Wuxi Biologics’ shares tumbled as much as 6.2% in Hong Kong to hit a low of HK$36.35, after plummeting 17% one day earlier.
The sell-off came after the company said that due to high base in the first half of 2022 and production shutdown for maintenance after three years of fully-loaded growth, the company is expected to see slower revenue growth in the first half of this year, it said.
Despite the challenges, management maintained its full-year revenue guidance of 30% year-over-year growth, mainly from non-Covid revenue business growth of over 60% and adjusted net profit growth guidance of 26%. Management also expected to maintain a 30% compound annual growth rate in revenue over the next three years.
It noted that the company’s business operation remains normal, and that there has been no material adverse change to its business operation and financial position.
