Fitch WuXi AppTec view to positive

Fitch Ratings said it revised the outlook on WuXi AppTec Co., Ltd. to positive from stable and affirmed the BBB long-term issuer and senior unsecured ratings.

“The positive outlook reflects our expectation that WuXi AppTec's free cash flow (FCF) will turn positive in 2024 thanks to robust operating cash flow generation, despite high investment needs in capacity expansion. We also expect the company to maintain a strong financial profile, with a net cash position and rising profitability. The rating also reflects a leading market position in the global pharmaceutical R&D outsourcing industry as a unique one-stop platform,” Fitch said in a press release.

The agency said it expects revenue to increase by the mid-teens in 2024-2026, beating industry growth of 13.6% according to Frost & Sullivan.

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