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WuXi PharmaTech Announces Second Quarter 2011 Results
Date:8/10/2011

SHANGHAI, Aug. 10, 2011 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for the second quarter of 2011.

Highlights

  • WuXi PharmaTech Quarterly Net Revenues Exceeded $100 Million for the First Time
  • Second-Quarter 2011 Net Revenues Increased 24.8% Year Over Year to $101.1 Million
  • Laboratory Services Net Revenues Grew 10.3% Year Over Year to $80.1 Million
  • China-Based Laboratory Services Net Revenues Increased 14.5% Year Over Year to $60.3 Million
  • Manufacturing Services Net Revenues Grew 148.7% Year Over Year to $21.0 Million
  • GAAP Diluted Earnings Per ADS Grew 34.2% Year Over Year to 25 Cents
  • Non-GAAP Diluted Earnings Per ADS Increased 9.3% Year Over Year to 29 Cents

  • Management Comment"WuXi delivered strong revenue and income growth in the second quarter," said Dr. Ge Li, Chairman and Chief Executive Officer.  "For the first time in our company's history we topped $100 million in quarterly net revenues. Total net revenues and GAAP diluted EPS grew 24.8% and 34.2%, respectively.  At the same time, we continued to invest in new capabilities and capacity to better serve our customers and to sustain future growth.

    "WuXi met or exceeded its financial guidance for the quarter.  Revenues grew to $101.1 million, versus our guidance of $97-99 million. Net revenues in both Laboratory Services and Manufacturing Services exceeded our guidance.  GAAP and non-GAAP operating margins were comparable to those in the first quarter, as we expected.

    "We are particularly pleased with the strong performance of our Manufacturing Services business this y
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    SOURCE WuXi PharmaTech (Cayman) Inc
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