(Yicai) Nov. 19 -- The election of Donald Trump as the next US president will not directly affect the US Biosecure Act, according to the vice chairman of WuXi AppTec, a Chinese biotech firm facing regulatory challenges in America.

It remains uncertain whether the bill will become law before the current Congress term ends, said Hu Zhengguo, who is also the chief investment officer of the Shanghai-based company. The term ends in January.

The Biosecure Act, which seeks to prohibit federal agencies from conducting business with Chinese biotech companies—including WuXi AppTec—due to concerns about potential security risks, still needs to pass the US Senate before being signed into law. However, it has already affected WuXi AppTec's stock price, which has fallen nearly 30 percent since the beginning of this year.

WuXi AppTec strongly opposes any presumptive classification of the firm as a "biotechnology company of concern" without proper due process, Hu said. The firm consistently complies with the laws and regulations of the regions in which it operates and is actively engaging with relevant US legislative bodies, he added.

These concerns have negatively impacted earnings. From January to September, the company reported a 19 percent year-over-year decline in net profit, reaching CNY6.5 billion (USD902.3 million), according to the latest interim report. Revenue dropped 6 percent to CNY27.7 billion (USD3.8 billion), with almost 64 percent of that coming from the US.

However, as of Sept. 30, WuXi AppTec had a backlog of orders totaling CNY43.8 billion (USD6.1 billion), a 35 percent increase.

When an investor asked whether the company plans to expand investment in the US in light of President Trump’s policies promoting repatriation of American manufacturing, Hu responded that WuXi AppTec will continue to invest and build capabilities according to industry and client needs.

WuXi AppTec's full-year guidance remains unchanged, Hu said. Excluding Covid-19 projects, the company expects revenue to reach between CNY38.3 billion and CNY40.5 billion (USD5.3 billion to USD5.6 billion), an increase of 3 to 9 percent from last year.

WuXi AppTec [SHA: 603259] closed 0.9 percent higher at CNY52.08 (USD7.20) in Shanghai today.

Editor: Emmi Laine