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M Stanley: WUXI XDC Reiterates Revenue Target, Maintains Overweight Rating
2026-09-18 15:40:47
WUXI XDC (02268.HK) management reiterated its full-year revenue growth target of 40% at constant exchange rates, including contributions from BioDlink, Morgan Stanley said in a research report.

The broker also noted that WUXI XDC disclosed a licensing agreement with Ona Therapeutics for its WuXiTecan-2 Payload-Linker platform to develop ADC drugs targeting undisclosed targets.

The broker expected the transaction to further increase WUXI XDC's milestone backlog orders. As of 1H26, total backlog orders, independent backlog orders, and service backlog orders excluding milestones reached USD2.2 billion, USD2.1 billion and USD2 billion respectively, representing YoY increases of 62.2%, 57.9% and 50.4% respectively.

The broker maintained its Overweight rating and HKD85 TP on the company.
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