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ShangPharma Announces Fourth Quarter and Fiscal Year 2010 Results
Date:3/15/2011

SHANGHAI, March 15, 2011 /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 financial results for its fourth quarter and the fiscal year ended December 31, 2010.

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 IPO bonuses and expenses relating to or the effect of share-based compensation. See "About Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Data" below for more information about the non-GAAP financial measures included in this press release.

Fourth Quarter 2010 Highlights

  • Net revenues increased by 29.4% year-over-year to $25.6 million, driven by a 17.5% increase in full-time-equivalent ("FTE") services and a 67.9% increase in fee-for-service-based services.
  • GAAP gross profit increased by 28.1% year-over-year to $8.3 million. GAAP gross margin was 32.3%, down from 32.6% in the fourth quarter of 2009.
  • Non-GAAP gross profit increased by 35.3% year-over-year to $8.8 million. Non-GAAP gross margin was 34.4%, up from 32.9% in the fourth quarter of 2009.
  • GAAP profit from operations decreased 65.7% year-over-year to $0.9 million, primarily due to higher share-based compensation expenses. GAAP operating margin was 3.6%, down from 13.5% in the fourth quarter of 2009.
  • Non-GAAP profit from operations increased by 54.2% year-over-year to $4.3 million. Non-GAAP operating margin was 16.7%, up from 14.0% in the fourth quarter of 2009.
  • GAAP net income slightly increased 1.3% year-over-year to $2.5 million. GAAP diluted earnings per ADS were $0.14, compared to $0.16 in the fourth quarter of 2009, primarily due
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  • SOURCE ShangPharma Corporation
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