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WuXi PharmaTech Announces First-Quarter 2011 Results
Date:5/10/2011

SHANGHAI, May 10, 2011 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for first-quarter 2011.

Highlights

  • First-Quarter 2011 Net Revenues Increased 16% Year Over Year to $93.6 Million
  • Laboratory Services Net Revenues Grew 12% Year Over Year to $75.2 Million
  • China-Based Laboratory Services Net Revenues Increased 12% Year Over Year to $56.1 Million
  • U.S.-Based Laboratory Services Net Revenues Increased 12% Year Over Year to $19.1 Million
  • Manufacturing Services Net Revenues Grew 35% Year Over Year to $18.3 Million, Driven by Commercial Manufacturing
  • GAAP Diluted Earnings Per ADS Grew 16% Year Over Year to 24 Cents
  • Non-GAAP Diluted Earnings Per ADS Increased 16% Year Over Year to 29 Cents
  • Company Reconfirms 2011 Financial Guidance

  • Management Comment"WuXi began 2011 with a strong performance," said Dr. Ge Li, Chairman and Chief Executive Officer. "We achieved double-digit revenue and EPS growth, while we continued to invest in new capabilities and capacity to better serve our customers.

    "WuXi exceeded its financial guidance for the quarter. Revenues grew 16%, versus guidance of 13-15% growth. GAAP and non-GAAP operating margin of 21% and 25%, respectively, exceeded our guidance of 20% and 24%. All of our businesses contributed to this strong revenue and margin performance.

    "We continue to expect 2011 to be a strong year for WuXi, with revenue growth of 17-21% and stable margins despite an environment of RMB appreciation and labor cost inflation in China. WuXi is rapidly expanding its new Laboratory Services businesses and is positioned to reap the benefits
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    SOURCE WuXi PharmaTech (Cayman) Inc
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