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

er tax benefit was recorded mainly due to the deferred tax impact from amortization of acquired intangible assets.

Second-quarter 2009 GAAP net income grew 72% year over year due to the 37% increase in net income from continuing operations and no losses from discontinued operations. Second-quarter 2008 GAAP net income included a loss from discontinued operations related to the biologics manufacturing business. There was no impact from discontinued operations in second-quarter 2009, as these operations had ceased. Second-quarter 2009 GAAP diluted earnings per ADS grew 72% year over year to 20 cents, compared to 12 cents in second-quarter 2008.

Non-GAAP Results

Non-GAAP financial results excluded the impact of share-based compensation expenses, amortization and the deferred tax impact of acquired intangible assets, and losses from discontinued operations.

Second-quarter 2009 non-GAAP gross profit decreased 6% year over year to $28.4 million, mainly due to a decline in the gross-profit contribution from Manufacturing Services due to lower revenues and lower gross margins, partially offset by the favorable impact of higher gross profit in the Laboratory Services business. Second-quarter 2009 non-GAAP gross margin declined year over year to 42% from 44% due to lower gross margin in the Manufacturing Services business from unfavorable project mix and inventory write-downs.

Second-quarter 2009 non-GAAP operating income declined 9% year over year to $17.1 million primarily due to the decline in non-GAAP gross profit. Operating expenses were essentially flat compared to the same period of 2008.

Second-quarter 2009 non-GAAP net income grew 7% year over year to $17.8 million due to a favorable change in other income (expenses) net, which more than offset the 9% decrease in non-GAAP operating income and higher taxes. Changes in other income (expenses) net and taxes are
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SOURCE WuXi PharmaTech (Cayman) Inc.
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