WuXi PharmaTech Announces Third Quarter 20...(uation center in Suzhou. In the thirdqua...),Health

Date:11/12/2007

uation center in Suzhou. In the third quarter, our interim animal facility in Suzhou has started operations. Looking forward, we will continue to invest in our capabilities and capacity to offer fully integrated drug discovery and development services to drive future long-term growth and create value to our customers and shareholders.

"Our strong financial performance over the first nine months of this year leads us to raise our full-year 2007 revenue target to the range of $131 million to $135 million, representing 87% to 93% increase over full year of 2006."

Third Quarter 2007 Unaudited Financial Results

Net Revenues.

Net revenues grew 77.8% to $34.0 million in the third quarter of 2007, compared to $19.2 million for the third quarter of 2006, primarily attributable to increased business volume and expansion of services and capacities. Net revenues from laboratory services increased by 59.1% to $26.7 million in the third quarter of 2007 from $16.8 million in the third quarter of 2006. The revenue increase in laboratory services is primarily driven by the strong growth of our core discovery chemistry services. Net revenues from research manufacturing increased by 211.8% to $7.3 million in the third quarter of 2007 from $2.3 million in the third quarter of 2006, primarily attributable to expanded collaborations with our customers.

Gross Profit.

Gross profit increased 76.4% to $16.0 million in the third quarter of 2007, compared to $9.1 million in the third quarter of 2006. The cost of revenues for laboratory services and research manufacturing were $13.8 million and $4.2 million, respectively, in the third quarter of 2007, compared to $8.0 million and $2.1 million in the third quarter of 2006, respectively. Overall gross margin was 47.0% in the third quarter of 2007, slightly down from 47.4% in the third quarter of 2006.

Laboratory service gross margin was 48.2% in the third quarter of 2007, decreased by 4.1% comparing to th
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SOURCE WuXi PharmaTech (Cayman) Inc. Copyright©2007 PR Newswire. All rights reserved

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