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WuXi Biologics (2269) Fair Value & Analysis

Healthcare · HK · Market cap HK$165B (≈ $21.1B) · ISIN KYG970081173

What is WuXi Biologics really worth?

WB WuXi Biologics 2269 · HK
PriceHK$49.18
Fair ValueHK$30.69
Upside−37.6%
Quality70/100

A solid business, but trading 60% above our fair value of HK$30.69.

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Strengths

Healthy Growth (revenue 5y +31.2 %/yr)
Highly profitable · 22.5% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)
Wide moat 71/100

Risks

!Evidence only medium, so the estimate is less certain
Evidence: Medium Range HK$22.15 – HK$38.36

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Fair value updated Sep 5, 2026, revised from HK$30.58 to HK$30.69 (+0.4%) since Aug 13, 2026. Share price +21.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (HK$38.36). The favourable scenario is already priced in.

Price vs Fair Value (5 years)

HK$145.60 HK$10.26 Fair Value HK$30.69 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range HK$10.26 – HK$145.60 · fair‑value band HK$22.15 – HK$38.36 · the HK$49.18 price screens above the HK$30.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

WuXi Biologics (2269) currently trades at HK$49.18, while our model-based Fair Value estimate is HK$30.69, implying the stock looks roughly 60.3% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of HK$55.54 per share, and 2 of the 26 models we run sit above the HK$49.18 price. Bear case: the Asset-Based group reads lowest at HK$7.71, and 24 of the 26 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, WuXi Biologics generated revenue of HK$21.8B at a net margin of 22.5%. Revenue grew 17.2% year over year. It earns a return on equity of 11.6%. The balance sheet holds a net cash position of HK$6.1B. Fundamentals as of Sep 5, 2026

Our scenario range runs from HK$22.15 (bear case) to HK$38.36 (bull case); at HK$49.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades near its 52-week high and 113% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −59% fair-value upside, at −38%, 2269 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.3737 per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$13.68 HK$20.26 HK$41.21 74
EPV HK$14.07 HK$16.05 HK$17.78 74
Growth DCF HK$12.99 HK$23.62 HK$41.03 73
All 26 models by family
DCF Models
FCF DCF HK$13.68 HK$20.26 HK$41.21 74
Owner Earnings HK$13.73 HK$28.43 HK$59.29 69
5Y Revenue Exit HK$14.36 HK$24.14 HK$44.68 67
5Y EBITDA Exit HK$21.44 HK$38.46 HK$71.90 69
5Y P/E Exit HK$20.24 HK$44.78 HK$78.61 65
10Y Revenue Exit HK$13.89 HK$29.91 HK$40.75 64
10Y EBITDA Exit HK$19.56 HK$45.16 HK$91.17 61
10Y P/E Exit HK$18.68 HK$42.57 HK$82.74 58
Earnings-Based
Graham-Dodd HK$8.13 HK$56.69 HK$79.55 61
Lynch FV HK$29.29 HK$41.84 HK$54.39 59
PEG = 1.0 HK$29.29 HK$41.84 HK$54.39 55
EPV HK$14.07 HK$16.05 HK$17.78 74
Dividend Discount
Gordon GGM HK$0.0400 HK$0.0800 HK$0.1300 64
DDM Multi-Stage HK$0.0400 HK$0.0700 HK$0.0900 64
Multiples
P/E Multiple HK$19.72 HK$26.30 HK$32.87 63
P/S Multiple HK$13.93 HK$18.57 HK$23.22 58
P/B Multiple HK$15.24 HK$20.32 HK$25.40 55
EV/EBIT HK$22.82 HK$29.69 HK$36.57 66
EV/EBITDA HK$23.52 HK$30.62 HK$37.73 67
EV/Revenue HK$13.35 HK$18.12 HK$22.90 54
Asset-Based
NCAV (Graham) HK$5.76 HK$7.71 HK$11.51 54
Growth DCF
Growth DCF HK$12.99 HK$23.62 HK$41.03 73
Rev-Margin DCF HK$15.68 HK$27.28 HK$51.47 67
Economic Profit
Residual Income HK$10.17 HK$11.45 HK$23.08 70
ROIC Compounder HK$17.16 HK$23.40 HK$29.06 70
Growth Earnings
Growth-Adj P/E HK$38.87 HK$55.54 HK$72.20 65

Widest divergence: Growth Earnings (HK$55.54) versus Dividend Discount (HK$0.0700). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 30.0 as of Jul 16, 2026
P/S ratio 6.76 P/E × margin
EPS (TTM) HK$0.5500 price ÷ EPS = P/E 30.0
Dividend yield 0.0% payout 1.2%
Net margin 22.5% FY2025
Return on equity 11.6% TTM
More key figures
Profitability
Return on assets (EBIT) 9.0% avg 5y
Operating margin 33.1% TTM
Growth
Revenue (TTM) HK$21.8B TTM
Revenue growth (YoY) +17.2% 3y avg +12.6%
EPS growth (YoY) +39.4%
Balance sheet & cash flow
Free cash flow HK$2.8B FY2025
Net cash HK$6.1B FY2025

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 67 · Market factors (momentum, volatility) 79

Profitability 47
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 56
Earnings quality: real cash, not paper profit
Fin. Strength 89
Balance sheet, leverage, solvency risk
Investment 41
Disciplined investing over empire-building
Low Volatility 61
Calm price path (market factor)
Momentum 83
Price trend over the last 3–12 months (market factor)
52W Momentum 95
Distance to the 52-week high (market factor)
Net Issuance 95
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

WuXi Biologics (Cayman) Inc., an investment holding company, provides end-to-end solutions and services for biologics discovery, development, and manufacturing for biologics industry in the People's Republic of China, North America, Europe, Singapore, Japan, South Korea, Australia, and Brazil. It operates through two segments: Biologics and XDC.

Full company description

WuXi Biologics (Cayman) Inc., an investment holding company, provides end-to-end solutions and services for biologics discovery, development, and manufacturing for biologics industry in the People's Republic of China, North America, Europe, Singapore, Japan, South Korea, Australia, and Brazil. It operates through two segments: Biologics and XDC. The company provides a suite of solutions for biologic discovery, from concept to IND, that seamlessly transits to CMC and downstream process development through its contract research, development, and manufacturing organization platforms, including WuXiBody, SDArBodY, T cell engager, Tumor Associated Antigens ("TAA") mAb Technology, Single B Cell Cloning Technology, WuXia, WuXiUP, WuXiUI, and WuXiHigh. It engages in the provision of consultation services in relation to the biopharmaceutical technology, international sales contracting services, testing and development of testing technologies, sales and marketing services, production and sales of medicals, and biologics clinical and manufacturing services; research and development in relation to biologics; international sales contracting service; vaccine contract development and manufacturing organization (CDMO) and related business; development, production, and distribution of biotechnological products; and engages in investment and material supplier activities. WuXi Biologics (Cayman) Inc. was incorporated in 2014 and is headquartered in Wuxi, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

WuXi Biologics reported revenue of 21.8B CNY in FY2025 versus 10.3B CNY in FY2021, a compound +20.6%/yr. Reported net income was 4.9B CNY in FY2025, compounding +9.7%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$21.8B
Latest YoY
+16.7%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+31.2%
Avg. revenue growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+46.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+23.2% (23.2 + 0.0)
Revenue +20.6%/yr
FY21 10.3B CNY
FY22 15.3B CNY
FY23 17.0B CNY
FY24 18.7B CNY
FY25 21.8B CNY
Net income +9.7%/yr
FY21 3.4B CNY
FY22 4.4B CNY
FY23 3.4B CNY
FY24 3.4B CNY
FY25 4.9B CNY
Character of growth · EPS growth decomposed (2014-2025) +51.1 % p.a.
Revenue per share +42.7 %

of which total revenue +46.3 % · buybacks/dilution −2.4 %

EBIT margin +5.8 %
Tax rate +0.1 %
Residual (interest, one-offs) +0.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

2269 screens 60% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "WuXi Biologics Fair Value". https://www.fairvalue-calculator.com/stock/2269

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Biotechnology · 623 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 70 · Top 25%
Fair Value upside −38% · Above median
Return on equity (TTM) 12% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 33% · Top 25%
Revenue growth 17% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.00× · Lower than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 30.0× · Pricier than median
P/B 3.50× · Pricier than 75% of peers
P/S (TTM) 7.58× · Pricier than median
P/FCF 7.5× · Pricier than median
EV/EBITDA 19.7× · Pricier than median
PEG 1.07× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE86 · sector 0
PAST47 · sector 0
HEALTH100 · sector 98
DIVIDEND0 · sector 26

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $547.55 $278.78 −49%
Regeneron Pharmaceuticals, Inc REGN $807.71 $594.40 −26%
argenx SE ARGX €877.60 €292.84 −67%
Samsung Biologics Co 207940 1,518,000 KRW 1,055,793 KRW −30%
CSL Limited CSL A$174.50 A$141.68 −19%
Alnylam Pharmaceuticals, Inc ALNY $228.61 $51.70 −77%
Royalty Pharma plc RPRX $60.58 $24.22 −60%
Celltrion, Inc 068270 190,700 KRW 74,519 KRW −61%
BeOne Medicines AG ONC $362.51 $111.35 −69%
BioNTech SE BNTX $111.40 $45.66 −59%

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Frequently asked questions

Is WuXi Biologics (2269) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of HK$30.69 versus a price of HK$49.18, about −38% upside (overvalued).
What is the fair value of 2269?
Our model-based fair value for WuXi Biologics is HK$30.69 (as of Sep 5, 2026), built from audited fundamentals. The current price: HK$49.18.
What is the quality score of 2269?
WuXi Biologics has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of WuXi Biologics (2269)?
WuXi Biologics reported trailing-twelve-month revenue of about HK$21.8B (latest available figure, as of Sep 5, 2026).
What is the net profit margin of 2269?
The net profit margin of WuXi Biologics is about 22.5%, meaning it keeps roughly 22.5% of revenue as net income. Based on the latest reported figures.
Does WuXi Biologics pay a dividend?
WuXi Biologics currently shows a dividend yield of about 0.01% relative to its recent price (as of Sep 5, 2026).
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