Chinese Biotech Stock Soars After Tipping Profit Doubled in 2018
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Wuxi Biologics Cayman Inc. shares surged the most in 11 months after the drugmaker said 2018 profit likely more than doubled from a year ago, buoyed by higher interest income, healthy margins and more drugs nearing commercialization.
Wuxi reported profit of about 250 million yuan ($37.2 million) in the first half of 2018, 171 percent higher from a year ago. Its financial results for 2018 are expected in mid-March.