Good morning, good afternoon, good evening, wherever you might be. Welcome to the 40th J.P. Morgan Healthcare Conference, held virtually. Today we have the very special session with WuXi Biologics. My name is Tony Ren. I'm the head of healthcare research in Hong Kong, and this is where I'm based. Today on the line here with me, I am extremely delighted to have Dr. Chris Chen from WuXi Biologics here with us to give us an update of the very exciting progress happening at WuXi Biologics. Obviously you guys know that this is one of the most important companies in our coverage in Hong Kong and China.
Chris, since you know, since, like, going back to 2011 when you started at WuXi Biologics has built an absolute powerhouse. Today we are very delighted to have you here, Chris. With that said, we have about a presentation that Chris will go through, about 25 minutes or so, and then we'll leave the rest of the time for Q&A. In total, we are given 40 minutes. With that said, I will hand the floor over to you, Chris.
Thank you, Tony. It's great to be here. I wanna give all the global investors an update. The title of my talk will be A Global Premier CRDMO, enabling global partners and delivering sustainable high growth. I think this is the key message I want all of you to remember. I'll divide my talk to five parts. First, I will give you a company update. I'm really excited about the explosive growth of the manufacturing project. That's what I'm gonna cover. The technology we use is very different from traditional CMOs. We use disposable manufacturing. We have a lot of data to say it is really a disruptive technology. I want to share with you an update on that. ESG is a very important part of our business strategy.
I wanna cover that and we'll wrap up my talk and answer any questions you may have. If you look at the evolution of the biologics service industries, you know, our industry started with a CMO, okay? The core expertise required really large scale manufacturing. The business rationale is mostly actually a secondary supplier for large pharma as biotech manufacturing is so important and so critical. Right? A lot of our current industry leaders are really very strong in CMOs. When WuXi come in and we actually come in as a CDMO, contract development and manufacturing operation, because our timing coincide with small and medium-sized company, with really the biotech booming, right? Small and medium-sized company don't have infrastructure, and they really need a end-to-end and fully integrated service, and that's something WuXi Biologics pioneer for biologics CDMO.
We offer end-to-end services, and that's when we come up with the model called Follow- the- Molecule and later Win- the- Molecule. The core expertise is very different. Besides manufacturing technology, you also need to have development technology. Really need to be very strong, very focused on D part. WuXi is currently one of the largest and one of the best CDMO out there. For the past couple years, we want to even bring our business more upstream. We wanna be a CRDMO, right? You know, this will truly support small and medium-sized company. Again, this is the idea is if you are entrepreneur, you don't need any infrastructure, you don't need any lab, you don't need any manufacturing. I can help you become a $5 billion company, a $10 billion company, even a $30 billion company.
That's the enabling role that WuXi can play to help the global community, right? The expertise is even more different. Now we have the discovery. We have been doing that for the past five years. We have very many successful stories already. The reason WuXi go from a CDMO into CRDMO, because we believe biologics are very sticky. In our past ten years with CDMO, if you do D, and if you do D very well, you'll get M, right? Now we said we wanna do R. If I do R very well, we're gonna do D. If we do D very well, I'm going to do M. It's a very sticky business model, and that's why we so much like the Follow the Molecule and Win-the-Molecule business model.
We can engage our clients 5-10 years earlier than the traditional CMO business do. Let me give you a very exciting update on 2021 numbers. If you look at the RDM model, all of those is shown in this funnel. Most of you investors have already seen this funnel probably a million times, right? This is the first time I disclose the 2021 number. It's very exciting. You see, for the full year 2021, we added 156 projects. This is the D, mostly D part. 156 projects. This is unbelievable number. A lot of the large pharma don't have 156 project total. A lot of our CDMOs don't have the total 156 projects.
We added 156 projects in 12 months, in the last 12 months. Despite COVID, despite the biotech environment, right? We have a total of 480 projects. It's amazing, right? 480 projects. This is multiple times largest pharma company or largest biotech companies for portfolio. We have 32 program in phase III. Every time I tell investors, when you look at the WuXi Biologics, you only need to know these three numbers, right? As long as I keep adding projects on the left side, as long as the total project grow, as long as we have plenty of phase III program, the business will grow. The business, the financials come with all those three numbers.
For the past three and a half years, we also implemented what we call Win-the-Molecule strategy. This is when the global competitor couldn't meet the goal of our clients, and they actually transfer from the global competitor and join WuXi. We started implementing this mid-2018. Now, in the past three and a half years, we see amazing results. We actually won 40 projects. This include phase I, phase II, phase III, and commercial. Certainly phase III in clinical will give us a lot more near-term revenue, right? Each phase III program, the revenue generated is probably 3-5 times the phase I program, the early phase program. That's why I'm very excited about we actually won 7 phase III project last year.
Our goal is to win at least five projects every year, and that will give us near-term growth. It took us 10 years to build a very huge portfolio, the current portfolio, but if you look at the phase III program, now Follow the Molecule strategy, and Win-the-Molecule strategy almost have equal contribution. I have 17 programs, phase III, that come from our own, you know, we developed the program all the way from the beginning, from the DNA. The other 15 programs, we actually won in the middle of the campaign, in the middle of the clinical development. That's how exciting the Win-the-Molecule strategy is.
Because of our excellent execution, our best timeline, and our leading technology, all those actually are support that we are win, we can really, the newly launched Win-the-Molecule strategy. It's only three and a half years old. If you do a deep dive into our portfolio, it's actually very exciting. It mimics probably the global portfolio, right? Because of how big our size is. If you—it's antibodies still half of the portfolio, but you see tremendous growth of bispecific ADCs, fusion proteins, and vaccines, and all of those. That's really where WuXi Biologics will be focused on. Our bispecific ADCs are much harder to do it than antibody and much higher growth.
That's where we hope we can get a higher market share in the near future. Let me summarize for the past 5 years, how our business progress go, right? If you look at the top left, you know, when we IPO'd in 2017, we have 58, you know, we added 58 projects per year. At that time, it's around 30% of global market share. Now, in the past 3 years, we really see a huge growth from 59 to 156. Among the 156, there are 18 through our acquisition. So even if you take out the 18, 138 is still more than double. So our number of integrated project more than doubled in the past 3 years.
If you look at the bottom left, you see number of the Win-the-Molecule program for late phase. Again, we start with two in 2019, now to 15 in 2021. If we continue to see the trend, you know, the robust business growth is already there, as I said. As long as I have the project, you know, WuXi has always been able to deliver, right? Been able to deliver on time, on budget. If we have the project, the business result will come. On the right side, you see the total number of project growth, amazing 36% project growth. You know, so far, we have very good track record. Once the project come into WuXi, we didn't lose them.
Our track record right now, we are able to retain 99% of the project. Once they come in, they will still retain. So far, we actually 8% of the project come from a Win-the-Molecule strategy. We come in, we won about 8% projects, and we lose, excuse me, about 1% of project. That's the dynamics on the global competition side. If you look at the Win-the-Molecule strategy, we started in the middle of 2018. Now in three and a half years, we got 40 programs. Amazing numbers. Traditionally, if you look at the Follow-the-Molecule and Win-the-Molecule strategy, and if you look at the CDMO, right?
A CDMO is a perfect match for small and medium-sized companies because they don't have infrastructure. They really rely on WuXi. For the past 10 years, you see many companies like Tesaro, Momenta, Amicus, been really successful with WuXi. We started with them when they are very small, and then, some of them, when they become multi-billion dollar value, they are acquired by large pharma. Traditionally we are a perfect match for small and medium-sized companies. Last year was actually a tremendous, exciting moment for us. Now global large pharma, the top 20 large pharma, among the 14 of them, already contributed 40% of my revenue versus 20% historically. For a couple of reasons.
First of all, large pharma outsources more and more, and WuXi's brand is also getting more and more recognized. More importantly, actually, large pharma acquired a lot of my clients as small and medium-sized companies. Then the work with WuXi, they actually find out more intimately how good we are and then give us more projects. I'm very happy to report to you that so far 95% of projects acquired by large pharma actually stay with WuXi. Only one of them transferred back. This is a large pharma who has a lot more in-house capability and a lot more in-house capacity, so they actually transferred back to in-house, not to a competitor CDMO. Just give you the progress we have with the global top 20 large pharma.
Two of them, a significant portion of their global R&D portfolio now is already being developed at WuXi Biologics. For another large pharma, a significant portion of approved product already manufactured at WuXi Biologics for the U.S. and European market. We have additional two large pharma, and they are, we have more than 100 people working for them as an extension of their R&D. This five large pharma is an example, a snapshot of the 18 large pharma we have been working with. Hopefully, although this trend will continue, we'll see more and more large pharma working with us. Now our client profile is perfect. Now we serve small and medium-sized companies very well. Now large pharma is also our core clients.
If you look at the past 10 years, you know, WuXi built our reputation by execution. Every project coming to WuXi, we deliver. If you look at the track record, it's very exciting. 255 INDs, 8 BLAs in the past couple of years. You know, 480 projects, I already mentioned that. You know, our bispecific and ADC market shares for more than 20% globally. Usually, if you know, if 1 in 5 bispecific and ADCs are developed at WuXi Biologics. You know, we have 31 ongoing WuXiBody projects. That's our own proprietary IP. We developed more than 20 COVID programs, which I elaborate later on. You know, because of the increase in demand, we actually can scale our business to meet the increase in demand.
This year, my capacity is actually 150 INDs and 12 BLAs. This is unbelievable number of unbelievable capacity. No one else has this kind of capacity to serve the global clients. Talk about operational excellence. We are relatively young company, but our numbers actually now stand for world-class, right? We have already operate 15 facilities with about 250,000 in capacity by end of this year. Our capacity will still grow, increase to about 430,000 liter in 2025. We have 13 drug product facilities. We are still building additional 13 facilities. If you look at all the manufacturing metrics, it's amazing, right? We have 1,500 drug substance batches made at 98% success rate. Industry world-class considered 95%. We have 1,500.
1,300 drug product batches. We have two facilities manufacturing one. Our first facility manufactures three. Our second facility have both achieved a 100% success rate in the past three years. You know, They're making more than 200 batches. This is an incredible track record. You know, I think I'm very proud of my team can deliver. Because my team can deliver, that's one of the reasons a lot of global clients from U.S., from Europe, from China, from Asia, they wanna work with us because we can deliver. The quality is a very important part of our equation, especially for CMO, right? Our CMO project was very small in 2017. Our CMO project now exponentially grown. I'll share with you later on.
That's because our quality also improved quite a bit. Last year, we actually passed 22 global regulatory inspections. If you look at this exponential growth of inspection, that actually mimic our exponential growth of our CMO project, right? We have 5 FDA inspections, we have 7 EMA inspections, and 5 from China. Additionally from U.S., Japan, Canada, Singapore and WHO, right? Now we have 10 facilities certified by the global agencies. So our quality standard really put us in the first Tier in the CMO and certainly in CDMO and in our very exciting business growth in the next couple years. As part of the strategy to serve clients better, we actually in 2018, we provided a global dual sourcing strategy.
Basically, we want you to stay with WuXi for all the manufacturing, because, you know, R will lead to D will lead to M. I also want you to stay with WuXi for all the manufacturing. We don't need you to go to a second supplier. How can we do that? We can provide you two sites within WuXi. We can do all the tech transfer seamlessly and with less issue, with higher success rate, and we even have a cost advantage for that, for doing the tech transfer, right? And also you have two QC labs, two manufacturing sites, you know, learning from each other. The manufacturing process will be even more smooth. We started the global dual sourcing strategy back in 2018. We built a facility in Ireland.
We bought a facility in Germany. This last year, we actually start to construct a facility in the U.S. Now we have four parallel capacities end-to-end, you know, from DNA to BLA in the U.S. and Europe. This is very exciting. A fully integrated service as well. Again, if you want, don't want to travel to China, now I can do everything for you from the U.S. and Europe. In the past couple years, we have invested $1.5 billion to support U.S. Europe infrastructure. That network we built. This network will actually support $1 billion revenue. The next couple years, we're gonna double down. We're gonna invest total of $3 billion to support about $2 billion of revenue from our global sites. We continue to invest in China.
Just give you a reference, all the revenue we generated last year was from our China investment. It's actually less than $1 billion. 2022 is truly a moment where WuXi become a global. We invest a lot more outside of China than what we invested in China. Our global parallel supply chain hopefully will also ease all the concern about the trade tensions between China and the U.S. WuXi, when COVID hit, WuXi actually leveraged all the capabilities, all the technology we have to help global companies to combat COVID-19. I think our technology, our execution also shined during COVID, right? We are very lucky in that we actually have three antibody that's very effective against Omicron based on our client's data.
You know, this is the GSK/Vir antibody. They already have received FDA EUA approval. Brii antibody received NMPA approval, China approval. FDA is pending. We actually have another program. They already finished phase III, is pending EUA as well. In September, I updated you. I said our 2021 COVID revenue was probably around $460 million, RMB 3 billion. This year, probably around $300 million, about RMB 2 billion. Now because of Omicron, our revenue will actually increase because of Omicron. A lot of you are also concerned about the contract. You know, when COVID goes away, you know, does that impact WuXi's revenue or the signed contract? No. Actually, all the contract we have is take or pay.
That's also sort of a guaranteed WuXi's revenue this year for. That's why I said my revenue this year because from COVID actually will increase likely because of Omicron. This slide really showcases all the efforts WuXi put in to really to help the global community combat COVID-19. We are the main contributor to COVID antibody development. You see, we have more than 20 programs on those. We have 3 approvals already. Two programs in phase II. In the past couple of months, we have already made more than a thousand kilogram. We'll most likely make 2,000 kilogram of COVID antibodies in you know basically in about 18 months timeframe. All our manufacturing technology is actually proven during COVID through those manufacturing.
Well, we are also very excited to report to you WuXi actually is one of the few companies who can make all three modalities of vaccines. We have already delivered hundreds of millions of doses of viral vector vaccines to a global large pharma. Now we are making, you know, a very significant amount of protein vaccines for global community. We just signed two contracts for mRNA vaccines. We are very excited to get into mRNA field, because we know this is a very exciting field that we need to do, right? In the past 14 months, we built end-to-end capabilities to manufacture mRNA. We started with plasmid DNA to the conversion to lipid nanoparticle to drug product.
Even in a very new and exciting field, mRNA vaccine, we are offering end-to-end integrated services. That's in WuXi's gene. That's truly WuXi's business model. I just want to use 1 example to showcase how all the execution and technology and the people all play in helping our global client working on a COVID program. For this program, they come in around end of March, almost April. We're actually helping get an IND approved in four and a half months. Traditionally, again, it's 12-18 months. We get everything done in four and a half months. We actually start the commercial manufacturing only 5-6 months after that. We finish the PPQ, end up the program, got EUA approval. From DNA to EUA in about 14 months.
Again, if you use a traditional pharma approach, this is 5-10 years. We actually WuXi enabled this company to get it done in 14 months. This is amazing. Our second successful story, 18 months. Our third one, around 18 months as well. We can help a small and medium-sized company become, you know, launch a product in less than 2 years with all the WuXi's technology. Again, you know, in this case, all three companies, they don't have labs, they don't have manufacturing facility. They totally rely on WuXi. So our business model is really small manifested in those stories. We, as I said, develop majority of the global COVID antibodies, and the speed is amazing. It's only 3-6 months.
If you look at the bottom of the block, IND timeline, you know, for our first generation process, 3 months to IND. The second generation process, you know, 5-6 months. The speed is amazing comparing to the traditional 12-18 months. The productivity is also very exciting. If you look at our. You know, we develop all those programs. We only have 3 months to do the work. We actually end up getting almost 6 g/L, right? So this all really showcase our technology, that all the investment we have made in the past 10 years. The platform WuXi had to develop antibody is really state-of-the-art. We actually shared you know, all the learnings we have on this program.
We shared an article we published this as an article in biopharma program to share with the global community. Our partner, Vir, also published another article saying how Vir and WuXi worked together to develop their program. Very similar story as well. A lot of you are, you know, we really turn challenges into opportunities for COVID program, right? We generate, you know, RMB 3 billion revenue in 2021. We're gonna generate another RMB 2 billion revenue, more than RMB 2 billion revenue in 2022. Investors ask, you know, "What? How about when COVID, you know, disappear?" I hope COVID disappear in next month. I hope I don't have any revenue next year.
Even with that, our backlog, our strong momentum, our strong portfolio will still support a sustainable high growth. That's why I take out the COVID program. This chart actually is a non-COVID program. None of them are COVID program. You see on the left side, we still added 143 programs. As I said, every program is about $6 million or $7 million. What does that mean? That means in 12 months, I can convert this 143 program into a billion-dollar revenue. That's the D&M part. That's why I said our D&M part is strongest in the industry. You know, in this year and next couple of years, hopefully, we can convert new project into a billion-dollar revenue just from the D&M part alone. I have 28 phase III program.
Each of them probably give me around a $50 million range of revenue. That's $1.4 billion. If you divide that by 2 years, that's $700 million revenue, right? You know, I have commercial project that will grow from 5, hopefully to more programs. I'll tell you later on, right? Again, when you look at WuXi, you only need to look at this chart and look at this funnel, look at these three numbers. Total projects added, you know, the development project will give us a $1 billion revenue. This phase III program will give us $700 million revenue or even more. The commercial program will give us more revenue as well.
That's why I'm very confident even if COVID disappears next month, we still can grow. We still can give investors assurance we have consistent high growth because of our portfolio, because of Follow the Molecule, Win-the-Molecule strategy. Now I'm gonna share with you the growth of the CMO, right? In 2017, we started with 1 project, that's you know just a post-IPO. In 2020, we have 2 projects. Last year, we have 9 projects. Five of them are non-COVID, 4 of them are COVID. We expect we have 2-4 programs in the next couple years, and then go to 4-6 programs in the following years. That's amazing growth of a CMO project as well.
By 2025, we believe we'll have more than 20 CMO projects, 21-26. This is based on the current portfolio. This is the current snapshot. You know, as we continue to add more programs, this number will grow as well. That's why I'm so excited about our commercial manufacturing. We are, you know, very strong. We are one of the best CDMOs now. Because of our quality, because of our portfolio, now we are also one of the best on CMOs. That's why we wanna be the best CRDMO. That's the next five years. That's our focus. You know, we are already the best CDMO. We are already the one of the best CMOs. We want to be the best CRDMO.
That's to really enable our global clients. You know, for CMO revenue, it's very hard for you guys to see. I have so much confidence our CMO revenue will be very exciting. You guys, it's very hard to see because you don't know what program we are working on. That's why, you know, I actually give you a high-level overview of the programs that we're working on. We may have about 11 blockbusters, means the drugs will sell for $1 billion or more. Our revenue is typically about 10%-20% of their program. If someone get a billion-dollar drug, our revenue is typically $100 million.
If it's a rare disease or if it's a high-dose program, maybe even $200 million, right? If you look at the left side, you know, I have a few mega blockbusters. You know, those are programs our partners believe they can achieve $3 billion or even $5 billion sales. With that, hopefully I have $300 million and $500 million in revenue associated with that. I wanna be conservative, so I said it will be more than $200 million. You know, I have a cancer bispecific that's already approved. I have FcRn antibody, I have CD47 antibody, I have TIGIT antibody, I have cancer ADC. Those five programs are very exciting hopefully we're gonna generate more than $200 million revenue.
That will be contributing $1 billion revenue to WuXi. Then we have the traditional blockbuster, the Pompe ERT, additional cancer bispecific, a non-COVID vaccines, biosimilar program and infectious disease program. Hopefully, all those will achieve $1 billion sales, then we'll get $100 million. Those will give us $700 million or even $1 billion revenue. We have many programs that are smaller indication, and they will achieve hopefully $50 million-$100 million of revenue. Some of them are for China, some of them are global programs with a small indication. Those programs, those 20-plus programs really give us the confidence that our CMO revenue will actually achieve more than $2 billion in the near future.
I also wanna remind you know, we are already achieving significant revenue for all those programs. Some of them we already getting $50 million a year, others maybe $10-$20 million. Because it takes, for biologic program, 2-3 years before approval, most of them start to inventory build because they would really wanna have enough inventory when they launch the product. That's why I have so much confidence, I said, even when COVID disappear next month, that's my hope, right? I can still deliver consistent, sustainable high growth for our client because our business model. Again, this is based on the current snapshot, and most of those programs are in phase III or late phase II. I have another 100 program near phase I and pre-clinical.
That will, you know, this list will be higher and higher. I hope to update you every time during J.P. Morgan saying, "I'm gonna I have this, you know, mega blockbuster coming. I have this blockbuster coming." That will give you more confidence that WuXi can deliver on our promise. If you look at the past eight years has been incredibly exciting for us, our top line grew more than 60%. Our adjusted profit grew more than 80%. Here are the 2021 numbers. I use Bloomberg's consensus. You know, Bloomberg consensus already said we're gonna be growing 75%. In a couple weeks, we'll have a profit alert in the Hong Kong Stock Exchange. I think overall, if you look at the past eight years, amazing consistent growth, right?
Top line 62%, bottom line 83%. If you look at our profit margin, also go from you know fourteen percent in 2014, now to 30% in 2020. We can we I think this is really the financial performance that really showcase WuXi Biologics as a best, as a premier CRDMO. I told my company when I have a town hall, I said, "The past ten years is very exciting. The next ten years even more rewarding, because now our platform is ready. Now we are recognized by global clients. Now we are also serving the large pharma company, right?" You know, traditionally we serve small and medium-sized company, now we're serving large pharma company. Our revenue will be even more steady going forward.
With the financial results also comes very exciting operating cash flow, right? If you look at the operating cash flow, very exciting growth in the past couple years. 2021, it was an exception. To make sure that I deliver on every project, we're actually buying a lot more materials. As you know, everyone knows, supply chain is extremely tight. Because some of the orders I placed 12 months ago, and my suppliers haven't delivered. Because of that, you know, we have to stockpile and that affected our cash flow a little bit in there. My goal is to target free operating cash flow positive this year. You know, I think this is also a huge milestone for the company.
For the past 10 years, we rely on equity and loans to grow the business. For the next 10 years, the cash flow we generate ourselves will actually be more than enough to help our growth or capacity. Just give you an example. Next year, the cash flow generated, next year I have a total capacity around 300,000-liter. Next year, the cash flow generated alone can help me build a capacity of 300,000 liter capacity in China. Or if we wanna do it in U.S., in Europe or China, we can build a 100,000 liter per year. That's, you know.
Again, that's why I said our cash flow position incredibly strong and that will drive us, that will give us plenty of room to grow, to delve into new areas and to expand the current business. We have been very unique. From the get-go, we said we're gonna be using disposable manufacturing. We also said it's a disruptive technology. Initially, the industry is more skeptical. I think now through the past couple years, we are really proven. WuXi is a global leader, is a pioneer using disposable manufacturing technology. As I said, we already delivered more than 1,000 kilograms of neutralizing antibody for COVID in the past six months at various scales, from 2,000 scale to 12,000 scale.
We'll probably double our delivery. We'll probably deliver around 2,000 kilograms. Again, using the same technology. You know, everyone said disposable is expensive, but we can actually achieve very competitive cost. We deliver a cost less than $80 per gram, you know, for the 12,000-liter scale with a higher productivity process. I already shared with you our manufacturing success rate is very high, 98%. Industry world class is 95%. Right? For using disposable technology, we have less CapEx, a smaller footprint of the facility. We have built a facility in China in about a year, and we have comparable, even lower cost. That's why our ROI of using this technology is very high. Manufacturing one, we built the facility in 2012, so we already running it for 10 years.
Our actual ROI is actually 51%. This is probably the highest ROI in the biotech industry. Our Manufacturing 2 is a large-scale facility. We believe we can achieve 35%. Manufacturing 3, we're expecting 50% ROI. Again, this technology is really very exciting for us. When we proposed this to the global community, everyone said disposable is gonna be more expensive. Now we actually have data from 100 batches from 10 projects to say, "That's actually wrong." So it's actually counterintuitive. If you compare apples to apples, disposable is actually 10%, even 30% cheaper. If you compare my 2,000-liter versus a stainless steel 12,000-liter, we are 30% more expensive because that's not apples to apples, right? It's different scale.
If you consider the facility I have in manufacturing 2, where I made the COVID antibody, our cost of goods actually can be 10% cheaper than traditional stainless steel. You know, that's the way the 2,000-liter. I'm actually going to 4,000-liter and eventually going to 6,000-liter disposable. That basically means the disposable will truly be cheaper than stainless steel in operations. That's one way to get the cost of goods low, what they call a scale out. That's WuXi's invention, where we scale out. The other way to use this is actually do continuous. You know, that's WuXi pioneered scale out, we are also continuous, right? Using either of those strategy, we can make disposable manufacturing lower our cost of goods than traditional stainless steel.
That's why WuXi, I made a promise to the global community, we are not gonna invest in any stainless steel. We believe disposable is a disruptive technology. We can achieve the cost of goods anyone want with the disposable technology. I envision with the continuous processing, we can get the cost of goods down to $30 per gram, maybe even less, once we scale the business. The disposable continuous manufacturing is the next focus for WuXi in the next couple of years. Not only disposable
Chris, just a quick reminder, we are about seven or eight minutes away from our deadline here, 'cause on the main track we don't have the flexibility. Yeah.
Okay. Sorry for that. Disposable now is also fully accepted by the global industry. 44% market share in new capacity addition, 70% in R&D, can go very quickly. It is a very ESG friendly technology. The low, the less water, less energy saving, so it's very environmentally friendly. I think that's actually a nice segue into my ESG. WuXi is a very strong ESG leader. I think, you know, we won award from MSCI, from Dow Jones Sustainability Index, from FTSE. I think that's pretty, everyone think we are a good ESG company as well. I'll go very quickly on our energy consumption emission reduction. I think in summary, I think we pioneered follow the molecule model for full integrated service model, disposable manufacturing.
lot of global peers are learning from WuXi. Our success is really based on all those seven factors. We have the right strategy, we have a lot of people to execute, very good technology, and in a way, we're learning from Amazon. We wanna do everything better, faster, and cheaper. I think when a lot of investors label us as a Chinese biotech. What I wanna state here, we are truly a global CRDMO, right? Every time China has a policy, our stock has become very volatile. That's really unfounded. 70% of revenue come from global, and I'm investing certain, you know, $3 billion outside of China.
If you remember, the key message I want for the global audience is that we are a global CRDMO, not we are not really a Chinese biotech company. I think again I wanna summarize this here. I think most of the message I already delivered, go very quickly. The growth, the need for our service is incredibly strong. The CRDMO are strong. Our 2021 outlook, I wanna reaffirm we're gonna be growing 45% in 2022. Now we actually see more than 70% of growth. More than 70% of revenue for 2022 already in the contract. You know, large pharma now become a core expertise for us, and we are really helping the global community fighting COVID-19.
After 2022, after this year, the non-COVID program will make up the revenue from COVID programs. You know, we want to be better and faster and cheaper. Disposable is really a disruptive technology. ESG is our core. All our operation and capacity expansion is on track. You know, we have not been limited by electricity constraints or global supply chain. Lastly, our financial position is incredibly strong. We have $1.65 billion revenue, cash, $0.5 billion loan. Again, the cash flow generated next year will support 300,000-liter capacity. Back to you, Tony. Thank you everyone. I think WuXi is very generous. Every drug can be made, every disease can be treated.
Oh, yeah. Thank you so much, Chris. Yeah, so this is really exciting. You know, I follow you guys for a long time. You guys really gave us a lot of new content this time around. Now I'm gonna go straight into the Q&A because we have a lot of questions for you. Let's hope we can go through them. I'm not sure if you can read them, but I'll read them to you. So this one says, how many phase III and commercial projects you have that are related to COVID-19?
I think we have two phase III and four commercial. Six programs.
Okay, perfect. Yeah, okay. Next one is that, again, related to COVID-19. What is your estimate of non-COVID CMC revenue from 2022 to 2024? Three years starting from this year, 2022, 2023 and 2024. What's your non-COVID CMC revenue?
I cannot give a specific number, but you know, as I said, this year we wanna grow more than 45%. I think next couple years we wanna grow twice the industry, close to 40%.
Okay. Yeah, I hope that answers your question. Okay. The next one goes back to what you were saying about being free cash flow positive starting this year. The question is about what do you think the free cash flow margin forecast is going to be long term? Assuming, let's say, you reach your steady state in about five years, what sorts of free cash flow margins are you expecting?
I think our margin will be fairly steady, so I cannot disclose the free cash flow margin at this time.
Okay. That's great. Okay. The next question is basically about your guidance. I'm not sure if you're comfortable giving it, given that you haven't given the 2021 results. The question is about your 2022 revenue guidance, excluding the COVID-related projects, which I know you have disclosed.
Yeah. You can do the math. We already guided the whole year we're gonna be growing 45%, right? The COVID revenue is around RMB 2 billion. The non-COVID revenue, you can actually do the math, is around RMB 12 billion. Yeah.
Okay. Let me just scroll through these as quickly as we can here. They keep on coming, Chris. Let's
You need to give us more time next time.
That's a great suggestion, actually. What is your employee turnover rate in your research business versus in your D&M business? I believe that's manufacturing.
Sure. We don't see differences. All the, I think almost very similar. I think around 9%. In China, in that competitive environment, it's actually incredibly good.
Okay. Let me see here. Yeah. Let's skip this one here. So go to this one here about how do you overcome the net zero with your disposable strategy?
I think that's a good question. That's something we're still working on. Disposable strategy is clean, right? Although we're gonna burn this piece, but we use less water, less detergent and, you know, less footprint. Overall, we actually still use a lot of, you know, so otherwise it's 70% less water, 30%-32% less energy. Overall it's still actually positive. How do we achieve that? That's something we're still working on.
Okay, great. Yeah. Chris, I think we still have more questions to come. Actually, I think we've just been given the signal that we need to end here. There are at least two or three more questions on my screen here that we don't have the time to go through. What I will do is, I will channel them to you, Chris.
Absolutely.
We'll get that reverted to our clients. With that, we'll have to wrap up this session with WuXi Biologics. I think, in my mind, I definitely think that's one of the best companies in the healthcare space in China. In fact, I just initiated on this sector yesterday with WuXi Biologics, as well as WuXi AppTec being my top pick. Again, you know, I really wanna thank our audience for being here. I know you have many other options. I wanna thank Chris for being here, giving us your very valuable time. Again, you know, my name is Tony Ren, I'm the Head of Greater China Healthcare Research.
We will make sure that we get back to you on the question that you post online. If you have any more, please channel them to me or to the company. We'll make sure that they get addressed. With that, we'll wrap up the session. Have yourself a great rest of the morning, afternoon or evening, wherever might be the case. Thank you very much.
Thank you, Tony. My pleasure.
Thank you.