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WuXi PharmaTech Announces Second Quarter 2007 Results
Date:9/5/2007

to expeditiously deliver quality results to customers. As we continue to implement our growth strategy of becoming a full service provider of drug R&D outsourcing services, we are making steady progress in the expansion of the Jinshan manufacturing facility and the design of our new preclinical drug safety evaluation center in Suzhou."

Second Quarter 2007 Unaudited Financial Results

Net Revenues. Net revenues amounted to US$30.2 million in the second quarter of 2007, compared to US$15.2 million for the second quarter of 2006, representing an increase of 99.3%, primarily attributable to increased business volume and the expansion of services and capacities. Net revenues from laboratory services increased by 102.1% from US$12.4 million in the second quarter of 2006 to US$25.1 million in the second quarter of 2007. This increase was a result of an increased number of projects and expanded laboratory service offerings. Net revenues from research manufacturing increased 86.8% over the second quarter of 2006 to US$5.1 million. Research manufacturing increased on an annualized basis as the Company has expanded and ramped up manufacturing capabilities.

Gross Profit. Gross profit increased 118.0% to US$15.3 million in the second quarter of 2007, compared to US$7.0 million in the second quarter of 2006. Second quarter 2007 gross profit reflects laboratory services cost of revenues of $11.8 million, compared to $5.7 million in the second quarter of 2006, and research manufacturing cost of revenues of $3.2 million, compared to $2.4 million in the second quarter of 2006. Overall gross margin was 50.5% in the second quarter of 2007, up from 46.2% in the second quarter of 2006. The increase was primarily due to the improvement in our research manufacturing gross margins of 37.7% in the second quarter of 2007, compared to 11.2% in the same period of 2006, as at that time we had expanded our manufacturing capacity but had not yet ramped up production.

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SOURCE WuXi PharmaTech (Cayman) Inc.
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