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

hangPharma. "During the third quarter, we made a critical investment in a new facility, which is fully dedicated to one of our top customers. We expect the near-term margin pressure from this investment to be offset by rapid utilization and additional revenue beginning from 2012."

Mr. Hui continued, "We saw excellent revenue growth from our biggest multinational pharmaceutical and biotechnology customers, which expanded at a year-on-year rate of 24.3%. Based on our current pipeline of projects, we expect to experience continued strong growth in 2012. We also saw highly encouraging growth from our China-based customers, which more than doubled from the third quarter of 2010. Our success on these two fronts demonstrates strong execution on our strategy to expand cooperation with large multinationals, while diversifying our customer base at the same time."

William Dai, Chief Financial Officer, added, "In the third quarter, ShangPharma did an excellent job of managing our costs, while also experiencing 15.4% revenue per employee productivity gains. Excluding costs associated with the new facility for one of our largest customers, non-GAAP operating margins remained largely stable year-on-year."

Third Quarter 2011 ResultsNet revenues were $28.8 million, an increase of 24.7% from $23.1 million in the third quarter of 2010, primarily due to higher volumes from the Company's top customers, an increase in the size of the customer base and greater cross-selling of services.During the quarter, the Company's customer base grew to 362 customers, an increase from 237 customers as of December 31, 2010 and 316 as of June 30, 2011.

Revenue from customers based in China rose by 105.9%.  The growth came both from local pharmaceutical companies and smaller domestic laboratories, as well as major multinational biotech and pharmaceutical companies' R&D centers in China.

Revenue from the Company's top-10 custo
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SOURCE ShangPharma Corporation
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