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WuXi PharmaTech Announces Second-Quarter 2012 Results
Date:8/13/2012

er. While we produced these strong results, we continued to invest in new facilities and talented employees to drive future growth. We also returned capital to shareholders by repurchasing $10.2 million of our ADSs in the second quarter. We expect the remainder of 2012 to be successful, and we are pleased to raise our full-year net revenue guidance to the range of $488 to $498 million.

"WuXi continues to build a comprehensive and integrated technology platform and service offerings that will enable anyone and any company to discover and develop new products efficiently and cost-effectively," Dr. Li concluded. "By building high-quality operations to better serve our customers, WuXi has become the leader in the Chinese pharmaceutical R&D services industry. We are well-positioned to take advantage of the trend of increasing pharmaceutical research and development outsourcing."

Second-Quarter GAAP ResultsSecond-quarter 2012 net revenues increased 28.9% year over year to $130.4 million due to strong growth in both Manufacturing Services and Laboratory Services. Manufacturing Services revenue growth was driven by robust demand for clinical-trial materials from our research manufacturing business and for advanced intermediates in our commercial manufacturing business. Revenue growth in Laboratory Services was driven by our comprehensive and integrated discovery and development services, with particularly strong growth in analytical development services, DMPK/ADME, biology, formulation, toxicology, and bioanalytical services in China and increased demand for testing services in the United States for both biologics and medical devices.  

Second-quarter 2012 GAAP gross profit increased 20.4% year over year to $46.5 million mainly due to 28.9% revenue growth. Second-quarter 2012 GAAP gross margin decreased year over year to 35.7% from 38.2%. Gross margin in Laboratory Services decreased year over year to 36.7% fr
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SOURCE WuXi PharmaTech (Cayman) Inc.
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