Fitch upgrades WuXi AppTec

Fitch Ratings said it upgraded WuXi AppTec Co., Ltd.'s long-term issuer default rating and senior unsecured rating to BBB from BBB-.

“The upgrade follows WuXi AppTec's increased scale through faster revenue growth and stable profitability while maintaining a strong financial structure with a net cash position. Fitch expects WuXi AppTec's global position as a leading contract resource organization (CRO) to strengthen due to its unique integrated platform across the pharmaceutical R&D supply chain,” Fitch said in a press release.

The agency noted WuXi AppTec's revenue growth accelerated to 45.7% in the first half of 2021 from 28.5% in 2020.

The outlook is stable.

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