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ShangPharma Announces Third Quarter 2012 Results
Date:11/20/2012

SHANGHAI, Nov. 20, 2012 /PRNewswire/ -- 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 third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Net revenues increased by 10.6% year-over-year to $31.9 million.
  • Net revenues from full-time-equivalent ("FTE")-based services increased by 14.6% year-over-year to $23.8 million.
  • Net revenues from the Company's top-10 customers increased by 11.3% year-over-year to $20.0 million, representing approximately 62.6% of total net revenues.
  • GAAP gross margin was 27.5%, compared with 31.2% in the third quarter of 2011. Non-GAAP gross margin was 28.1%, compared with 33.4% in the third quarter of 2011.
  • GAAP operating margin was 3.8%, compared with 7.2% in the third quarter of 2011. Non-GAAP operating margin was 7.7% compared with 13.4% in the third quarter of 2011.
  • Management Comment"During the third quarter, ShangPharma saw steady top-line growth in our drug discovery and development services, despite overall industry headwinds and R&D budget fluctuations," said Michael Xin Hui, founder and Chief Executive Officer of ShangPharma. "Our top customers have been especially keen to expand their scale and scope of business with us in areas like chemistry, biologics, biology, DMPK and integrated services, and we believe that this demand will be even stronger next year.

    "Our long-term investment strategy focused on higher-value services has enabled us to establish leadership in key areas, while reducing the impact of crowding in the market for more mature service offerings," Mr. Hui continued. "During the third quarter, our biologics team moved into a new state-of-the-art R&D facility, enab
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    SOURCE ShangPharma Corporation
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