Fubotv earnings beat by $0.10, revenue topped estimates
Updates with share moves
Investing.com-- Shares of WuXi AppTec (SS:603259) jumped to a 19-month high on Friday as the Chinese pharmaceutical firm forecasted a sharp rise in first-half profit, driven by robust demand for its contract research and manufacturing services.
The company on Thursday projected that net profit attributable for the six months ending June 30 would surge 101.9% year-on-year to 8.56 billion yuan ($1.19 billion), boosted by a one-time gain from the partial sale of shares in subsidiary WuXi XDC Cayman.
Adjusted net profit, excluding one-off items, is forecast to jump 44.4% to 6.31 billion yuan, reflecting strong performance in its integrated CRDMO (Contract Research, Development and Manufacturing Organization) business model.
As of 02:10 GMT, Hong Kong-listed shares of the company (HK:2359) surged 8.5% to HK$86.6, their highest level since Dec 2023, as per data available on Google (NASDAQ:GOOGL).
Revenue for the first half is estimated to grow 20.6% to 20.8 billion yuan, with core operations showing a 24.2% increase, the company said.
The company attributed the growth to enhanced operational efficiency and expanded capacity to meet rising global demand for drug development services.