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WuXi PharmaTech Announces Second-Quarter 2010 Results
Date:8/1/2010

nufacturing Services and benefits of Lean Six Sigma programs undertaken in the United States. This gross margin improvement occurred in spite of a larger contribution from the relatively lower-margin Manufacturing Services business and increased expenses related to the ramp-up of the Suzhou toxicology facility.

Second-quarter 2010 non-GAAP operating income increased 32% year over year to $22.5 million, driven by the 23% increase in gross profit and lower operating expenses driven by cost control.

Second-quarter 2010 non-GAAP net income grew 12% year over year to $19.9 million due to the 32% increase in operating income, offset by an unfavorable change in other income (expenses) net and higher taxes. In second-quarter 2009, other income (expenses) net in second-quarter 2009 included gains from settlement of escrow shares of $1.7 million associated with the AppTec acquisition. The year-over-year increase in tax expense was mainly driven by higher 2010 China statutory tax rates compared to 2009 as a result of the income tax transitional phase-out rules in China.

Second-quarter 2010 non-GAAP diluted earnings per ADS increased 10% to 27 cents, mainly due to the 12% increase in net income.

2010 Financial Guidance

The Company is pleased to increase its guidance for full-year 2010 operating income and to reconfirm the rest of its previous financial guidance for 2010 provided on July 15, 2010. All comparative comments refer to year-over-year comparisons. The Company's current guidance for 2010 is as follows:

    -- Total net revenues of $320-325 million, which represents 19-20% growth
  
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SOURCE WuXi PharmaTech (Cayman) Inc.
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