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ShangPharma Announces First Quarter 2012 Results
Date:5/17/2012

SHANGHAI, May 17, 2012 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced its unaudited financial results for the first quarter ended March 31, 2012.

To help management and investors gain a better understanding of ShangPharma's operating performance, the Company presents certain non-GAAP measures, each of which excludes expenses relating to or the effect of share-based compensation. See "About Non-GAAP Financial Measures" and "Reconciliation of Unaudited GAAP to Non-GAAP Financial Data" below for more information about the non-GAAP financial measures included in this press release.

Beginning in the first quarter 2012, in accordance with Accounting Standards Update 2011-05, the Company is presenting other comprehensive income and its components in the unaudited condensed consolidated Statement of Comprehensive Income. Other comprehensive income mainly consists of currency translation adjustments relating to translating some of our subsidiaries' financial statements from their functional currency to our reporting currency, which is in the United States dollar. The functional currency of our main subsidiaries in China is the RMB.  

First Quarter 2012 Highlights

  • Net revenues increased by 24.1% year-over-year to $30.8 million.
  • Net revenues from the Company's top-10 customers increased by 33.3% year-over-year to $20.2 million, representing approximately 65.7% of total net revenues.
  • Net revenues from full-time-equivalent ("FTE")-based services increased by 30.3% year-over-year to $23.6 million.
  • GAAP gross margin was 30.2%, compared with 32.3% in the first quarter of 2011. Non-GAAP gross margin was 31.1%, compared with 34.7% in th
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  • SOURCE ShangPharma Corporation
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