WuXi PharmaTech Announces Fourth-Quarter and Full-Year 20...(ficer of WuXi PharmaTech. At the same ...)

Date:3/25/2009

ficer of WuXi PharmaTech. "At the same time, it was a year of substantial accomplishment for our company. For full-year 2008, we met our revised guidance for total company(1) net revenue and adjusted EBITDA. Our core China-based Laboratory Services business continued to achieve strong revenue and profitability growth. We deepened our customer relationships, which include virtually all of the world's largest pharmaceutical companies and many other highly innovative pharmaceutical and medical device companies. We signed new expansion agreements with a number of our pharmaceutical partners. And we made significant progress in building new capabilities in toxicology and manufacturing.

"Throughout its history, WuXi PharmaTech has driven growth by adding new capabilities. In 2008, we acquired AppTec, Inc., to offer our life science customers a broader range of services. In retrospect, we wish we had foreseen the unprecedented economic downturn and credit freeze that severely impacted many of AppTec's customers and, as a result, negatively impacted AppTec's 2008 results, particularly in biologics manufacturing. Faced with the reality that biologics manufacturing would not recover in the foreseeable future, and attentive to shareholder interests, we discontinued this operation in December 2008. The continuing U.S.-based testing business is profitable.

"We look forward to 2009 as a year of continued growth in our Laboratory Services business and of continued investment in building new capabilities to sustain growth in 2010 and beyond. We will concentrate our investment in three areas: First, we are building our talent pool of scientists to support the growing demand for our laboratory services from our customers. Second, we are investing in our toxicology facility in Suzhou, with the aim of starting to provide non-GLP toxicology services in the second half of 2009 and GLP toxicology services in mid-2010. And thi
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SOURCE WuXi PharmaTech (Cayman) Inc. Copyright©2009 PR Newswire. All rights reserved

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