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WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2009 Results
Date:3/8/2010

to the 44% increase in gross profit, a 5% decrease in SG&A expenses, and a $60.5 million impairment charge relating to the AppTec acquisition recorded in the prior-year period.

Fourth-quarter 2009 GAAP net income from continuing operations was $12.5 million compared to a loss of $49.2 million in the prior-year period due to the improvement in operating income, offset by higher taxes and an unfavorable change in other income (expenses) net. Higher taxes were mainly the result of tax benefits in the prior year related to impairment charges for AppTec. Other income (expenses) net in fourth-quarter 2009 included foreign-exchange losses of $0.2 million, compared to $1.0 million of foreign-exchange gains in fourth-quarter 2008.

Fourth-quarter 2009 GAAP net income was $12.1 million compared to a loss of $93.9 million in the prior-year period due to the improvement in net income from continuing operations and a smaller loss from discontinued operations. Fourth-quarter 2008 GAAP net income included a loss from continuing operations of $49.2 million and an after-tax loss from discontinued operations of $44.6 million related to the closedown of the biologics manufacturing operation in our Philadelphia facility. The loss from discontinued operation
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SOURCE WuXi PharmaTech (Cayman) Inc.
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