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WuXi PharmaTech Announces Second-Quarter 2014 Results
Date:8/13/2014

SHANGHAI, Aug. 13, 2014 /PRNewswire/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development services 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 2014. 

Second-Quarter 2014 Highlights

  • Net Revenues Increased 14.8% Year Over Year to $163.4 Million
  • Laboratory Services Net Revenues Grew 13.2% Year Over Year to $119.9 Million
  • China-Based Laboratory Services Net Revenues Increased 14.2% Year Over Year to $95.2 Million
  • U.S.-Based Laboratory Services Net Revenues Grew 9.6% Year Over Year to $24.7 Million
  • Manufacturing Services Net Revenues Increased 19.3% Year Over Year to $43.5 Million
  • GAAP Diluted Earnings Per ADS Remained Unchanged Year Over Year at $0.41
  • Non-GAAP Diluted Earnings Per ADS Increased 5.2% Year Over Year to $0.49
  • Full-Year 2014 Revenue and Diluted EPS Guidance Increased
  • Management Comment"WuXi PharmaTech had another solid performance in the second quarter," said Dr. Ge Li, Chairman and CEO of WuXi PharmaTech.  "We achieved record quarterly revenues, led by small-molecule manufacturing and biologics.  Our revenue growth was broad-based, with 19.3%, 14.2%, and 9.6% year-over-year growth in Manufacturing Services, China Lab Services, and U.S. Lab Services, respectively, and we exceeded our second-quarter guidance in revenues.

    "We also had a good quarter in profitability, exceeding our second-quarter guidance for non-GAAP diluted EPS and achieving the top of our guidance range for GAAP diluted EPS," Dr. Li continued.  "Gross margin in the second quarter reflected year-over-year improvement of more than one full percentage point, driven by productivity initiatives, effective cost control,
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    SOURCE WuXi PharmaTech
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