Citi raised its target price for WuXi Biologics from HK$42 to HK$62 and for WuXi XDC from HK$73 to HK$93, maintaining a Buy rating on both Hong Kong-listed pharmaceutical contract services providers. WuXi Biologics lifted its 2026 revenue-growth guidance to 20%–23% year over year on a constant-currency basis, from 16%–20%, and to 15%–18% on a reported basis, from 13%–17%. Management retained its three-year revenue compound annual growth rate (CAGR, average yearly growth over a period) target of 20%, with Research, Development and Manufacturing expected to grow at CAGRs of 20%, 10%–15% and 30%, respectively. Citi raised its 2026–2028 revenue forecasts by 2%, 3% and 8%, and its earnings-per-share forecasts by 10%, 10% and 17%. For WuXi XDC, management maintained 2026 constant-currency revenue growth of more than 35%, or more than 40% including BioDlink, and projected 2025–2030 revenue CAGR of 30%–35%. As of end-June 2026, service-order backlog rose 50% year over year to US$1.998 billion, while total backlog including milestone fees increased 62% to US$2.156 billion. CICC separately raised its WuXi XDC target price 9.1% to HK$96, or approximately NT$390, while retaining an Outperform rating. The upgrades point to improving institutional confidence in overseas capacity expansion, order conversion and pricing power, although WuXi Biologics shares fell about 3.1% intraday as short-selling turnover reached HK$468 million.