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ShangPharma Announces Third Quarter 2011 Results
Date:11/21/2011

SHANGHAI, Nov. 21, 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 unaudited financial results for the quarter ended September 30, 2011.

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 GAAP to Non-GAAP Financial Data" below for more information about the non-GAAP financial measures included in this press release.

Third Quarter 2011 Highlights

  • Net revenues increased by 24.7% year-over-year to $28.8 million.
  • Net revenues from China-based customers increased by 105.9% year-over-year to $3.1 million.
  • GAAP gross margin was 31.2%, compared with 32.5% in the third quarter of 2010. Non-GAAP gross margin was 33.4% compared with 33.3% in the third quarter of 2010.
  • GAAP operating margin was 7.2%, compared with 13.4% in the third quarter of 2010. Non-GAAP operating margin was 13.4% compared with 14.6% in the third quarter of 2010, primarily due to the additional rental costs associated with our new facility dedicated to one of our top customers.
  • Revenue per employee increased 15.4% year-over-year.
  • Revenue from biologics services grew 184.5% year-over-year.

  • Management Comment"We experienced robust top-line growth in Q3, as increasing customer appreciation of ShangPharma's integrated service platform and upgrades to our facilities and service quality have enabled us to improve our pricing structure for some projects," said Michael Xin Hui, founder and Chief Executive Officer of S
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    SOURCE ShangPharma Corporation
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