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WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2012 Results, Share Repurchase Program
Date:3/7/2013

nagement Comment"WuXi is succeeding on three fronts: growing, investing to sustain our growth, and returning capital to shareholders," said Dr. Ge Li, Chairman and Chief Executive Officer.  "We achieved strong double-digit revenue growth in the fourth quarter and full year of 2012.  We also achieved double-digit growth in earnings per ADS in 2012.  We continued to invest to build capabilities and capacity in order to sustain revenue and earnings growth for the long term.  While growing and investing, we generated strong free cash flow that allowed us to purchase our shares.

"I am proud of what we accomplished in 2012," Dr. Li continued.  "Revenue growth of 22.8% to about $500 million was driven by continuing growth in demand for WuXi's services in all of our businesses.  In February, we opened a chemistry facility in Wuhan to give our customers a new pricing option.  In October, we began operation of a new cGMP drug-substance biologics manufacturing facility in Wuxi.  We signed many new contracts in biologics, including a joint venture with MedImmune to co-develop their anti-IL6 monoclonal antibody for the China market. We delivered nine small molecule preclinical drug candidates for our clients.  We produced advanced intermediates for five commercial products and grew our late-stage manufacturing pipeline.  The company entered into an agreement to form a joint venture with PRA to offer clinical research services in China.  We purchased 7% of our ADSs outstanding at the beginning of the year.  WuXi achieved year-over-year growth in GAAP diluted EPS of 10.8% and in non-GAAP diluted EPS of 13.3%.  And we continued to invest in building new capabilities and capacities with $67.8 million in new capital assets, to drive future revenue and income growth.

"2013 looks to be another good year.  We expect 13-15% revenue growth, driven by increasing demand across our service offerings.  In
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SOURCE Wuxi PharmaTech Co. Ltd.
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