Lyon said WuXi AppTec (02359.HK) delivered Q2 results materially above
expectations and raised its target price to HK$214.1, maintaining an Outperform
rating. Continuing-operations revenue rose 62% YoY and adjusted non-IFRS net
profit rose 92% YoY, accelerating from Q1’s 32% and 72% respectively. Management
lifted FY2026 continuing-operations revenue guidance from 18–22% to 35–39%,
about 20 percentage points above market expectations; TIDES revenue growth
guidance was raised from 40% to 45%. Lyon raised its FY2026–28 revenue and
net-profit forecasts by c.7% and 14–15% to reflect the stronger guidance and
faster progress on new drug development and manufacturing projects, improving
earnings visibility.
