WuXi PharmaTech Announces Fourth-Quarter and Full-Year 20...(be comparable to 2008 U.S. testing net r...)

"We expect 2009 adjusted EBITDA to be relatively flat with 2008 adjusted EBITDA of $72 million. This includes benefit from growth of the overall business and discontinuation of the loss-making biologics manufacturing business, which is offset by a margin decline from investments we will make in the business in 2009. These investments include opening of the new Suzhou facility, whose operating expenses will precede revenues as this facility prepares to become operational. We are also incurring additional rental and overhead expenses relating to newly leased laboratories in Shanghai and Tianjin. To minimize the decline in margins due to these investments, we will maintain strict cost control throughout the company.

"We project capital expenditures of $50-$60 million in 2009, mainly relating to equipment purchases for expanding China-based Laboratory Services and non-construction costs relating to the Suzhou and Jinshan facilities. These capital expenditures will be funded primarily from operating cash flow," Mr. Hu concluded.

    (1) On December 2, 2008, the Company announced the discontinuation of its
        biologics manufacturing operation.  As a result, this line of business
        has been treated as a discontinued operation in the financial
        statements that accompany this press release.  Certain results for the
        total company, however, have been provided to assist the reader in
        understanding the overall results of the company relative to the
        guidance for full-year 2008 that was provided by the Company on
        October 14, 2008, and reconfirmed on November 12, 2008.  As such, the
        term "total company" as used in this press release includes both
        continuing and discontinued operations.

    (2) Our targeted net revenue of $265 million to $275 million in 2009
        compare with $258.5 million in 200
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SOURCE  WuXi PharmaTech (Cayman) Inc.
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