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

2010 non-GAAP gross profit increased 14% year over year to $34.5 million, mainly due to revenue growth in both the Laboratory Services and Manufacturing Services businesses, offset by increased expenses, including depreciation expense, relating to the large-scale manufacturing in Jinshan, the toxicology facility in Suzhou and new pharmacology/DMPK/chemistry laboratories in Shanghai.  Third-quarter 2010 non-GAAP gross margin declined year over year to 41.2% from 43.2% due to increased expenses, including depreciation expense, relating to the large-scale manufacturing and toxicology facilities and new pharmacology/DMPK/chemistry laboratories. This decline in gross margins was consistent with the company's previous financial guidance.

Third-quarter 2010 non-GAAP operating income increased 26% year over year to $22.6 million, primarily due to the 14% increase in non-GAAP gross profit and restraint in spending for selling and marketing and general and administrative functions.

Third-quarter 2010 non-GAAP net income grew 27% year over year to $22.4 million due to the 26% increase in non-GAAP operating income and net gains on foreign-exchange forward contracts of $1.1 million versus $0.3 million in the prior-year quarter, partially offset by higher income tax expense driven by higher statutory tax rates in China.  Diluted non-GAAP earnings per ADS from continuing operations grew 26% year over year to 30 cents compared to 24 cents in third-quarter 2009, mainly due to the 27% increase in non-GAAP net income.

(See the table titled Reconciliation of GAAP to Non-GAAP below)

2010 Financial Guidance Update We update our full-year 2010 financial guidance as follows:

  • Total net revenues of $330-$333 million, or year-over-year growth of 22-23%, compared to previous guidance of $320-$325 million, or 19-20% growth
  • Growth in net revenues of China-based Laboratory Services of 18-19%, compared to previous guidance of 16-18%<
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  • SOURCE WuXi PharmaTech (Cayman) Inc
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