WuXi Biologics Cayman Inc (2269.HK): Global Healthcare Conference Small Groups Feedback

Discussions at the Global Healthcare Conference reinforced our understanding that 2027 will be a breakout year for commercial contracts. On branded biologics, WuXi Biologics is the commercial partner for Merck's TROP2 ADC sac-TMT (global primary supplier for the mAb portion), Jazz Pharma's HER2 bispecific Ziihera, Viridian's IGF-1R antibody veligrotug, and Vera Therapeutics' TRUTAKNA; as a leading indicator, 34 and 30 PPQs have been scheduled by regulators for 2026 and 2027, respectively. Biosimilar key drivers include a wave of branded biologics going off patent in the next five years, a streamlined regulatory pathway, and the launch of the WuXia TrueSite platform, which uses cell lines that could push mAb titers to an average of 8g/L and up to 12g/L at 30-50% lower COGS and 30-40% lower manufacturing scale;