WuXi AppTec Sees Sales Drop as U.S. Seeks to Cut Ties With Chinese Biotech

(Bloomberg) — WuXi AppTec Co. Ltd. reported shrinking sales as it continues to grapple with a looming U.S. bill seeking to cut ties with Chinese biotechnology companies.

Revenue from U.S. clients fell 1.2% to 10.7 billion yuan ($1.5 billion) in the first half of the year, excluding Covid-19 projects, the Shanghai-based company said Monday. That dragged total revenue down 8.6% from a year earlier to 17.2 billion yuan. Net income dropped 20% to 4.24 billion yuan.