"WuXi had a strong fourth quarter and a successful 2009," said Dr. Ge Li, Chairman and Chief Executive Officer. "We achieved all of our publicly stated financial goals. We were able to achieve solid revenue growth in 2009, led by a strong performance by our China-based Laboratory Services business, which achieved revenues at the top of its guidance range. Full-year 2009 adjusted EBITDA(1) exceeded our expectations.
"We expect another good year in 2010. We are targeting 2010 revenues to grow 15-19% above 2009 levels, driven by 13-16% growth in revenues of our China-based Laboratory Services business and an improving Manufacturing Services business. We believe that these rates of growth remain at or near the top of our industry. At the same time, 2010 will be a transition year, as we continue to invest in our China-based Laboratory Services, large-scale manufacturing, and toxicology businesses. In spite of these investments, operating income in 2010 will grow by up to 10%. We expect these investments will drive accelerating growth in revenues and operating income in 2011 and beyond.
|SOURCE WuXi PharmaTech (Cayman) Inc.|
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