Chinese biotech giant Wuxi AppTec sees first-half earnings surge amid US scrutiny

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Wuxi AppTec, a leading Asian contract pharmaceutical research provider, reported a 33.7% increase in net income for the first half of the year, surpassing forecasts. Growth was driven by demand for weight-loss and diabetes drugs and improvements in its US operations.

Wuxi AppTec, Asia’s largest provider of contract pharmaceutical research, posted net income that smashed market expectations in the first half of the year amid strong demand tied to weight-loss and diabetes drugs, as well as gains in its US business. Interim net profit attributable to the owners of the Shanghai-based drug contractor advanced 33.7 per cent to 11.08 billion yuan (US$1.64 billion) from a year earlier, surpassing a Bloomberg mean consensus estimate – drawn from a pool of 25 analysts...