WuXi AppTec revenues slump in the first quarter

Shanghai-based WuXi AppTec, which is a subject of a proposed US bill that aims to cut business ties with a handful of Chinese pharmaceutical service companies, announced first-quarter sales of $1.1 billion, down 11% from the prior year. Revenues excluding those from COVID-19 commercial projects dropped 1.8%. The company expects to generate sales of over $5 billion this year despite what it calls “uncertainties in the external environment,” a possible reference to the proposed US legislation.