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WuXi PharmaTech Announces Second-Quarter 2009 Results

SHANGHAI, Aug. 11 /PRNewswire-Asia/ -- WuXi PharmaTech (Cayman) Inc. (NYSE: WX), a leading research and development outsourcing company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States, today announced its financial results for second-quarter 2009.

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    Second-Quarter 2009 Highlights

    -- Net revenues totaled $67.0 million
    -- Laboratory Services net revenues increased 19% year over year to $61.5
    -- China-based Laboratory Services net revenues grew 26% year over year to
       $44.8 million
    -- U.S.-based Laboratory Services net revenues increased 4% year over year
       to $16.7 million
    -- Manufacturing Services net revenues decreased 69% year over year to
       $5.5 million
    -- GAAP diluted earnings per ADS grew 72% year over year to 20 cents
    -- Non-GAAP diluted earnings per ADS grew 7% year over year to 24 cents

Management Comment

"WuXi PharmaTech's overall financial performance in the second quarter exceeded our expectations, both in revenues and profitability, building confidence that we will meet our previously announced guidance for revenues and beat our previously announced guidance for adjusted EBITDA for the full year," said Dr. Ge Li, Chairman and Chief Executive Officer. "The company is achieving its current financial goals in a difficult operating environment while investing in new growth opportunities that we expect will drive revenue and income growth over the next several years.

"Our current success reflects our sound business model and expanding capabilities. Our core capabilities in discovery chemistr

SOURCE WuXi PharmaTech (Cayman) Inc.
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