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WuXi PharmaTech Announces Second-Quarter 2009 Results
Date:8/11/2009

-quarter 2009 GAAP gross profit increased 7% year over year to $27.1 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. Second-quarter 2009 GAAP gross margin improved year over year to 40% from 37%, mainly due to lower amortization expenses for acquired intangible assets as a result of a lower balance for these assets following impairment charges taken in fourth-quarter 2008. Gross margin from Laboratory Services improved year over year to 43% from 38%, also mainly due to lower intangible amortization. Partially offsetting this benefit, gross margin declined year over year in Manufacturing Services to 15% from 32% due primarily to unfavorable project mix and inventory write-downs.

Second-quarter 2009 GAAP operating income increased 22% year over year to $13.6 million due to the 7% increase in gross profit and a 5% decline in operating expenses. Second-quarter 2009 GAAP operating expenses declined 5% year over year to $13.4 million due to a 10% decline in general and administrative expenses resulting from cost control and improved operating efficiency, partially offset by a 29% increase in selling and marketing expenses resulting from expanded business development efforts.

Second-quarter 2009 GAAP net income from continuing operations increased 37% year over year to $14.7 million due to the 22% increase in operating income and a favorable change in other income (expenses) net, offset by higher tax expense. Other income (expenses) net in second-quarter 2009 included gains from foreign-exchange forward contracts of $0.3 million, compared to losses of $1.4 million on such contracts in second-quarter 2008. Taxes in second-quarter 2009 were $2.1 million, or 12% of pretax income. In the prior-year period, a larg
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SOURCE WuXi PharmaTech (Cayman) Inc.
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