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WuXi PharmaTech Announces First Quarter 2008 Results

First Quarter Revenues Up 69% and Net Income Up 132% Year-Over-Year

SHANGHAI, China, May 27 /Xinhua-PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading pharmaceutical, biotechnology and medical device research and development outsourcing company with operations in China and the United States, today announced its selected unaudited financial results for the first quarter ended March 31, 2008.
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First Quarter 2008 Highlights:

Compared with first quarter 2007 results,

-- Total net revenues increased 68.7% to $57.1 million.

-- Net revenues from laboratory services increased 77.4% to $38.5 million.

-- Net revenues from manufacturing services increased 53.3% to $18.6


-- Net income increased 131.9% to $13.9 million.

-- Non-GAAP net income, as defined below, increased 85.3% to $17.3 million.

-- Diluted earnings per American Depositary Share ("ADS") were $0.19.

Non-GAAP diluted earnings per ADS were $0.24.

Commenting on the first quarter 2008 results, Dr. Ge Li, Chairman and Chief Executive Officer of WuXi PharmaTech said, "I am very pleased to report an outstanding first quarter for WuXi PharmaTech. This quarter marked the beginning of a new phase as a global company following the acquisition of AppTec. Compared to the first quarter 2007, we delivered solid top- and bottom-line growth, demonstrating our ability to consistently execute on our strategy.

"The integration of our US- and China-based operations is progressing as planned. Under a new global organizational structure, al

SOURCE WuXi PharmaTech
Copyright©2008 PR Newswire.
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