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

business mix, as our highest rate of revenue growth occurred in our relatively lower-margin Manufacturing Services business. Gross margin in Manufacturing Services, while lower than that in Laboratory Services, improved year over year to 26.7% from 19.9% due to strong revenue growth and increasing capacity utilization in our large-scale manufacturing facility. Gross margin in Laboratory Services decreased year over year to 39.6% from 41.4% due to higher labor costs, the negative impact from appreciation of the Chinese RMB relative to the U.S. dollar, and increased depreciation expenses from investments in new capabilities and capacity expansion.

First-quarter 2011 GAAP operating income grew 14% to $19.8 million due to the 14% increase in gross profit and 15% growth in operating expenses driven by staff hiring in SG&A functions and higher labor costs.

First-quarter 2011 GAAP net income increased 17% to $18.2 million due to the 14% increase in operating income and a favorable change in other income (expenses) net, offset by higher taxes. Other income (expenses) net in first-quarter 2011 included foreign-exchange gains of $1.2 million compared to foreign-exchange losses of $0.4 million in first-quarter 2010. Higher taxes were the result of higher statutory tax rates for two of our China legal entities and higher pretax income.

First-quarter 2011 GAAP diluted earnings per ADS increased 16% to 24 cents, mainly due to the 17% increase in net income, offset by slightly higher share count due to exercise of stock options.

Non-GAAP ResultsNon-GAAP financial results excluded the impact of share-based compensation expenses and the amortization of acquired intangible assets and the associated deferred tax impact.

First-quarter 2011 non-GAAP gross profit increased 12% year over year to $36.0 million due to revenue growth in Laboratory Services and both strong revenue growth and gross-margin improvement in Manufacturing Services. First-qu
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SOURCE WuXi PharmaTech (Cayman) Inc
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