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Wuxi Pharma Tech »09/03/2010 [Company watch]
WuXi PharmaTech Announces Fourth-Quarter and Full-Year 2009 Results

As expected, WuXi PharmaTech (NYSE: WX) reported 2009 net revenues of $270 million, an increase of 7%. Net income climbed to $52.9 million, a great improvement from the loss of $64.2 million in 2008, caused in part by a writedown. In 2009, revenues matched analysts’ expectations, while earnings were slightly below forecasts.

 

As expected, WuXi PharmaTech (NYSE: WX) reported 2009 net revenues of $270 million, an increase of 7%. Net income climbed to $52.9 million, a great improvement from the loss of $64.2 million in 2008, caused in part by a writedown. In 2009, revenues matched analysts’ expectations, while earnings were slightly below forecasts.

 Fourth-Quarter 2009 Highlights

 

    -- Net revenues grew 15% year over year to $73.9 million

    -- Laboratory Services net revenues increased 18% year over year to $67.5

       million

    -- China-based Laboratory Services net revenues grew 21% year over year to

       $51.4 million

    -- U.S.-based Laboratory Services net revenues increased 7% year over year

       to $16.2 million

    -- Manufacturing Services net revenues decreased 10% year over year to

       $6.3 million

    -- GAAP diluted earnings per ADS was 16 cents, versus a loss in the

       prior-year period

    -- Non-GAAP diluted earnings per ADS grew 56% year over year to 22 cents

 

    Full-Year 2009 Highlights

 

    -- Net revenues grew 7% year over year to $270.0 million

    -- Laboratory Services net revenues increased 22% year over year to $249.9

       million

    -- China-based Laboratory Services net revenues grew 26% year over year to

       $185.8 million

    -- U.S.-based Laboratory Services net revenues increased 2% year over year

       on a pro-forma basis to $64.1 million

    -- Manufacturing Services net revenues decreased 58% year over year to

       $20.1 million

    -- GAAP diluted earnings per ADS was 72 cents, versus a loss in the

       prior-year period

    -- Non-GAAP diluted earnings per ADS grew 11% year over year to 89 cents

 

"WuXi had a strong fourth quarter and a successful 2009," said Dr. Ge Li, Chairman and Chief Executive Officer. "We achieved all of our publicly stated financial goals. We were able to achieve solid revenue growth in 2009, led by a strong performance by our China-based Laboratory Services business, which achieved revenues at the top of its guidance range. Full-year 2009 adjusted EBITDA exceeded our expectations.”

 

"We expect another good year in 2010. We are targeting 2010 revenues to grow 15-19% above 2009 levels, driven by 13-16% growth in revenues of our China-based Laboratory Services business and an improving Manufacturing Services business. We believe that these rates of growth remain at or near the top of our industry. At the same time, 2010 will be a transition year, as we continue to invest in our China-based Laboratory Services, large-scale manufacturing, and toxicology businesses. In spite of these investments, operating income in 2010 will grow by up to 10%. We expect these investments will drive accelerating growth in revenues and operating income in 2011 and beyond.”

 

"Improving R&D productivity is the most important challenge facing the world\'s pharmaceutical, biotech, and medical device companies. Outsourcing and offshoring enable these companies to obtain high-quality R&D services to advance compounds faster and at lower cost. As a leader in providing customers with high-quality outsourced R&D services, WuXi has been building a broad platform of fully integrated, cost-effective drug discovery and development services with the mission of helping our partners to improve the success of discovery and shorten the time of development. We expect that trends favoring greater R&D outsourcing and offshoring and greater use of integrated services will expand over the next decade, and that WuXi and its partners will both benefit from this trend," Dr. Li concluded.

 

 


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