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WuXi PharmaTech Announces Third-Quarter 2013 Results
Date:11/12/2013

om 36.6%.  Gross margin in Laboratory Services decreased slightly year over year to 38.1% from 38.2% mainly due to the effects of increasing labor costs in China and appreciation of the RMB versus the U.S. dollar, partially offset by improved productivity and the ramp-up of biologics and preclinical services. Gross margin in Manufacturing Services decreased year over year to 30.0% from 30.7% due to project mix.

Third-quarter 2013 GAAP operating income increased 26.8% year over year to $27.2 million due to the 14.4% increase in gross profit and lower general and administrative expenses in the quarter.  Operating margin increased to 18.5% from 17.0%, primarily due to lower general and administrative expenses.

Third-quarter 2013 GAAP net income increased 42.7% year over year to $30.4 million due to the 26.8% year-over-year increase in operating income, higher other income primarily due to $3.1 million of realized gains and $2.6 million of mark-to-market gains on foreign-exchange forward contracts, higher interest income due to higher cash balances and higher interest rates, and a reduction in the effective tax rate due to the mix of taxable income, partially offset by $1.4 million of equity-method investment losses associated with our joint ventures with PRA and MedImmune.

Third-quarter 2013 GAAP diluted earnings per ADS increased 40.7% to $0.42 due to the 42.7% increase in net income, partially offset by a higher number of outstanding ADSs as a result of the exercise of shares under employee stock option and restricted stock programs. Third-quarter 2013 GAAP comprehensive income increased 94.7% year over year to $39.3 million due to the 42.7% increase in GAAP net income, the increase in currency translation adjustments, and $6.6 million of unrealized gains from investments by our corporate venture fund in two U.S. biotech companies that had successful IPOs in the third quarter of 2013.

Third-Quarter 2013 Non-GAAP ResultsNon-GAAP f
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SOURCE WuXi PharmaTech
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