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

s in fourth-quarter 2009 of $0.4 million resulted from a write-off of certain obsolete assets and impairment of certain assets held for sale. Fourth-quarter 2009 GAAP diluted earnings per ADS was 16 cents, compared to a loss of $1.42 in fourth-quarter 2008.

GAAP Results -- Full-Year 2009

Full-year 2009 net revenues increased 7% year over year to $270.0 million due to 22% growth in Laboratory Services net revenues, partially offset by a 58% decline in Manufacturing Services net revenues. Revenue growth was strong in both discovery chemistry and newer laboratory services, such as discovery biology, DMPK/ADME, formulation, and bio-analytical services. Growth was achieved under both full-time-equivalent and fee-for-service contracts.

Full-year 2009 GAAP gross profit increased 13% year over year to $108.4 million, mainly due to an increased contribution from Laboratory Services, driven by both revenue growth and gross-margin improvement, offset by a decline in the gross-profit contribution of Manufacturing Services from lower revenues and lower gross margin. Full-year 2009 GAAP gross margin improved year over year to 40.1% from 38.0%, mainly due to lower amortization expenses for a
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SOURCE WuXi PharmaTech (Cayman) Inc.
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