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

uted earnings per ADS were $0.25, compared with $0.28 in the second quarter of 2010. The decrease is primarily due to the increase of weighted average outstanding ADSs as a result of our initial public offering in October 2010.
  • Total number of customers increased to 316 as of June 30, 2011 from 237 as of December 31, 2010 and 282 as of March 31, 2011.
  • The Company reaffirms its revenues, non-GAAP gross margin and capital expenditure guidance for the full year of 2011.

  • Management CommentMichael Xin Hui, founder and Chief Executive Officer of ShangPharma, commented, "We are pleased to deliver another quarter of broad-based solid results. Our business lines grew as a result of our strategy to expand our technology platforms and customer base in different geographical areas to respond to the demands of our clients.

    "Our expanded integrated service offerings are allowing us to penetrate deeper into our existing customer base. We are successfully attracting new customers in the Chinese pharmaceutical industry, which is a nascent, but rapidly growing industry.  Revenues from our China-based customers rose by 202.7% year-over-year, and included a mix of both local pharmaceutical companies and smaller domestic laboratories, as well as major multi-national biotech and pharmaceutical companies' R&D centers in China, representing a great improvement on the diversification of our customer base.  Revenue from China-based customers increased to near 10% of total revenues due to strong demand from the local market. There is tremendous growth opportunity for our services in China, and we plan to further increase our China business while simultaneously increasing penetration to developed pharmaceutical markets.  We continue to do very well in terms of generating revenues from our top customers, which are largely major global pharmaceutical and biotechnology companies. We have continued to benefit from the trend that big major gl
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    SOURCE ShangPharma Corporation
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