Wall Street experienced a mixed day with some stocks rising and others falling, influenced by tech earnings reports from companies like Intel and Google, and broader economic factors including fluctuating oil prices. Analyst calls on major tech firms also contributed to the varied market activity.
WuXi AppTec has filed a complaint against the U.S. Department of Defense, challenging the department's decision to link the company to the Chinese military.
Chinese drug maker WuXi AppTec announced record first-quarter revenue, driven by a robust order backlog and sustained demand from pharmaceutical companies worldwide. The company's growth was supported by its strong global market presence.
ClearBridge International Growth Strategy added ABB and BUD while exiting SAP and Wuxi AppTec in Q2. Separately, the ClearBridge Global Infrastructure Income Strategy added DTM and exited PEG, MAQAF, and SSEZF during the same quarter.
Analysts suggest that the Pentagon's blacklisting of Chinese pharmaceutical contractor WuXi AppTec, citing alleged military ties, will not deter multinational drug makers from collaborating with China's biopharmaceutical industry due to cost benefits.
A Chinese biotechnology company, WuXi AppTec, has filed a lawsuit against the US government after being placed on a list of businesses linked to China's military by the US Department of Defense.
The U.S. Pentagon has added several major Chinese companies, including Alibaba, Baidu, and BYD, to a list of firms it alleges are collaborating with or supporting the Chinese military. This designation could lead to further restrictions and scrutiny from the U.S. government.
Chinese contract drug makers – including WuXi AppTec, WuXi Biologics and WuXi XDC – face a less certain long-term revenue outlook as US pharmaceutical companies bring production in-house and reconfigure supply chains amid rising US-China tensions.
While near-term earnings remained largely locked in, visibility beyond that was limited, according to Cui Cui, head of healthcare research for Asia at Jefferies.
“Earnings visibility for 2026 and 2027 is still very strong – revenue momentum is large...
