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ShangPharma Announces First Quarter 2011 Results
Date:5/19/2011

SHANGHAI, May 19, 2011 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced its financial results for its first quarter ended March 31, 2011.

To help management and investors gain a better understanding of ShangPharma's operating performance, the Company presents certain non-GAAP measures, each of which excludes expenses relating to or the effect of share-based compensation. See "About Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Data" below for more information about the non-GAAP financial measures included in this press release.

First Quarter 2011 Highlights

  • Net revenues increased by 25.6% year-over-year to $24.8 million, driven by an 18.1% increase in full-time-equivalent ("FTE") services and a 51.3% increase in fee-for service-based services.
  • The total number of customers increased to 282 from 237 as of December 31, 2010, mainly due to an increase in China-based customers.
  • China-based net revenues increased 185.9% year-over-year to $2.3 million
  • GAAP gross profit increased by 15.3% year-over-year to $8.0 million. GAAP gross margin was 32.3%, compared with 35.2% in the first quarter of 2010, primarily due to higher share-based compensation expenses.
  • Non-GAAP gross profit increased by 21.7% year-over-year to $8.6 million. Non-GAAP gross margin was 34.7% compared with 35.8% in the first quarter of 2010, and 34.5% for the full year of 2010.
  • GAAP net income increased by 10.2% year-over-year to $3.0 million. GAAP diluted earnings per ADS were $0.16, compared with $0.18 in the first quarter of 2010, primarily due to higher share-based compensation expenses.
  • Non-GAAP net income increased by 50.7% year-ov
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