SHANGHAI, Aug. 13, 2015 /PRNewswire/ -- WuXi PharmaTech
(Cayman) Inc.("WuXi") (NYSE: WX), a leading open-access R&D
capability and technology platform company serving the
pharmaceutical, biotechnology, and medical device industries, with
operations in China and
the United States, today announced
its financial results for the second quarter of 2015.
Second-Quarter 2015 Highlights
- Net Revenues Increased 18.8% Year Over Year to $194.1 Million
- Net Revenues for Laboratory Services Grew 17.9% Year Over Year
to $123.5 Million
- Net Revenues for Small-Molecule Manufacturing Services
Increased 10.0% Year Over Year to $45.9
Million
- Net Revenues for Biologics Services Grew 48.4% Year Over Year
to $18.3 Million
- Net Revenues for New Businesses and Other Grew 42.8% Year Over
Year to $6.4 Million
- GAAP Diluted Earnings Per ADS Declined 35.9% Year Over Year to
$0.26
- Non-GAAP Diluted Earnings Per ADS Decreased 21.6% Year Over
Year to $0.38
- Company Reconfirms Full-Year 2015 Revenue Guidance of
$790-$800 Million, Withdraws
Full-Year 2015 Diluted EPS Guidance Due to Uncertainties Regarding
Currency Exchange-Rate Volatility and Costs Associated with Several
Transactions Under Consideration
Management Comment
"WuXi had excellent year-over-year revenue growth of 18.8% in
the second quarter, meeting the company's expectations," said Dr.
Ge Li, Chairman and CEO. "That
revenue growth was again broad-based, with double-digit growth from
each of the four segments of the business. Revenue growth in our
small-molecule manufacturing businesses was slightly lower than
expected due to the timing of product deliveries, but this is not
expected to impact the full-year performance of this business. The
revenue performance of our biologics business exceeded
expectations. This overall performance gives us confidence to
reconfirm our full-year 2015 revenue guidance of $790-$800 million.
"The quarter was also characterized by significant
year-over-year declines in margins and diluted EPS because of
sharply increased levels of investment in new businesses," Dr. Li
continued. "WuXi today is two groups of businesses -- strong
core businesses, and promising, but very challenging, new
businesses. Our core businesses are performing well,
generating solid revenue and operating income growth. But we
also see many compelling investment opportunities in new
businesses, such as in genomics / bioinformatics, e-commerce, and
China healthcare initiatives,
opportunities that we are choosing to seize during this period of
strength to drive longterm growth. To date, these new
businesses are developing more slowly than we had
anticipated.
"As many of you know, the RMB depreciated significantly versus
the US dollar earlier this week, and this depreciation could result
in significant mark-to-market losses and realized losses on
foreign-exchange forward contracts in the third quarter and full
year," Dr. Li concluded. "In addition, WuXi is considering
several transactions that in comparison to historical results could
further reduce margins and diluted EPS in full-year 2015 and
beyond. Therefore, because of uncertainties regarding these
circumstances, we are withdrawing our GAAP and non-GAAP diluted EPS
financial guidance for full-year 2015."
Second-Quarter 2015 GAAP Results
Second-quarter 2015 net revenues increased 18.8% year over year
to $194.1 million. Laboratory
Services revenue grew 17.9%, driven by our comprehensive and
integrated drug discovery and development services. Revenue
growth of 10.0% in Small-Molecule Manufacturing Services resulted
from strong demand in both research manufacturing and commercial
manufacturing, slightly reduced by the timing of deliveries of
specific projects. Biologics Services revenue increased 48.4%
from strong growth in both development and manufacturing.
Revenue growth of 42.8% in New Businesses and Other related mainly
to the significant revenue increase of clinical site management
services in China, offset by
slower than expected growth in the genomics / bioinformatics
business.
Second-quarter 2015 GAAP gross profit increased 8.4% year over
year to $66.7 million due to 18.8%
revenue growth, partially offset by increased labor costs in
China and investments in new
businesses. Gross margin decreased year over year to 34.4%
from 37.7%. Gross margin in Laboratory Services decreased
year over year to 37.0% from 40.9% due to increased labor costs in
China and investments in new
businesses. Gross margin in Small-Molecule Manufacturing
Services increased year over year to 36.6% from 31.8% because of
changes in business mix and higher capacity utilization. The
decrease in gross margin in Biologics Services year over year to
25.0% from 34.5% was caused by investments in biomanufacturing,
which is in an early stage of its revenue ramp-up. Gross
margin in New Businesses and Other decreased year over year to
(5.8%) from 25.3% mainly as a result of investments in genomics and
bioinformatics.
Second-quarter 2015 GAAP operating income decreased 39.1% year
over year to $17.1 million mainly due
to investments in new businesses, including increased selling and
marketing, general and administrative, and research and development
expenses and transaction expenses related to the proposed
privatization, partially offset by the 8.4% increase in gross
profit. Operating margin declined to 8.8% from 17.1% due to
these increased operating expenses.
Second-quarter 2015 GAAP net income decreased 33.7% year over
year to $19.4 million mainly due to
the 39.1% year-over-year decrease in operating income, an adverse
change in realized gains on settled foreign-exchange forward
contracts (gains of $0.2 million in
the second quarter of 2015 compared to gains of $1.6 million in the second quarter of 2014),
larger equity-method investment losses from our joint ventures with
PRA and MedImmune and other equity-method investments, losses of
$1.2 million from writing off an
investment in a portfolio company by our venture fund and lower
gains on the sale of investments by the corporate venture fund
(gains of $1.1 million in the second
quarter of 2015 compared to gains of $2.2
million in the second quarter of 2014), and higher interest
expense due to higher loan balances needed to support increased
investment, partially offset by a favorable change of $5.8 million in mark-to-market gains and losses
on foreign-exchange forward contracts (gains of $3.3 million in the second quarter of 2015
compared to losses of $2.5 million in
the second quarter of 2014).
Second-quarter 2015 GAAP net income attributable to WuXi
shareholders decreased 35.7% year over year to $18.9 million mainly due to the 33.7%
year-over-year decrease in net income and net income attributable
to non-controlling interests of $0.6
million in 2015.
Second-quarter 2015 GAAP diluted earnings per ADS attributable
to WuXi shareholders decreased 35.9% year over year to $0.26 due to the 35.7% decrease in net income
attributable to WuXi shareholders and a higher number of
outstanding ADSs as a result of share issuances relating to the
XenoBiotic Laboratories acquisition and vesting of restricted stock
units, partially offset by the impact of share purchases in 2014.
Second-quarter 2015 GAAP comprehensive income attributable to
WuXi shareholders decreased 21.2% year over year to $19.0 million mainly due to the 35.7% decrease in
net income and an unfavorable change in unrealized losses on
available-for-sale securities, partially offset by favorable
changes in currency translation adjustments and cash flow
hedges.
Second-Quarter 2015 Non-GAAP Results
Non-GAAP financial results exclude the impact of share-based
compensation expenses and the amortization of acquired intangible
assets and the associated deferred tax impact.
Second-quarter 2015 non-GAAP gross profit increased 11.6% year
over year to $70.5 million due to
18.8% revenue growth, offset by increased labor costs in
China and investments in new
businesses. Non-GAAP gross margin decreased year over year to
36.3% from 38.7% for the same reasons.
Second-quarter 2015 non-GAAP operating income decreased 22.3%
year over year to $26.4 million due
to investments in new businesses, including increased selling and
marketing, general and administrative, and research and development
expenses and transaction expenses related to the proposed
privatization, partially offset by the 11.6% increase in non-GAAP
gross profit. Non-GAAP operating margin decreased to 13.6%
from 20.8% due to higher operating expenses.
Second-quarter 2015 non-GAAP net income decreased 19.4% year
over year to $28.4 million mainly due
to the 22.3% year-over-year decrease in operating income, an
adverse change in realized gains on settled foreign-exchange
forward contracts (gains of $0.2
million in the second quarter of 2015 compared to gains of
$1.6 million in the second quarter of
2014), larger equity-method investment losses from our joint
ventures with PRA and MedImmune and other equity-method
investments, losses of $1.2 million
from writing off an investment in a portfolio company by our
venture fund and lower gains on the sale of investments by the
corporate venture fund (gains of $1.1
million in the second quarter of 2015 compared to gains of
$2.2 million in the second quarter of
2014), and higher interest expense due to higher loan balances
needed to support higher investment, partially offset by a
favorable change of $5.8 million in
mark-to-market gains and losses on foreign-exchange forward
contracts (gains of $3.3 million in
the second quarter of 2015 compared to losses of $2.5 million in the second quarter of 2014).
Second-quarter 2015 non-GAAP net income attributable to WuXi
shareholders decreased 21.3% year over year to $27.7 million mainly due to the 19.4%
year-over-year decrease in net income and net income attributable
to noncontrolling interests of $0.6
million in 2015.
Second-quarter 2015 non-GAAP diluted earnings per ADS
attributable to WuXi shareholders decreased 21.6% year over year to
$0.38 due to the 21.3% decrease in
net income attributable to WuXi shareholders and a higher number of
outstanding ADSs as a result of share issuances relating to the
XenoBiotic Laboratories acquisition and vesting of restricted stock
units, partially offset by the impact of share purchases in
2014.
Full-Year 2015 Financial Guidance
WuXi PharmaTech reconfirms full-year 2015 revenue guidance of
$790-$800 million. The company
withdraws its full-year 2015 guidance for GAAP and non-GAAP diluted
EPS because of uncertainties regarding currency exchange-rate
volatility and potential significant costs associated with several
transactions under consideration. The rapid depreciation of
the RMB against the U.S. dollar could result in significant
mark-to-market losses and realized losses on foreign-exchange
forward contracts.
WUXI PHARMATECH
(CAYMAN) INC.
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands of U.S. dollars, except ordinary share and par value
data)
|
|
|
|
June 30,
2015
|
December
31,
2014
|
Assets:
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
|
253,530
|
211,456
|
Restricted cash
|
|
710
|
793
|
Short-term investments
|
|
204,651
|
223,533
|
Accounts receivable, net
|
|
179,014
|
162,942
|
Amounts due from related parties
|
|
6,855
|
4,397
|
Inventories
|
|
61,405
|
48,546
|
Prepaid expenses and other current assets
|
|
37,724
|
31,990
|
Total current assets
|
|
743,889
|
683,657
|
Non-current
assets:
|
|
|
|
Goodwill *
|
|
89,780
|
53,619
|
Property, plant and equipment, net
|
|
395,562
|
351,688
|
Long-term investments
|
|
103,299
|
49,037
|
Intangible assets, net *
|
|
51,489
|
23,020
|
Land
use rights
|
|
13,975
|
14,120
|
Deferred tax assets
|
|
2,158
|
1,417
|
Other non-current assets
|
|
5,827
|
5,068
|
Total non-current assets
|
|
662,090
|
497,969
|
Total assets
|
|
1,405,979
|
1,181,626
|
Liabilities
and equity:
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term and current portion of long-term debt
|
|
112,407
|
199,719
|
Accounts payable
|
|
67,904
|
58,466
|
Amounts due to related parties
|
|
419
|
275
|
Accrued expenses
|
|
44,484
|
43,454
|
Deferred revenue
|
|
30,804
|
27,669
|
Advanced subsidies
|
|
12,322
|
12,106
|
Other taxes payable
|
|
6,051
|
2,299
|
Other current liabilities
|
|
24,037
|
29,787
|
Total current liabilities
|
|
298,428
|
373,775
|
Non-current
liabilities:
|
|
|
|
Long-term debt, excluding current portion
|
|
228,867
|
13,987
|
Advanced subsidies
|
|
3,057
|
2,286
|
Other non-current liabilities *
|
|
23,192
|
13,724
|
Total non-current liabilities
|
|
255,116
|
29,997
|
Total liabilities
|
|
553,544
|
403,772
|
Equity:
|
|
|
|
Ordinary
shares ($0.02 par value, 5,002,550,000 authorized,
567,444,208 and 561,159,373 issued and outstanding as of June 30,
2015 and December 31, 2014, respectively)
|
|
11,349
|
11,223
|
Additional paid-in capital
|
|
326,642
|
295,308
|
Retained earnings
|
|
451,985
|
415,329
|
Accumulated other comprehensive income
|
|
54,371
|
55,994
|
Equity attributable to shareholders of WuXi
|
|
844,347
|
777,854
|
Non-controlling interests
|
|
8,088
|
-
|
Total shareholders' equity
|
|
852,435
|
777,854
|
Total liabilities and equity
|
|
1,405,979
|
1,181,626
|
|
*A preliminary
allocation of the purchase price of NextCODE Health, LLC., to the
assets acquired and liabilities assumed was made based on available
information and incorporating management's current estimates. The
Company is currently finalizing the valuation of the assets
acquired and liabilities assumed. The final allocation of the
purchase price may differ from this preliminary
allocation.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
|
(In
thousands of U.S. dollars, except ADS data and per ADS
data)
|
|
|
|
|
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
|
2015
|
2014
|
%
Change
|
|
2015
|
2014
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
|
Laboratory
services
|
|
123,467
|
104,765
|
17.9%
|
|
237,753
|
199,528
|
19.2%
|
Small-molecule
manufacturing services
|
|
45,893
|
41,720
|
10.0%
|
|
91,442
|
81,410
|
12.3%
|
Biologics
services
|
|
18,347
|
12,365
|
48.4%
|
|
32,760
|
20,618
|
58.9%
|
New businesses
and other
|
|
6,431
|
4,504
|
42.8%
|
|
12,227
|
8,515
|
43.6%
|
Total net
revenues
|
|
194,138
|
163,354
|
18.8%
|
|
374,182
|
310,071
|
20.7%
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
Laboratory
services
|
|
(77,780)
|
(61,893)
|
25.7%
|
|
(148,401)
|
(118,802)
|
24.9%
|
Small-molecule
manufacturing services
|
|
(29,095)
|
(28,458)
|
2.2%
|
|
(57,853)
|
(55,125)
|
4.9%
|
Biologics
services
|
|
(13,756)
|
(8,102)
|
69.8%
|
|
(26,105)
|
(14,718)
|
77.4%
|
New businesses
and other
|
|
(6,804)
|
(3,363)
|
102.3%
|
|
(12,307)
|
(6,261)
|
96.6%
|
Total cost
of revenues
|
|
(127,435)
|
(101,816)
|
25.2%
|
|
(244,666)
|
(194,906)
|
25.5%
|
Gross
profit:
|
|
|
|
|
|
|
|
|
Laboratory
services
|
|
45,687
|
42,872
|
6.6%
|
|
89,352
|
80,726
|
10.7%
|
Small-molecule
manufacturing services
|
|
16,798
|
13,262
|
26.7%
|
|
33,589
|
26,285
|
27.8%
|
Biologics
services
|
|
4,591
|
4,263
|
7.7%
|
|
6,655
|
5,900
|
12.8%
|
New businesses
and other
|
|
(373)
|
1,141
|
NA
|
|
(80)
|
2,254
|
NA
|
Total gross
profit
|
|
66,703
|
61,538
|
8.4%
|
|
129,516
|
115,165
|
12.5%
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Selling and
marketing expenses
|
|
(7,052)
|
(5,042)
|
39.9%
|
|
(13,688)
|
(9,542)
|
43.5%
|
General and
administrative expenses
|
|
(34,910)
|
(23,662)
|
47.5%
|
|
(67,730)
|
(45,000)
|
50.5%
|
Research and
development expenses
|
|
(7,686)
|
(4,831)
|
59.1%
|
|
(14,052)
|
(9,209)
|
52.6%
|
Total
operating expenses
|
|
(49,648)
|
(33,535)
|
48.0%
|
|
(95,470)
|
(63,751)
|
49.8%
|
Operating
income
|
|
17,055
|
28,003
|
(39.1%)
|
|
34,046
|
51,414
|
(33.8%)
|
Other income
(expenses), net:
|
|
|
|
|
|
|
|
|
Loss from
equity-method investments
|
|
(1,734)
|
(810)
|
114.1%
|
|
(3,316)
|
(1,643)
|
101.8%
|
Other income
(expenses), net
|
|
4,600
|
4,620
|
(0.4%)
|
|
8,435
|
(820)
|
NA
|
Interest income
(expenses), net
|
|
2,950
|
4,198
|
(29.7%)
|
|
5,736
|
8,749
|
(34.4%)
|
Total other
income (expenses), net
|
|
5,816
|
8,008
|
(27.4%)
|
|
10,855
|
6,286
|
72.7%
|
Income
before income taxes
|
|
22,871
|
36,011
|
(36.5%)
|
|
44,901
|
57,700
|
(22.2%)
|
Income tax
expense
|
|
(3,422)
|
(6,675)
|
(48.7%)
|
|
(7,668)
|
(10,542)
|
(27.3%)
|
Net
income
|
|
19,449
|
29,336
|
(33.7%)
|
|
37,233
|
47,158
|
(21.0%)
|
Less: Net
income attributable to non-controlling interests
|
|
(577)
|
-
|
NA
|
|
(577)
|
-
|
NA
|
Net income
attributable to WuXi
shareholders
|
|
18,872
|
29,336
|
(35.7%)
|
|
36,656
|
47,158
|
(22.3%)
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
|
Currency
translation adjustments
|
|
(275)
|
(5,324)
|
(94.8%)
|
|
(747)
|
(11,158)
|
(93.3%)
|
Unrealized
gains (losses) on available-for-sale securities
|
(1,357)
|
115
|
NA
|
|
(2,749)
|
(75)
|
*
|
Cash flow
hedges, net of tax
|
|
1,806
|
-
|
NA
|
|
1,874
|
-
|
NA
|
Other
comprehensive income (loss)
|
|
174
|
(5,209)
|
NA
|
|
(1,622)
|
(11,233)
|
(85.6%)
|
Less: Other
comprehensive income attributable to
non-controlling
interests
|
|
(5)
|
-
|
NA
|
|
(5)
|
-
|
NA
|
Other
comprehensive income (loss) att. to
WuXi shareholders
|
|
169
|
(5,209)
|
NA
|
|
(1,627)
|
(11,233)
|
(85.5%)
|
Comprehensive income att. to
WuXi shareholders
|
|
19,041
|
24,127
|
(21.2%)
|
|
35,029
|
35,925
|
(2.5%)
|
Basic net
earnings per ADS att. to
WuXi shareholders
|
|
0.27
|
0.42
|
(35.9%)
|
|
0.52
|
0.66
|
(21.7%)
|
Diluted net
earnings per ADS att. to WuXi
shareholders
|
|
0.26
|
0.41
|
(35.9%)
|
|
0.51
|
0.65
|
(21.7%)
|
Weighted
average ADS outstanding -- basic
|
|
70,891,036
|
70,671,831
|
0.3%
|
|
70,611,042
|
71,149,836
|
(0.8%)
|
Weighted
average ADS outstanding -- diluted
|
|
72,376,462
|
72,073,199
|
0.4%
|
|
72,182,247
|
72,735,360
|
(0.8%)
|
|
* >
1,000%
|
WUXI PHARMATECH
(CAYMAN) INC.
|
RECONCILIATION OF GAAP TO
NON-GAAP
|
(in
thousands of U.S. dollars, except ADS data and per ADS
data)
|
|
|
|
Three Months
Ended
June 30,
|
|
|
Six Months
Ended
June 30,
|
|
|
2015
|
2014
|
%
Change
|
|
|
2015
|
2014
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
66,703
|
61,538
|
8.4%
|
|
|
129,516
|
115,165
|
12.5%
|
GAAP gross
margin
|
|
34.4%
|
37.7%
|
|
|
|
34.6%
|
37.1%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
2,617
|
1,621
|
61.4%
|
|
|
4,201
|
2,687
|
56.3%
|
Amortization of acquired intangible assets
|
|
1,208
|
48
|
*
|
|
|
2,606
|
97
|
*
|
Non-GAAP
gross profit
|
|
70,528
|
63,207
|
11.6%
|
|
|
136,323
|
117,949
|
15.6%
|
Non-GAAP
gross margin
|
|
36.3%
|
38.7%
|
|
|
|
36.4%
|
38.0%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income
|
|
17,055
|
28,003
|
(39.1%)
|
|
|
34,046
|
51,414
|
(33.8%)
|
GAAP
operating margin
|
|
8.8%
|
17.1%
|
|
|
|
9.1%
|
16.6%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
8,103
|
5,873
|
38.0%
|
|
|
14,987
|
10,286
|
45.7%
|
Amortization of acquired intangible assets
|
|
1,208
|
48
|
*
|
|
|
2,606
|
97
|
*
|
Non-GAAP
operating income
|
|
26,366
|
33,924
|
(22.3%)
|
|
|
51,639
|
61,797
|
(16.4%)
|
Non-GAAP
operating margin
|
|
13.6%
|
20.8%
|
|
|
|
13.8%
|
19.9%
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
19,449
|
29,336
|
(33.7%)
|
|
|
37,233
|
47,158
|
(21.0%)
|
GAAP net
margin
|
|
10.0%
|
18.0%
|
|
|
|
10.0%
|
15.2%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
8,103
|
5,873
|
38.0%
|
|
|
14,987
|
10,286
|
45.7%
|
Amortization of acquired intangible assets
|
|
1,208
|
48
|
*
|
|
|
2,606
|
97
|
*
|
Deferred tax impact related to acquired intangible
assets
|
|
(369)
|
(16)
|
*
|
|
|
(815)
|
(33)
|
*
|
Non-GAAP net
income
|
|
28,391
|
35,241
|
(19.4%)
|
|
|
54,011
|
57,508
|
(6.1%)
|
Non-GAAP net
margin
|
|
14.6%
|
21.6%
|
|
|
|
14.4%
|
18.5%
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to non-controlling interests
|
|
(651)
|
-
|
NA
|
|
|
(651)
|
-
|
NA
|
Net Income
attributable to WuXi shareholders of
ADS (Non-GAAP):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
27,740
|
35,241
|
(21.3%)
|
|
|
53,360
|
57,508
|
(7.2%)
|
Diluted
|
|
27,740
|
35,241
|
(21.3%)
|
|
|
53,360
|
57,508
|
(7.2%)
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per ADS (Non-GAAP) attributable to WuXi
shareholders
|
|
0.39
|
0.50
|
(21.5%)
|
|
|
0.76
|
0.81
|
(6.5%)
|
Diluted
earnings per ADS (Non-GAAP) attributable to WuXi
shareholders
|
|
0.38
|
0.49
|
(21.6%)
|
|
|
0.74
|
0.79
|
(6.5%)
|
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding
- basic (Non-GAAP)
|
|
70,891,036
|
70,671,831
|
0.3%
|
|
|
70,611,042
|
71,149,836
|
(0.8%)
|
Weighted
average ADS outstanding
- diluted (Non-GAAP)
|
|
72,376,462
|
72,073,199
|
0.4%
|
|
|
72,182,247
|
72,735,360
|
(0.8%)
|
|
* > 1,000%
|
Conference Call
WuXi PharmaTech senior management will host a conference call at
8:00 am (U.S. Eastern) / 5:00 am (U.S. Pacific) / 8:00 pm (Beijing/Shanghai/Hong
Kong) on August 14, 2015, to
discuss its second-quarter 2015 financial results and future
prospects. The conference call may be accessed by
calling:
China
|
4001 200 539
|
Hong Kong
|
800 905 927
|
Singapore
|
800 616 3222
|
United
Kingdom
|
0800 015 9725
|
United
States
|
1855 298 3404
|
United States -- New
York (toll)
|
+1 631 5142 526
|
Other countries
(toll)
|
+65 6823 2299
|
Conference
ID
|
2278500
|
A telephone replay will be available two hours after the call's
completion at:
China
|
4001 842 240
|
Hong Kong
|
800 966 697
|
Singapore
|
800 616 2127
|
United
Kingdom
|
0800 169 7301
|
United
States
|
1866 846 0868
|
Conference
ID
|
2278500
|
A live webcast of the conference call and replay will be
available on the investor relations page of WuXi PharmaTech's
website at http://www.wuxiapptec.com.
About WuXi PharmaTech
WuXi PharmaTech is a leading open-access R&D capability and
technology platform company serving the pharmaceutical,
biotechnology, and medical device industries, with operations in
China and the United States.
As a research-driven and customer-focused company, WuXi PharmaTech
provides a broad and integrated portfolio of services throughout
the drug and medical device R&D process. WuXi is also
building a platform to provide clinical diagnostic services
directly to physicians and their patients globally. WuXi
PharmaTech's services are designed to assist its global partners in
shortening the cycle and lowering the cost of drug and medical
device R&D. WuXi PharmaTech's operating subsidiaries are
known as WuXi AppTec. For more information, please visit:
http://www.wuxiapptec.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not historical facts,
but instead are predictions about future events. Examples of
forward-looking statements in this press release include statements
about expected full-year 2015 revenues, costs associated with
several transactions under consideration and the related negative
impact on gross margins and earnings per share (EPS), expected
drivers of our future growth, and our planned investments in
small-molecule manufacturing, biologics, new businesses and other
areas and expected market opportunities and trends and related
benefits of those investments. Although we believe that our
predictions are reasonable, future events are inherently uncertain,
and our forward-looking statements may turn out to be incorrect.
Our forward-looking statements are subject to risks relating
to, among other things, our ability to control our costs and
sustain revenue growth, to realize the anticipated benefits of our
investments, to protect our clients' intellectual property, to
compete effectively, and to complete the expansion of our
small-molecule manufacturing facilities in Changzhou and other manufacturing facilities
and potential co-development and acquisition activities.
Additional information about these and other relevant risks
can be found in our Annual Report on Form 20-F for the year ended
December 31, 2014. The
forward-looking statements in this press release speak only as of
the date on which they are made, and we assume no obligation to
update any forward-looking statements except as required by
law.
Use of Non-GAAP Financial Measures
We have provided the second-quarter 2014 and 2015 gross profit,
gross margin, operating income, operating margin, net income, net
margin, and diluted earnings per ADS on a non-GAAP basis, which
excludes share-based compensation expenses and the amortization and
deferred tax impact of acquired intangible assets. The
non-GAAP financial measures used in this press release are useful
for understanding and assessing underlying business performance and
operating trends, and we believe that management and investors
benefit from referring to these non-GAAP financial measures in
assessing our financial performance and liquidity and when planning
and forecasting future periods. We expect to continue to
provide such non-GAAP financial measures on a quarterly basis using
a consistent method. You should not view non-GAAP results on
a stand-alone basis or as a substitute for results under GAAP, or
as being comparable to results reported or forecasted by other
companies.
Statement Regarding Unaudited Financial Information
The financial information in this press release is unaudited and
subject to adjustments. Adjustments to the financial
statements may be identified when our annual financial statements
are prepared and audit work is performed for the year-end audit,
which could result in significant differences from this unaudited
financial information.
For more information, please contact:
Ronald Aldridge (for
investors)
LaVoieHealthScience
Tel: +1-617-374-8800 x 109
Email: ron_aldridge@wuxiapptec.com
raldridge@lavoiehealthscience.com
Aaron Shi (for the media)
Director of Corporate Communications
Tel: +86-21-5046-4362
Email: aaron_shi@wuxiapptec.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wuxi-pharmatech-announces-second-quarter-2015-results-300128278.html
SOURCE WuXi PharmaTech (Cayman) Inc.