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

due to improved productivity, partially offset by the effects of increasing labor costs in China, appreciation of the RMB versus the U.S. dollar, investments in new businesses, and lower pricing in chemistry services.  Gross margin in Manufacturing Services decreased year over year to 24.2% from 29.6% mainly due to lower capacity utilization in our commercial manufacturing business. 

Fourth-quarter 2012 GAAP operating income increased 16.5% year over year to $23.6 million due to the 14.6% increase in gross profit, slower growth in operating expenses, particularly general and administrative expenses, and revaluation of contingent consideration relating to the Abgent acquisition, offset by impairment charges for goodwill and intangible assets relating to Abgent.  Operating margin increased slightly to 18.7% from 18.6% due to the slower growth in operating expenses, partially offset by lower gross margin.

Fourth-quarter 2012 GAAP net income increased 1.4% year over year to $23.8 million due to the 16.5% year-over-year increase in operating income, offset by a 33.6% decrease in other income / (expenses), net, which was driven by lower gains on foreign-exchange forward contracts of $3.0 million, and a 15.1% increase in income tax expense driven by income mix.

Fourth-quarter 2012 GAAP diluted earnings per ADS increased 6.5% to $0.33 due to a lower ADS count caused by the company's purchase of 2,846,375 ADSs from General Atlantic in February 2012 and of 2,138,993 ADSs, at an average price of $14.03 per ADS, in the open market during the second and third quarters of 2012.

Fourth-quarter 2012 GAAP comprehensive income increased 3.6% year over year to $27.9 million due to the increase in currency translation adjustments and the 1.4% increase in GAAP net income.

Full-Year GAAP ResultsFull-year 2012 net revenues increased 22.8% year over year to $499.9 million.  Revenue growth in Laboratory Services of 22.9% was driven b
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SOURCE Wuxi PharmaTech Co. Ltd.
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