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

arter 2011 non-GAAP gross margin decreased year over year to 38.5% from 39.8% mainly due to business mix, as our largest revenue growth occurred in our lower-margin Manufacturing Services business. Gross margin in Manufacturing Services, while lower than that in Laboratory Services, improved year over year due to increased capacity utilization in our large-scale manufacturing facility. Gross margin in Laboratory Services decreased year over year 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 non-GAAP operating income increased 13% year over year to $23.1 million, primarily due to the 12% increase in non-GAAP gross profit and growth in operating expenses driven by staff hiring in SG&A functions and higher labor costs.

First-quarter 2011 non-GAAP net income grew 17% year over year to $21.4 million due to a 13% increase in non-GAAP operating income and a favorable change in other income (expenses) net, offset by higher taxes. Higher taxes were the result of higher statutory tax rates in China and higher pretax income. Diluted non-GAAP earnings per ADS grew 16% year over year to 29 cents compared to 25 cents in first-quarter 2010, mainly due to the 17% increase in non-GAAP net income, offset by slightly higher share count due to exercise of stock options.

2011 Financial GuidanceThe company reconfirms all of its full-year 2011 financial guidance:

  • Total net revenues of $390-405 million, which represents 17-21% growth
  • Growth in net revenues of China-based Laboratory Services of 14-18%
  • Growth in net revenues of U.S.-based Laboratory Services of 8-10%
  • Growth in net revenues of Manufacturing Services of 50-60%
  • Decrease in gross margin of about 1 percentage point due to appreciation of the Chinese RMB relative to the
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  • SOURCE WuXi PharmaTech (Cayman) Inc
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