China) and Singapore. This global network meets global customers’ local production needs, improves operational efficiency via coordinated capacity allocation, strengthens its bioconjugate CDMO lead, and allows it to fully capture industry growth opportunities.

Table: WuXi XDC’s capacity layout as of end-2025

Data source: Company filings

WuXi XDC to sustain capacity expansion drive

Looking ahead, WuXi XDC will continue to advance overseas capacity expansion steadily and proactively, further entrenching its global leadership in the bioconjugate CDMO sector.

In September 2025, the company completed a $350m refinancing, leveraging strong performance and industry reputation. Combined with a previous $200m credit facility and operational reserves, it has built a sufficient capital pool to support global capacity expansion.

Backed by solid capital and mature expansion experience, WuXi XDC will pursue overseas capacity growth at an “active yet prudent” pace. It is evaluating global expansion opportunities to optimise its production network—moves that will enable local delivery, deepen penetration in the global bioconjugate CDMO sector, and reinforce its industry lead.

Outlook

WuXi XDC’s accelerated capacity deployment mirrors the rapid growth of ADC and other bioconjugate industries, driving the CDMO sector into a golden growth period. Frost & Sullivan data shows the global ADC drug market reached $17.2bn in 2025, with a 30.6% compound annual growth rate (CAGR) from 2023 to 2032, and is set to exceed $115.1bn by 2032. The global ADC outsourcing market is also growing strongly, projected to hit $11bn by 2030 with a 28.4% CAGR from 2022 to 2030. High growth in both sectors offers ample room for CDMO expansion.

Capacity shortages are a phased challenge in the booming bioconjugate CDMO industry, unlikely to be fully resolved short-term. Over the medium to long term, however, new capacity from leading players and rising industry concentration will ease the supply-demand imbalance. WuXi XDC’s early focus on “acquisition plus expansion”—backed by accurate industry trend judgment—has secured its edge in current capacity competition and positioned it to dominate the future bioconjugate CDMO landscape, leveraging strengths in capacity scale, technical barriers and global reach.

Sources

1. Hong Kong Exchanges and Clearing (HKEX)

2. WuXi XDC

3. Frost & Sullivan

4. PharmaCube

5. Insight Database

6. WuXi XDC presentation, 2025 Jefferies London Healthcare Conference