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

me quarter last year. The growth was a result of global leading pharmaceutical and biotech companies expanding their scope of work and business volumes with the Company. This increase was driven by our investments in expanding our facilities and adding new capabilities during 2011. The growth demonstrates progress in our continued efforts to become a preferred business partner of global leading pharmaceutical and biotech companies.

Net revenues from FTE-based services were $23.6 million, an increase of 30.3% from $18.1 million in the first quarter of 2011. This was primarily due to an increase in volume.

Net revenues from fee-for-service-based services were $7.2 million, an increase of 7.4% from $6.7 million in the first quarter of 2011. This was primarily driven by successful service cross-selling and increased demand for our newer services, which are more typically covered by fee-for-service contracts, including preclinical development and biologics. The increase in net revenues from fee-for-service-based services was partially offset by the impact of our strategy to gradually transfer more discovery biology contracts from fee-for-service based to FTE-based contracts, which provides us with greater visibility.

Gross profit was $9.3 million, an increase of 16.2% from $8.0 million in the first quarter of 2011. This was primarily due to an increase in net revenues, lower share-based compensation expenses, lower material costs as a percentage of total net revenues resulting from a change in service mix, as well as cost savings resulting from the value-added-tax ("VAT") reform in Shanghai effective January 1, 2012. These factors were partially offset by the costs associated with our new facilities, some of which have not yet reached full utilization. More specifically, the manufacturing business operating at our Fengxian facility will take some time to reach full utilization, and the facility which we took over from Charles River in Novemb
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