SHANGHAI, March 5, 2018 /PRNewswire/ -- WuXi Biologics (Stock Code: 2269.HK), a leading global open-access biologics technology platform company that offers end-to-end solutions for biologics discovery, development and manufacturing, announced that based on the preliminary assessment of the unaudited consolidated management accounts of the Company for the year ended December 31, 2017, the Company is expected to record an increase of approximately 75% to 80% in its net profit from RMB141 million for the year ended December 31, 2016 to an amount of approximately RMB247 million to RMB254 million for the year ended December 31, 2017.
During the Reporting Period, the Company incurred an unrealized foreign exchange loss due to a translation loss from the IPO proceeds (in U.S. Dollar) to Renminbi as a result of Renminbi appreciation against the U.S. Dollar. If the unrealized foreign exchange loss is excluded, the Company's net profit for the year ended December 31, 2017 is expected to be approximately RMB321 million to RMB328 million, representing a year-on-year growth of approximately 128% to 133%. Such an increase was primarily attributable to a strong growth in revenue driven by implementing the Company's "follow-the-molecule" strategy, and efficiency enhancement of the Company's business operation.
About WuXi Biologics
WuXi Biologics, a Hong Kong-listed company, is the only open-access biologics technology platform in the world offering end-to-end solutions to empower organizations to discover, develop and manufacture biologics from concept to commercial manufacturing. Our company history and achievements demonstrate our commitment to providing a truly ONE-stop service offering and value proposition to our global clients. For more information on WuXi Biologics, please visit www.wuxibiologics.com.
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