Shares of WuXi XDC Cayman Inc, a Chinese contract research organization, surged 5.09% in intraday trading on Wednesday, following the company's bullish earnings guidance.
WuXi XDC announced that it expects its revenue for the fiscal year to exceed the corresponding amounts for the year ended December 31, 2023, by more than 85%. Additionally, the company forecasts its net profit to surge by 260% and its adjusted net profit to increase by over 170% compared to the previous year.
The robust earnings outlook, driven by strong demand for the company's services, fueled investor optimism and propelled the stock higher. Analysts suggest that WuXi XDC's strong performance reflects the growing importance of contract research organizations in the pharmaceutical industry.
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