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WuXi PharmaTech Announces Third-Quarter 2010 Results
Date:11/9/2010

d for our broad-based and integrated drug discovery and development services. Growth in Manufacturing Services net revenues reflected higher demand for pharmaceutical advanced intermediates and active ingredients.

Third-quarter 2010 GAAP gross profit increased 4% year over year to $29.8 million, mainly due to increased revenues, partially offset by increased expenses, including depreciation expense, relating to the large-scale manufacturing facility in Jinshan, the toxicology facility in Suzhou, and new pharmacology/DMPK/chemistry laboratories in Shanghai. Laboratory Services gross profit increased 4% year over year to $28.6 million and Manufacturing Services gross profit was essentially unchanged year over year at $1.2 million. In addition, third-quarter 2010 GAAP gross profit was reduced by $3.1 million in transaction-related bonuses paid to scientist employees after the termination of the Charles River transaction.  These bonuses rewarded our employees' dedication to serving customers during the pendency of the previously proposed transaction.  Third-quarter 2010 GAAP gross margin declined year over year to 35.6% from 41.1%, mainly due to these bonuses (3.7 percentage-point impact) and the increase in depreciation and other operating expenses of the large-scale manufacturing and toxicology facilities and the new pharmacology/DMPK/chemistry laboratories. The company expects the full-year 2010 GAAP gross margin to decline about 2 percentage points.

Third-quarter 2010 GAAP operating income increased 31% year over year to $19.2 million, mainly due to strong revenue growth and lower general and administrative expenses. Of the $30 million termination fee that we received from Charles River, $5 million was used to offset the merger-related costs in general and administrative expenses ($2.9 million was incurred and recorded in second-quarter 2010 and $2.0 million was incurred and recorded in third-quarter 2010).  The remaining $25 million of
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SOURCE WuXi PharmaTech (Cayman) Inc
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5. WuXi PharmaTech Announces Second-Quarter 2010 Results
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