WuXi PharmaTech Announces Fourth Quarter and Full Year 20...(ased by 283.0% to $33.9 millioncompared ...)

Date:3/12/2008

ased by 283.0% to $33.9 million, compared to $8.9 million in 2006. Net profit margin for the year increased to 25.1% from 12.7% in 2006. Non-GAAP net income excluding share-based compensation expenses for the full year 2007 grew by 158.5% to $44.6 million, compared to the non-GAAP net income of $17.3 million from the full year 2006. Diluted earnings per ADS for 2007 were $0.42 and diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) were $0.59 for 2007.

2007 Business Updates

Laboratory services -- Our new offerings in toxicology and formulation services since late 2007 have been well received by our customers. We have already received contracts and anticipate seeing gradual revenue growth from these services.

R&D Facilities -- Total square footage of our laboratory facilities increased 326,200 square feet in 2007.

Jinshan Facility -- Construction of the Jinshan expanded facility is on schedule. We anticipate the facility will be ready for production in the second half of 2008.

Suzhou Facility -- Construction on our GLP (Good Laboratory Practice) facility based in Suzhou, China, which began in the third quarter 2007, remains on track. We continue to expect the facility to come on line in 2009.

Progress on AppTec Integration

The acquisition of AppTec Laboratory Services is focused on driving revenue synergies and complementing our existing chemistry-based services with manufacturing and testing services for biologics and medical device clients, along with providing us with a significant US operational footprint.

The acquisition was completed on January 31, 2008. We continue to make progress on integration activities.

Management -- Retaining key AppTec management is one of our primary goals. All of the key senior management members identified prior to the completion of the acquisition have decided to stay and signed employment agreements. The retention of key executives provides c
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SOURCE WuXi PharmaTech (Cayman) Inc. Copyright©2008 PR Newswire. All rights reserved

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