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ShangPharma Announces Second Quarter 2011 Results
Date:8/22/2011

ories as well as major multinational biotech and pharmaceutical companies' Chinese R&D centers.  In light of the Chinese government's rising support of locally-developed drugs and more R&D investment into China by global pharmaceutical and biotech companies, the Company anticipates its China business will continue to grow and become a larger percentage of total revenues.

Revenue from the Company's top-10 customers increased by 24.4% compared with the same period last year, and accounted for 61.8% of the total revenue compared with 62.6% in the same quarter last year.  The increase in top-10 customers' revenue has further demonstrated our continued efforts and commitments to become preferred business partners with global leading pharmaceutical and biotech companies.  In addition, percentage of revenue from top-10 customers as of total revenue has continued to decrease due to the very strong increase in revenue contribution from China-based clients and increased diversification of the customer base.

Net revenues from full-time-equivalent ("FTE")-based services were $19.7 million, an increase of 26.5% from $15.6 million in the second quarter of 2010, primarily due to an increase in FTE numbers and higher FTE rates.

Net revenues from fee-for-service-based services were $7.8 million, an increase of 24.9% from $6.2 million in the second quarter of 2010.  The rise was primarily driven by the Company's service offerings including discovery biology, preclinical development and newer biologics services. The growth in fee-for-service-based revenues reflects the Company's ability to cross-sell more services to existing customers as well as strong demand from new customers.  The Company also saw strong demand from customers that use multiple services.

Gross profit was $9.1 million, an increase of 23.6% from $7.4 million in the second quarter of 2010, primarily due to the increase in revenues, operational efficie
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SOURCE ShangPharma Corporation
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