Thank you for standing by, and welcome to WuXi Biologics' earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. Today's conference call is being recorded. I would now like to turn the call over to your first speaker for today, Ziyi Chen. Please go ahead.
Thank you. Good evening, good morning to our global investors. Thank you for joining WuXi Biologics first half 2021 earnings call. This is Ziyi Chen, China healthcare analyst at Goldman Sachs. Before we kick off the session, I would like to highlight that this call is strictly for clients of Goldman Sachs only, and this conversation is not intended for the media and is off the record, and participants will be removed from the call if they cannot be properly identified. This call is not for the purpose of sharing or receiving non-public or otherwise confidential information. Today, we're honored to have WuXi Biologics management team on the call to discuss the results and also the recent business updates.
Management attending today's call include Dr. Chris Chen, CEO; Miss Christine Lu-Wong, CFO; Dr. Michelle Chen, VP and Head of Corporate Development; Miss Sharon Tan, VP, Head of Corporate Communications and Public Affairs; and Miss Eileen Wang, ED, Head of Investor Relations. Today's call will be in English. The presentation slides are available at WuXi Biologics website, IR section. Chris and Christine will give us an update on results, and after that, we're going to open the line for question and answers. If you wish to raise questions, please press dot one on your telephone keypad, or you can send over your questions to ziyi-chen@gs.com. I'm going to help you to ask those questions. Now I'm going to turn the call to Chris to get started. Chris, please. Chris?
Sorry, I muted myself.
Yeah. Please.
Yes. Thank you, Ziyi, for the introduction and great to meet all the investors online. I think it's great to have this update again. I'm going to go directly to my favorite slide number five, where you see a bridge, where you see every year, I use this slide to really highlight the company business. I always tell investors that if you follow WuXi Biologics, you only need to know the top left three numbers, right? How many total projects, how many new projects, and how many late phase projects. Because all others, basically all other business results will be driven by these three numbers. You see incredible progress of all these three numbers, right? We have the number of integrated projects, same period of last year was 286, now it's 408. An incredible more than 42% increase.
The new projects, even more surprising that we have go from 38 to 79. 79 include about 18 CMAB acquisition, so even if you exclude 18, 61 is still incredible. That's probably correspond to about more than 45% of total market share. Our total market share can be reflected in the 408 number. The incremental market share is actually 79 number. You see a significant increase of late phase number, go from 19 to 32. That's more than 68% increase. As you know, late phase project will drive near-term revenue. For the second row, the new projects, each project on average give us $6 million revenue in two years. For late phase project, it's $20 million in the next two years. It probably can go to as high as $50 million per year in a couple of years.
That is why I always share investors, if you understand WuXi Biologics, these three numbers will give you really the best of everything. We have those incredible numbers, our backlog will grow significantly. I always tell investors, backlog growth is very hard because you consume a lot of them to revenue, right? This time we still see a 31% growth of backlog. I will explain later on when we go to the backlog slide. Because of this portfolio, we need the 430,000 capacity and 2,800 scientists, more than 7,600 employee right now. As of now, we already have more than 86,000 people. Basically between end of June to now, we already added more than 1,000 people as well. The left side is really the operational metrics and on the right side is the business metrics you guys are very familiar with.
You see an incredible revenue growth from CNY 1.94 billion to CNY 4.41 billion. You see the adjusted net profit also increase of more than 163%. I think our gross margin and net profit margin, EBITDA margin are the highest. This past March, when I talk about the second half number, I said the second half, we are almost achieve the steady state margin because everyone is working very hard, all the facilities are fully occupied. First half of this year is very similar, but the numbers are even better. This really showcase our operational improvement, what's the best we can do. I think if we maintain the current pace, if we don't add any new facilities, if we don't have a very strong dilution of new people, and our margin will be able to maintain that.
To sustain the growth, we need to add new facilities, we need to add more people. You will see margin coming down a little bit and then go back to this when we get full utilization again. Diluted EPS still see a more than 130% increase. All those financial numbers look great. Page number six. Again, this is the same number, just different format. I'm not going to go through those numbers again. Again, both revenue, profit, and profit margins are record high. I think that really showcases what I call a steady state margin that WuXi Biologics can achieve if we don't need to do a significant investment or if we don't need to add too many people. Slide number seven, the key financials. I think we have plenty of funds for us to grow, and currently we have more than CNY 13.9 billion.
We have borrowed around CNY 3.2 billion, and we have another line of credit of CNY 2.4 billion, another bank credit facility to support CNY 2.4 billion. Our operating cash flow also increased very fast, more than 85%, so CNY 798 million. Our CapEx spending year to date is about CNY 4 billion. First half, not year to date. First half CapEx spending is CNY 4 billion. We are anticipating we will double that this year, mostly for all the capacity expansion I talked about. Slide number eight is a very familiar slide you guys have seen, right? It is the very interesting funnel slide. The difference this year versus last year, I also put the key numbers for the last year's number for the same period last year.
This is the year-over-year growth, where you see incredible growth of the entire funnel on every level, and certainly the three numbers I highlighted last time in the first page. I use this funnel to showcase our Follow the Molecule strategy. Our Win the Molecule strategy, you can also see it. We actually won 12 projects, 12 external projects, including four phase II and four phase III. I will go to that page when we highlight even more. In the funnel, I only showcase projects with the revenue higher than around $5 million. Basically any project more than $5 million, we consider a key project, integrated project. We also have a lot of smaller projects. Sometimes they lead to key projects. We have actually additional almost 700 non-integrated projects. I just want to give you the context of all those numbers.
The most exciting development over the past six months is certainly we added two more commercial projects. One COVID antibody, one non-COVID antibody, the PD-1 from Tesaro and GSK. The milestone revenue, this reporting period was slightly less than expected at CNY 24 million. This is mostly because of timing issue. As you know, this is linked to clinical milestones. Sometimes the milestone hit June 30th versus July 1st makes a huge difference. We still expect a significant growth of milestone revenue this year. I'm going to page nine, where I showcase really the pipeline, what are the different modalities, different biologics that we're working on. Overall, you see tremendous growth of the portfolio, about 42%. You do see for some area, the more exciting area that the industry is heading to. You see more than double of the bispecific antibody.
You see 60% growth of antibody-drug conjugates. You see 800% growth of vaccines. Those are the three new areas that we highlighted also in the past couple of years. We really set up the trend to be able to handle very tough projects. Traditional antibody project, we see a slower growth at 27% for two reasons. One is that we do see more and more complex projects and also for smaller projects. For complex projects, WuXi is basically cut the teeth. Everyone trusts WuXi. They can do very complex projects. Among the portfolio of 408 projects, we actually have 152 first-in-class programs. I already mentioned nine vaccine projects. Six of them are non-COVID, and three of them are COVID. Recently, Alzheimer's drug approval from Biogen attracted a lot of attention.
We actually have five programs that focusing on that area from global companies with very exciting potential. We have established our capability to manufacture mRNA vaccines. We have already manufactured mRNA vaccine in the lab scale from beginning to the end. We just have a GMP facility ready. If the opportunity is right, we should be able to make 50 million, 100 million doses of mRNA vaccine in our facility in Hangzhou. This is a newer facility. With that, I'm going to go to slide number 10, where I will highlight with you more about Win the Molecule strategy. I mentioned earlier, the Win the Molecule, we have great results. We have five phase II and four phase III. This is only half a year. You see, hopefully this year we'll do much better than last year.
Last year, we have six phase III and four phase II. Win the Molecule strategy does not contradict the Follow the Molecule. It's complementary. Follow the Molecule basically means we'll start from the beginning and take it all the way through. It takes time for every molecule to go through its own stages. Win the Molecule is when our global partner find their current CMO supplier, when they are not happy with their current CMO or when they either because of technical reasons they couldn't deliver or because the quality is bad or because they consider having a capacity. At some point, they need to think about switching to alternative CMO. This is where WuXi coming in that we can help you. We started the strategy late 2018, mostly early 2019. Now you see the progress. We have already won 34 projects.
Majority of them actually is phase II, phase III. as I mentioned in the introduction, phase III gives us $20 million revenue in the next two years, $ 20 million-$50 million, versus the phase I, preclinical asset. Follow the Molecule strategy give us $ 5 million-$6 million in two years. you see a near-term revenue boost and also immediate conversion to a CMO, to a contract manufacturing, if the program is successful. That's why I said the two strategies really help each other. The Win the M olecule will really drive the expanded pipeline, also drive additional near-term growth. it's a boost of near-term growth. I'm going to slide number 11. Because all those exciting metrics are backlog growth substantially again. I always tell investors, don't expect WuXi's backlog to grow because for the backlog, you consume a lot of them to revenue every year.
Even with maintaining 0% growth, you have to fill that gap, right? Because the revenue converted, you have the same. Over the past couple years, we are still able to grow backlog, and it's getting harder and harder. Also, if you notice the backlog, it's very interesting. We have about $12 billion worth of backlog. About 82% of them is long-term. The three-year backlog is about $2.2 billion. That's about 18%. Among the current backlog, 18% of them we'll convert them in the next three years. 82% of them is year three to year 10, sometimes maybe even year 12. This really showcase the stickiness of biologics business. Let me go into a little more details on the backlog. Among the $12 billion backlog, $7 billion is services. This app is almost guaranteed.
Among the $7 billion services, there is one project for $3 billion for 20 years. There's another project for about $1 billion for 10 years. A few long-term projects really dominated the service business backlog. This $7.2 billion is among 408 projects, but actually four projects is more than half of this. That's the long-term stickiness of the business process of our current business. If you look at the R&D part is $5.2 billion. This is about close to 60 projects. Every project will receive on average about $90 million milestone payment. We will receive this payment only if the program is successful. Let's say for the program, this is most of the program that use our IP. If they use our IP, our WuXiBody, our WuXi UP, and other IP that we generated. Typically, it's also backend loaded.
When they approve what we get $10 million, $20 million, $30 million. When they get a big sale, when they exceed $1 billion sale, we probably get another $10 million, $20 million. The front end is actually very small. Typically, let's say if they go into R&D, let's say we get $3 million. If the program actually paused after R&D, then out of the $90 million, we're only going to get $3 million. That's why for this $5.2 billion, internally I put a 30%. Basically, I think we will receive about $1.5 billion on milestone payment from this. Last year was about $97 million already. This first half, as I said earlier, is $24 million because of timing issue. This year, we still hope we can achieve a significant milestone payment.
If you look at the three-year backlog, we have a $2.2 billion. Among the three-year, about 70%-80% of them is actually next 18 months. This really give us a near-term visibility. Basically saying, I'm sorry, next 70%-80% actually next 12 months. Basically, means the next 12 months, we're actually going to be seeing about $1.5 billion revenue. This really give us a near-term visibility. I think if you read this backlog, there's a lot of content in this, as I said earlier. A couple of key messages, right? The backlogs give us really the visibility of long term, right? You see day seven, day three, and day 10 actually is 82% of the backlog is year three and year 10. Also give us a near-term visibility.
In the next 12 months, we should be able to see $1.5 billion revenue. Again, this backlog is a contract signed that have not been converted any revenue. It does not mean with this $12 billion backlog, some investors said, "Are you full? Are you turning away clients or projects because you have such a great backlog?" It's actually not related at all. We can take any project within four weeks. If you have a large scale CMO project, we can take it in four weeks. If you have another clinical program that you want us to develop, we can take it within four weeks. This backlog just show our near-term visibility and also our long-term sustainable growth. I'm spending a lot more time on backlog this time than the past couple years because we receive a lot of questions because of backlog growth.
I'm going to slide number 11. Sorry, number 12 will give you an update on the COVID programs. The most exciting thing is really now we have a COVID antibody approval from GSK and Vir. All other progress still ongoing. Originally, when I talked to investors, we said 2022, we don't think 2022 there will be significant revenue. Now we have changed our position and because we added additional eight COVID antibody projects this year. We added another COVID vaccine. We may have another COVID vaccine. This year we probably have at least 10 additional COVID programs. That basically means in 2022, COVID will still contribute to a very meaningful revenue for us on both antibody and vaccine. I'm going to slide number 13. Because of our global portfolio, because WuXi want to be a global company, we're investing very aggressively in the global capacity.
In Germany, the facility is ready to go for drug product, drug substance next year. Ireland, two facilities will be ready next year. In U.S., Princeton will be this year, and then Worcester will be a couple years. You see our capacity grows. You see the chart there. End of last year, we have 50,000 capacity. Everything is full, right? End of this year, now we have 150,000. Even right now we only have 70,000. We only have about 100,000 capacity. We have additional capacity online end of next year. Right now, our capacity is almost 80%-90%. That showcase in our profit number, in our profit margin, in our growth in there. We'll continue to invest in capacity to match our portfolio growth. If we need the capacity, we can accelerate.
If we don't need the capacity, we can also put some of those capacity on hold as well. It's a very dynamic process. Slide number 14. This is always my favorite slide. Last time when I talked to you during the annual results, I said we have four engine. We have two big engines, North America and China, and two smaller engines, Europe and Asia. Asia is mostly Japan, Korea, and Singapore. This time, actually, the small engine of Europe turned to a big engine. You see Europe right now is 22% of revenue, mostly because of the commercial program on the vaccine. Certainly, the original business, the non-COVID business, also grow very well. You see the balancing nature of our business, because we have clients in all four regions. Some areas grow well; other areas may not give that stellar performance.
Overall, give WuXi sustainable high growth. Let me use North America as an example. North America last year, because of COVID, we only grow 16%, but now grow almost 150%. It's incredible. Typically, in the past couple of years, North America grow about 40%. This time, because of the COVID, now it's growing very significantly. Europe has been growing very fast, typically about 100% because it's a very small base. Europe has been growing at average about 100%. Last year, because of COVID, it only grow 40%. Again, this year, because of the COVID commercial program, we're growing 700%, right? China traditionally has been growing about 40% a year. Biotech in China is just picking up. Traditionally growing 40%. Last year we have a lot of COVID programs, so we actually grow 80%, 75%.
You see the balancing nature. U.S. grow slower last year, but China grow very strong. Now U.S. and Europe grow strong. China, relatively speaking, grows slower. It's mostly because of the program, the COVID program in China did not grow in revenue as big as U.S. and Europe. We have many COVID programs in China, but because there's no market for COVID, no significant market recognized last year for COVID therapeutics in China. That's why most of the program is sort of, kind of on hold. This year we do see additional market again. Hopefully China growth will pick up. Rest of Asia, rest of world is mostly Japan, Korea, Singapore, is actually very interesting as well. This is the first time we see a slowdown.
This is also because last year we had tremendous growth of 75% because we are working on COVID program. In this region also, COVID program didn't grow at all. It also paused. That led to a reduction of revenue, decrease of revenue. Full year we still expect a growth versus last year. I'm going to slide number 15, where we talk about the customer. I'm going to focus on the right side first. Now, the two big engine, two small engines still true for client base. China now have a more clients than U.S. China clients are mostly early phase and whereas the U.S., a lot of phase III and commercial. That's why in the next couple of years, you continue to see U.S. driver growth.
China growth will pick up and Europe and rest of Asia, still client base-wise, still about 10%. Still two big engine, two small engine in term of client base, but revenue distribution changes a little bit. On the left side, you also see the existing clients continue to give us more projects. Our top 10 clients now on average seven projects and top 20 are almost six. What's more exciting is that the current client, there's 80% chance when they have a new project they'll give it to WuXi. Our brand, our recognition is already well recognized with the client base. Last year, because our performance in COVID-19, we are getting more and more projects. As I mentioned, our incremental market share was almost 45% because we got 61 projects globally in the first six months of the year.
We're also expanding our capacity to be able to handle 120 projects, and that's almost the largest capacity ever. Starting this year, we'll be able to take 120 projects and process them through our engine of development. Page number 16 is a very familiar number. I mentioned large customers. We do not count the customer who give us the contract less than $5 million. We see a very healthy growth. Our customer number grow almost 30% in the past seven years. You see our top 10 customer, top 10, 20 customer revenue contribution is still very diversified. It constant a little bit compared to last year because of the commercial program. Even despite that, the top 20 clients only have 60% revenue. On average, every client is only contributing 3% revenue.
You see, because of the success of the Follow the Molecule, because every client also want to give us more project. You see the top 10 clients, the average revenue also grows very significantly. Take a 49%. That basically mean in 2014, our average client give us a CNY 21 million. Last year was CNY 230 million. Now this first half is already CNY 215 million. You see a significant increase this number again because of the commercial manufacturing success, because of follow the molecule success. Because of that, our average revenue per project also increased because each program moved to a later phase, and also the program is getting more and more complex as a bispecific ADCs. The cost is higher than traditional antibodies. On page 17 is my highlight of this entire presentation. If you don't remember anything else, you remember page 17.
I think, again, for the past couple of years, our revenue growth is incredible, 60%. If you look at the pre-IND, essentially, the revenue we collect before the program going to a patient is a 47% growth. Post-IND, that's including clinical manufacturing and commercial manufacturing, 93% growth. If you amplify even further, going to the late phase III and the commercial this year, we're seeing a 366% growth. This is the first time we actually see CMO revenue exceed more than $ 100 million. It's almost CNY 890 million. Excuse me. This is really a success for both Follow the Molecule and Win the Molecule. You see the Follow the Molecule success is basically the post-IND revenue grow faster than pre-IND revenue, right? The late phase program grow faster than even pre-IND, right?
You see acceleration of late phase and commercial revenue. We'll continue to see the growth. As I mentioned earlier, the commercial manufacturing revenue will drive a lot of the growth in the next couple of years. I also shared with you last time that our margin for commercial manufacturing is very similar to clinical manufacturing. This is a total surprise to us. Originally, we expect the margin will be about 500 basis, even 1,000 basis point lower. Now we actually can achieve similar margins. This also explains why the first half our margin is so good, right. Because we have a very significant commercial manufacturing revenue, but our margin is comparable to the previous announced clinical manufacturing. That's why we can achieve a 52% gross margin, about 42% net margin, and about 54% EBITDA margin.
It's because, again, our margin profile now is almost similar pre-IND, post-IND, and the commercial manufacturing. Page 18, this is a slide you guys are very familiar with, so I'm going to probably not go spending too much time on it. We have the track record. Now we have 215 molecules in the clinic. Now we have seven BLAs and MAAs. Our facilities, the only thing I want to highlight is that we are bringing 13 facilities online this year and including six are built ourselves and seven from the three acquisitions that we talked about earlier this year. All the operational metrics is still from the same number last year. Again, bringing 13 facilities online this year, that will give us additional revenue next year and the year after. Again, what WuXi promised investors is sustainable high growth.
With this, I'm going to go to the second section. During the investor day, I shared with you the six factors that we have been so successful. I added another factor, the technology base. I think the seven factors that really led to our success in the past 10 years will drive our continuous success in the next 10 years. I want to highlight, I'm going to page number 20. I'm going to highlight the seven factors again. From the get-go, WuXi has the right strategy. We have assembled a team of people who are really dedicated, who have a can-do attitude, who are in the business to win. And with those people, we are able to invest in technologies that are state-of-the-art and globally leading.
With those people who have a can-do attitude, who have built a very proud culture who can execute at high quality and at the speed that no one can match. In the meantime, we're still very flexible working with our clients, and we cater to their needs. With these seven factors, this really contributed to the huge success over the past 10 years. With these seven factors, all of them become a barrier for global competitors to compete with WuXi. All of them becomes WuXi's strength. Certainly, let alone all the competitors from regional, from China or from India.
With the right strategy, with the right people, with the best technology, with so far perfect execution and improving quality, already global premiere about improving quality, and with unmatched speed and with the flexibility to cater to our clients, I think our success in the future, I think, is sustainable. I'm going to go through them very quickly, each one of them, but some of you already have seen the slide, so it's very similar to the last time. The strategy of success, both the Follow the Molecule and Win the Molecule has been very successful. A good case study, right, will be the GSK's PD-1. We started with Tesaro in 2014. Now it's seven years later, the PD-1 is approved. If there was no COVID-19, we couldn't get approval in six years, right?
For SARS-CoV-2 antibody, GSK as well, now you see approval within 14 months. The strategy is clearly there. Follow the Molecule and Win the Molecule. We also can pre-proactively invest. I'm going to page number 22. When we get into the vaccine business in 2018, no one know what WuXi want to do. Now the vaccine business is this year probably going to be $ 300 million revenue, right? It's incredible growth of the vaccine business. The WuXi Body, the investment in WuXi Body in a similar way. I've told the story of WuXi Body over and over again, so I'm not going to. I think we are in a position to see what the industry needs, and we are investing R&D money to invest in technology so that when the industry need it, we have it.
I think that also set up a huge barrier for our competitors because we work with our clients so closely. We know what they need. Slide number 23. As I mentioned, go back to the portfolio slide where I mentioned the highlight for WuXi Biologics will be the vaccines in ADC and in bispecific. To grow this vaccine and ADC business even further, we actually spin off a separate company. We form a separate company to allow this company to focus on the vaccines and then the ADCs. I think if you count them separately, they already are global top 20 player and top five player in China. I think we give them a lot more freedom so they can drive the business even harder, even faster for both vaccines and for ADC. I think I'm going to page number 24, talk about people.
I think every time I told either employee or investors or clients, I said, "People are really our asset." This is something I didn't said it lightly. I think WuXi's success has always been we have the great people. You see the growth of the talent, it's unbelievable. This year, we're adding 3,000 people. We begin the year with 6,600. We'll probably end the year with 9,600, and probably even more. Right. We're able to attract, recruit, develop, retain them. I think that's the incredible success of WuXi. That also become a huge barrier for our competitor to cover our business model. Our talent retention rate is more than 95% for both the overall employee and also key talent. I'm very proud that we actually have more than 500 employees working in the U.S. and Europe, mostly in Germany, Ireland, and the U.S.
I think that will probably grow to 1,000 beginning of next year. We can replicate our success with the talent in China and in global settings as well. I'm going to spend the next couple of minutes talk about the technology and I think WuXi, again, during investors day, I didn't highlight on technology, but the technology is a foundation for WuXi to get new projects, to get more projects. With all the background technology we created, the 59 IP, that also drive to the $5.2 billion milestone backlog. Not only the service, but also milestone backlog. Slide number 26, the WuXiBody. I think I've been talking about the WuXiBody over and over again. I think now we have additional projects. Now we have 31 WuXiBody projects, two of them in the clinic.
Hopefully, with some good data, we can even promote our WuXiBody even more. Slide number 27. We are a leader in the industry. Now we start to publish a lot of what we learned to share with the industry so that everyone can learn and benefit from WuXi's experience. On the bispecific antibody alone, we have already worked on 11 formats. We actually published 34 people alone in purification. This again showcase our industry leader position. We actually share with people how we work on deriving a WuXiBody purification or a non-WuXiBody purification, this way other people can learn faster from WuXi's experience. Slide number 28, that's only the manufacturing side. This is only the discovery side. How can we develop a bispecific antibody? Our discovery team also wrote a very nice article.
A lot of people are reading this and get insight on how to develop the next generation bispecific antibody. Beside the bispecific, now we are getting to trispecific or tetraspecific. We have developed our own technology from scratch. Again, this is from scratch. We develop an antibody from either a alpaca or a llama, and we assemble them in different formats. We call them a SDArBodY. Again, as I said earlier, we can use this to build traditional antibody or bispecific. We can also use it to do a multispecific, a trispecific, tetraspecific. This is a great progress. Most of those companies have this technology spin off a company in the U.S. who have a $1 billion valuation or $2 billion valuation. I think Sanofi just bought a similar company for about $2.7 billion with an asset. I think this is a very valuable technology.
This will drive additional IP for WuXi in the next couple of years. Slide number 30. We have amazed the global community by how fast we can move and how quickly we can do COVID projects at a very high productivity. We actually share that with the global community as well. We published an article in Biotechnology Progress. We only have two to three months to do the project. We still get a walking average almost 6 g/L , and 80% of project will get a 5 g/L . This is because of our cell line technology, because our WuXi Codon, our overall IP cell line platform. Again, we share this with the global community so other people can follow. Because we invented, we're still way ahead of any competitor if someone want to follow us.
I think so far we have delivered more than 15 molecules using this approach. I think this is a tremendous progress of WuXi's technology and really a showcase of WuXi technology as well. I'm going to page number 31. Continuous manufacturing. This is not an easy platform for global community to adopt because most people not use a current platform. I use this analogy versus a landline versus a wireless. This technology is almost like a wireless. When Motorola originally approached AT&T, AT&T said, "I don't need your technology." I think this industry is very conservative. Probably most companies still they say, "I don't need the continuous processing." I think this is a key to reduce the cost of goods down the road. We have already have five BLAs targeted, 13 projects. Most of those is for emerging markets.
This can reduce the cost of the goods by at least 50%, if not 70%, for emerging markets. We are using this for emerging market first, and at some point, I think global community will take this for global as well when the pricing pressure is there, in U.S. and Europe. Still great progress on the WuXi technology, the WuXiUP. UP means ultra-high productivity. Traditionally, people can get 3 g/L , 4 g/L . For us, with the traditional technology, I can get 6 g/L . We mentioned COVID-19 earlier on, but with the WuXiUP, ultra-high productivity, we can get 20 or even 85 g/L . We can reduce the cost of goods significantly with this technology. Page 32, we also published this in a premier journal.
This is to showcase our technology, also let others learn from WuXi what we can do, how we did it. WuXi's success has never been easy, but one of the key success factors is actually because we use disposable manufacturing. I'm now on page 33. From the get-go, I believe the disposable is disruptive. We pretty much showcase to the world now it's disruptive, right? We have already shown we can make 1,000 batches of clinical at 98% success rate. We can showcase we can make a up to a metric ton scale. We already made a metric ton scale at a very low cost, 80 g/L , and a very high margin. I think this is truly proven. I think through COVID, through last year, the technology we endorsed now could become a proven technology.
If you look at the industry overall, go to page 34. This is also already being adopted by other people as well. In new capacity, there's already 44% market share. The technology we pioneered, we embraced from the get-go now have 44% market share in new capacity and have 30% market share in R&D already. Again, 10 years ago, when we said, we're going to change the whole CDMO industry by using this technology, a lot of people didn't believe us. Now everyone is following us. Page 35. I think I spent a lot of time talking about technology. With the right people, with the right technology, our execution has been incredible. I think COVID antibody is an example. A few months of DNA, 14 months ago, now they have approved.
With this, if we can get an antibody approved in 14 months, globally, there are only three or four companies have done that. In the service space, we are the only one. The other companies are Lilly, Regeneron, as you know, and they bring their own antibody to the market and through very similar approaches. Again, use this as a gauge. We are the best in the service industry. We're comparable to Lilly and Regeneron in execution, in bringing COVID antibody to the patients. Our execution is clearly shown here. Next example is actually our facility in Germany. We signed an agreement with Germany through JP Morgan, with Bayer through JP Morgan. Then in April, we start to take over the facility. In June, I hire our site heads. We have three people in June. Now, this past July, we get approval.
This is a tremendous progress. This is the WuXi Bio Speed and the quality demonstrated outside of China and with implementing. Again, you guys know German culture. It's meticulous. It's everything doing right, but we still get it done in 12 months. Another good example in Europe would be our biologic facility in Ireland. Again, in less than two years, we actually get the facility almost ready to go. Now we have about 300 people in there. This is a biologic facility, not the vaccine facility. Vaccine facility is actually right across the street on a smaller plot. I can also show you how we execute when we have an acquisition. page number 38. We acquire five facilities, and in 33 days, we actually made one batch.
This includes all the process, including building up the team, including, do a tech transfer and do the manufacturing themselves. 33 days. We actually replicated that with the CMAB acquisition. Page number 39. It only took us 47 days to go from a tech transfer project, get it done. Typically, in a traditional setting, this is three to six months, and we get it done in 47 days. In a prior setting, typically it's about three to six months as well, but this is in 33 days. All those really showcase our execution capabilities. Again, this become a huge barrier, right? If you can execute, we don't fear any competitions if you can execute. Initially when we started WuXi Biologics, our quality is always our focus because we want to make sure we do quality better than anyone in the industry.
We want to make sure our quality is comparable to the global large pharma in our clients. I think now I can very proudly say that our quality is tried and true. We have already had, the most recent number is already 15 regulatory inspections. This first six months alone, we have nine regulatory inspections, and we passed all of them, and most of them with flying colors. Again, this is probably one of the best track records in the CDMO space. I already achieved what I promised, that the best quality system in the service space. Now this is getting comparable to the companies like Merck, Lilly, Pfizer, that have been doing biotech manufacturing for 30 years. We are a 10-year-old company. Quality is something that we used to be picked on, but now I'm very proud of this.
Now there is no quality barrier between WuXi and our global clients. So number 41, our speed. I've been talking about speed for so long. I'm going to skip this slide. The flexibility. I think this is the same slide I shared with investors. Every client really appreciates how WuXi help them, and we'll be very flexible with them. Again, in the way we are working on, a lot of times it's not only science but also art. The things happen in projects. How we work with the client to resolve the technical issue, resolve the logistic issue, resolve the business issue, it really shown us as different from. We really care, and we are very flexible about time. Because of that, we have won all the CMO awards every year since 2019.
With that, I will hand over to Christine to talk about the finance.
Thank you so much, Chris, for your exciting presentation on our business update. I will go through the details about financial performance in first half of 2021. Let's turn to slide 44. WuXi Biologics achieved an outstanding financial result in first half of 2021 by extraordinary efforts devoted on enhancing utilization of existing resources and seized more opportunities from the booming market, as well as the global COVID-19 pandemic. Our revenue reached CNY 4.4 billion, with an increase of 126.7% year-on-year. The increase was mainly attributable to four factors. First, the group's acceleration to undertake promptly execution and generate revenue from existing and new COVID-19 projects. Two, leading technology platform, best in industry timeline, and excellent execution track record contributing to significantly higher revenue and market share of new integrated projects. Three, successful execution of Win the Molecule strategy, adding considerable late phases and near-term revenue.
And number five, our relative low base of first half last year was disrupted by the pandemic. Gross profit, our gross profit increased by 191% year-on-year to approximately CNY 2.3 billion. Gross profit margin increased from 40.5% in first half 2020 to 52.1% in first half of 2021. The increase in the gross profit margin was primarily attributable to the group's strong business growth as the result of the rapid increase in the number of integrated projects. We have greatly enhanced utilization of group's existing resources to undertake and complete more projects. The group's deployment to fully utilize existing manufacturing facilities for COVID-19 and other late-phase projects, and the group's cost-saving efforts in material, labor, and overhead. I'll elaborate more in slide 46. Adjusted EBITDA increased by 163.9% to CNY 2.3 billion during the reporting period.
The adjusted EBITDA margin was 52.6%, compared with 45.1% in the same period of last year. Net profit attributable to owner's company increased by 150.3% year-on-year to CNY 1.8 billion. Margin of net profit attributable to owners of the company improved 390 basis points to 41.8%. The increase in margin of net profit was combined result of the strong gross profit increase, as mentioned above. Two, undertaking large number of new development projects with very limited human resources added in the first half of 2021. Three, the successful execution of operational efficiency improvement programs. If we exclude the impact of foreign exchange gains, share-based compensations, fair value gain on the group's investment portfolio, our adjusted net profit increased by 163% year-on-year to CNY 1.8 billion in first half of 2021. Our adjusted net profit margin went up 550 basis points to 40.1%.
The reconciling table can be found in slide 62. After our placement in February 2021, as of June 30th, 2021, our full-year share count number to be expected at basic shares, approximately 4.1 billion shares. Fully diluted shares, approximately 4.4 billion shares. Let's turn to slide 45. This slide showed that we also achieved solid financial results in first half of 2021 in terms of net profit to shareholder of the company, net profit and EPS in the first half of 2021. As mentioned in previous slide, net profit increased 150% year-on-year to CNY 1.8 billion. Net profit increased 157.7% year-on-year to CNY 1.9 billion. Diluted EPS improved 133.3% year-on-year to CNY 0.42. Adjusted diluted EPS improved 150% year-on-year to CNY 0.4. Let's turn to slide 46. I will go quickly because this slide, Chris has already went through quite thoroughly just now on our revenue growth by region.
In short, North America remains our largest market, accounting for close to 50% of total revenue. Among our 79 newly added integrated project in first half 2021, 36 of them are from North America, showing the strong business momentum we continued. On the China market, we also make sustainable growth of 42.3% that contributed 26% revenue in 2021 first half, which was benefited from the favorable macroeconomic environment with surge in R&D investment. In first half of 2021, we have brought in 26 new projects from China market. We expect to see continued favorable policies and environment in China for biologic innovation. On the EU market, Chris has already spent quite some time explaining. The EU market achieved robust year-on-year growth of 707% and accounted for 22.5% of total revenue, that substantial growth is attributable to COVID projects. On 47, last slide on the financial.
On slide 47, in first half 2021, our gross margin reached to around 52.1%, a historical high number. Overhead costs were 12.4% of revenue, direct labor costs were 15.9%, and raw material cost accounted for 19.6% of revenue, respectively. Labor costs and overhead as a percent of revenue were lower than that of the same period last year. It is primarily due to significantly enhanced utilization in both capacity such as facility overhead and human resources. At the same time, we undertook much more projects than the same time of last year. In the meanwhile, material cost as a % of revenue was relatively higher than the same period of last year because much higher number of late phase and commercial project were undertaken in first half of 2021, which have more mature consumptions by nature.
The group deliver outstanding performance in all financial metrics in 2021 first half by accelerated business momentum and extraordinary efforts devoted on enhancing utilization of existing resources. To deliver sustainable high growth, we will add around 2,000 people and bring online additional eight facilities in second half to support the business growth for our next two years' growth. In summary, we deliver incredible performance in first half of 2021 and remain very positive for our future. I'll turn the mic back to Chris. Back to you, Chris.
Yeah. Thank you, Christine. I would briefly go over our ESG effort, as WuXi want to be a ESG leader. We want to share with you guys just we are open and transparent in our ESG effort. I'm on page number slide 49. Our ESG efforts are already well-recognized by the global ESG rating agency. The technology we use from the get-go is actually disruptively nature for business. It's actually ESG friendly. It use a lot less water, less energy, limited 100% detergent. As a company, we now set up a goal for every year how much per revenue, per dollar of revenue, we want to reduce our consumption on electricity, reduce our water consumption. We want a lower emission on carbon and also on nitrogen and produce less waste. We set up a goal, and management team will be rated on those goals as well.
I think, again, all our ESG ratings have been well-received. In COVID itself, integrated ESG efforts as well. Now we still have more than 300 people working on COVID program. It's including vaccines and antibodies. We'll probably be making vaccines for 200 million people, and then antibody treatment for 1 million patients globally. We're making a huge impact to this effort. Go to page 51. Technology I mentioned, it is the disposable manufacturing technology itself is consume less water, less energy. It's more ecosystem friendly. It's better for human health. It definitely has a lot less impact to climate change. From the get-go, we use a technology that's really better. It's disruptive in business, but also better on ESG side. I'll use water as example.
Every year, just based on because we operate, we already saved 120,000 ton of water in last year using our metrics. Page 52 is what we'll talk about. We set up a management team, now have objectives. We have to reduce our electricity consumption, water consumption, and reduce our green gas emission and total nitrogen oxide emission. Page 53, when Henan had a flood, we actually act very quickly. We help with the donation. We also help our employee who originally was from Henan province. On Page 54, our diversity inclusion efforts have been well communicated, so I'm going to skip through this this time. In summary, I'm very proud of the five things we have achieved in the first half. The first one is really the follow the molecule success. Again, the commercial CMO success.
You see the GSK/ Tesaro PD-1 approval, GSK/ Vir's COVID-19 antibody approval. All of those will drive the near-term commercial manufacturing success. Second one is we can do deals. We actually did three deals almost at the same time. Now we integrate them into the company. We also start all the facilities in China, start to be operational. I use the existing example in the past, in a couple slides ago. I'm very bullish, very excited about our next couple of years, with our ex-China business, our vaccine business, and our new modality. I think, I mentioned the late-phase revenue grows 366%. That's the most exciting slide. This is the second exciting slide that you can remember. In page 57, we are a global leader in CDMO. We actually pioneered all the trends now global CMO is following.
Follow the Molecule concept, fully integrated service, disposable manufacturing. Continuous processing is the only one that industry is still lukewarm. Hopefully, at some point, it will pick up. In page 58, I use this as summary slide. I think this has been incredible six months for us. Again, I think I'm very bullish on the full year. I think certainly will be the same message I delivered in sustainable high growth. As I mentioned earlier, we are expanding our capacity to 120 projects a year. Last year, our capacity was 80, so you've seen the growth. We were able to handle 80 projects last year, but first half of this year, we already got close to 80. That's why we have to increase our capacity. Now we are targeting 100 projects this year instead of 80.
The Win the Molecule, we hope to be continuing to be more successful. First half, we signed four late-phase program. Our full year was still one of more than five. I already mentioned mRNA technology, SDArBody technology, continue to invest and to meet the industry needs. We want the company to be good on ESG. COVID-19, originally we expect COVID-19 revenue in 2022 to be less significant. Now it's likely to be very significant. Lastly, I want to mention that we're bringing 13 facility online. I think, those 13 facility, when they are all in peak, will generate additional $1.2 billion opportunity for us. I think, again, all the key messages I have for investors really sustainable high growth. With that, I would like to thank you for your attention and go back to Ziyi for the questions.
Thank you, Chris, and also thank you, Christine, for the very thorough introduction of the results. Now we're going to open the line for question answers. If you wish to raise questions, please press star one on your telephone keypad, or you can send over your questions to ziyi.chen@gs.com. I'm going to help you to ask those questions. While we are waiting for the questions, I probably got two common question from our investors. Number one, I think recently there have been a lot of concerns on the policies in the China healthcare sector and also on the U.S.-China tension or geopolitical uncertainties. How will that going to affect WuXi Biologics business, and what is your view or your thoughts on the overall innovation sentiment among the China biotech your clients? Thank you.
That's a great question. I think my personal opinion is that all the guidance from Chinese government actually is beneficial for the industry in the long term. Near term may be painful. I think long term is reducing the waste in the system. I think it really encourage innovation. Innovation both in first in class and also quick fast follow alongs. I think the innovation like PD-1 is still absolutely necessary. It will be majority of the innovation globally as well. I think that all the policy are really guidance. I think on the near term, the overall service industry sector may be impacted a little bit because there will be less projects. The top companies like WuXi Biologics actually potentially will benefit from this even midterm and long-term because all the companies in China need to work on premier asset now.
They couldn't just do another routine or me too or even a new worth asset. I think the quality of asset now becomes hugely critical for the success of biotech company in China. Biotech and pharma company in China. I think the right trend is basically is actually the same trend that global companies going through.
Got it. Thank you, Chris. Also the second question really regarding the expectation of the contribution from COVID-19 projects. So as you just mentioned during the prepared remarks, you highlighted that your view probably going to change 2022 or even going forward, there's going to be still some of the significant revenue coming from the COVID-19 projects. So how will that affect your assumptions for the future year's growth and are you going to change the guidance?
Yeah. Right now based on most of our discussion with the clients, most people now start to think that COVID will be there for the next three to five years. It wouldn't go away this year or next year. That basically means our revenue will likely be there. How big the revenue is or how much will come to WuXi remain to be seen. That's why I still treat it as a bonus, I will update you as soon as I have any information that can help make the future guidance a bit clearer. Right now, we still treat it as a bonus. You do see me adding 3,000 people, right? We're adding a very significant number of people. That's another hint that I think that the COVID revenue most likely will be there for the next two to three years.
Got it. I think I actually got a couple questions from email. I'm going to turn to Operator, see if there's any questions online first.
Your next question comes from the line of Bernd Deeken of Berenberg. Please ask your question.
Yeah. Hi, everyone, thank you so much for doing this very insightful call. Thank you so much for this. I have actually two short ones and one longer one. On the margins, you're saying, okay, you're expecting higher investments on the short term because you need to invest in capacity. What is your view and how should we think that about margins? One side on the shorter term, like what is then really then the bottom level of margins, and then really on the midterm when you're saying, okay, you're coming out of a maybe higher level. I have a follow-up then to this.
As I said earlier, the first half is almost like the steady-state margin. If we don't bring in a big facility or bring in many big facility or don't hire too many people, so we will be able to sustain this type of margin. Again, as I said, we're bringing certain facility online this year. We're adding 3,000 people. Most of them are hit on the second half. I think our margin will, if you look at the past couple years, our gross margin will continue to trend higher as we continue to improve efficiency and achieve more economy with scale. On the other hand, if we bring too many facilities too fast, fast enough, then the margin may occasionally have a flat or even a slight drop.
Our goal is to improve our margin over the years and to achieve this type of margin in a steady state in a couple of years.
Okay, thank you. On this Win the Molecule kind of topic as this is extremely impressive. From your perspective, from what kind of CDMOs are you typically winning the molecules? Another question, as you're sustaining this 6% revenue growth kind of guidance, compare this is currently above 100%, is revenue falling off? What are you seeing, especially in the last two months of the year?
The Win the Molecule actually win about 80% of them from global top 10. It's really our competitors, our peers, and then only about 20% of them from China. Majority of them are from global settings. On the revenue growth side, you see a very impressive top line growth first half. Second half will still grow. Because there are still uncertainties in hiring so many people and getting facility online in supply chain. As you know, this year, supply chain has been incredibly tough. Some of the materials you have to wait for six months or even the more longer ones, you have to wait a year to get the material. There's still some uncertainty. I don't want to raise guidance. I want to more deliver step by step.
If in October, if we see clearly that we can execute better and we see a lot less risk, we can talk in October timeframe.
Okay. Thank you. Congrats on the great result.
Thank you.
Thank you. Again, if you wish to raise questions, you can press star one on your telephone keypad. I'm going to read some of the long list of the questions from email. The first one is, how is the 20-year vaccine contract value of $3 billion captured in the backlog? Is there a part of the service backlog of $7 billion? Any more detail that can help us in forecasting revenue for this contract?
Yeah. It's in the $7.2 billion service contract. That's what I mentioned, that among the $7.2 billion service contract, the big one is a $3 billion vaccine contract. This is in 20 years. Next year, we're probably getting close to $ 50 million. The year after, maybe $ 80 million-$ 100 million. After that, it's about $100 million, ramping up to $150 million.
Got it.
Starting next year, we're getting fairly significant revenue from them.
Sure. Sure. Second one is, in the first half 2021, were there any milestone payments? If so, how much? Also, what's going to be the trend for the milestone payments?
Yeah. I mentioned the first half milestone payment is $24 million. Last year was about $97 million total. We think this is purely a timing issue. A milestone much harder to predict. Last year, most of the $97 million milestone also happened in the second half.
Sure. The third one, can we have an idea of how much of the plant capacity are backed up with contracts already? Am I right to say that DP facilities produce the drug products while MFG facilities produce different products? Those production are not interchangeable between those facilities.
Yeah. MFG means mostly for DS. That's how many liter capacity. DP is for making vials for product activity. Yeah. MFG and DP are not interchangeable. Among MFG, they are interchangeable. Among DP, they are interchangeable.
Yeah. The first part of the question is, can we have an idea of how much of the plant capacity are backed up with contracts already have in our hand on hand?
Yeah. About 80% of them is backed up by a non-material contract. Because a contract could also be a goodwill. Every company has their style. Some company decided to sign a contract very early. For example, the 20-year vaccine contract. Other companies decided to do the last minute. Every company has a different style of signing the contract. That's why if you look at our backlog, our backlog of $7 billion is only the signed contract ones. If you put all the potential project, we have 32 phase III. If you put among the 32 phase III, we expect now 20 approvals. If you put all the 20 approvals in the backlog, in the potential backlog, then you can probably add another even $20 billion in there for 10 years. That's incredible.
Again, the current backlog basically means the client already legally signed the contract. That's why it's only a snapshot of what the total future revenue.
Got it. Here's a question on margin. Since management has mentioned that gross margin, operating margin will potentially be dropping. Is there any portions that is sustainable and how we should be looking at the margin trend going forward?
The margin is dropping from this first half level. The first half, again, that's incredible, right? Basically, the first half, I emphasized, every facility is full and we're trying to squeeze everything out of it, and every person is running at 120%. This is not sustainable. That's why we're adding 3,000 people. We're bringing certain facility online. Once you bring new facility online, once you hire new people, every new people probably need about two years to go to full productivity. Every new facility also needs two, three years to ramp up to full potential. That's why the margin will drop from this first half historical level. I think year over year, our goal is still to hope to achieve a steady margin and hopefully improving margin as well.
Great. Last question from this client is, what is the management's target capital structure in terms of debt to total assets? Any plan to raise more capital through equity?
Currently, we don't need to. Unless we do a big M&A, we don't need to use equity to raise more cash. I think we want to probably use a little more of debt. As you know, our debt ratio is very, very low. This is something that management teams are very much aware of. We don't have any plan to raise equity. If we need to use more cash, we'll use debt near term.
Got it.
Yeah, that's right. As Chris mentioned at the beginning of the call, we still haven't tapped into our facilities that much yet. We still have potential on reaching out to the debt side. That's right.
Sure. Here's a question from another investor. Can you confirm what is the COVID-19 related revenue for in the first half 2021, and how much coming from COVID-19 vaccines, how much coming from neutralizing antibodies?
I actually don't have the number because COVID revenue come from everywhere, because we have development, we have manufacturing. On the manufacturing side, COVID revenue probably be more than CNY 150 million revenue. On the development side, it's probably a lot more as well. I don't have the total COVID revenue.
Got it.
I think you have a number in I think the first half, around total maybe 30% revenue come.
Yeah. 33%, about 1/3 of our total revenue is related to COVID. About 40% comes from vaccine. Yeah, in first half.
Got it. Thank you. Here's another question. I think it's more on your mRNA technology, the new platform you have been investing. Any progress on that in terms of the capacity ramping up, in terms of the technology preparation, talent recruitment? Is there any potential partnership we should be expecting towards the end of this year?
We have already made mRNA vaccine from beginning to the end. In the lab, we already have the team to make it at large scale. Right now, we are negotiating with a couple of partners, and hopefully we will have a good news by end of this year. This is something we're working very diligently on. Not only COVID mRNA vaccine, but also other mRNA programs. We're serving the mRNA community, not only COVID vaccine, but also other vaccines and other mRNA technologies. It's a much broader mRNA platform. Also, it's end-to-end. Basically, from plasmid DNA to essentially, someone give us a sequence. From sequence to vials, the same concept. Everything WuXi does is end-to-end services.
Great. Just to remind investor again, if you wish to raise questions, you can press one on your telephone keypad, or you can email me your questions. Here's another one is on the commercialization progress. We're going to have a multiple project towards end of this year. Going forward, over the next few years, is there any expectation on number of commercialized projects? Projects moving into commercialization stage?
Next two years, we'll probably expect at least three to four per year. Around 2024, 2025, it will probably be four to five per year. This is an incredible growth.
Got it. I see there's a question online. Operator?
Your next question comes from the line of Jingyi Li of Harding Loevner. Please ask your question.
Hey, Chris. Thank you for taking my question.
Hey, Jingyi.
Two quick ones. One is you mentioned your mRNA capability. There are lots of, call it ingredients.
Raw materials.
raw materials that are-
Yep.
Yeah, are needed. You said you are end-to-end, so I'm surprised. I just want to double-check that you are able to make all these materials along the supply chain so that you will not be subject to any constraints on that.
Yeah. To clarify, what I meant is actually manufacturing. We buy those ingredients from a company like WuXi AppTec or other companies. Yeah. We can manufacture mRNA from beginning to the end, but not the raw materials. We're not raw material supplier for mRNA. Just clarify that.
Okay. Got it. Another question is on your capacities overseas. If we fast-forward three to five years, how much of your capacity will be overseas versus mainland China? Do you feel like there's any constraints or considerations when you expand overseas capacity, like, the speed of construction or the capability to recruit local talents? Thank you.
Yeah. The overseas overall cost is higher, margin is lower. That's why it's a balance of the, basically, it's what percentage. Currently, we're planning about 30% overseas, 70% is still being China. In China, we still have incredible financials. We have very good execution. Overseas, the cost is significantly higher, so the margin wouldn't be comparable at all. We're balancing the sort of the client's need, the potential geopolitical risk, and then versus how much we can convince client to leverage our China facilities. I think currently our strategy is, for every client, our proposal is to make 70% of them in China and 30% of them overseas. That's why it's 70/30. If there's a trigger event, they kind of switch, go from 30% China, 70% overseas. Overall, I think we want every client to make majority of them in China.
They enjoy lower cost in China as well. For the same services overseas will be 15% more expensive than China.
Okay, thanks. Maybe one last question. To the extent that you can, when you interact with the pre-IPO investors, do you have any understanding on their strategy or schedules on how much they want to own or how fast they want to exit their holdings in WuXi Biologics? Thank you, I will get back to queue.
Yeah. They are my shareholder. They don't share with me their plans. Just like you do.
Thank you.
Thank you.
Great. I think our call already run for about 1 hour and 22 minutes. Given the time limit, I'm now going to turn the call back to Chris for any closing remarks. Thank you.
Yeah. Thank you, Ziyi.
Thank-
Again, it's incredible year. I really appreciate all the support from the global investors. I think that from WuXi's side, we have set up incredible platform. I mentioned the seven factors that contribute to our success for the past 10 years. It will drive our sustainable high growth in the next five years as well. I think the commercial manufacturing revenue will be very significant, and we expand our capacity to 120 projects. That's unheard of in the industry, right? Most of my large pharma clients have 10 products capacity per year, and we can do 120 this year. I think, again, sustainable high growth.
Great.
Thank you, Ziyi.
Thank you, Chris, and thanks the WuXi Biologics management team for attending this call and thank you everyone for dialing this call. We're going to wrap up with the call now. Thank you. Have a good day.
Thank you.
Thank you, everyone. Thanks for your time.
This concludes this conference call. You may now disconnect your line. Thank you.