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ShangPharma Announces Second Quarter 2011 Results
Date:8/22/2011

SHANGHAI, Aug. 22, 2011 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced its unaudited financial results for the quarter ended June 30, 2011.

To help management and investors gain a better understanding of ShangPharma's operating performance, the Company presents certain non-GAAP measures, each of which excludes expenses relating to or the effect of share-based compensation. See "About Non-GAAP Financial Measures" and "Reconciliation of GAAP to Non-GAAP Financial Data" below for more information about the non-GAAP financial measures included in this press release.

Second Quarter 2011 Highlights

  • Net revenues increased by 26.0% year-over-year to $27.5 million.
  • Net revenues from China-based customers increased 202.7% year-over-year to $2.7 million.  
  • GAAP gross profit increased by 23.6% year-over-year to $9.1 million. GAAP gross margin was 33.3%, compared with 33.9% in the second quarter of 2010.
  • Non-GAAP gross profit increased by 26.7% year-over-year to $9.5 million. Non-GAAP gross margin was 34.7% compared with 34.5% in the second quarter of 2010.
  • GAAP profit from operations decreased by 12.7% year-over-year to $2.8 million. GAAP operating margin was 10.3%, compared with 14.8% in the second quarter of 2010.
  • Non-GAAP profit from operations increased by 22.2% year-over-year to $4.2 million. Non-GAAP operating margin was 15.2% compared with 15.7% in the second quarter of 2010.
  • GAAP net income decreased by 19.0% year-over-year to $3.4 million. GAAP diluted earnings per ADS were $0.18, compared with $0.26 in the second quarter of 2010.
  • Non-GAAP net income increased by 9.0% year-over-year to $4.7 million.  Non-GAAP dil
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  • SOURCE ShangPharma Corporation
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