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

ng Expenses. Operating expenses, consisting of selling and marketing expenses and general and administrative expenses, increased by 41.6% from US$5.5 million in the second quarter of 2006 to US$7.8 million in the second quarter of 2007. This increase was primarily due to business expansion. Operating expenses as a percentage of total net revenues decreased from 36.2% in the second quarter of 2006 to 25.7% in the second quarter of 2007.

Share-Based Compensation Expenses. The Company's share-based compensation expenses, which were allocated to related expense line items, decreased in aggregate by US$1.7 million in the second quarter of 2007 from the second quarter of 2006.

Net Income. Net income increased by 482.1% from US$1.2 million for the second quarter of 2006 to US$7.1 million for the second quarter of 2007. Net income excluding share-based compensation expenses (non-GAAP) for the second quarter of 2007 was US$8.6 million, a 96.7% increase compared to the non-GAAP net income of $4.4 million from second quarter of 2006. Diluted earnings per ADS was US$0.11 for the second quarter of 2007. Diluted earnings per ADS excluding share-based compensation expenses (non-GAAP) was US$0.13 for the second quarter of 2007.

Cash Flow. As of June 30, 2007, the Company had a cash balance of US$48.5 million. Net cash inflow from operating activities was US$13.0 million in the second quarter of 2007, compared to an inflow of US$15.5 million in the first quarter of 2007.

Initial Public Offering. On August 9, 2007, WuXi PharmaTech successfully completed its initial public offering ("IPO") of 15,167,326 American Depositary Shares ("ADSs"), including 1,978,347 ADSs issued in connection with the exercise of the over-allotment option in full. Each ADS represents eight of our ordinary shares.

In addition, upon the consummation of the IPO, 216,498,550 preference shares that were classified as mezzanine equity as of June 30, 2007, were automatically converted o
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SOURCE WuXi PharmaTech (Cayman) Inc.
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