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

.4% year over year to $24.1 million due to the 1.0% decrease in GAAP net income and unfavorable currency translation adjustments, offset by unrealized gains on available-for-sale securities.

Second-Quarter 2014 Non-GAAP ResultsNon-GAAP financial results exclude the impact of share-based compensation expenses and the amortization of acquired intangible assets and the associated deferred tax impact. 

Second-quarter 2014 non-GAAP gross profit increased 19.3% year over year to $63.2 million due to the 14.8% revenue growth and productivity improvement.  Non-GAAP gross margin increased year over year to 38.7% from 37.2% due to improved productivity, the ramp-up of biologics services, and the favorable impact of a depreciated RMB versus the U.S. dollar, offset by increased labor costs in China. 

Second-quarter 2014 non-GAAP operating income increased 13.8% year over year to $33.9 million due to the 19.3% increase in non-GAAP gross profit, partially offset by increased general and administrative expenses, including hiring of senior management, and R&D expenses in biologics, discovery biology, genomics, and other areas.  Non-GAAP operating margin decreased slightly to 20.8% from 20.9% due to increased general and administrative and R&D expenses, offset by the favorable impact of a depreciated RMB versus the U.S. dollar.

Second-quarter 2014 non-GAAP net income increased 4.5% year over year to $35.2 million due to the 13.8% year-over-year increase in non-GAAP operating income, a $2.2 million gain on the sale of an investment by the corporate venture fund, smaller equity-method investment losses from our joint ventures with PRA and MedImmune and other equity-method investments, and higher interest income due to higher cash balances and higher interest rates, partially offset by mark-to-market losses on foreign-exchange forward contracts of $2.5 million, compared to mark-to-market gains of $3.0 million in the second quar
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