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Financial Report: WuXi PharmaTech 3Q11

Manufacturing revenues up 184%

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By: Tim Wright

Editor-in-Chief, Contract Pharma

WuXi PharmaTech 3Q11

3Q Revenues: $104.0 million (+24%)

3Q Earnings: $20.6 million  (-53%)

YTD Revenues: $298.6 million (+22%)

YTD Earnings: $57.5 million (-22%)

Comments: Manufacturing services revenues grew 184% in the quarter to $20.1 million, driven by large-scale commercial manufacturing and demand for clinical-trial materials. Laboratory services revenues grew 9% to $83.9 million, and China-based laboratory services increased 11% to $63.2 million, driven by strong growth in medicinal chemistry, DMPK/ADME, formulation, toxicology, and analytical and bioanalytical services. Earnings were impacted by a $30 million termination fee related to the proposed transaction with Charles River Laboratories and an increase in the effective tax rate for certain Chinese legal entities.

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