SHANGHAI, Nov. 3, 2015 /PRNewswire/ -- WuXi PharmaTech
(Cayman) Inc. ("WuXi" or the "Company") (NYSE: WX) announces the following financial
information for the third quarter ended September 30, 2015.
Third-Quarter 2015 Highlights
- Net Revenues Increased 23.1% Year Over Year to $213.6 Million
- GAAP Diluted Earnings Per ADS Declined 53.7% Year Over Year to
$0.21
- Non-GAAP Diluted Earnings Per ADS Attributable to WuXi
Shareholders Decreased 41.8% Year Over Year to $0.31, Reflecting Exclusion of Share-Based
Compensation of $0.09, Amortization
of Acquired Intangible Assets of $0.02, and Deferred Tax Impact Related to
Acquired Intangible Assets of ($.01)
- Mark-to-Market Losses on Foreign-Exchange Forward Contracts of
$7.3 Million and Realized Losses on
Settled Foreign-Exchange Forward Contracts of $1.6 Million Resulted from RMB Depreciation
Against the U.S. Dollar in the Quarter
Third-Quarter 2015 GAAP Results
Third-quarter 2015 net revenues increased 23.1% year over year
to $213.6 million. Laboratory
Services revenue grew 18.0%, driven by our comprehensive and
integrated drug discovery and development services. Revenue
growth of 19.6% in Small-Molecule Manufacturing Services resulted
from strong demand in both research manufacturing and commercial
manufacturing. Biologics Services revenue had strong growth
of 66.1% year over year from both development and
manufacturing. Revenue growth of 34.8% in New Businesses and
Other related mainly to the significant revenue increase in
clinical site management services in China, offset by slower than expected growth
in the emerging new businesses such as genomics, China healthcare initiatives, and
e-commerce.
Third-quarter 2015 GAAP gross profit increased 14.7% year over
year to $75.9 million due to 23.1%
revenue growth, partially offset by increased labor costs in
China and investments in new
businesses. Gross margin decreased year over year to 35.5%
from 38.1%. Gross margin in Laboratory Services decreased
year over year to 38.3% from 41.2% due to increased labor costs in
China and investments in new
businesses. Gross margin in Small-Molecule Manufacturing
Services was unchanged at 34.9%. The increase in gross margin
in Biologics Services year over year to 32.7% from 28.6% was due to
efficiencies of scale. Gross margin in New Businesses and
Other decreased year over year to (1.7%) from 28.3% mainly as a
result of investments in genomics and bioinformatics.
Third-quarter 2015 GAAP operating income decreased 7.0% year
over year to $25.8 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 14.7% increase in gross
profit. Operating margin declined to 12.1% from 16.0% due to
these increased operating expenses.
Third-quarter 2015 GAAP net income decreased 49.8% year over
year to $16.1 million mainly due to
an unfavorable change of $9.4 million
in mark-to-market gains and losses on foreign-exchange forward
contracts (losses of $7.3 million in
the third quarter of 2015 compared to gains of $2.1 million in the third quarter of 2014), an
adverse change of $3.1 million in
realized gains and losses on settled foreign-exchange forward
contracts (losses of $1.6 million in
the third quarter of 2015 compared to gains of $1.5 million in the third quarter of 2014), the
7.0% year-over-year decrease in operating income, larger
equity-method investment losses from our joint ventures with PRA
and MedImmune and other equity-method investments, and higher
interest expense due to higher loan balances needed to support
increased investment.
Third-quarter 2015 GAAP net income attributable to WuXi
shareholders decreased 52.8% year over year to $15.1 million mainly due to the 49.8%
year-over-year decrease in net income and net income attributable
to non-controlling interests of $1.0
million in the third quarter of 2015.
Third-quarter 2015 GAAP diluted earnings per ADS attributable to
WuXi shareholders decreased 53.7% year over year to $0.21 due to the 52.8% 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. Third-quarter 2015 GAAP comprehensive income/loss
attributable to WuXi shareholders was a $9.9
million loss versus income of $41.0
million in the third quarter of 2014 mainly due to the 52.8%
decrease in net income and unfavorable changes in currency
translation adjustments, unrealized gains and losses on
available-for-sale securities, and cash flow hedges, net of
tax.
Third-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.
Third-quarter 2015 non-GAAP gross profit increased 17.3% year
over year to $79.6 million due to
23.1% revenue growth, partially offset by increased labor costs in
China and investments in new
businesses. Non-GAAP gross margin decreased year over year to
37.2% from 39.1% for the same reasons.
Third-quarter 2015 non-GAAP operating income was substantially
unchanged at $33.9 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, substantially offset by the 17.3% increase in
non-GAAP gross profit. Non-GAAP operating margin decreased to
15.9% from 19.5% due to higher operating expenses.
Third-quarter 2015 non-GAAP net income decreased 38.0% year over
year to $23.6 million mainly due to
an unfavorable change of $9.4 million
in mark-to-market gains and losses on foreign-exchange forward
contracts (losses of $7.3 million in
the third quarter of 2015 compared to gains of $2.1 million in the third quarter of 2014), an
adverse change in realized gains and losses on settled
foreign-exchange forward contracts (losses of $1.6 million in the third quarter of 2015
compared to gains of $1.5 million in
the third quarter of 2014), larger equity-method investment losses
from our joint ventures with PRA and MedImmune and other
equity-method investments, and higher interest expense due to
higher loan balances needed to support increased investment.
Third-quarter 2015 non-GAAP net income attributable to WuXi
shareholders decreased 40.7% year over year to $22.6 million mainly due to the 38.0%
year-over-year decrease in net income and net income attributable
to noncontrolling interests of $1.0
million in the third quarter of 2015.
Third-quarter 2015 non-GAAP diluted earnings per ADS
attributable to WuXi shareholders decreased 41.8% year over year to
$0.31 due to the 40.7% 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.
Third-Quarter 2015 Results Preliminary; Upcoming WuXi
Extraordinary General Meeting
The third-quarter 2015 results contained in this press release
are preliminary, unaudited and unreviewed and are being released
ahead of the upcoming extraordinary general meeting (or "EGM") of
the WuXi shareholders. The EGM is scheduled to be held
on November 25, 2015 at
10:00 a.m. Shanghai time at the executive offices of the
Company located at 288 Fute Zhong Road, China (Shanghai) Pilot Free Trade Zone, Shanghai, 200131, People's Republic of China and is being
convened to consider and vote on, among other matters, the proposal
to authorize and approve the previously announced agreement and
plan of merger dated as of August 14,
2015 and amended on October 20,
2015, among the Company, New WuXi Life Science Limited and
WuXi Merger Limited, and the transactions contemplated thereby (the
"Merger Transactions"). The related transaction statement on
Schedule 13E-3 and the proxy statement (the "Proxy Statement")
attached as Exhibit (a)-(1) thereto were filed with the U.S.
Securities and Exchange Commission (the "SEC") on October 20, 2015. Investors, shareholders
and holders of American Depositary Shares of WuXi ("ADSs", each
representing eight ordinary shares of WuXi) are urged to read
carefully and in their entirety these materials and other materials
filed with or furnished to the SEC when they become available, as
they contain important information about the company, the proposed
merger and related matters. The Proxy Statement was mailed to
the Company's ADS holders on or about October 26, 2015 and to the Company's
shareholders on or about November 2,
2015. The Special Committee of the Board, comprised of
independent directors, that reviewed the transaction recommends
that stockholders approve the transaction.
In light of the upcoming EGM and possible closing of the Merger
Transactions shortly thereafter, WuXi does not intend to host a
conference call to discuss the financial information contained in
this press release, nor is the Company providing an update to its
financial guidance.
WUXI PHARMATECH
(CAYMAN) INC.
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
(in
thousands of U.S. dollars, except ordinary share, ADS and par value
data)
|
|
|
|
September
30,
2015
|
December
31,
2014
|
Assets:
|
|
|
|
Current
assets:
|
|
|
|
Cash
and cash equivalents
|
|
155,241
|
211,456
|
Restricted cash
|
|
256
|
793
|
Short-term investments
|
|
201,992
|
223,533
|
Accounts receivable, net
|
|
193,718
|
162,942
|
Amount due from related parties
|
|
6,912
|
4,397
|
Inventories
|
|
62,766
|
48,546
|
Prepaid expenses and other current assets
|
|
47,462
|
31,990
|
Total current assets
|
|
668,347
|
683,657
|
Non-current
assets:
|
|
|
|
Goodwill
|
|
86,758
|
53,619
|
Property, plant and equipment, net
|
|
408,561
|
351,688
|
Long-term investments
|
|
111,060
|
49,037
|
Intangible assets, net
|
|
54,413
|
23,020
|
Land
use rights
|
|
13,570
|
14,120
|
Deferred tax assets
|
|
6,143
|
1,417
|
Other non-current assets
|
|
5,304
|
5,068
|
Total non-current assets
|
|
685,809
|
497,969
|
Total assets
|
|
1,354,156
|
1,181,626
|
|
|
|
|
Liabilities
and equity:
|
|
|
|
Current
liabilities:
|
|
|
|
Short-term and current portion of long-term debt
|
|
75,965
|
199,719
|
Accounts payable
|
|
62,928
|
58,466
|
Amount due to related parties
|
|
636
|
275
|
Accrued expenses
|
|
53,540
|
43,454
|
Deferred revenue
|
|
39,587
|
27,669
|
Advanced subsidies
|
|
14,548
|
12,106
|
Other taxes payable
|
|
3,036
|
2,299
|
Other current liabilities
|
|
33,266
|
29,787
|
Total current liabilities
|
|
283,506
|
373,775
|
Non-current
liabilities:
|
|
|
|
Long-term debt, excluding current portion
|
|
113,806
|
13,987
|
Advanced subsidies
|
|
2,735
|
2,286
|
Other non-current
liabilities
|
|
25,802
|
13,724
|
Total non-current liabilities
|
|
142,343
|
29,997
|
Total liabilities
|
|
425,849
|
403,772
|
|
|
|
|
Equity:
|
|
|
|
Ordinary
shares ($0.02 par value, 5,002,550,000 authorized,
561,159,373 and 568,019,232 issued and outstanding as of December
31, 2014 and September 30, 2015, respectively)
|
|
11,360
|
11,223
|
Additional paid-in capital
|
|
395,218
|
295,308
|
Retained earnings
|
|
467,088
|
415,329
|
Accumulated other comprehensive income
|
|
29,492
|
55,994
|
Equity attributable to WuXi shareholders
|
|
903,158
|
777,854
|
Noncontrolling interests
|
|
25,149
|
-
|
Total shareholders' equity
|
|
928,307
|
777,854
|
Total liabilities and equity
|
|
1,354,156
|
1,181,626
|
WUXI PHARMATECH
(CAYMAN) INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
(In
thousands of U.S. dollars, except ADS data and per ADS
data)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
2014
|
%
Change
|
|
2015
|
2014
|
%
Change
|
Net
revenues:
|
|
|
|
|
|
|
|
Laboratory
services
|
129,357
|
109,597
|
18.0%
|
|
367,109
|
309,126
|
18.8%
|
Small-molecule
manufacturing services
|
52,527
|
43,901
|
19.6%
|
|
143,969
|
125,311
|
14.9%
|
Biologics
services
|
25,022
|
15,062
|
66.1%
|
|
57,781
|
35,680
|
61.9%
|
New business and
other
|
6,736
|
4,998
|
34.8%
|
|
18,963
|
13,512
|
40.3%
|
Total net
revenues
|
213,642
|
173,558
|
23.1%
|
|
587,822
|
483,629
|
21.5%
|
Cost of
revenues:
|
|
|
|
|
|
|
|
Laboratory
services
|
(79,866)
|
(64,462)
|
23.9%
|
|
(228,267)
|
(183,264)
|
24.6%
|
Small-molecule
manufacturing services
|
(34,199)
|
(28,565)
|
19.7%
|
|
(92,052)
|
(83,691)
|
10.0%
|
Biologics
services
|
(16,836)
|
(10,756)
|
56.5%
|
|
(42,941)
|
(25,474)
|
68.6%
|
New business and
others
|
(6,852)
|
(3,585)
|
91.1%
|
|
(19,159)
|
(9,845)
|
94.6%
|
Total cost
of revenues
|
(137,753)
|
(107,368)
|
28.3%
|
|
(382,419)
|
(302,274)
|
26.5%
|
Gross
profit:
|
|
|
|
|
|
|
|
Laboratory
services
|
49,491
|
45,135
|
9.7%
|
|
138,842
|
125,862
|
10.3%
|
Small-molecule
manufacturing services
|
18,328
|
15,336
|
19.5%
|
|
51,917
|
41,620
|
24.7%
|
Biologics
services
|
8,186
|
4,306
|
90.1%
|
|
14,840
|
10,206
|
45.4%
|
New business and
other
|
(116)
|
1,413
|
NA
|
|
(196)
|
3,667
|
NA
|
Total gross
profit
|
75,889
|
66,190
|
14.7%
|
|
205,403
|
181,355
|
13.3%
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling and
marketing expenses
|
(7,510)
|
(5,944)
|
26.3%
|
|
(21,198)
|
(15,485)
|
36.9%
|
General and
administrative expenses
|
(35,531)
|
(26,769)
|
32.7%
|
|
(103,260)
|
(71,769)
|
43.9%
|
Research and
development expenses
|
(7,027)
|
(5,726)
|
22.7%
|
|
(21,079)
|
(14,935)
|
41.1%
|
Total
operating expenses
|
(50,068)
|
(38,439)
|
30.3%
|
|
(145,537)
|
(102,189)
|
42.4%
|
Operating
income
|
25,821
|
27,751
|
(7.0%)
|
|
59,866
|
79,166
|
(24.4%)
|
Other income
(expenses), net:
|
|
|
|
|
|
|
|
Loss from
equity-method investments
|
(1,588)
|
(743)
|
113.7%
|
|
(3,945)
|
(2,386)
|
65.3%
|
Other income
(expenses), net
|
(6,430)
|
8,303
|
NA
|
|
1,046
|
7,483
|
(86.0%)
|
Interest income
(expenses), net
|
2,717
|
3,946
|
(31.1%)
|
|
8,452
|
12,695
|
(33.4%)
|
Total other
income (expenses), net
|
(5,301)
|
11,506
|
NA
|
|
5,553
|
17,792
|
(68.8%)
|
Income
before income taxes
|
20,520
|
39,257
|
(47.7%)
|
|
65,419
|
96,958
|
(32.5%)
|
Income tax
expense
|
(4,452)
|
(7,257)
|
(38.7%)
|
|
(12,120)
|
(17,800)
|
(31.9%)
|
Net
income
|
16,068
|
32,000
|
(49.8%)
|
|
53,299
|
79,158
|
(32.7%)
|
Less: Net
income attr. to noncontrolling interests
|
(963)
|
-
|
NA
|
|
(1,539)
|
-
|
NA
|
Net income
attributable to WuXi shareholders
|
15,105
|
32,000
|
(52.8%)
|
|
51,760
|
79,158
|
(34.6%)
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
Currency
translation adjustments
|
(20,907)
|
7,440
|
NA
|
|
(21,654)
|
(3,718)
|
482.4%
|
Unrealized
gains (losses) on available-for-sale securities
|
(756)
|
2,181
|
NA
|
|
(3,506)
|
2,106
|
NA
|
Cash flow
hedge, net of tax
|
(3,217)
|
(632)
|
409.0%
|
|
(1,343)
|
(632)
|
112.5%
|
Other
comprehensive income (loss)
|
(24,880)
|
8,989
|
NA
|
|
(26,503)
|
(2,244)
|
*
|
Less: Other
comprehensive income (loss) attr. to noncontrolling
interests
|
(103)
|
-
|
NA
|
|
(108)
|
-
|
NA
|
Other
comprehensive income (loss) attr. to WuXi
shareholders
|
(24,983)
|
8,989
|
NA
|
|
(26,611)
|
(2,244)
|
*
|
Comprehensive income attributable to WuXi
shareholders
|
(9,878)
|
40,989
|
NA
|
|
25,149
|
76,914
|
(67.3%)
|
Basic net
earnings per ADS
|
0.21
|
0.46
|
(53.7%)
|
|
0.73
|
1.12
|
(34.7%)
|
Diluted net
earnings per ADS
|
0.21
|
0.45
|
(53.7%)
|
|
0.72
|
1.10
|
(34.7%)
|
Weighted
average ADS outstanding—basic
|
70,974,295
|
69,573,192
|
2.0%
|
|
70,648,818
|
70,563,939
|
0.1%
|
Weighted
average ADS outstanding—diluted
|
72,473,753
|
71,091,504
|
1.9%
|
|
72,196,107
|
72,127,058
|
0.1%
|
|
*
> 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
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2015
|
2014
|
%
Change
|
|
2015
|
2014
|
%
Change
|
GAAP gross
profit
|
|
75,889
|
66,190
|
14.7%
|
|
205,403
|
181,355
|
13.3%
|
GAAP gross
margin
|
|
35.5%
|
38.1%
|
|
|
34.9%
|
37.5%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
2,420
|
1,597
|
51.5%
|
|
6,621
|
4,283
|
54.6%
|
Amortization of acquired intangible assets
|
|
1,270
|
48
|
*
|
|
3,876
|
145
|
*
|
Non-GAAP
gross profit
|
|
79,579
|
67,835
|
17.3%
|
|
215,900
|
185,783
|
16.2%
|
Non-GAAP
gross margin
|
|
37.2%
|
39.1%
|
|
|
36.7%
|
38.4%
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income
|
|
25,821
|
27,751
|
(7.0%)
|
|
59,866
|
79,166
|
(24.4%)
|
GAAP operating
margin
|
|
12.1%
|
16.0%
|
|
|
10.2%
|
16.4%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
6,811
|
6,121
|
11.3%
|
|
21,798
|
16,406
|
32.9%
|
Amortization of acquired intangible assets
|
|
1,270
|
48
|
*
|
|
3,876
|
145
|
*
|
Non-GAAP
operating income
|
|
33,902
|
33,920
|
(0.1%)
|
|
85,540
|
95,717
|
(10.6%)
|
Non-GAAP
operating margin
|
|
15.9%
|
19.5%
|
|
|
14.6%
|
19.8%
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income
|
|
16,068
|
32,000
|
(49.8%)
|
|
53,299
|
79,158
|
(32.7%)
|
GAAP net
margin
|
|
7.5%
|
18.4%
|
|
|
9.1%
|
16.4%
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
6,811
|
6,121
|
11.3%
|
|
21,798
|
16,406
|
32.9%
|
Amortization of acquired intangible assets
|
|
1,270
|
48
|
*
|
|
3,876
|
145
|
*
|
Deferred tax impact related to acquired
intangible
assets
|
|
(500)
|
(17)
|
*
|
|
(1,315)
|
(50)
|
*
|
Non-GAAP net
income
|
|
23,649
|
38,152
|
(38.0%)
|
|
77,658
|
95,659
|
(18.8%)
|
Non-GAAP net
margin
|
|
11.1%
|
22.0%
|
|
|
13.2%
|
19.8%
|
|
|
|
|
|
|
|
|
|
|
Less: Net
income attributable to noncontrolling interests
|
|
(1,026)
|
-
|
NA
|
|
(1,677)
|
-
|
NA
|
Income
attributable to WuXi shareholders of ADS (Non-GAAP):
|
|
|
|
|
|
|
|
|
Basic
|
|
22,623
|
38,152
|
(40.7%)
|
|
75,981
|
95,659
|
(20.6%)
|
Diluted
|
|
22,623
|
38,152
|
(40.7%)
|
|
75,981
|
95,659
|
(20.6%)
|
|
|
|
|
|
|
|
|
|
Basic earnings per
ADS (Non-GAAP) attributable to WuXi shareholders
|
|
0.32
|
0.55
|
(41.9%)
|
|
1.08
|
1.36
|
(20.7%)
|
Diluted
earnings per ADS (Non-GAAP) attributable to WuXi
shareholders
|
|
0.31
|
0.54
|
(41.8%)
|
|
1.05
|
1.33
|
(20.6%)
|
|
|
|
|
|
|
|
|
|
Weighted
average ADS outstanding
– basic (Non-GAAP)
|
|
70,974,295
|
69,573,192
|
2.0%
|
|
70,648,818
|
70,563,939
|
0.1%
|
Weighted
average ADS outstanding
– diluted (Non-GAAP)
|
|
72,473,753
|
71,091,504
|
1.9%
|
|
72,196,107
|
72,127,058
|
0.1%
|
|
|
|
|
|
|
|
|
|
*
> 1,000%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We have provided the above financial information 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 herein 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. 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.
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 may contain "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.
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, the proposed
privatization transaction, 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 third-quarter 2014 and 2015 financial
information 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 Preliminary Unaudited Financial
Information
The preliminary third quarter 2015 financial information in this
press release is unreviewed, unaudited and subject to
adjustment. Actual results could differ, perhaps materially,
following any review of our 2015 quarterly financial
information. Similarly, our quarterly results are
subject to adjustment in conjunction with the audit of our
annual financial results by our independent
auditor.
For more information, please contact:
Ronald Aldridge
LaVoieHealthScience
Tel: +1-617-374-8800 x 109
Email: ron_aldridge@wuxiapptec.com
raldridge@lavoiehealthscience.com
Daniel H. Burch
MacKenzie Partners, Inc.
Tel: 212-929-5748 (O) 516-429-2721 (M)
Email: dburch@mackenziepartners.com
RELATED LINK: http://www.wuxiapptec.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wuxi-pharmatech-announces-third-quarter-2015-results-300171297.html
SOURCE WuXi PharmaTech (Cayman) Inc.