WuXi Biologics reported first-half 2026 revenue of RMB 11.79 billion, up 18.4% year over year, while net profit attributable to company owners rose 4.3% to RMB 2.44 billion. Adjusted net profit increased 38.4% to RMB 3.31 billion, lifting adjusted net margin to 28% from 24% a year earlier. Gross profit grew 28.1% to RMB 5.45 billion, with gross margin rising 3.5 percentage points to 46.2%; basic earnings per share were RMB 0.6, and no interim dividend was declared. Following the results and higher management guidance, Citi raised its WuXi Biologics target price from HK$42 to HK$62 and its WuXi XDC target from HK$73 to HK$93, maintaining Buy ratings on both. WuXi Biologics raised 2026 revenue-growth guidance to 20%–23% on a constant-currency basis and 15%–18% on a reported basis, while retaining a three-year revenue CAGR target of 20%. Citi raised its 2026–2028 revenue forecasts by 2%, 3% and 8%, and its earnings-per-share forecasts by 10%, 10% and 17%. WuXi XDC maintained 2026 constant-currency growth guidance of more than 35%, or more than 40% including BioDlink, and forecast 2025–2030 revenue CAGR of 30%–35%. As of end-June, WuXi Biologics had 1,064 integrated projects, including 78 late-stage clinical and 28 commercial manufacturing projects, while WuXi XDC's service-order backlog reached US$1.998 billion and total backlog including milestone fees reached US$2.156 billion. CICC separately raised its WuXi XDC target 9.1% to HK$96 and retained an Outperform rating. WuXi Biologics shares nevertheless fell about 3.1% intraday as short-selling turnover reached HK$468 million, reflecting continuing caution over foreign-exchange volatility and the timing of margin recovery.