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ShangPharma Announces Second Quarter 2011 Results

obal pharmaceutical companies are increasing their outsourcing needs to China.

"We are especially encouraged by the recent significant growth in our biologics services. We are expecting a strong performance for our biologics services in the coming third and fourth quarters.  These recent developments coupled with our growing reputation are helping to enhance our increasingly close partnerships with leading global and domestic companies, which will support our future growth."

William Dai, Chief Financial Officer, added, "We achieved our second quarter objectives despite continued pressures from wage inflation, higher material costs and the appreciation of the Renminbi.  Despite these headwinds, we managed our expenses exceptionally well and continue to improve employee productivity. We generated sales growth of 26% year-over-year and 11% quarter-over-quarter while our headcount remained flat compared to the first quarter of 2011. We are also seeing benefits from investments we made into managerial and supporting infrastructure in 2010, while progress at our new facilities in Fengxian continues, and construction remains on schedule. We will focus on managing our costs in the second half of the year, and are confident that we will meet our financial guidance for 2011."

Second Quarter 2011 ResultsNet revenues were $27.5 million, an increase of 26.0% from $21.8 million in the second quarter of 2010, primarily due to higher volumes from the Company's top customers, a larger customer base and expanded service offerings.  During the quarter, revenues also benefited from higher average FTE rates.During the quarter, the Company increased its customer base to 316 customers, an increase from 237 customers as of December 31, 2010 and 282 as of March 31, 2011.

Revenue from customers based in China rose by 202.7%.  The growth came from both local pharmaceutical companies and smaller domestic laborat

SOURCE ShangPharma Corporation
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